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2009 Annual Report

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2009 Annual Report WEST JAPAN RAILWAY COMPANY RAILWAY JAPAN WEST Annual Report 2009 Ensuring Safety, Delivering Growth Annual Report 2009 WEST JAPAN RAILWAY COMPANY WEST JAPAN RAILWAY COMPANY Printed in Japan West Japan Railway Company (JR-West) is one of the six passenger railway transport companies formed by the split-up and privatization of Japanese National Railways (JNR) in 1987. Its mainstay railway business operates a network of lines with a total route length of approximately 5,000 kilometers, extending through 18 prefectures that account for around one-fifth of Japan’s land area. Railway systems in Japan evolved as a natural consequence of the cities that formed through the accumulation of people in the limited number of plains throughout the country. Joined like links in a chain, the geographical distribution of these cities has created a solid demand base that accounts for one-fourth of all passenger volume in Japan. While railway operations remain the core of its business, JR-West also aims to make the most of the assets that are part of its network of stations and railways to develop its retail, real estate, and hotel businesses. Corporate Philosophy 1 We, being conscious of our responsibility for protecting 4 We, together with our Group companies, will consistently the truly precious lives of our customers, and incessantly improve our service quality by enhancing technology and acting on the basis of safety first, will build a railway that expertise through daily efforts and practices. assures our customers of its safety and reliability. 5 We, deepening mutual understanding and respecting each 2 We, with a central focus on railway business, will fulfill the individual, will strive to create a company at which employ- expectations of our customers, shareholders, employees, ees find job satisfaction and in which they take pride. and their families by supporting the lifestyles of our cus- 6 We, acting in a sincere and fair manner in compliance tomers, and achieving sustainable growth into the future. with the spirit of legal imperatives, and working to enhance 3 We, valuing interaction with customers, and considering corporate ethics, will seek to be a company trusted by our business from our customers’ perspective, will provide communities and society. comfortable services that satisfy our customers. Safety Charter We, ever mindful of the railway accident that occurred on April 25, 2005, conscious of our responsibility for protecting the truly precious lives of our customers, and based on the conviction that ensuring safety is our foremost mission, establish this Safety Charter. 1 Safety is ensured primarily through understanding and 3 To ensure safety, we must make a concerted effort, complying with rules and regulations, a strict execution of irrespective of our organizational affiliation, rank, or each individual’s duty, and improvements in technology assignment. and expertise, and built up through ceaseless efforts. 4 When uncertain about a decision, we must choose 2 The most important actions for ensuring safety are the most assuredly safe action. to execute basic motions, to rigorously enforce safety 5 Should an accident occur, our top priorities are to pre- checks, and to implement flawless communication. vent concomitant accidents, and to aid passengers. Annual Report 2009 ll 01 CONTENTS 03 Overview 32 Board of Directors and Corporate Auditors 04 Consolidated Financial Highlights 33 Executive Officers 06 The President’s Message 34 Organizational Structure 08 JR-West Group’s Medium-Term Management Plan 35 Financial Section 09 Special Feature: Ensuring Safety, Delivering Growth 68 Analysis of JR-West Operations 15 At a Glance 71 Investor Information 16 Operating Results by Business Segment 72 Consolidated Subsidiaries 24 Corporate Social Responsibility 74 Corporate Data 28 Corporate Governance Kyoto Tokyo Kobe Osaka JR-West’s operating area Urban Network (943.0-km basis) CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements that are based on JR-West’s • expenses, liability, loss of revenue, or adverse publicity associated with property or current expectations, assumptions, estimates, and projections about its business, industry, casualty losses; and capital markets around the world. • economic downturn, deflation, and population decreases; These forward-looking statements are subject to various risks and uncertainties. • adverse changes in laws, regulations, and government policies in Japan; Generally, these forward-looking statements can be identified by the use of forward-looking • service improvements, price reductions, and other strategies undertaken by competitors terminology such as “may,” “will,” “expect,” “anticipate,” “plan,” or similar words. These such as passenger railway and airline companies; statements discuss future expectations, identify strategies, contain projections of results of • earthquake and other natural disaster risks; and operations or of JR-West’s financial condition, or state other forward-looking information. • failure of computer telecommunications systems disrupting railway or other operations. Known or unknown risks, uncertainties, and other factors could cause the actual results All forward-looking statements in this annual report are made as of December 15, 2009, based to differ materially from those contained in any forward-looking statements. JR-West on information available to JR-West as of the date December 15, 2009, and JR-West does cannot promise that the expectations expressed in these forward-looking statements will not undertake to update or revise any of its forward-looking statements or reflect future events turn out to be correct. JR-West’s actual results could be materially different from and worse or circumstances. than expectations. Future compensation and other expenses related to the Fukuchiyama Line accident that Important risks and factors that could cause actual results to be materially different from occurred on April 25, 2005 are difficult to estimate reasonably at this time, and so have not expectations include, but are not limited to: been included in forecasts. 02 ll WEST JAPAN RAILWAY COMPANY Overview JR-West operates a railway network that stretches across an area of approximately 104,000 square kilometers, covering 18 prefec- tures in western Honshu and the northern tip of Kyushu with a total operating kilometerage of 5,012.7 kilometers. In addition to railway passenger services, JR-West operates retail, real estate, and other businesses that offer synergistic benefits with the railway business. The area served by JR-West’s rail network is home to approximately 43 million people—34% of Japan’s population—with a nominal GDP amounting to ¥167 trillion. Route Length ¥ A significant portion of JR-West’s revenue is derived from the ¥ $ £ Sanyo Shinkansen, a high-speed intercity transport line running 5,012.7 km at speeds of up to 300 kilometers per hour between Shin-Osaka Kyoto Tokyo Station in Osaka and Hakata Station in the city of Fukuoka in northern Kyushu. The line runs through several major cities in Kobe Population ¥ western Japan, including Kobe, Okayama, Hiroshima, and Osaka ¥43 million$ £ Kitakyushu. JR-West’s Urban Network provides services to the Kyoto– Osaka–Kobe metropolitan area, which has a population of more GDP ¥ than 20 million. An average of 4 million passengers use JR-West’s $ £ Urban Network daily (fiscal 2009), mainly for commuting to work ¥ ¥167 trillion or school. Operating Revenues Operating Income Railway Operating Revenues by Business Segment (From Third Parties) by Business Segment (Consolidated) (Non-Consolidated) (Consolidated) ¥1,275.3 ¥122.5 ¥773.2 billion billion billion Transportation Operations 67% Transportation Operations 73% Shinkansen 44% Sales of Goods and Food Services 17% Sales of Goods and Food Services 4% Urban Network 39% Real Estate Business 6% Real Estate Business 18% Other Conventional Lines 17% Other Businesses 10% Other Businesses 5% Annual Report 2009 ll 03 CONSOLIDATED FINANCIAL HIGHLIGHTS West Japan Railway Company and its consolidated subsidiaries Years ended March 31 Millions of Billions of yen U.S. dollars1 2009 2008 2007 2009 OpERATIONS: Operating revenues ¥1,275.3 ¥1,290.1 ¥1,262.9 $13,013 Operating income 122.5 137.4 135.3 1,250 Net income 54.5 57.7 56.7 556 BALANCE SHEETS: Total assets 2,461.8 2,462.8 2,401.6 25,121 Long-term debt and payables2 953.2 957.2 986.7 9,727 Total net assets 689.6 670.8 637.8 7,036 CASH FlOWS: Net cash provided by operating activities 178.8 222.1 188.6 1,824 Net cash used in investing activities (172.6) (179.2) (131.7) (1,761) Net cash used in financing activities (10.1) (55.8) (54.6) (103) OTHER DATA: Depreciation and amortization 137.0 128.0 112.8 1,398 Capital expenditures, excluding contributions received for construction 163.9 187.9 144.9 1,672 EBITDA3 259.5 265.4 248.1 2,648 Yen U.S. dollars1 PER SHARE DATA: Net income ¥ 27,729 ¥ 28,954 ¥ 28,415 $ 282 Cash dividends 7,000 6,000 6,000 71 Net assets 339,113 322,294 303,906 3,460 % RATIOS: ROA (operating income basis) 5.0 5.6 5.7 ROE 8.4 9.3 9.7 DOE 2.1 1.9 2.0 Equity ratio 26.7 25.9 25.3 1 Yen figures have been converted into U.S. dollars at the rate of ¥98=U.S.$1.00, the exchange rate prevailing on March 31, 2009. 2 Long-term debt and payables includes the current portion of long-term debt and long-term payables. 3 EBITDA = Operating income + Depreciation and amortization 04 ll WEST JAPAN RAILWAY COMPANY Operations Billions of yen 1,500 150 1,275.3 122.5
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