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FY19.3 Annual Investors Meeting

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FY19.3 Annual Investors Meeting May 14, 2019 Kyushu Railway Company Contents Highlights 3 Ⅰ Financial results for FY19.3 4 Ⅱ Forecasts for FY20.3 11 Ⅲ Business Initiatives by Each Segment Under Medium-Term Business Plan 16 APPENDIX 36 2 Highlights Results Operating revenues up YoY due to the consolidation of Caterpillar Kyushu, etc. For Consolidated operating income, ordinary income, and net income attributable to FY19.3 owners of the parent down due to higher depreciation at JR Kyushu Forecasts Operating revenues expected to increase due to higher railway transportation for revenues, new hotel openings, etc. FY20.3 Net income attributable to owners of the parent expected to decline due to elimination of special tax measures, higher depreciation in the railway business, etc. Business In the railway business, increase earning power in key fields—Shinkansen, urban area Initiatives demand, inbound tourism demand Under Medium- In the related businesses, implement initiatives to increase the population in the areas Term Business around our railway lines by implementing strategic city-building initiatives in the Plan regions around our business areas 3 Ⅰ. Financial results for FY19.3 4 Consolidated Financial Highlights for FY19.3 Operating revenues up for the 9th consecutive year (set new record) Operating income down for the first time in six periods Net income attributable to owners of the parent down for the first time in 3 years EBITDA up for the 6th consecutive year (set new record) (\bil) FY18.3 FY19.3 YoY Operating revenue 413.3 440.3 26.9 106.5% Operating income 63.9 63.8 (0.0) 99.9% Ordinary income 67.0 66.5 (0.5) 99.2% Net income attributable to 50.4 49.2 (1.1) 97.7% owners of the parent EBITDA（Note） 81.8 85.4 3.5 104.4% Note: EBITDA = operating income + depreciation expense (excluding depreciation of leased assets held for subleasing purposes). The same applies hereafter Change in operating revenue by segment Change in EBITDA by segment (former segments) (former segments) （¥bil） （¥ bil） 4,500450 +22.4 86086 85.4 440.3 +2.3 430 4,300 84084 +3.2 +0.8 +1.0 +3.7 (0.2) 413.3 +1.2 +0.4 4,100410 +0 82082 81.8 Transportation 3,900 revenues (FY19.3) 0 Operating Real Estate Real Construction (FY18.3) Operating Restaurant and Retail Other Transportation 0 revenues 800 Restaurant and Retail Construction Estate Real (FY18.3) EBITDA Other (FY19.3) EBITDA 2019.3 （2018.3 運 建 駅 流 そ （ 2019.3 輸 設 ビ 通 の （2018.3 Ｅ 運 建 駅 流 そ （ Ｅ 営 営 輸 設 ビ 通 の サ ル 外 Ｂ Ｂ 業 他 業 サ ル ー 不 食 Ｉ 外 他 Ｉ 収 収 ー 不 食 Ｔ Ｔ ビ 動 益 益 期 期 ビ 動 ス 産 期 Ｄ 期 Ｄ ス 産 ） ） ） Ａ ） Ａ 5 Note: Figures for changes in operating revenues and EBITDA by segment are prior to eliminating intersegment transactions and therefore do not coincide with consolidated figures. Consolidated Income Statements (\bil) FY18.3 FY19.3 YoY Majour Factors Operating revenues 413.3 440.3 26.9 106.5% Increase due to consolidation of Caterpillar Kyushu Increase due to consolidation of Caterpillar Kyushu Operating expenses 349.4 376.4 27.0 107.7% Increase in depreciation costs (JR Kyushu) Operating income 63.9 63.8 (0.0) 99.9% Non-operating income 3.0 2.6 (0.4) 86.1% and expenses Ordinary income 67.0 66.5 (0.5) 99.2% Extraordinary gains (2.2) (2.1) 0.1 - and losses Net income attributable 50.4 49.2 (1.1) 97.7% to owners of the parent EBITDA 81.8 85.4 3.5 104.4% 6 Segment Information 【Summary】(Former Segments) (\bil) FY18.3 FY19.3 YoY Majour Factors Operating revenues 413.3 440.3 26.9 106.5% Transportation 183.7 185.0 1.2 100.7% Railway Business (non-consolidated) 171.3 172.2 0.9 100.5% Increase in railway transportation revenues, etc. Construction 88.0 91.7 3.7 104.3% Increase in Shinkansen-related construction, etc. Real Estate 69.4 72.6 3.2 104.7% Increase due to serviced apartment business in Thailand, Real Estate Lease 49.0 52.9 3.9 108.0% Higo Yokamon Ichiba, etc. Condominium Sales 20.4 19.7 (0.6) 96.8% Retail and Restaurant 103.1 104.0 0.8 100.8% Consolidation of Caterpillar Kyushu, full-year contribution from Other 67.4 89.8 22.4 133.3% JR Kyushu Hotel Blossom Naha, etc. Operating income 63.9 63.8 (0.0) 99.9% Transportation 29.2 27.4 (1.7) 94.0% Railway Business (non-consolidated) 28.2 26.7 (1.4) 94.8% Increase in depreciation costs, etc. Construction 6.2 6.5 0.2 104.1% Real Estate 23.2 23.7 0.5 102.5% Real Estate Lease 20.6 21.3 0.7 103.6% Condominium Sales 2.5 2.3 (0.1) 93.8% Retail and Restaurant 3.6 3.4 (0.2) 93.5% Increase in personnel expenses, etc. Other 2.4 3.5 1.1 148.1% EBITDA 81.8 85.4 3.5 104.4% Transportation 34.3 34.4 0.0 100.3% Railway Business (non-consolidated) 32.5 32.8 0.2 100.8% Construction 7.0 7.5 0.4 106.1% Real Estate 32.0 33.1 1.0 103.4% Real Estate Lease 29.4 30.7 1.2 104.2% Condominium Sales 2.5 2.4 (0.1) 94.0% Retail and Restaurant 5.3 5.0 (0.2) 95.2% Other 3.9 6.3 2.3 159.1% 7 Balance Sheet and Cash Flow Statement Balance Sheet (\bil) Increase/ FY18.3 FY19.3 Major Factors (decrease) Total Assets 749.3 801.4 52.0 Cash and time deposits 15.0 16.9 1.9 Short-tem securities 65.0 19.9 (45.1) Decrease in negotiable certificates of deposit, etc. Money held in trust 55.7 56.9 1.1 Property, plant and equipment 390.6 461.3 70.6 Railway business assets 47.2 71.6 24.4 Interest-bearing debt 87.3 107.9 20.6 Increase due to issuance of bonds, etc. Net assets 383.2 420.7 37.5 Capital and paid-in capital 250.2 249.9 (0.2) Retained earnings 124.9 160.5 35.5 ROE 14.0% 12.4% ROA 7.1% 6.4% D / EBITDA 1.07 1.26 Equity ratio 50.3% 51.8% Cash flow statement (\bil) Increase/ FY18.3 FY19.3 Major Factors (decrease) Decrease due to collection of receivables (MJR Cash flows from operating activities 87.6 41.4 (46.2) Ropponmatsu, etc.), etc. Depreciation expense 17.9 21.9 4.0 Cash flows from investing activities (68.3) (74.6) (6.2) Capital expenditures (82.3) (105.9) (23.6) Free cash flow 19.3 (33.1) (52.4) Cash flows from financing activities (9.1) 5.6 14.8 Increase due to issuance of bonds, etc. Cash and cash equivalents 64.3 36.8 (27.5) 8 Non-consolidated Income Statements (\bil) FY18.3 FY19.3 YoY Majour Factors Operating revenues 219.7 221.9 2.1 101.0% Railway transportation revenues 151.1 151.4 0.3 100.2% Other revenues 68.5 70.4 1.8 102.7% Increase in revenues from real estate leases, etc. Operating expenses 172.9 176.1 3.2 101.9% Personnel expenses 51.3 49.7 (1.6) 96.8% Non-personnel expenses 104.3 106.5 2.2 102.1% Energy costs 8.8 9.4 0.5 106.4% Maintenance costs 36.3 37.2 0.8 102.4% Other 59.0 59.8 0.8 101.4% Taxes 7.5 8.0 0.4 106.3% Depreciation costs 9.6 11.8 2.1 122.2% Operating income 46.7 45.7 (1.0) 97.8% Non-operating income Increase in dividend income, etc. and expenses 5.5 8.0 2.5 145.8% Ordinary income 52.2 53.7 1.5 102.9% ・ Decrease in disaster expenses associated with heavy rain in Extraordinary gains northern Kyushu in 2017 and typhoon No. 18 (2.3) (0.9) 1.3 - and losses ・Increase in disaster expenses associated with heavy rain in July 2018, etc Net income 41.6 44.2 2.6 106.2% 9 Railway business Railway Transportation Revenues (\bil) FY18.3 FY19.3 YoY Majour Factors Total 151.1 151.4 0.3 100.2% Commuter pass 32.3 32.4 0.1 100.4% Non-commuter pass 118.8 119.0 0.1 100.2% Shinkansen 54.1 54.9 0.7 101.5% ・Basic trend (approx. 101% ) Commuter pass 2.6 2.7 0.0 102.4% ・Increase due to broadcast of Segodon period drama ・Increase due to consecutive holidays in September 2018 Non-commuter pass 51.4 52.2 0.7 101.4% Conventional Lines 97.0 96.5 (0.4) 99.5% ・Basic trend (approx. 100%) ・Decrease due to heavy rain in July 2018 Commuter pass 29.6 29.7 0.0 100.2% ・Decrease due to rebound from favorable weather in 2017 rainy season Non-commuter pass 67.3 66.8 (0.5) 99.2% Passenger-Kilometers （Millions of passenger-kilometer) FY18.3 FY19.3 YoY Total 9,336 9,285 △ 51 99.5% Commuter pass 4,207 4,214 7 100.2% Non-commuter pass 5,129 5,070 △ 58 98.9% Shinkansen 2,004 2,032 27 101.4% Commuter pass 195 199 4 102.1% Non-commuter pass 1,809 1,832 23 101.3% Conventional Lines 7,331 7,252 △ 79 98.9% Commuter pass 4,011 4,015 3 100.1% Non-commuter pass 3,319 3,237 △ 82 97.5% 10 Ⅱ.
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