Fiscal Year Ended March 31, 2021 (FY2020) Results Presentation
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Fiscal Year Ended March 31, 2021 May 17, 2021 (FY2020) Results Presentation Keisei Electric Railway Co., Ltd. Contents 1. Consolidated Results for Fiscal Year Ended March 31, 2021 2. Business Updates 3. Reference Material Copyright © Keisei Electric Railway Co., Ltd. 1 1-1. Overview of Results [Income Statement] COVID-19 impact: Operating revenue down ¥85.0 billion ■Consolidated income statement FY2020 FY2019 % ■Changes in operating revenue (by segment) (Unit:単位:百万円 million yen) Million yen, % Change Result Result Change 6,079 274,796 Operating revenue -24.4 207,761 274,796 -67,034 -56,446 207,761 -7,135 -218 -3,807 -3,892 -1,613 Operating income -18,056 28,320 -46,377 - (Operating income margin) -8.7 10.3 -19.0pt - FY2019 Distribution Leisure, Other FY2020 Ordinary income -32,165 41,705 -73,870 - FY2019 Transportation Distribution Real ServiceLeisure, Construction Other Elimination FY2020 Estate Service Share of profit of entities accounted for using equity -16,993 13,950 -30,943 - ■Changes in operating income (by segment) Unit: million yen method Net profit attributable 28,320 to owners of parent -30,289 30,110 -60,400 - Depreciation 30,240 29,085 1,155 4.0 45 -18,056 199 -43,598 -578 -1,923 -450 -71 2020/3FY2019 Transportation運輸業 流通業Distribution不動産業Real Leisure,レジャー・ Construction建設業 その他Other Elimination消去 2021/3FY2020 Estate Service サービス業 の事業 Copyright © Keisei Electric Railway Co., Ltd. 2 1-2. Overview of Results [Consolidated Balance Sheet/Consolidated Cash Flows] Increased necessary cash on hand ■Consolidated Balance Sheet Unit: million yen FY2020 FY2019 905,716 900,698 Million yen, % Change 900,000 Result Result Total assets 900,698 905,716 -5,018 800,000 45.4% Interest-bearing debt 42.0% outstanding* 373,132 342,342 30,789 700,000 Net assets 396,044 428,664 -32,619 Shareholders’ equity 378,638 411,030 -32,391 600,000 Equity ratio 42.0 45.4 -3.4pt 500,000 *Includes lease obligations. 411,030 378,638 400,000 ■Consolidated Cash Flows 373,132 FY2020 FY2019 300,000 Million yen, % Change 342,342 Result Result Cash flows from 200,000 operating activities 9,282 51,487 -42,204 Cash flows from investing activities -28,678 -48,076 19,398 100,000 (Free cash flows) -19,395 3,410 -22,805 Cash flows from 0 financing activities 21,498 -4,411 25,909 FY2019 FY2020 Cash and cash Total Shareholders’ Interest- Equity ratio equivalents 2,103 -1,000 3,103 assets equity bearing debt Copyright © Keisei Electric Railway Co., Ltd. 3 1-3. Operating Revenue (Quarterly Results for FY2020 by Segment) Revenue picked up in first three quarters, but slumped again in Q4 amid the new state of emergency FY2020 FY2019 Million yen, % Change % Change Result Q1 Q2 Q3 Q4 Result (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) Operating revenue 207,761 46,449 53,052 55,841 52,418 274,796 -67,034 -24.4 Transportation 104,642 21,661 27,520 29,230 26,230 161,089 -56,446 -35.0 Railway 49,627 10,709 13,001 13,620 12,296 82,424 -32,796 -39.8 Bus 33,546 6,572 8,903 9,486 8,583 50,242 -16,695 -33.2 Taxi 21,467 4,379 5,614 6,122 5,350 28,422 -6,954 -24.5 Distribution 61,185 13,881 15,553 15,472 16,278 68,321 -7,135 -10.4 Real Estate 24,429 5,530 5,126 6,899 6,872 24,648 -218 -0.9 Leisure, Service 6,716 1,245 1,548 2,077 1,845 10,524 -3,807 -36.2 Construction 23,353 5,527 4,989 5,374 7,461 27,245 -3,892 -14.3 Other 8,364 1,411 2,029 2,454 2,469 9,977 -1,613 -16.2 Copyright © Keisei Electric Railway Co., Ltd. 4 1-4. Operating Income (Quarterly Results for FY2020 by Segment) Q3 saw positive income, but Q4 saw a loss amid the new state of emergency FY2020 FY2019 Million yen, % Change % Change Result Q1 Q2 Q3 Q4 Result (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) Operating revenue -18,056 -8,285 -3,729 71 -6,113 28,320 -46,377 - Transportation -25,677 -10,062 -5,338 -2,482 -7,794 17,921 -43,958 - Railway -11,985 -4,271 -2,336 -886 -4,490 14,744 -26,729 - Bus -10,003 -4,088 -2,145 -1,330 -2,439 2,939 -12,943 - Taxi -3,688 -1,702 -856 -265 -864 237 -3,925 - Distribution -188 27 -6 -56 -153 389 -578 - Real Estate 8,492 2,083 2,011 2,483 1,913 8,446 45 0.5 Leisure, Service -2,063 -676 -578 -264 -543 -140 -1,923 - Construction 1,166 381 129 196 459 1,617 -450 -27.8 Other 245 -28 63 206 3 316 -71 -22.5 Copyright © Keisei Electric Railway Co., Ltd. 5 1-5. COVID-19 Impact Less revenue (FY2020): Around ¥85.0 billion • Transportation ¥72.0 billion (Railway: ¥38.0 billion, Bus: ¥24.0 billion, Taxi: ¥10.0 billion) • Distribution ¥6.5 billion (Department store: ¥3.6 billion, Store [e.g., convenience stores]: ¥2.6 billion, Other: ¥0.3 billion) • Other ¥6.5 billion (Hotels: ¥2.2 billion, Other: ¥4.3 billion) How main businesses were affected (Pre-consolidation) (1) Transportation (Revenue from passengers) (million yen) (%) 0 10,000 -50 5,000 -100 0 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Total Railway (YoY) Bus (YoY) Taxi (YoY) (Reference) No. of railway passengers riding to/from Narita Airport and no. of passengers at Narita Airport (thousand people) *No. of passengers at Narita Airport: According to NAA’s official figures (%) 0 800 600 -50 400 200 -100 0 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Railway passengers riding to/from Narita Airport Railway passengers riding to/from Narita Airport (YoY) No. of passengers at Narita Airport (YoY) Copyright © Keisei Electric Railway Co., Ltd. 6 1-5. COVID 19 Impact How main businesses were affected (Pre-consolidation) (2) Distribution (Operating revenue) 8,000 (million yen) (%) 50 6,000 0 4,000 -50 2,000 -100 0 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Total Store (YoY) *1 Department store (YoY) Other (YoY) Hotels (Operating revenue) (%) 50 150 (million yen) 0 100 -50 50 -100 0 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. ※ Total 2 Mito (YoY) Chiba (YoY) *2 Monzen-nakacho (YoY) *1 The store business includes convenience stores as well as supermarkets. *2 Mito and Chiba are “city” (upscale) hotels, while Monzen-nakacho is a “stay-type” (no frills) hotel. Copyright © Keisei Electric Railway Co., Ltd. 7 1-6. Reducing Operating Expenses and Investment Less opex in Transportation Less investment FY2020 FY2019 FY2020 FY2019 Billion yen Change Billion yen Change Result Result Result Result Transportation 118.8 136.5 -17.7 Total Investment 34.8 53.2 -18.4 Railway 59.4 66.4 -7.0 Transportation 22.0 35.3 -13.3 Bus 36.6 43.0 -6.4 Railway 18.5 24.9 -6.4 Taxi 22.8 27.1 -4.3 Bus 2.4 7.6 -5.2 Taxi 1.1 2.8 -1.7 * Excludes the impact of changes in the scope of consolidation. Distribution 1.1 1.1 0.0 Real Estate 11.4 16.4 -5.0 Other 0.3 0.4 -0.1 Copyright © Keisei Electric Railway Co., Ltd. 8 Memo Copyright © Keisei Electric Railway Co., Ltd. 9 Contents 1. Consolidated Results for Fiscal Year Ended March 31, 2021 2. Business Updates 3. Reference Material Copyright © Keisei Electric Railway Co., Ltd. 10 2-1. Engage with Local Stakeholders to Increase Our Profile We deepened collaboration with communities and provided facilities that meet local needs More collaboration with local authorities More collaboration with local authorities and schools (1) and schools (2) • Signed a comprehensive agreement with Yachiyo City • Signed a comprehensive agreement with Chiba Institute of Technology − We sponsored a class in which students discussed ideas for the design of homes Signing ceremony • Entered partnership with Sumida, Katsushika Wards and Shisui The class we sponsored Town to address problem of abandoned homes Utilizing space under elevated railway • Signed a neighborhood watch agreement with Funabashi City tracks − Through the mobile supermarket business, we watch out for elderly or vulnerable residents and help prevent crime. • We are attracting supermarkets and rental offices to spaces under elevated railway tracks to improve convenience of area. Signing ceremony A rental office space (BIZcomfort) in Nishi-Nippori Copyright © Keisei Electric Railway Co., Ltd. 11 2-1. Engage with Local Stakeholders to Increase Our Profile We provided community-rooted services and energized neighborhoods through redevelopment projects around stations Enhancing lifestyle services Energizing Chiba-Chuo area • Launched mobile supermarket (Livre Keisei Tokushimaru) • We are reconstructing the building outside the western exit of − Pitched up outside YourELM Yachiyodai, Albis Maebara, and Chibachuo Station (to be opened in FY2021). − The complex will house retail stores and offices directly Takanedai Store connected to the station 後日差し替え予定 Mobile supermarket Regenerating Shibamata • More convenience store locations (4 locations opened in FY2020) • Rebuilt store outside Shibamata Station (store will fully reopen during − There are now 57 locations in station complexes and elsewhere FY2021) − While preserving the townscape, the new design is safer and • More Gyomu Super locations (2 locations opened in FY2020) more disaster-resilient 後日差替予定 Gyomu Super Machiya Store Gyomu Super Higashi-Hatsutomi Store Copyright © Keisei Electric Railway Co., Ltd. 12 2-1. Engage with Local Stakeholders to Increase Our Profile We have developed the BRT business amid the development of Tokyo’s Rinkai area BRT business • We are expanding our transport network through the BRT • Route toward city center changed in March 2021 Business to capitalize on rising transport demand in Tokyo’s − Route was changed to improve regularity and safety Rinkai area (following the opening of the Toyosu market, − Less lateness during rush hour (7:00–9:00 on weekdays) the work on the 2nd ring road, and new residential developments).