Results for the Fiscal Year Ended March 31, 2019 and Future Initiatives
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Results for the Fiscal Year Ended March 31, 2019 and Future Initiatives Continuity Progress Making Our Vision into Reality May 8, 2019 West Japan Railway Company Contents 1 Results for FY2019.3 Page 1 2 Forecasts for FY2020.3 Page 11 3 Individual Business Initiatives Page 19 Capital Expenditure Plan, 4 Returns to Shareholders Page 33 Appendix Page 36 1 Results for FY2019.3 2 Forecasts for FY2020.3 3 Individual Business Initiatives Capital Expenditure Plan, 4 Returns to Shareholders Appendix 1 Financial Highlights ¥Billions YoY YoY Results Results Forecasts Increase/ Increase/ FY2018.3 FY2019.3 % FY2020.3 % (Decrease) (Decrease) A B B-A B/A-1 C C-B C/B-1 【Consolidated】 Operating Revenues 1,500.4 1,529.3 28.8 1.9 1,557.5 28.1 1.8 Operating Income 191.3 196.9 5.5 2.9 198.0 1.0 0.5 Recurring Profit 177.7 183.3 5.5 3.1 184.5 1.1 0.6 Profit attributable to owners of parent 110.4 102.7 (7.7) (7.0) 118.5 15.7 15.3 【Non-Consolidated】 Operating Revenues 976.2 980.9 4.6 0.5 1,001.0 20.0 2.0 Transportation Revenues 867.8 873.4 5.6 0.6 895.0 21.5 2.5 Operating Expenses 831.9 830.1 (1.7) (0.2) 849.5 19.3 2.3 Personnel costs 221.4 215.8 (5.6) (2.5) 217.5 1.6 0.8 Non personnel costs 407.6 416.6 9.0 2.2 425.5 8.8 2.1 Energy costs 44.0 45.2 1.1 2.7 47.5 2.2 4.9 Maintenance costs 161.4 164.0 2.5 1.6 170.5 6.4 3.9 Miscellaneous costs 202.1 207.3 5.2 2.6 207.5 0.1 0.1 Depreciation 136.8 134.3 (2.4) (1.8) 141.0 6.6 4.9 Operating Income 144.3 150.7 6.3 4.4 151.5 0.7 0.5 Recurring Profit 128.6 136.4 7.8 6.1 137.5 1.0 0.7 Net Income 80.7 80.6 (0.1) (0.2) 95.0 14.3 17.8 [40] [40] [40] [4 [40] [4 Note: Figures in brackets ( ) are negative values. 2 Non-Consolidated Financial Results ¥Billions FY2019.3 YoY Difference from the Results forecasts FY2018.3 Forecasts Increase/ Results % Increase/(Decrease) (As of Jan 30) (Decrease) A B C C-A C/A-1 C-B Operating Revenues 976.2 979.0 980.9 4.6 0.5 1.9 Transportation revenues 867.8 871.0 873.4 5.6 0.6 2.4 Other 108.4 108.0 107.4 (0.9) (0.9) (0.5) Operating Expenses 831.9 834.0 830.1 (1.7) (0.2) (3.8) Personnel costs 221.4 216.5 215.8 (5.6) (2.5) (0.6) Non personnel costs 407.6 420.0 416.6 9.0 2.2 (3.3) Energy costs 44.0 45.5 45.2 1.1 2.7 (0.2) Maintenance costs 161.4 166.5 164.0 2.5 1.6 (2.4) Miscellaneous costs 202.1 208.0 207.3 5.2 2.6 (0.6) Rental payments, etc. 30.2 27.5 27.2 (2.9) (9.8) (0.2) Taxes 35.7 35.5 36.0 0.3 0.9 0.5 Depreciation 136.8 134.5 134.3 (2.4) (1.8) (0.1) Operating Income 144.3 145.0 150.7 6.3 4.4 5.7 Non-operating revenues and expenses, net (15.7) (14.0) (14.2) 1.4 (9.4) (0.2) Non-operating revenues 6.2 7.5 7.5 1.3 - 0.0 Non-operating expenses 21.9 21.5 21.7 (0.1) - 0.2 Recurring Profit 128.6 131.0 136.4 7.8 6.1 5.4 Extraordinary profit and loss, net (9.2) (25.0) (20.6) (11.4) - 4.3 Extraordinary profit 29.8 - 27.6 (2.2) - - Extraordinary loss 39.0 - 48.2 9.1 - - Net Income 80.7 74.0 80.6 (0.1) (0.2) 6.6 Note: Figures in brackets ( ) are negative values. 3 Major Factors of Increase/Decrease in Transportation Revenues ¥Billions Results FY2019.3 YoY Transportation Major factors Increase/(Decrease) revenues Amount % Amount Fundamental trend 1.5% 6.7 Special factors ・Inbound 1.5 ・Favorable demand during peak periods 2.4 Shinkansen 457.0 9.3 2.1 ・Rebound from snow damage (0.1) ・Northern Osaka Prefecture Earthquake (0.4) ・The Heavy Rain Event of July 2018 (2.1) ・Typhoon No.21 (Jebi), etc. 0.7 etc. Fundamental trend (0.1%) (0.2) Special factors ・Inbound 0.9 Kansai Urban Area ・Favorable demand during peak periods 0.4 (Kyoto-Osaka- 308.1 (0.8) (0.3) ・Rebound from snow damage 0.3 Kobe Area) ・Northern Osaka Prefecture Earthquake (0.4) ・The Heavy Rain Event of July 2018 (1.5) ・Typhoon No.21 (Jebi), etc. (1.4) etc. Fundamental trend (0.6%) (0.7) Special factors ・Inbound 0.3 ・Favorable demand during peak periods 0.1 Other 108.2 (2.8) (2.6) lines ・Rebound from snow damage 0.5 ・Northern Osaka Prefecture Earthquake (0.1) ・The Heavy Rain Event of July 2018 (2.7) ・Typhoon No.21 (Jebi), etc. (0.3) etc. Conventional lines 416.3 (3.7) (0.9) Total 873.4 5.6 0.6 Note: Revenues from luggage transportation are omitted due to the small amount. Figures in brackets ( ) are negative values. 4 Transportation Revenues and Passenger-Kilometers Transportation Revenues Passenger-Kilometers ¥Billions Millions of passenger-kilometers Fiscal Year 3 months (4Q) Fiscal Year 3 months (4Q) (4/1~3/31) (1/1~3/31) (4/1~3/31) (1/1~3/31) FY2018.3 FY2019.3 YoY FY2018.3 FY2019.3 YoY FY2018.3 FY2019.3 YoY FY2018.3 FY2019.3 YoY 5.6 4.5 87 164 Total 867.8 873.4 208.5 213.0 59,291 59,379 14,074 14,238 0.6% 2.2% 0.1% 1.2% 9.3 2.6 315 130 Shinkansen 447.7 457.0 106.1 108.8 21,022 21,338 4,958 5,088 2.1% 2.5% 1.5% 2.6% 0.4 0.1 33 10 Commuter Passes 10.7 11.2 2.6 2.7 846 880 204 215 3.9% 4.5% 4.0% 5.3% 8.8 2.5 281 119 Non-Commuter Passes 436.9 445.8 103.4 106.0 20,176 20,457 4,753 4,873 2.0% 2.5% 1.4% 2.5% (3.7) 1.8 (228) 33 Conventional Lines 420.0 416.3 102.4 104.2 38,269 38,040 9,115 9,149 (0.9%) 1.8% (0.6%) 0.4% (0.7) (0.2) (79) (4) Commuter Passes 142.0 141.3 34.0 33.8 22,831 22,751 5,301 5,296 (0.5%) (0.7%) (0.3%) (0.1%) (2.9) 2.0 (148) 38 Non-Commuter Passes 277.9 274.9 68.3 70.4 15,437 15,289 3,814 3,853 (1.1%) 3.0% (1.0%) 1.0% (0.8) 1.5 (74) 41 Kansai Urban Area 309.0 308.1 75.2 76.8 29,872 29,797 7,118 7,160 (Kyoto-Osaka-Kobe Area) (0.3%) 2.1% (0.2%) 0.6% (0.2) (0.1) (21) 4 Commuter Passes 116.9 116.6 28.1 28.0 18,787 18,766 4,397 4,401 (0.3%) (0.5%) (0.1%) 0.1% (0.5) 1.7 (52) 37 Non-Commuter Passes 192.0 191.4 47.0 48.8 11,084 11,031 2,721 2,759 (0.3%) 3.7% (0.5%) 1.4% (2.8) 0.2 (153) (8) Other Lines 111.0 108.2 27.1 27.3 8,397 8,243 1,997 1,989 (2.6%) 0.8% (1.8%) (0.4%) (0.4) (0.0) (57) (9) Commuter Passes 25.1 24.6 5.8 5.7 4,043 3,985 904 895 (1.6%) (1.5%) (1.4%) (1.0%) (2.4) 0.3 (95) 1 Non-Commuter Passes 85.9 83.5 21.2 21.5 4,353 4,257 1,092 1,094 (2.8%) 1.5% (2.2%) 0.1% Note: Figures in brackets ( ) are negative values. 5 Major Factors of Increase/Decrease in Operating Expenses (Non-consolidated) ¥Billions Results FY2019.3 YoY Increase/ Major factors (YoY) % (Decrease) Personnel costs 215.8 (5.6) (2.5) ・Difference in unit cost, etc. Energy costs 45.2 1.1 2.7 ・Increase in adjustment amount for fuel cost, etc. Maintenance costs 164.0 2.5 1.6 ・Increase in Capex-related removal work, etc. ・Expenditure for the substitute bus services due to Miscellaneous costs 207.3 5.2 2.6 the torrentialrains disaster, etc. Rental Payments,etc 27.2 (2.9) (9.8) ・Decrease in rental payments for JR Tozai Line, etc. Taxes 36.0 0.3 0.9 Depreciation and 134.3 (2.4) (1.8) ・Progress of depreciation and amortization, etc. amortization Total 830.1 (1.7) (0.2) Note: Figures in brackets ( ) are negative values. 6 Consolidated Financial Results ¥Billions FY2019.3 YoY Difference from Results the forecasts FY2018.3 Forecasts Increase/ Results % Increase/(Decrease) (As of Jan 30) (Decrease) A B C C-A C/A-1 C-B Operating Revenues 1,500.4 1,516.5 1,529.3 28.8 1.9 12.8 Operating Expenses 1,309.0 1,329.0 1,332.3 23.2 1.8 3.3 Operating Income 191.3 187.5 196.9 5.5 2.9 9.4 Non-operating revenues and expenses, net (13.5) (13.5) (13.6) (0.0) 0.3 (0.1) Non-operating revenues 9.0 8.6 9.4 0.3 - 0.8 Non-operating expenses 22.6 22.1 23.0 0.3 - 0.9 Recurring Profit 177.7 174.0 183.3 5.5 3.1 9.3 Extraordinary profit and loss, net (7.1) (30.0) (26.1) (19.0) - 3.8 Extraordinary profit 32.8 - 29.0 (3.8) - - Extraordinary loss 39.9 - 55.2 15.2 - - Profit attributable to owners of parent 110.4 95.5 102.7 (7.7) (7.0) 7.2 Comprehensive Income 114.1 - 104.8 (9.3) (8.2) - Note: Figures in brackets ( ) are negative values.