CONTENTS Corporate Overview 1 2 3 4 Businesses Revenue Composition, Service Area Revision of the JR-West Group Medium-Term Management Plan 2022 Large-scale projects 5 6 7 Operating Environment Operating Area Population and Gross Production Demand from Inbound Travel Airport and Expressway Networks 8 9 10 11 12 13 14 Business Sanyo Shinkansen Line / Shinkansen Versus Airlines Development of New Shinkansen Lines (Hokuriku Shinkansen Line) Kansai Urban Area (Kyoto-Osaka-Kobe Area) Railway-related projects in the Kansai Urban Area Non-Transportation Operations (Financial Overview) Non-Transportation Operations (Retail Business) Non-Transportation Operations (Real Estate Business) 15 16 17 18 19 20 21 Data Uses of Cash Flows Employees (Consolidated, Non-Consolidated) Management Indicators Consolidated Financial Data Non-Consolidated Financial Data Transportation Revenues Transportation Data 22 Other Outline of Government’s Regulations on Railway Fares and Charges https://www.westjr.co.jp/global/en/ir Making Our Vision into Reality Continuity Progress Year ended March 31, 2020 Fact Sheets 2020
Number of passengers Total 1911 million Shinkansen 82 million Conventional lines 1848 million Kansai Urban Area 1540 million Other 361 million
Passenger-kilometers Total 58588 million Shinkansen 20610 million Conventional lines 37977 million Kansai Urban Area 29693 million Other 8284 million
Train-kilometers per day Total 517thousand Shinkansen 124 thousand Conventional lines 393 thousand
BUSINESSES
The total route length is the sum of the Shinkansen
and conventional lines
Changed name to JR
West Urban Development
Co Ltd in August 2020
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 2Fact Sheets 2020
61332
205
150
515359
126
64324
213
120
619
150
109
122
REVENUE COMPOSITION FY ended March 31 2020
KyushuShinkansen
Sanyo Shinkansen
Tokaido Shinkansen
Tokyo
Takasaki
Joetsu Myoko
Toyama
Kanazawa
Osaka
Kyoto
Nagano
Mie
Toyama
Ishikawa
Fukui
Shiga
NaraWakayama
Kyoto Nagoya
Shin-Osaka
Shinagawa
Hiroshima
Tottori
HyogoShimane
Okayama
Fukuoka
Shin-KobeOkayama
Hiroshima
Kokura
Hakata
Kumamoto
Kagoshima-Chuo
YamaguchiYamaguchiYamaguchi
100km
100mile
KansaiUrban Area
Kyobashi
Osaka
Tennoji
Wakayama
Kansai-airport
Kobe
Amagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
HimejiAioi
Kyoto
Omi-Shiotsu
KusatsuYamashina
NaraOji
Takada
Tsuge
Shin-Osaka
Maibara
Boundary Stations between JR-West and Other JR Companies
Shinkansen Line (Bullet Train)
Intercity Lines
Regional Lines
Kameyama
OPERATING REVENUES(REVENUES FROM THIRD PARTIES)
OPERATING INCOME
Total
yen1606 billion
TOTAL ASSETS (As of March 31 2020)RAILWAY REVENUES
Total
yen8568 billion
Total
yen32752 billion
Note Percentages of operating income and total assets calculated excluding consolidation adjustment amounts
Corporate Overview
Revenue Composition Service Area
Total
yen15082 billion
Transportation yen9334 billion
Retail yen2260 billion
Real Estate yen1651 billion
Other Businesses yen1836 billion
Transportation yen1053 billion
Retail yen38 billion
Real Estate yen349 billion
Other Businesses yen197 billion
Shinkansen yen4412 billion
Kansai Urban Area (Kyoto-Osaka-Kobe Area)
yen3075 billion
Other Conventional Lines yen1081 billion
Transportation yen21408 billion
Retail yen1118 billion
Real Estate yen7172 billion
Other Businesses yen5228 billion
Conventional Lines
Kansai Urban Area
Area of Other Conventional Lines
Shinkansen
(JR-West)
HokurikuShinkansen
(JR-East)
HokurikuShinkansen
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 3Fact Sheets 2020
Revision of the JR-West Group Medium-Term Management Plan 2022
Capital Expenditure Plan
At the end of the reformreconstruction period (end of FY20283) aim for recovery to DE ratio of approximately 1 time
Business Performance Targets
Financial StrategyOperating Environment Changes and Future Strategic Direction
Financial Foundation Recovery
Priority ranking for uses of cash (~ FY20283)
In regard to the reformrestoration period (phase 2) while taking this policy into account we will consider this
once again in conjunction with specific plan formulated with next medium-term management plan
EBITDA = Operating Income + Depreciation Expense + Amortization of goodwill
Results forFY20183
Objectives forFY20233
(As of April 2018)
Operating Revenues
Transportation
Retail business
Real estate business
Other
Operating Income
Transportation
Retail business
Real estate business
Other
Recurring Profit
Profit attributable to owners of parent
Consolidated EBITDA
Consolidated ROA
(Reference) Consolidated ROE
Transportation revenues
15004
9508
2398
1396
1700
1913
1303
72
357
199
1777
1104
3561
63
113
8678
16300
9775
2810
1685
2030
2100
1395
100
415
230
1970
1280
4000
Mid-6 range
Approx 10
8900
Objectives forFY20233
(October 2020 revision)
14500
8550
2300
1850
1800
1400
830
50
390
180
1250
800
3300
Approx 4
Approx 9
7750
[Priority ranking (1)]bull Safety is the highest priority Steadfastly maintain the ldquoRailway Safety
Think-and-Act Plan 2022rdquo
bull We will control the total amount of investment to a certain extent but we will steadily advance investment necessary to enhance safety
[Priority ranking (2)]bull Working to rapidly restore our financial foundationbull Advancing investment with a focus on projects that contribute to increases in
future corporate value and taking steps to create new value such as providing services that utilize digital technologies
bull Basic policy of stable dividends over the long term During the current medium-term management plan aiming for a dividend payout ratio of approximately 35 in FY20233
We withdraw our policy of making our yardstick total return ratio of approximately 40 over the period of this plan and making flexible acquisitions of treasury stock
Safetycapex
DebtreductionCapex for
growthShareholder
return(dividends)
OperatingCash flow
Bondsloanspayable etc
Dramatic changes in the external environment due to the spread of the novel coronavirus infection (changes in behavior such as telework and online meetings diversification of values)
We are assuming transportation revenues our mainstay will return only to approximately 90 ofthe level before the coronavirus Focusing on the circumstances regarding the resolution of the coronavirus situation Flexiblyadding revisions to the medium-term management plan
OperatingEnvironmentChanges andAssumptions
Medium-Term Management Plan 2022(At time of announcement in April 2018)
yen1270 billion (Breakdown by segment)
(Breakdown by segment)
Capex for growthyen460 billion
TransportationOperationsyen940 billion
Retail business yen20 billion
Real estate businessyen260 billion
Other yen50 billion
Capex for maintenanceand upgradesyen810 billion
Safety capexyen530 billion
Medium-Term Management Plan 2022(October 2020 revision)
yen1250 billion(-yen20 billion)
Figures in parentheses show the difference
from the time of the announcement
in April 2018
For details on the revision of the JR-West Group Medium-Term Management Plan 2022 please visit our website (httpswwwwestjrcojpglobalenirlibrarymeetingpdfpresen20201102pdf)
Other yen50 billion
Uses of cashFund-raising
Anticipated uses of cash to FY20283
Indication of our future direction with consideration for our understanding of current circumstances in which we cannot predict the details of the changes in society in the period after the coronavirus (The period until the next medium-term management plan (FY20283) has been positioned as a time for reform and restoration)
Reconfirmation of our ldquounchanging valuesrdquo and the ldquomeaning of the JR West Grouprsquos existencerdquoeven in the midst of change
On that basis our understanding of ldquothings that we will changerdquo with the assumptions that the financial position will worsen and that usage will not return to the previous status
Direction ofrevisions
3 Strengthening management
2 Enhancing Coexistence with Local Communities and taking on the challenge of creating new value
1 Enhancing safety with the Fukuchiyama Line accident as the starting point
Fo
ur Axes
Our V
ision
Ro
adm
ap Reformreconstruction period(Phase 1)
Reformreconstruction period(Phase 2)
Next medium-term management plan and thereafterMedium-term managementplan 2022
Evolutiongrowth period
Unchanging values meaning of the JR West Grouprsquos existence
Things that we will change
Things that we will change
Unchanging values meaning of the JR West Grouprsquosexistence things that we will change
4 Reforming the Company to enhance our ability to address change
FY213 FY233 FY243 FY283 FY293mdash
Corporate Overview
Capex for growthyen500 billion(+yen40 billion)
Capex for maintenanceand upgradesyen750 billion(-yen60 billion)
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 1Fact Sheets 2020
CONSOLIDATED SEGMENT As of March 31 2020
Railway Services
bull Shinkansen Conventional lines
Consolidated subsidiary 1 company
Subsidiary Sagano Scenic Railway
Ferry Services
Consolidated subsidiary 1 company
Subsidiary JR West Miyajima Ferry Co Ltd
Bus Services
bull Express buses conventional buses
Consolidated subsidiaries 2 companies
Subsidiaries West Japan JR Bus Company
Chugoku JR Bus Company
Shopping Centers
bull Operation of shopping centers in station buildings and surrounding
areas of stations
Consolidated subsidiaries 11 companies
Main subsidiaries JR West Japan Shopping Center Development Company
KOBE SC DEVELOPMENT COMPANY
Real Estate Lease and Sale
bull Operation of station buildings and development of
commercial facilities surrounding areas of stations
and underneath elevated tracks
bull Development of condominiums and community
along railway belts
Consolidated subsidiaries 4 companies
Subsidiaries Kyoto Station Building Development Co Ltd
Osaka Terminal Building Company
JR WEST REAL ESTATE amp DEVELOPMENT COMPANY
JR West Properties Co Ltd
Real EstateTransportation
Other BusinessesRetail
Sales of Goods and Food Services
Consolidated subsidiaries 2 companies
Subsidiaries Japan Railway West Trading Company
West Japan Railway Sanin Development Company
bull Operation of stores within railway stations
(convenience stores gift shops restaurants etc)
bull Operation of VIA INN accommodation-oriented budget hotels
Consolidated subsidiaries 7 companies
Main subsidiaries West Japan Railway Daily Service Net Company
West Japan Railway Food Service Net Company
West Japan Railway Fashion Goods Co Ltd
Department Store
Wholesale and others
bull Operation of JR Kyoto Isetan and
isetan shops in LUCUA osaka
Consolidated subsidiary 1 company
Subsidiary West Japan Railway Isetan Limited
Hotels
bull Operation of hotels directly connected to main stations
Consolidated subsidiaries 6 companies
Main subsidiaries West Japan Railway Hotel Development Limited
Hotel Granvia Osaka Co Ltd
Travel Services
Consolidated subsidiary 1 company
Subsidiary Nippon Travel Agency Co Ltd
Construction
bull Construction Maintenance Works Electric Works etc
Consolidated subsidiaries 10 companies
Main subsidiaries DAITETSU KOGYO Co LTD
WEST JAPAN RAILWAY
TECHNOS CORPORATION
Nishinihon Electric System Co Ltd
bull Advertising Services Cleaning and Maintenance Works etc
Consolidated subsidiaries 18 companies
Main subsidiaries West Japan Marketing Communications Inc
JR West MAINTEC Co LTD
Others
Corporate Overview
Businesses
CORPORATE PROFILE As of March 31 2020
Date of establishment April 1 1987
Common stock yen100 billion
Shares outstanding 191334500
Employees at work 24439 (non-consolidated) 48323 (consolidated)
Number of subsidiaries 156 (incl 64 consolidated subsidiaries)
Number of passengers Total 1911 million Shinkansen 82 million Conventional lines 1848 million Kansai Urban Area 1540 million Other 361 million
Passenger-kilometers Total 58588 million Shinkansen 20610 million Conventional lines 37977 million Kansai Urban Area 29693 million Other 8284 million
Train-kilometers per day Total 517thousand Shinkansen 124 thousand Conventional lines 393 thousand
BUSINESSES
The total route length is the sum of the Shinkansen
and conventional lines
Changed name to JR
West Urban Development
Co Ltd in August 2020
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 2Fact Sheets 2020
61332
205
150
515359
126
64324
213
120
619
150
109
122
REVENUE COMPOSITION FY ended March 31 2020
KyushuShinkansen
Sanyo Shinkansen
Tokaido Shinkansen
Tokyo
Takasaki
Joetsu Myoko
Toyama
Kanazawa
Osaka
Kyoto
Nagano
Mie
Toyama
Ishikawa
Fukui
Shiga
NaraWakayama
Kyoto Nagoya
Shin-Osaka
Shinagawa
Hiroshima
Tottori
HyogoShimane
Okayama
Fukuoka
Shin-KobeOkayama
Hiroshima
Kokura
Hakata
Kumamoto
Kagoshima-Chuo
YamaguchiYamaguchiYamaguchi
100km
100mile
KansaiUrban Area
Kyobashi
Osaka
Tennoji
Wakayama
Kansai-airport
Kobe
Amagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
HimejiAioi
Kyoto
Omi-Shiotsu
KusatsuYamashina
NaraOji
Takada
Tsuge
Shin-Osaka
Maibara
Boundary Stations between JR-West and Other JR Companies
Shinkansen Line (Bullet Train)
Intercity Lines
Regional Lines
Kameyama
OPERATING REVENUES(REVENUES FROM THIRD PARTIES)
OPERATING INCOME
Total
yen1606 billion
TOTAL ASSETS (As of March 31 2020)RAILWAY REVENUES
Total
yen8568 billion
Total
yen32752 billion
Note Percentages of operating income and total assets calculated excluding consolidation adjustment amounts
Corporate Overview
Revenue Composition Service Area
Total
yen15082 billion
Transportation yen9334 billion
Retail yen2260 billion
Real Estate yen1651 billion
Other Businesses yen1836 billion
Transportation yen1053 billion
Retail yen38 billion
Real Estate yen349 billion
Other Businesses yen197 billion
Shinkansen yen4412 billion
Kansai Urban Area (Kyoto-Osaka-Kobe Area)
yen3075 billion
Other Conventional Lines yen1081 billion
Transportation yen21408 billion
Retail yen1118 billion
Real Estate yen7172 billion
Other Businesses yen5228 billion
Conventional Lines
Kansai Urban Area
Area of Other Conventional Lines
Shinkansen
(JR-West)
HokurikuShinkansen
(JR-East)
HokurikuShinkansen
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 3Fact Sheets 2020
Revision of the JR-West Group Medium-Term Management Plan 2022
Capital Expenditure Plan
At the end of the reformreconstruction period (end of FY20283) aim for recovery to DE ratio of approximately 1 time
Business Performance Targets
Financial StrategyOperating Environment Changes and Future Strategic Direction
Financial Foundation Recovery
Priority ranking for uses of cash (~ FY20283)
In regard to the reformrestoration period (phase 2) while taking this policy into account we will consider this
once again in conjunction with specific plan formulated with next medium-term management plan
EBITDA = Operating Income + Depreciation Expense + Amortization of goodwill
Results forFY20183
Objectives forFY20233
(As of April 2018)
Operating Revenues
Transportation
Retail business
Real estate business
Other
Operating Income
Transportation
Retail business
Real estate business
Other
Recurring Profit
Profit attributable to owners of parent
Consolidated EBITDA
Consolidated ROA
(Reference) Consolidated ROE
Transportation revenues
15004
9508
2398
1396
1700
1913
1303
72
357
199
1777
1104
3561
63
113
8678
16300
9775
2810
1685
2030
2100
1395
100
415
230
1970
1280
4000
Mid-6 range
Approx 10
8900
Objectives forFY20233
(October 2020 revision)
14500
8550
2300
1850
1800
1400
830
50
390
180
1250
800
3300
Approx 4
Approx 9
7750
[Priority ranking (1)]bull Safety is the highest priority Steadfastly maintain the ldquoRailway Safety
Think-and-Act Plan 2022rdquo
bull We will control the total amount of investment to a certain extent but we will steadily advance investment necessary to enhance safety
[Priority ranking (2)]bull Working to rapidly restore our financial foundationbull Advancing investment with a focus on projects that contribute to increases in
future corporate value and taking steps to create new value such as providing services that utilize digital technologies
bull Basic policy of stable dividends over the long term During the current medium-term management plan aiming for a dividend payout ratio of approximately 35 in FY20233
We withdraw our policy of making our yardstick total return ratio of approximately 40 over the period of this plan and making flexible acquisitions of treasury stock
Safetycapex
DebtreductionCapex for
growthShareholder
return(dividends)
OperatingCash flow
Bondsloanspayable etc
Dramatic changes in the external environment due to the spread of the novel coronavirus infection (changes in behavior such as telework and online meetings diversification of values)
We are assuming transportation revenues our mainstay will return only to approximately 90 ofthe level before the coronavirus Focusing on the circumstances regarding the resolution of the coronavirus situation Flexiblyadding revisions to the medium-term management plan
OperatingEnvironmentChanges andAssumptions
Medium-Term Management Plan 2022(At time of announcement in April 2018)
yen1270 billion (Breakdown by segment)
(Breakdown by segment)
Capex for growthyen460 billion
TransportationOperationsyen940 billion
Retail business yen20 billion
Real estate businessyen260 billion
Other yen50 billion
Capex for maintenanceand upgradesyen810 billion
Safety capexyen530 billion
Medium-Term Management Plan 2022(October 2020 revision)
yen1250 billion(-yen20 billion)
Figures in parentheses show the difference
from the time of the announcement
in April 2018
For details on the revision of the JR-West Group Medium-Term Management Plan 2022 please visit our website (httpswwwwestjrcojpglobalenirlibrarymeetingpdfpresen20201102pdf)
Other yen50 billion
Uses of cashFund-raising
Anticipated uses of cash to FY20283
Indication of our future direction with consideration for our understanding of current circumstances in which we cannot predict the details of the changes in society in the period after the coronavirus (The period until the next medium-term management plan (FY20283) has been positioned as a time for reform and restoration)
Reconfirmation of our ldquounchanging valuesrdquo and the ldquomeaning of the JR West Grouprsquos existencerdquoeven in the midst of change
On that basis our understanding of ldquothings that we will changerdquo with the assumptions that the financial position will worsen and that usage will not return to the previous status
Direction ofrevisions
3 Strengthening management
2 Enhancing Coexistence with Local Communities and taking on the challenge of creating new value
1 Enhancing safety with the Fukuchiyama Line accident as the starting point
Fo
ur Axes
Our V
ision
Ro
adm
ap Reformreconstruction period(Phase 1)
Reformreconstruction period(Phase 2)
Next medium-term management plan and thereafterMedium-term managementplan 2022
Evolutiongrowth period
Unchanging values meaning of the JR West Grouprsquos existence
Things that we will change
Things that we will change
Unchanging values meaning of the JR West Grouprsquosexistence things that we will change
4 Reforming the Company to enhance our ability to address change
FY213 FY233 FY243 FY283 FY293mdash
Corporate Overview
Capex for growthyen500 billion(+yen40 billion)
Capex for maintenanceand upgradesyen750 billion(-yen60 billion)
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 2Fact Sheets 2020
61332
205
150
515359
126
64324
213
120
619
150
109
122
REVENUE COMPOSITION FY ended March 31 2020
KyushuShinkansen
Sanyo Shinkansen
Tokaido Shinkansen
Tokyo
Takasaki
Joetsu Myoko
Toyama
Kanazawa
Osaka
Kyoto
Nagano
Mie
Toyama
Ishikawa
Fukui
Shiga
NaraWakayama
Kyoto Nagoya
Shin-Osaka
Shinagawa
Hiroshima
Tottori
HyogoShimane
Okayama
Fukuoka
Shin-KobeOkayama
Hiroshima
Kokura
Hakata
Kumamoto
Kagoshima-Chuo
YamaguchiYamaguchiYamaguchi
100km
100mile
KansaiUrban Area
Kyobashi
Osaka
Tennoji
Wakayama
Kansai-airport
Kobe
Amagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
HimejiAioi
Kyoto
Omi-Shiotsu
KusatsuYamashina
NaraOji
Takada
Tsuge
Shin-Osaka
Maibara
Boundary Stations between JR-West and Other JR Companies
Shinkansen Line (Bullet Train)
Intercity Lines
Regional Lines
Kameyama
OPERATING REVENUES(REVENUES FROM THIRD PARTIES)
OPERATING INCOME
Total
yen1606 billion
TOTAL ASSETS (As of March 31 2020)RAILWAY REVENUES
Total
yen8568 billion
Total
yen32752 billion
Note Percentages of operating income and total assets calculated excluding consolidation adjustment amounts
Corporate Overview
Revenue Composition Service Area
Total
yen15082 billion
Transportation yen9334 billion
Retail yen2260 billion
Real Estate yen1651 billion
Other Businesses yen1836 billion
Transportation yen1053 billion
Retail yen38 billion
Real Estate yen349 billion
Other Businesses yen197 billion
Shinkansen yen4412 billion
Kansai Urban Area (Kyoto-Osaka-Kobe Area)
yen3075 billion
Other Conventional Lines yen1081 billion
Transportation yen21408 billion
Retail yen1118 billion
Real Estate yen7172 billion
Other Businesses yen5228 billion
Conventional Lines
Kansai Urban Area
Area of Other Conventional Lines
Shinkansen
(JR-West)
HokurikuShinkansen
(JR-East)
HokurikuShinkansen
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 3Fact Sheets 2020
Revision of the JR-West Group Medium-Term Management Plan 2022
Capital Expenditure Plan
At the end of the reformreconstruction period (end of FY20283) aim for recovery to DE ratio of approximately 1 time
Business Performance Targets
Financial StrategyOperating Environment Changes and Future Strategic Direction
Financial Foundation Recovery
Priority ranking for uses of cash (~ FY20283)
In regard to the reformrestoration period (phase 2) while taking this policy into account we will consider this
once again in conjunction with specific plan formulated with next medium-term management plan
EBITDA = Operating Income + Depreciation Expense + Amortization of goodwill
Results forFY20183
Objectives forFY20233
(As of April 2018)
Operating Revenues
Transportation
Retail business
Real estate business
Other
Operating Income
Transportation
Retail business
Real estate business
Other
Recurring Profit
Profit attributable to owners of parent
Consolidated EBITDA
Consolidated ROA
(Reference) Consolidated ROE
Transportation revenues
15004
9508
2398
1396
1700
1913
1303
72
357
199
1777
1104
3561
63
113
8678
16300
9775
2810
1685
2030
2100
1395
100
415
230
1970
1280
4000
Mid-6 range
Approx 10
8900
Objectives forFY20233
(October 2020 revision)
14500
8550
2300
1850
1800
1400
830
50
390
180
1250
800
3300
Approx 4
Approx 9
7750
[Priority ranking (1)]bull Safety is the highest priority Steadfastly maintain the ldquoRailway Safety
Think-and-Act Plan 2022rdquo
bull We will control the total amount of investment to a certain extent but we will steadily advance investment necessary to enhance safety
[Priority ranking (2)]bull Working to rapidly restore our financial foundationbull Advancing investment with a focus on projects that contribute to increases in
future corporate value and taking steps to create new value such as providing services that utilize digital technologies
bull Basic policy of stable dividends over the long term During the current medium-term management plan aiming for a dividend payout ratio of approximately 35 in FY20233
We withdraw our policy of making our yardstick total return ratio of approximately 40 over the period of this plan and making flexible acquisitions of treasury stock
Safetycapex
DebtreductionCapex for
growthShareholder
return(dividends)
OperatingCash flow
Bondsloanspayable etc
Dramatic changes in the external environment due to the spread of the novel coronavirus infection (changes in behavior such as telework and online meetings diversification of values)
We are assuming transportation revenues our mainstay will return only to approximately 90 ofthe level before the coronavirus Focusing on the circumstances regarding the resolution of the coronavirus situation Flexiblyadding revisions to the medium-term management plan
OperatingEnvironmentChanges andAssumptions
Medium-Term Management Plan 2022(At time of announcement in April 2018)
yen1270 billion (Breakdown by segment)
(Breakdown by segment)
Capex for growthyen460 billion
TransportationOperationsyen940 billion
Retail business yen20 billion
Real estate businessyen260 billion
Other yen50 billion
Capex for maintenanceand upgradesyen810 billion
Safety capexyen530 billion
Medium-Term Management Plan 2022(October 2020 revision)
yen1250 billion(-yen20 billion)
Figures in parentheses show the difference
from the time of the announcement
in April 2018
For details on the revision of the JR-West Group Medium-Term Management Plan 2022 please visit our website (httpswwwwestjrcojpglobalenirlibrarymeetingpdfpresen20201102pdf)
Other yen50 billion
Uses of cashFund-raising
Anticipated uses of cash to FY20283
Indication of our future direction with consideration for our understanding of current circumstances in which we cannot predict the details of the changes in society in the period after the coronavirus (The period until the next medium-term management plan (FY20283) has been positioned as a time for reform and restoration)
Reconfirmation of our ldquounchanging valuesrdquo and the ldquomeaning of the JR West Grouprsquos existencerdquoeven in the midst of change
On that basis our understanding of ldquothings that we will changerdquo with the assumptions that the financial position will worsen and that usage will not return to the previous status
Direction ofrevisions
3 Strengthening management
2 Enhancing Coexistence with Local Communities and taking on the challenge of creating new value
1 Enhancing safety with the Fukuchiyama Line accident as the starting point
Fo
ur Axes
Our V
ision
Ro
adm
ap Reformreconstruction period(Phase 1)
Reformreconstruction period(Phase 2)
Next medium-term management plan and thereafterMedium-term managementplan 2022
Evolutiongrowth period
Unchanging values meaning of the JR West Grouprsquos existence
Things that we will change
Things that we will change
Unchanging values meaning of the JR West Grouprsquosexistence things that we will change
4 Reforming the Company to enhance our ability to address change
FY213 FY233 FY243 FY283 FY293mdash
Corporate Overview
Capex for growthyen500 billion(+yen40 billion)
Capex for maintenanceand upgradesyen750 billion(-yen60 billion)
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 3Fact Sheets 2020
Revision of the JR-West Group Medium-Term Management Plan 2022
Capital Expenditure Plan
At the end of the reformreconstruction period (end of FY20283) aim for recovery to DE ratio of approximately 1 time
Business Performance Targets
Financial StrategyOperating Environment Changes and Future Strategic Direction
Financial Foundation Recovery
Priority ranking for uses of cash (~ FY20283)
In regard to the reformrestoration period (phase 2) while taking this policy into account we will consider this
once again in conjunction with specific plan formulated with next medium-term management plan
EBITDA = Operating Income + Depreciation Expense + Amortization of goodwill
Results forFY20183
Objectives forFY20233
(As of April 2018)
Operating Revenues
Transportation
Retail business
Real estate business
Other
Operating Income
Transportation
Retail business
Real estate business
Other
Recurring Profit
Profit attributable to owners of parent
Consolidated EBITDA
Consolidated ROA
(Reference) Consolidated ROE
Transportation revenues
15004
9508
2398
1396
1700
1913
1303
72
357
199
1777
1104
3561
63
113
8678
16300
9775
2810
1685
2030
2100
1395
100
415
230
1970
1280
4000
Mid-6 range
Approx 10
8900
Objectives forFY20233
(October 2020 revision)
14500
8550
2300
1850
1800
1400
830
50
390
180
1250
800
3300
Approx 4
Approx 9
7750
[Priority ranking (1)]bull Safety is the highest priority Steadfastly maintain the ldquoRailway Safety
Think-and-Act Plan 2022rdquo
bull We will control the total amount of investment to a certain extent but we will steadily advance investment necessary to enhance safety
[Priority ranking (2)]bull Working to rapidly restore our financial foundationbull Advancing investment with a focus on projects that contribute to increases in
future corporate value and taking steps to create new value such as providing services that utilize digital technologies
bull Basic policy of stable dividends over the long term During the current medium-term management plan aiming for a dividend payout ratio of approximately 35 in FY20233
We withdraw our policy of making our yardstick total return ratio of approximately 40 over the period of this plan and making flexible acquisitions of treasury stock
Safetycapex
DebtreductionCapex for
growthShareholder
return(dividends)
OperatingCash flow
Bondsloanspayable etc
Dramatic changes in the external environment due to the spread of the novel coronavirus infection (changes in behavior such as telework and online meetings diversification of values)
We are assuming transportation revenues our mainstay will return only to approximately 90 ofthe level before the coronavirus Focusing on the circumstances regarding the resolution of the coronavirus situation Flexiblyadding revisions to the medium-term management plan
OperatingEnvironmentChanges andAssumptions
Medium-Term Management Plan 2022(At time of announcement in April 2018)
yen1270 billion (Breakdown by segment)
(Breakdown by segment)
Capex for growthyen460 billion
TransportationOperationsyen940 billion
Retail business yen20 billion
Real estate businessyen260 billion
Other yen50 billion
Capex for maintenanceand upgradesyen810 billion
Safety capexyen530 billion
Medium-Term Management Plan 2022(October 2020 revision)
yen1250 billion(-yen20 billion)
Figures in parentheses show the difference
from the time of the announcement
in April 2018
For details on the revision of the JR-West Group Medium-Term Management Plan 2022 please visit our website (httpswwwwestjrcojpglobalenirlibrarymeetingpdfpresen20201102pdf)
Other yen50 billion
Uses of cashFund-raising
Anticipated uses of cash to FY20283
Indication of our future direction with consideration for our understanding of current circumstances in which we cannot predict the details of the changes in society in the period after the coronavirus (The period until the next medium-term management plan (FY20283) has been positioned as a time for reform and restoration)
Reconfirmation of our ldquounchanging valuesrdquo and the ldquomeaning of the JR West Grouprsquos existencerdquoeven in the midst of change
On that basis our understanding of ldquothings that we will changerdquo with the assumptions that the financial position will worsen and that usage will not return to the previous status
Direction ofrevisions
3 Strengthening management
2 Enhancing Coexistence with Local Communities and taking on the challenge of creating new value
1 Enhancing safety with the Fukuchiyama Line accident as the starting point
Fo
ur Axes
Our V
ision
Ro
adm
ap Reformreconstruction period(Phase 1)
Reformreconstruction period(Phase 2)
Next medium-term management plan and thereafterMedium-term managementplan 2022
Evolutiongrowth period
Unchanging values meaning of the JR West Grouprsquos existence
Things that we will change
Things that we will change
Unchanging values meaning of the JR West Grouprsquosexistence things that we will change
4 Reforming the Company to enhance our ability to address change
FY213 FY233 FY243 FY283 FY293mdash
Corporate Overview
Capex for growthyen500 billion(+yen40 billion)
Capex for maintenanceand upgradesyen750 billion(-yen60 billion)
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 4Fact Sheets 2020
Large-scale projects
Osaka Hiroshima
bull Planned opening Spring 2025
bull Building area Approx 14000 m2
bull Total floor space Approx 111000 m2
bull Scale Above ground 20 floors
below ground 1 floor height Approx 100 m
bull Uses
- Shopping center cinema complex
(Store floor space approximately 25000 m2)
- High-class accommodation-oriented
hotel VISCHIO
(Approximately 400 rooms)
- Parking lot directly connected to
station building (Approx 500 spaces)
- Parking lot in separate building
(Approx 400 spaces)
Toyama
bull Planned opening Spring 2022
bull Site area Approx 7930 msup2
bull Total floor space Approx 38100 msup2
bull Scale Above ground 12 floors
bull Uses
- Commercial facilities (approx 80 stores)
- High-class accommodation-oriented hotel
VISCHIO (Approximately 180 rooms)
- Multistory parking lot (approx 400 spaces
over 5 floors)
(4) Development of the area west of Osaka Station
(3) New station building development
Corporate Overview
(1) New ticket gates passageway located inside ticket gates
(2) Development under elevated tracks bull Opening In stages from fall 2024 to
fall 2027
bull Total floor space approx 7000 m2
bull Uses Commercial facilities bus
terminal etc
(3) New station building development bull Opening Fall 2024
bull Total floor space approx 59000 m2
bull Scale Above ground 23 floors
below ground 1 floor
bull Uses Offices commercial facilities etc
(4) Development of the area west of Osaka Station (Umeda 3-chome Project (provisional name)) Joint project with Japan Post Co Ltd and JTB Corporation
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 5Fact Sheets 2020
POPULATION AND GROSS PRODUCTION
(Thousands of people Billions of yen)
MAP OF WEST JAPAN AND POPULATION GROWTH IN KANSAI AREA
Population
(FY ended March 31 2019)
Gross Production(FY ended March 31 2017)
Kansai Area Shiga
Kyoto
Osaka
Hyogo
Nara
Wakayama
Kansai Area Total
Other
Service Areas
Niigata
Toyama
Ishikawa
Fukui
Nagano
Mie
Tottori
Shimane
Okayama
Hiroshima
Yamaguchi
Fukuoka
Service Areas Total
Reference Tokyo Area
Nagoya Area
Kyushu Area
Japan
Note Kansai Area Shiga Kyoto Osaka Hyogo Nara Wakayama
Tokyo Area Tokyo Kanagawa Saitama Chiba
Nagoya Area Aichi Gifu Mie
Kyushu Area Fukuoka Saga Nagasaki Kumamoto Oita Miyazaki Kagoshima
Source Ministry of Internal Affairs and Communications Cabinet Office
Note For ldquoChangerdquo 2018 is the base year (100) for the index
FY2001 etc refer to the fiscal years ending March 2001 etc
Source Actual Directory of population Ministry of Internal
Affairs and Communications
Projection Population Projections by Prefecture
(March 2018) National Institute of Population
and Social Security Research
1420
2555
8849
5571
1363
965
20722
2259
1063
1146
787
2102
1825
566
686
1912
2839
1383
5131
42421
36619
11434
13013
127444
63817
104876
389950
209378
36507
36765
841292
88840
45663
46230
32111
82723
82209
18641
25206
76812
119447
60875
191440
1711489
1821607
552521
459089
5498662
(16)
(33)
(15)
(31)
JR-Central
JR-West
JR-ShikokuJR-Kyushu
Fukuoka
Shimane
Tottori
HiroshimaYamaguchiHyogo
Okayama
Osaka
Kyoto
Nara
Wakayama
Mie
Shiga
Fukui
Toyama
Ishikawa
Nagano
Operating Environment
Operating Area Population and Gross Production
Figures in parentheses show percentages of Japan totals
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 6Fact Sheets 2020
External Environment
Demand from Inbound Travel
Composition of Inbound Visitors to Japan (CY2019 result)
Source Japan National Tourism Organization (JNTO)
Number of visitors using JR-West Number of visitors using products for inbound visitors
(sales and exchanges in JR-Westrsquos operating area)
VISITING RATE BY PREFECTURE (CY2019 result)
Number of users of exclusive products Transportation Revenues Consolidated operating revenues
Changes in Inbound Visitors to Japan (Results for each year and targets)
300
250
200
150
100
050
Millions of people
0
600
400
200
0
Billions of yen
800
600
400
200
0
Billions of yen
284
FY20183
Exclusiveproducts
Individualtickets
311
FY20193
Exclusiveproducts
Individualtickets
301
FY20203
Exclusiveproducts
Individualtickets
429
FY20183 FY20193
465
FY20203
465
Quantity of responses 107549Unit Millions of people
Note Blue shaded areas are JR-Westrsquos operating area
Source Japan Tourism Agency
Results and Targets for Visitors Using JR-West
Millions of people
Source Japan National Tourism Organization (JNTO) Ministry of Justice
Note Figures in parentheses show index with 2012 = 100
7000
6000
5000
4000
3000
2000
1000
0
Inbound visitors to Japan
Foreigners entering Japan at Kansai International Airport
Total3188
Asia2682
84
Other 0893Europe
1996
AsiaOther063
2
NorthAmerica
2197
HongKong2297
ASEAN38312
Taiwan48915
South Korea55818
China95930
3119
765
18 19
8361036
1341
19742404
179
3188(381)
838(468)(100)
(100)232 317
501 609
2869
716
6000
4000
12 13 14 17 30(Target)
20(Target)
15 16
hellip
020036
060
100
125
160
FY20133 FY20143 FY20153 FY20183FY20163 FY20173
176
FY20193
162
FY20203
Exclusive products Passes that only people from other countries visiting Japan for sightseeing can use
Individual tickets Tickets other than exclusive products
Ranking Prefecture Visiting rate
1
2
3
4
5
6
7
8
9
10
11
15
Tokyo
Osaka
Chiba
Kyoto
Nara
Aichi
Fukuoka
Hokkaido
Kanagawa
Okinawa
Hyogo
Hiroshima
472
386
351
278
117
90
87
80
78
61
60
30
hellip hellip
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division
Long-Term Debt and Payables
As of March 31
Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
15391
15629
15544
14989
13856
12579
12007
11385
10816
10249
9867
9572
9532
10389
11026
10688
9830
9807
10042
10018
10379
10322
10640
10189
Average Interest Rate
504
474
462
436
424
402
396
382
378
371
362
356
349
319
297
286
284
263
240
225
197
186
181
179
Non-Consolidated
Billions of yen
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Long-Term Debtand Payables
14268
14227
14221
13788
12679
11654
11161
10640
10142
9611
9510
9357
9343
10220
10879
10563
9725
9722
9977
9956
10315
10270
10616
10176
Shinkansen Purchase Liability
8730
8424
8105
7757
7426
6342
6001
5653
5284
4905
4550
4192
3852
3523
3229
2845
2442
2051
1676
1346
1046
1038
1029
1019
Bonds
1083
1583
2149
2149
2000
2150
2150
2100
2200
2200
2499
2799
2899
3849
4449
4549
4499
4599
4799
4949
5349
5249
5699
5449
Other
4455
422
3966
3881
3252
3162
3010
2886
2657
2505
2460
2365
2591
2847
3199
3168
2783
3071
3500
3660
3918
3982
3887
3707
Average Interest Rate
504
482
463
447
436
410
402
386
381
374
365
357
350
319
297
285
284
262
240
225
197
187
181
179
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 7Fact Sheets 2020
Operating Environment
Airport and Expressway Networks As of March 31 2020
Haneda Airport
Narita Airport
Kansai
Kobe Airport
Okayama AirportHiroshima
Airport
Yamaguchi Ube Airport
Kitakyushu AirportFukuoka Airport
Hakata
Kumamoto Airport
Tokyo
Miyazaki Airport
Nagasaki Airport
Saga Airport
Oita Airport
Iwakuni KintaikyoAirport
Kochi Airport
Matsuyama Airport
Tokushima Airport
Takamatsu Airport
Hagi Iwami AirportTottori Airport
Tajima Airport
Nanki-Shirahama Airport
KomatsuAirport
Noto Airport
Niigata Airport
Yonago AirportIzumo Airport
Ibaraki Airport
Toyama Airport
Kagoshima AirportKagoshima Airport
Onomichi
Gotsu
Izumo Yonago
Sakaide
Naruto
Hamada
Imabari
Kagoshima
Okayama
Nanki Tanabe
Ise
YamaguchiKitakyushu
Nagasaki
Tosu
Yatsushiro
Miyazaki
Saiki
Sasebo
Tsuruga
Maibara
Kanazawa
Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage
Notes
1 Travel time for the Shinkansen is the shortest on Nozomi Mizuho and Kagayaki trains Travel time for the airlines is an estimate For airlines in addition to the travel time
required from the airport to the city center the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the
boarding gate 20 minutes of waiting time at the boarding gate and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport
2
3
Tokyo mdash Fukuoka
Travel Time Fare (yen) Frequency
Shinkansen 4h 46m 23390 31
Airlines 3h 00m 42300 54 (19)
Travel Time and Fare JAL or ANA
Frequency All airlines Numbers in parentheses are
frequency excluding those of JAL or ANA
Tokyo mdash Hiroshima
Travel Time Fare (yen) Frequency
Shinkansen 3h 44m 19440 46
Airlines 3h 30m 35490 17
Tokyo mdash Kanazawa
Travel Time Fare (yen) Frequency
Shinkansen 2h 28m 14380 24
Airlines 3h 00m 25390 10
Tokyo mdash Okayama
Travel Time Fare (yen) Frequency
Shinkansen 3h 09m 17660 60
Airlines 3h 10m 34590 10
Tokyo mdash Toyama
Travel Time Fare (yen) Frequency
Shinkansen 2h 08m 12960 24
Airlines 2h 30m 25390 4
Kyoto-Osaka-Kobe Metropolitan Area mdash Kagoshima
Fare for the Shinkansen is the regular Nozomi Mizuho and Kagayaki fare and for airlines is the regular fare The cost includes the passenger facilities usage fee for airports
(yen290 for Haneda Airport yen110 for Fukuoka Airport yen260 for Osaka International Airport (Itami) yen440 for Kansai International Airport and yen440 for Chubu Centrair International Airport)
No of services Does not reflect the suspension of services due to the spread of the novel coronavirus
Chubu CentrairInternational Airport
WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW
OPERATINGENVIRONMENT
CONTENTS DATA OTHERBUSINESS 8Fact Sheets 2020
141
126
Business
Sanyo Shinkansen Line Shinkansen Versus Airlines Years ended March 31
SHARE OF PASSENGER MARKETmdashSHINKANSEN VERSUS AIRLINES
Tokyo ndash Okayama
Tokyo ndash Hiroshima
Tokyo ndash Yamaguchi
Tokyo ndash Fukuoka
Aichi ndash Fukuoka
Kyoto-Osaka-Kobe Areandash Kagoshima
Kyoto-Osaka-Kobe Areandash Kumamoto
Note Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines the bars indicate the total number of passengers using JR or using airlines compared
to the base year index of 100 (the fiscal year ended March 1997) For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima the base year index of 100 (the fiscal year ended March 2008)
Source Ministry of Land Infrastructure Transport and Tourism
(933)Debut of 300-Series
Nozomi
(951)The Hanshin-Awaji
Earthquake
(973)Debut of 500-Series
Nozomi
(003)Debut of Hikari Rail Star
(0310)Timetable Revision
more Nozomi departures
(067)ldquoExpress
ReservationrdquoService Started
(077)Debut of
N700-SeriesNozomi
(113)Direct service operations between the
Sanyo and Kyushu Shinkansen services (179)
Smart EX
JR (Number of passengers)
Airlines (Number of passengers)
JRrsquos Market Share (right)
Kyoto-Osaka-Kobe Area ndash Fukuoka
Kyoto-Osaka-Kobe Area Kyoto Osaka and Hyogo Prefecture
Figures for the fiscal year ended March 2019 are preliminary
DEVELOPMENT in KANSAI URBAN AREA (As of March 2020)
Kobe
SannomiyaAmagasaki
Shin-Kobe
Nishi-Akashi
Kakogawa
Tanikawa
Himeji
Kyoto
Yamashina Kusatsu
Nara
Oji
Takada
Shin-Osaka
Osaka
Kansai-airport
Tennoji
Umekoji-KyotonishiNew stationOpened in March 2019
KyotoRailway MuseumOpened in April 2016
Higashi-HimejiNew stationOpened in March 2016
MAJOR PROJECTS
bull Naniwasuji Line
Project overview middot Total cost Approx 3300 billion yen middot length Approx 74 km
Project leaders middot Construction Kansai Rapid Railway Co Ltd middot Operations Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) ndash JR Namba Station West Japan Railway Company Umekita (Osaka) underground station ndash Nishi-Hommachi Station (provisional name) ndash Shin-Imamiya Station Nankai Electric Railway Co Ltd
Project timeline Spring 2031 Scheduled to start operations
bull Relocate a portion of a branch line of the Tokaido Line underground and open a new station
Project overview middot Total cost approx 690 billion yen middot Length Approx 24 km middot New station plan underground station with two unattached platforms and four train lines
Project leaders middot Construction City of Osaka West Japan Railway Company middot Operations West Japan Railway Company
Project timeline Nov 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station
Kyobashi
Osaka Higashi LineAll segments open from March 2019
Maya New stationOpened in March 2016
Ibaraki Station
improvement and development inside Opened in April 2018
Non-Transportation Operations (Financial Overview) Years ended March 31
OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31 2020 (Billions of yen)
Other businesses
Real estate
Ratio of non-transportationoperations(Right axis)
Retail
SALES OF GOODS AND FOOD SERVICES
Retail
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
Figures in bracketslt gt are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)
Operating income(Right axis)
Operating revenues(Left axis)
SHOPPING CENTER OPERATIONS
Real estate
HOTELS
Other businesses
DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY
Notes 1 Operating revenues are the revenues from third parties ( = customers) The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries
2 The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions
CAPITAL EXPENDITURES (Consolidated Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated Own Funds) Years ended March 31
Dividends Years ended March 31Capital Expenditures (Consolidated Non-Consolidated)
Note One common share is divided into 100 shares from July 1 2011 Dividends per share have been
recalculated based on the number of shares after division
Note One common share is divided into 100 shares from July 1 2011 Shares bought is stated as the number
of shares after division
Safety-related Other Depreciation and Amortization Dividend per Share (yen) Payout Ratio () (Right axis)
Long-Term Debt and Payables (Consolidated)
LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31
Bonds Other Average Interest Rate (Right axis)
Long-Term Debt and Payables (Consolidated Non-Consolidated)
BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2020)
LiabilityBalance
Billions of yen
Interest Rate
Term Payment Recipient
No 1 mdash mdash 255until Mar 2017
Japan Railway Construction Transport and Technology Agency
No 2 mdash mdash 255until Mar 2017
No 3 1019 Fixed 655 60until Sept 2051
Average Interest Rate (Consolidated) (Right axis)
Average interest rate before FY ended March 1999 was calculated as follows
Average Interest Rate = [Interest Expenses + Interest on Bonds] [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) 2]
Shinkansen Purchase Liability
Years
Capital Expenditures (Consolidated Own Funds) Depreciation and Amortization (Consolidated)
NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1
NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31
NEW EMPLOYEES (Non-Consolidated) FY ended March 31
AGE DISTRIBUTION (Non-Consolidated) As of April 1 2020
Other BusinessesReal EstateRetailTransportation
Non-Consolidated
Note Beginning the fiscal year ended March 2007 a new personnel system was adopted that promoted contract employees during the year to the status of full employees
Note The percentages are based on employee numbers excluding employees reemployed after retirement
These employee figures have been included in the fiscal year ended March 2007 and for years thereafter
(Please note however that in the fiscal year ending March 2021 this figure represents employees who joined the Company on April 1 2020)
The employee figures do not include medical-related employees (doctors technicians nurses etc) and specialist employees recruited mid-career
50~5445~4940~4435~3920~240~19 25~29 30~34 55~
Number of people Number of people
0
1400
1200
1000
800
600
400
200
Number of people
0
50000
40000
30000
20000
10000
Number of people
0
10000
8000
6000
4000
2000
0
60000
50000
40000
30000
20000
10000
Full-time employees
Full-time employees
60~66
Senior employees Senior leader employees (employees reemployed after retirement)
Senior employees Senior leader employees (employees reemployed after retirement)
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo
segment has changed its name to the ldquoSales of goods and food servicesrdquo segment Also two subsidiaries have been transferred to the ldquoReal estaterdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by [ ]
6
7
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
Non-Consolidated Financial Data Years ended March 31
Total Assets
Total Liabilities
Total Shareholdersrsquo Equity
Total Net Assets4
Operating Revenues
Transportation
Transportation incidentals
Other operations
Miscellaneous
Operating Expenses
Personnel costs
Salary
Retirement payment costs
Non-personnel costs
Energy costs
Maintenance costs
Miscellaneous costs
Shinkansen fees
Rental payments etc
Taxes
Enterprise tax
Property taxes
City planning taxes
Other taxes
Depreciation and amortization
Operating Income
Non-operating revenues
Non-operating expenses
Recurring Profit
Extraordinary profit (loss)
Extraordinary profit
Extraordinary loss
Net Income (Loss)
Note Figures in parentheses are negative values Record high figures
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4
5
ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
From the fiscal year ended March 31 2018 accompanying partial amendments to ldquoAccounting Standard for Tax Effect Accountingrdquo the method of offsetting deferred tax assets and deferred tax liabilities in the ldquoAssetsrdquo and ldquoLiabilitiesrdquo sections has been changed
1 We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method Under the previous allocation method
transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled yen2914 billion and yen1206 billion respectively
2 The consumption tax rate was increased in October 2019
Operational return = Assets utilized in railway business operations (rate base) times Operational return rate
Notes 1 Assets utilized in railway business operations = Fixed assets for railway operations + Construction in progress + Deferred assets + Operating capital
2 Operational return rate = Equity ratio (30) times Return rate on equity + Borrowed capital ratio (70) times Return rate on borrowed capital
3 Return rate on equity is the average of the subscriber bond yield all-industry average return rate on equity and required level of dividends on equity
4 Return rate on borrowed capital is the actual average rate of loans etc
Op
era
ting c
osts
etc
Expenses
Dividends etc
Interest expense
Optimal costcalculated by ldquoYard-stick formulardquo (Personnel cost overheads)
These Fact Sheets contain forward-looking statements that are based on
JR-Westrsquos current expectations assumptions estimates and projections
about its business industry and capital markets around the world
These forward-looking statements are subject to various risks and uncertainties
Generally these forward-looking statements can be identified by the use of
forward-looking terminology such as ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquoanticipaterdquo
ldquoestimaterdquo and ldquoplanrdquo or similar words These statements discuss future
expectations identify strategies contain projections of results of operations or
of JR-Westrsquos financial condition or state other forward-looking information
Known or unknown risks uncertainties and other factors could cause the
actual results to differ materially from those contained in any forward-looking
statements JR-West cannot promise that the expectations expressed in
these forward-looking statements will turn out to be correct JR-Westrsquos actual
results could be materially different from and worse than expectations
Important risks and factors that could cause actual results to be materially
different from expectations include but are not limited to
bull expenses liability loss of revenue or adverse publicity associated with
property or casualty losses
bull economic downturn deflation and population decreases
bull adverse changes for the Company in laws regulations and government
policies in Japan
bull service improvements price reductions and other strategies undertaken
by competitors such as passenger railway and airline companies
bull infectious disease outbreak and epidemic
bull earthquake other natural disaster risks and failure of computer telecom-
munications systems disrupting railway or other operations
All forward-looking statements in these Fact Sheets are made as of April 30
2020 based on information available to JR-West and JR-West does not
undertake to update or revise any of its forward-looking statements or reflect
future events or circumstances
00_jr_fact_2020e_cover_印刷用_210120
01_jr_fact_2020e_210118
02_jr_fact_2020e_210118
03_jr_fact_2020e_210122
04_jr_fact_2020e_210122
05_jr_fact_2020e_200414
06_jr_fact_2020e_210212
07_jr_fact_2020e_210212
08_jr_fact_2020e_200414
09_jr_fact_2020e_200414
10_jr_fact_2020e_210212
11_jr_fact_2020e_210212
12_jr_fact_2020e_200629
13_jr_fact_2020e_210212
14_jr_fact_2020e_200820
15_jr_fact_2020e_200831
16_jr_fact_2020e_200629
17_jr_fact_2020e_200820
18_jr_fact_2020e_200611
19_jr_fact_2020e_200629
20_jr_fact_2020e_210118
21_jr_fact_2020e_201027
22_jr_fact_2020e_210118
h4_jr_fact_2020e_210118
Transportation Data
Years ended March 31
Passenger-Kilometers1
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
Commuter
71
100
137
193
268
333
385
392
423
475
493
513
513
521
540
554
587
620
630
650
679
697
708
718
722
736
762
743
804
815
846
880
892
Other
13081
14691
14865
15871
16009
15827
15639
12918
14335
14980
14482
13643
13109
13283
13462
13117
13324
13691
14218
14514
15252
15189
14109
14828
16155
16434
16854
17366
19644
19532
20176
20457
19717
Total
13152
14792
15002
16064
16277
16160
16025
13310
14758
15455
14976
14156
13623
13805
14002
13672
13911
14312
14848
15164
15931
15887
14818
15546
16878
17171
17617
18109
20449
20348
21022
21338
20610
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
12399
12956
13428
14333
15199
16007
16347
16658
17730
17821
17909
18045
17975
17995
18031
17922
18139
18326
18280
18536
18659
18648
18391
18352
18440
18398
18724
18356
18714
18689
18787
18766
18827
Other
7934
8340
8412
9225
9537
9730
9694
9836
10820
10715
10526
10391
10331
10335
10426
10160
10197
10110
9992
10265
10303
10285
9722
9694
9778
10091
10288
10473
10808
10903
11084
11031
10866
Total
20333
21297
21841
23558
24737
25738
26041
26495
28550
28537
28436
28436
28306
28331
28457
28082
28336
28437
28272
28801
28962
28933
28114
28047
28218
28490
29012
28830
29522
29592
29872
29797
29693
Other conventional lines
Commuter
4222
4373
4423
4613
4715
4777
5026
5061
5002
4964
4789
4732
4654
4578
4485
4410
4425
4430
4428
4385
4393
4396
4326
4340
4348
4330
4433
4201
4050
4033
4043
3985
3967
Other
8073
7764
7618
7901
7959
7746
7552
7120
7171
7013
6661
6200
6004
5836
5701
5508
5468
5363
5278
5327
5296
5225
4752
4680
4672
4778
4830
4937
4319
4297
4353
4257
4316
Total
12295
12137
12041
12514
12674
12523
12579
12181
12174
11978
11450
10932
10658
10414
10186
9919
9893
9794
9706
9712
9690
9621
9078
9020
9020
9108
9264
9138
8369
8330
8397
8243
8284
Subtotal
Commuter
16621
17329
17851
18946
19915
20784
21373
21719
22733
22786
22699
22777
22629
22574
22516
22332
22564
22757
22708
22922
23052
23044
22718
22692
22788
22728
23157
22557
22764
22723
22831
22751
22794
Other
16007
16105
16031
17127
17497
17476
17247
16956
17991
17729
17187
16591
16335
16171
16128
15669
15666
15474
15270
15592
15600
15510
14474
14374
14450
14869
15119
15411
15127
15200
15437
15289
15183
Total
32628
33435
33882
36073
37412
38261
38621
38676
40725
40515
39886
39369
38964
38746
38644
38002
38230
38231
37979
38514
38653
38555
37192
37067
37239
37598
38276
37969
37891
37923
38269
38040
37977
Total
Commuter
16693
17430
17988
19139
20183
21118
21759
22112
23157
23261
23193
23290
23143
23095
23056
22887
23151
23377
23339
23572
23731
23742
23427
23411
23511
23465
23920
23301
23569
23539
23677
23632
23687
Other
29088
30796
30896
32998
33506
33303
32887
29875
32326
32709
31669
30235
29444
29455
29590
28787
28990
29166
29488
30106
30853
30700
28583
29203
30605
31304
31973
32777
34771
34732
35613
35746
34900
Total
45781
48227
48884
52137
53690
54422
54646
51987
55484
55971
54863
53526
52588
52551
52647
51674
52142
52544
52828
53678
54585
54442
52011
52614
54117
54769
55894
56078
58341
58271
59291
59379
58588
Number of Railway Passengers
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
54
61
62
66
68
68
67
57
63
64
62
60
58
58
58
56
57
58
60
61
63
62
58
60
64
65
67
69
83
83
85
87
82
Conventional lines
1454
1520
1553
1641
1691
1728
1754
1762
1837
1839
1821
1798
1779
1769
1768
1730
1746
1744
1746
1757
1770
1778
1731
1732
1749
1763
1806
1784
1816
1826
1847
1845
1848
Total2
1496
1566
1600
1690
1742
1779
1805
1805
1884
1887
1867
1843
1823
1812
1811
1772
1789
1788
1792
1803
1818
1826
1776
1778
1798
1813
1858
1837
1880
1890
1913
1911
1911
Train-Kilometers3
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
23
25
28
29
30
31
32
30
32
32
33
33
33
35
36
37
36
36
37
37
38
39
39
37
39
39
39
40
44
44
45
45
45
Conventional lines
127
139
151
157
154
153
154
154
157
158
163
164
164
162
164
161
163
161
159
162
162
161
158
156
150
152
151
152
145
143
141
139
143
Total
150
165
179
186
184
184
186
185
190
191
196
197
198
198
201
198
199
198
196
200
201
200
198
193
190
192
191
193
189
187
187
184
189
Passenger Car-Kilometers4
Millions
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Shinkansen
295
309
336
355
363
365
386
352
381
380
385
384
383
375
384
383
380
381
395
416
428
449
461
458
487
484
487
495
549
552
556
556
560
Conventional lines
743
763
795
813
808
843
826
818
852
860
884
883
874
864
861
853
859
854
846
847
852
853
843
830
833
824
820
818
788
787
793
779
803
Total
1038
1073
1131
1168
1172
1209
1212
1170
1234
1240
1270
1267
1258
1239
1246
1236
1240
1235
1241
1264
1280
1303
1305
1288
1320
1308
1308
1313
1338
1339
1349
1335
1364
1 Passenger-Kilometers the total number of passengers times the number of kilometers each traveled
2 Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger
3 Train-Kilometers the total distance traveled by all trains
4 Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled
Transportation Revenues
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
131
14
15
16
17
18
19
20
Railway
102
Shinkansen
Commuter
10
14
18
24
32
40
46
48
52
58
62
64
65
66
69
71
75
79
79
82
85
87
88
89
89
90
93
93
101
102
107
112
114
Other
2829
3197
3255
3508
3564
3535
3576
3030
3270
3444
3398
3202
3064
3064
3074
2989
3006
3054
3158
3204
3350
3303
3035
3149
3425
3479
3551
3665
4271
4243
4369
4458
4298
Total
2839
3211
3274
3533
3597
3576
3623
3078
3322
3503
3460
3267
3130
3130
3143
3060
3081
3134
3238
3286
3435
3391
3124
3239
3515
3570
3644
3759
4372
4346
4477
4570
4412
Conventional Lines
Kyoto-Osaka-Kobe Area ldquoUrban Networkrdquo
Commuter
848
845
898
948
986
1039
1057
1063
1123
1133
1149
1147
1140
1140
1141
1134
1137
1143
1134
1153
1158
1159
1138
1133
1134
1132
1138
1152
1156
1164
1169
1166
1172
Other
1385
1465
1531
1679
1732
1748
1744
1790
2025
2011
2004
1950
1928
1953
1947
1899
1883
1861
1840
1871
1875
1856
1723
1710
1738
1757
1783
1810
1865
1885
1920
1914
1902
Total
2233
2310
2430
2627
2718
2787
2801
2853
3148
3144
3153
3098
3069
3093
3089
3033
3020
3004
2975
3024
3033
3015
2861
2844
2873
2889
2921
2962
3022
3050
3090
3081
3075
Other conventional lines
Commuter
269
266
276
284
287
303
311
308
304
304
299
294
291
287
281
278
277
276
274
273
274
275
270
270
270
269
271
271
253
251
251
246
247
Other
1448
1485
1499
1565
1579
1528
1505
1428
1457
1433
1379
1289
1244
1214
1182
1146
1123
1089
1072
1070
1069
1049
943
925
928
961
967
976
851
849
859
835
834
Total
1718
1751
1775
1850
1867
1832
1816
1736
1761
1737
1679
1584
1535
1501
1464
1425
1400
1365
1347
1343
1344
1325
1214
1196
1198
1230
1239
1248
1105
1100
1110
1082
1081
Subtotal
Commuter
1118
1111
1175
1233
1273
1343
1368
1371
1427
1437
1448
1442
1431
1427
1423
1412
1414
1419
1408
1426
1432
1435
1408
1403
1404
1402
1410
1423
1410
1415
1420
1413
1420
Other
2833
2950
3030
3244
3312
3276
3249
3218
3482
3444
3384
3240
3172
3168
3130
3046
3006
2950
2913
2941
2945
2906
2666
2636
2667
2718
2750
2787
2717
2735
2779
2749
2736
Total
3951
4061
4205
4477
4586
4619
4618
4589
4910
4881
4832
4682
4604
4595
4553
4458
4421
4370
4322
4368
4378
4341
4075
4040
4072
4120
4161
4210
4127
4150
4200
4163
4156
Total
Commuter
1128
1125
1194
1257
1306
1384
1415
1420
1480
1496
1510
1506
1496
1493
1492
1483
1489
1498
1488
1508
1517
1522
1497
1493
1494
1493
1503
1516
1511
1518
1528
1525
1534
Other
5663
6147
6286
6753
6876
6812
6826
6248
6752
6889
6783
6443
6237
6232
6204
6035
6012
6005
6071
6145
6295
6210
5702
5786
6092
6198
6302
6453
6988
6978
7149
7208
7034
Total
6791
7272
7480
8010
8183
8196
8241
7668
8233
8385
8293
7950
7734
7726
7697
7518
7502
7504
7560
7654
7813
7732
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Luggage and ferry
08
08
08
07
07
07
07
06
06
06
06
05
05
05
05
05
05
04
04
04
04
04
00
00
00
00
00
00
00
00
00
00
00
Grand Total
6800
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
1
We have revised the allocation method for revenue from non-commuter passes on conventional lines (Kansai Urban Area and Other Lines) from the fiscal year ended March 2014 Figures in the above chart for the fiscal year ended March 2013 have been retroactively calculated based on the new allocation method
Under the previous allocation method transportation revenues for Kansai Urban Area and Other Lines in that fiscal year totaled 2914 billion and 1206 billion respectively
2
The consumption tax rate was increased in October 2019
Non-Consolidated Financial Data
Years ended March 31
Billions of yen
88
89
90
91
92
93
94
951
96
97
98
992
00
01
02
03
04
053
06
07
08
09
10
11
12
13
14
15
16
17
185
19
20
Total Assets
14402
13376
12751
13142
22971
23065
23279
23551
22979
23334
22772
22420
22326
22478
21357
21168
21268
20980
21021
21518
22229
22151
22869
24057
23817
23333
23926
24444
24998
25989
26593
27823
27939
Total Liabilities
12832
11759
10876
10969
20584
20460
20477
20775
20046
20167
19493
19299
18859
18444
17470
17061
16875
16237
15999
16185
16705
16543
17188
18243
17933
17216
17531
18128
18337
18890
18976
19825
19700
Total Shareholdersrsquo Equity
1570
1616
1874
2172
2386
2604
2801
2775
2932
3166
3278
3120
3466
4033
3886
4107
4393
4743
5022
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Total Net Assets4
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
5333
5524
5607
5681
5813
5883
6116
6394
6315
6660
7099
7617
7997
8239
Operating Revenues
7631
8071
8343
8923
9172
9225
9376
8741
9362
9560
9460
9094
8851
8814
8698
8490
8458
8464
8512
8658
8794
8750
8167
8286
8621
8685
8736
8909
9542
9561
9762
9809
9619
Transportation
6910
7281
7488
8018
8190
8204
8249
7675
8239
8391
8300
7955
7739
7731
7702
7523
7508
7509
7565
7658
7817
7737
7200
7280
7587
7691
7806
7970
8500
8496
8678
8734
8568
Transportation incidentals
260
205
236
250
261
268
262
261
255
269
273
271
261
246
246
238
230
228
225
225
222
218
201
195
195
191
191
184
183
180
178
176
171
Other operations
44
120
107
122
149
160
228
182
185
181
213
205
199
186
183
184
185
177
177
182
196
209
211
218
232
236
231
236
260
272
284
293
300
Miscellaneous
417
463
510
531
570
592
636
621
681
717
671
662
650
650
566
544
534
548
544
591
557
584
554
592
605
565
507
517
598
611
621
604
577
Operating Expenses
6923
7277
7433
7698
7894
7782
8010
7730
7959
8259
8311
7967
7860
7844
7703
7457
7404
7364
7423
7568
7696
7729
7582
7528
7728
7661
7718
7789
8170
8206
8319
8301
8421
Personnel costs
2682
2654
3006
2892
3034
3183
3298
3344
3418
3509
3585
3578
3501
3456
3305
3016
2945
2868
2761
2725
2699
2686
2652
2353
2379
2333
2354
2330
2333
2233
2214
2158
2146
Salary
2561
2487
2521
2676
2821
2889
3012
3047
3073
3060
3078
2974
2850
2841
2702
2445
2375
2306
2218
2150
2134
2123
2089
2098
2115
2106
2137
2152
2166
2136
2120
2070
2059
Retirement payment costs
120
167
484
215
212
294
286
297
345
448
507
603
650
614
602
570
569
562
543
574
564
562
563
255
263
227
217
177
166
96
94
88
87
Non-personnel costs
2299
2386
2598
3011
3119
2947
3172
2955
3057
3265
3012
2777
2765
2750
2812
2882
2910
3005
3200
3379
3388
3339
3186
3334
3395
3427
3516
3690
3924
3943
4076
4166
4243
Energy costs
394
384
404
431
434
436
438
414
433
424
438
405
393
382
392
384
366
369
348
343
344
382
335
337
362
371
431
453
441
405
440
452
454
Maintenance costs
879
995
1118
1399
1432
1274
1364
1248
1284
1467
1209
1080
1123
1143
1168
1226
1219
1271
1407
1489
1486
1358
1281
1358
1333
1365
1390
1467
1528
1571
1614
1640
1664
Miscellaneous costs
1025
1006
1076
1179
1252
1236
1369
1292
1340
1373
1365
1292
1249
1224
1251
1271
1324
1364
1444
1545
1558
1598
1569
1638
1699
1691
1695
1769
1954
1966
2021
2073
2124
Shinkansen fees
943
943
740
740
366
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Rental payments etc
55
56
58
58
58
58
59
79
90
100
230
228
238
315
313
310
308
246
247
246
246
253
250
251
236
234
236
187
269
302
302
272
284
Taxes
91
109
149
197
216
258
264
206
291
271
380
313
310
303
300
293
282
297
287
281
286
291
293
298
309
317
316
320
319
349
357
360
364
Enterprise tax
16
31
41
82
78
67
72
02
85
65
65
mdash
mdash
mdash
mdash
mdash
mdash
20
19
18
18
17
15
15
15
16
16
15
26
42
43
43
39
Property taxes
18
19
93
99
121
154
158
168
174
176
267
277
277
273
269
263
254
251
244
237
243
249
253
258
264
271
268
273
263
276
283
286
292
City planning taxes
04
04
10
11
12
14
15
16
17
18
26
27
27
26
25
24
22
21
20
19
20
21
21
21
21
21
21
21
21
22
22
23
24
Other taxes
52
53
03
04
03
21
18
18
14
11
19
07
05
04
05
05
05
05
02
06
03
02
03
03
07
07
10
09
08
08
07
07
07
Depreciation and amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
954
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Operating Income
708
793
909
1224
1278
1443
1365
1011
1403
1300
1148
1127
990
970
995
1032
1054
1100
1089
1089
1098
1020
585
758
892
1023
1017
1120
1372
1354
1443
1507
1197
Non-operating revenues
89
142
100
129
114
124
148
117
106
89
71
72
75
72
62
53
51
50
52
55
62
67
60
70
71
64
65
65
63
61
62
75
75
Non-operating expenses
717
762
607
479
732
1009
967
924
954
830
736
694
642
608
517
472
456
407
382
367
360
354
347
343
335
311
283
264
268
231
219
217
203
Recurring Profit
80
172
402
875
661
557
547
204
556
560
483
505
423
434
540
613
650
743
759
776
799
734
298
485
628
775
799
921
1167
1184
1286
1364
1069
Extraordinary profit (loss)
11
09
19
(269)
06
11
11
(115)
04
26
05
(505)
19
16
54
15
34
77
(189)
(18)
(38)
11
44
(04)
(17)
01
12
(45)
(155)
(165)
(92)
(206)
(11)
Extraordinary profit
83
105
182
192
157
298
296
398
620
441
499
431
483
1074
1051
426
1090
736
767
451
409
703
528
489
231
399
238
606
195
183
298
276
209
Extraordinary loss
71
96
163
462
151
286
284
513
616
414
494
936
463
1058
996
411
1055
658
956
470
448
692
483
494
248
397
226
651
350
349
390
482
221
Net Income (Loss)
20
46
257
298
364
319
298
75
258
335
234
(56)
255
259
325
334
371
480
351
446
451
443
205
285
221
419
486
473
611
708
807
806
735
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Accounting items pertaining to enterprise tax have changed since the fiscal year ended March 1999 due to amendments to regulations governing the presentation of financial statements in Japan enacted in October 1998
In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
3 Size-based corporate tax (part of enterprise tax) has been included in ldquoTaxesrdquo since the fiscal year ended March 2005
4 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
5 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Consolidated Financial Data
Years ended March 31
Billions of yen
92
93
94
951
96
97
982
993
00
014
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
187
19
20
Total Assets
23719
23845
24065
25775
25769
26700
26323
25741
25610
25763
24167
24327
24103
23643
23559
24016
24628
24618
25463
26724
26429
26137
26878
27864
28431
30078
30718
32375
32752
Total Liabilities
21292
21191
21200
22945
22787
23458
23004
22480
21970
21465
19864
19708
19069
18144
17639
17638
17919
17722
18442
19511
19094
18485
18805
19397
19168
19752
19555
20577
20521
Total Shareholdersrsquo Equity
2426
2654
2864
2829
2982
3242
3318
3126
3488
4136
4114
4405
4797
5243
5642
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Non-Controlling Interests5
[49]
[57]
[57]
[139]
[149]
[156]
[134]
135
152
161
188
213
235
254
277
[303]
[321]
[329]
[329]
[324]
[301]
[224]
[234]
[454]
[485]
[921]
[953]
[1002]
[1050]
Net Assets6
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
6378
6708
6896
7021
7212
7335
7681
8073
8467
9263
10326
11163
11798
12231
Operating Revenues (Revenues from third parties)
10785
10875
11094
10928
11793
12092
12291
12050
11910
11955
11906
11655
12157
12208
12400
12629
12901
12753
11901
12135
12876
12989
13310
13503
14513
14414
15004
15293
15082
Transportation
9013
9044
9130
8457
9155
9349
9213
8893
8655
8632
8521
8315
8276
8294
8345
8485
8612
8561
7974
8064
8390
8449
8513
8684
9287
9291
9508
9539
9334
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1922
1952
1930
1968
1966
2039
2081
2128
2153
2019
2013
2335
2346
2401
2201
2320
2339
2398
2455
2260
Sales of goods
1212
1241
1253
1318
1375
1355
1627
1742
1746
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
375
405
416
394
489
568
576
572
579
588
628
627
767
711
709
757
935
909
1022
872
1088
1095
1396
1485
1651
Other businesses
560
589
710
1152
887
982
1033
1020
1018
831
854
837
1332
1358
1387
1434
1393
1326
1196
1299
1214
1284
1371
1744
1815
1688
1700
1813
1836
Operating Income
1326
1479
1406
1019
1476
1366
1181
1179
1077
1118
1176
1226
1269
1331
1352
1353
1374
1225
765
959
1097
1294
1345
1397
1815
1763
1913
1969
1606
Transportation
1216
1372
1289
923
1299
1202
1048
1016
867
866
884
932
944
993
980
972
974
891
452
611
767
901
910
1006
1251
1217
1303
1362
1053
Sales of goods and food services
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
38
47
43
56
52
59
50
52
47
31
35
(29)
(04)
44
15
53
52
72
61
38
Sales of goods
14
06
08
(02)
07
03
00
04
20
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
Real estate
mdash
mdash
mdash
mdash
89
87
85
104
133
133
153
161
180
189
205
212
246
226
225
222
259
280
277
251
327
322
357
356
349
Other businesses
92
98
108
106
77
86
58
65
64
81
98
94
96
101
114
125
110
67
67
96
103
123
118
156
224
204
199
212
197
Elimination and intergroup
03
01
(00)
(08)
01
(12)
(10)
(12)
(08)
(00)
(07)
(05)
(08)
(06)
(07)
(07)
(10)
(07)
(10)
(06)
(03)
(04)
(05)
(33)
(41)
(33)
(20)
(24)
(31)
Non-operating revenues
132
138
158
137
122
109
85
91
99
93
82
63
73
62
74
71
79
82
76
94
79
68
77
90
78
80
90
94
88
Non-operating expenses
741
1017
975
914
983
859
785
753
700
651
558
502
484
434
405
383
364
358
360
365
352
316
294
268
271
237
226
230
211
Balance of financial expenses
mdash
mdash
mdash
mdash
(818)
(748)
(717)
(704)
(669)
(618)
(538)
(488)
(453)
(423)
(394)
(369)
(349)
(340)
(336)
(333)
(324)
(300)
(275)
(249)
(233)
(216)
(202)
(188)
(182)
Interest and dividends income
mdash
mdash
mdash
mdash
25
16
17
15
10
13
05
02
03
03
03
03
04
05
06
04
04
03
05
09
07
06
07
11
12
Interest expenses
mdash
mdash
mdash
mdash
843
765
735
720
680
631
543
491
457
426
397
372
354
345
343
337
329
304
280
258
241
223
209
200
194
Recurring Profit
717
600
589
242
615
616
480
517
476
560
700
787
858
959
1021
1041
1088
948
481
689
824
1046
1129
1219
1622
1607
1777
1833
1483
Extraordinary profit(loss)
05
07
10
(135)
02
29
(07)
(511)
(34)
(08)
132
(11)
28
94
(222)
(32)
(72)
(01)
(44)
(79)
(22)
(49)
(12)
07
(171)
(230)
(71)
(261)
(76)
Extraordinary profit
158
304
297
450
630
459
549
447
518
1091
1092
445
1109
792
785
473
446
726
544
511
276
415
263
695
215
196
328
290
230
Extraordinary loss
152
297
287
586
628
430
557
959
553
1099
960
456
1080
697
1008
506
519
728
588
590
298
465
276
687
386
426
399
552
307
Profit attributable to owners of parent
378
329
311
82
273
356
199
(90)
250
309
455
416
470
589
465
567
577
545
248
349
294
601
656
667
858
912
1104
1027
893
Cash Flows From Operating Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
1547
1387
995
1302
1402
1429
1640
1886
2221
1788
1613
2232
2062
2380
2377
2236
2598
2341
2751
2897
2401
Cash Flows From Investing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(992)
94
177
(633)
(916)
(849)
(1017)
(1317)
(1792)
(1726)
(2087)
(2462)
(1991)
(1547)
(1653)
(2129)
(2332)
(2958)
(1663)
(2474)
(2686)
Free Cash Flows
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
555
1481
1173
668
485
580
623
568
429
61
(474)
(230)
70
832
723
107
266
(616)
1087
423
(285)
Cash Flows From Financing Activities
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(665)
(1332)
(1671)
(715)
(679)
(664)
(693)
(546)
(558)
(101)
546
514
(368)
(852)
(478)
16
(313)
443
(714)
(71)
(291)
Net increase (decrease) in cash equivalents
mdash
mdash
mdash
mdash
mdash
mdash
mdash
mdash
(80)
148
(497)
(47)
(186)
(84)
(68)
21
(129)
(34)
99
284
(291)
(19)
245
123
(46)
(173)
381
351
(576)
Note Figures in parentheses are negative values
1 The Hanshin-Awaji Earthquake struck in January 1995
2 Kyoto Station Building opened in September 1997
3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC) the Company paid yen445 billion to the Japan Railways Group Mutual Aid Association in March 1999
4 Since the fiscal year ended March 2001 the food and beverages business which had been previously included in the ldquoOther businessesrdquo segment has been included in the ldquoSales of goods and food servicesrdquo segment
in accordance with the restructuring of related subsidiaries To describe their businesses properly the ldquoSales of goodsrdquo segment has changed its name to the ldquoSales of goods and food servicesrdquo segment
Also two subsidiaries have been transferred to the ldquoReal estate businessrdquo segment from the ldquoSales of goodsrdquo segment
5 Non-Controlling Interests were included in liabilities prior to the fiscal year ended March 1998 and are accounted for as part of net assets from the fiscal year ended March 2007 All these are indicated by ( )
6 ldquoShareholdersrsquo Equityrdquo has been replaced by ldquoNet Assetsrdquo pursuant to Japanrsquos Companies Act which came into force on May 1 2006 The disclosure of related figures and items has been adjusted to reflect this change
7 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Note Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment
1 Return on Total Assets (ROA) = Operating Income [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) 2]
2 Return on Equity (ROE) = Net Income [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
3 Debt-Equity Ratio = Long-term Debt and Payables Total Shareholdersrsquo Equity
4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill
5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review Number of Shares at the end of the fiscal year under review
6 Total Return Ratio = (total dividends + acquisitions of treasury stock) Net Income
7 Dividend on Equity (DOE) = Dividend per Share [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) 2]
8 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) 2]
9 The Company conducted a stock split on July 1 2011 at a ratio of 100 ordinary shares for each ordinary share
10 From the fiscal year ended March 31 2018 accompanying partial amendments to Accounting Standard for Tax Effect Accounting the method of offsetting deferred tax assets and deferred tax liabilities in the Assets and Liabilities sections has been changed
Uses of Cash Flows
Capital Expenditures (Own Funds)
Years ended March 31
Consolidated
Billions of yen
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
1715
2031
1550
968
1006
863
883
1054
1208
1131
1253
1449
1879
1639
2101
2600
1954
1529
1667
2256
2331
1924
1694
2453
2545
Depreciation and Amortization
1219
1241
1261
1250
1226
1200
1151
1130
1153
1136
1119
1128
1280
1370
1419
1508
1693
1608
1539
1495
1566
1627
1635
1631
1704
Non-Consolidated
Billions of yen
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Capital Expenditures
382
468
544
774
922
970
992
1378
1190
1371
940
844
1000
718
892
857
1023
928
1063
1172
1596
1284
1655
2085
1508
1248
1445
1864
1987
1598
1278
1909
1762
Safety-related
170
282
301
445
515
676
596
547
718
484
570
388
595
419
500
559
609
467
568
814
998
772
956
1251
977
727
893
902
1260
1050
832
1252
1161
Depreciation and Amortization
851
1127
880
798
1099
1333
1215
1144
1100
1112
1102
1070
1044
1018
971
964
957
945
925
935
1075
1159
1199
1291
1407
1347
1293
1260
1323
1376
1368
1343
1382
Dividends
Years ended March 31
yen
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
Dividend per Share
50
50
50
50
50
60
50
50
50
50
50
50
65
60
60
60
60
70
70
80
90
110
115
125
135
140
160
175
1825
Payout Ratio
264
304
321
1219
365
337
502
mdash
399
323
220
241
278
204
258
211
207
252
545
443
591
354
339
363
304
297
280
328
391
Note One common share is divided into 100 hsares on July 1 2011 Divided per share have been recaluculatd based on the number of shares after division