fact sheets 2020

of 24 /24
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

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Page 1: Fact Sheets 2020

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 Governmentrsquos Regulations on Railway Fares and Charges

httpswwwwestjrcojpglobalenir Making Our Vision into Reality

Continuity Progress

Year ended March 31 2020

Fact Sheets 2020

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)

As of March 31 2020

Railway ServicesTotal route length 49031 kilometers Shinkansen 8126 kilometers Conventional lines 40905 kilometers

Number of stations 1174

Number of passenger cars 6441

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)

Safety capexyen500 billion(-yen30 billion)

TransportationOperationsyen860 billion(-yen80 billion)

Retail business yen30 billion(+yen10 billion)

Real estate businessyen310 billion(+yen50 billion)

(Billions of yen)

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

bull Opening Completion planned for March 2024

bull Total floor space approx 227000 m2

bull Scale Above ground 39 floors below ground 3 floors

bull Uses Offices commercial facilities hotels theater etc

New ticket gates at Osaka Station

(announced December 2019)

(1) New ticket gates passageway located inside ticket gates

(3) New station building development

(2) Development under elevated tracks

Umekita (Osaka)underground station

(planned opening in spring 2023)

Development plan forthe area west ofOsaka Station

YodobashiCamera

Daimaru Umeda

LUCUA

LUCUA1100

North GateBuilding

HanshinDepartment store

HankyuDepartment

store

Hilton Osaka

Herbis Plaza ENT

OsakaStation Cityparking lot

promenade

Bus term

inalC

omm

ercial

facility zone

South GateBuilding

Hotel GranviaOsaka

Umekita Plaza

JR Osaka station

Um

eda subway station

Higashi-U

meda

subway station

Nishi-U

med

asub

way statio

n

Hanshin Osaka-Umeda statio

n

(4) Development of the area west of Osaka Station (Umeda 3-chome Project (provisional name))

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

Hyogo

Shiga

Kyoto

Osaka Wakayama Nara

Actual Projection Change

Japan Total Kansai Area TotalService Area Total

126285126285126285

127055127055127055

126231126231126231

128066128066128066

127444127444127444

125325

122544

119125

115216

110919

106421

848484878787909090939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

429864298642986

429664296642966

426654266542665

428274282742827

424214242142421

41736

40634

39328

37868

36296

34694

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

206002060020600

206642066420664

206322063220632

208632086320863

207222072220722

20400

19877

19235

18509

17735

16954

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

256325632563

256625662566

254725472547

257525752575

255525552555

257425742574

251025102510

243124312431

233923392339

223822382238

213721372137

848484888888929292959595989898101101101100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

133513351335

136513651365139113911391

142014201420142014201420

140914091409139513951395

137213721372

134113411341

130413041304

126312631263

898989929292949494979797989898999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

144914491449143014301430

140714071407138813881388

136313631363

1320

1265

1202

1136

1066

998

737373787878838383888888939393979797100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

108810881088106210621062

102610261026

994994994

965965965

921

876

829

782

734

688

717171767676818181868686919191959595100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

862986298629

866486648664

868286828682

886688668866884988498849

873287328732

852685268526

826282628262

796379637963

764976497649

733573357335

838383868686909090939393969696999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

553755375537

2000

557755775577

2005

558055805580

2010

562156215621

2015

557155715571

2018

543354335433

2020

530653065306

2025

513951395139

2030

494949494949

2035

474347434743

2040

453245324532

2045

818181858585898989929292959595989898100100100

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

Travel Time Fare (yen) Frequency

Shinkansen 3h 41m 22630 24

Airlines 3h 10m 30860 19 (6)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 2h 21m 15600 60

Airlines (Itami Airport) 2h 20m 25470 10

Airlines (Kansai Intl Airport) 3h 00m 25550 4 (3)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Aichi mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 3h 12m 18890 34

Airlines (Chubu Intl Airport) 2h 30m 29550 12 (9)

Airlines (Komaki Airport) 2h 20m 29110 5

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Kumamoto

Travel Time Fare (yen) Frequency

Shinkansen 2h 57m 19200 25

Airlines 3h 00m 27060 11 (2)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Komaki AirportKomaki AirportKomaki Airport

ShizuokaShizuokaAirportAirport

ShizuokaAirport

NagoyaNagoyaNagoya

Itami AirportItami AirportItami AirportKobeKobeKobeSuitaSuitaSuita

Shin-OsakaShin-OsakaShin-Osaka

Kansai AirportKansai AirportKansai Airport

KurashikiKurashikiKurashiki

HiroshimaHiroshimaHiroshima

International Airport

Kagoshima Airport

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

(893)Debut of Grand Hikari

874

143

0

100

200

150

100

50

78

838880853824813809785764757743714660638624667706723713658

779775768748729722714835 852817

15 16141312111009080706050403020100999897969594939291908988 0

100

75

50

25

856 868

1817 19

0

100

200

150

100

50

0

100

75

50

25

14 151312111009080706050403020100999897

627 623619625618606591576528521506483514

660702

744769773776

1413121110090807060504030201009998970

100

200

150

100

50298

365413406396383364340326320291293

376408425437440463

0

100

75

50

25

0

100

346

200

150

100

50

141312111009080706050403020100999897

490

557568566533

472421

359315290297275271258254

308329

0

100

75

50

25

15

281

15

505

1716

623 628

18

169

629

17 1816

515 487 510

17 18

289 263260

159

16

100

533

200

150

100

50

141312111009080706050403020100999897

596581565538516501488458451424387381412420446486513

0 0

100

75

50

25

15

592

0

100

200

150

100

50

141312111009080706050403020100999897

73768081696965586763605766687086103119

0

100

75

50

25

15

69

0

100 100

299

200

150

100

50

1413121110090814131211100908

275

15

281

279

353

134

1039392

616

15

598

592

563

369317304

0

100

75

50

25

17 1816

627

122

17 18

583

122

17 1816 16

284 235 251

17 1816

75 73 74

619 617608 603

134

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 9Fact Sheets 2020

Business

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

FIVE NEW SHINKANSEN LINES PROPOSED IN 1973 UNDER THE NATIONWIDE SHINKANSEN RAILWAY DEVELOPMENT LAW

Note Hakusan Car Maintenance Center is located from Kanazawa station to the west about 12 kilometers

In Operation

Planned New Shinkansen Line (Under construction)

Planned New Shinkansen Line (To be determined)

PLANNING OF NEW SHINKANSEN LINES As of March 31 2020

TRAVEL TIME AND MARKET SHARE

JR

Airlines3

Before opening1 After opening2

JR market share4

Before opening(FY2014)

After opening(FY2018)

Tokyo mdash

IshikawaAbout 3h 50m 2h 28m About 3h 00m 312

Tokyo mdash

ToyamaAbout 3h 10m 2h 08m About 2h 30m 552

690

866

1 Using the Joetsu Shinkansen and Hakutaka limited express train

2 Time required for fastest ldquoKagayakirdquo

3 Includes airport access and egress time

4 Source Statistical survey of Ministry of Land Infrastructure Transport and Tourism

Hokuriku Shinkansen

NaganondashHakusan Car Maintenance Center

Opened on March 14 2015

Hakusan Car Maintenance CenterndashTsuruga

Scheduled to be completed by end of FY20233

Line Lines in Operation Approved Zone for Construction Implementation Plan

Expense Burden

Tohoku (MoriokandashAomori)Morioka mdash Shin-Aomori (opened in December 2010 178km)

bull Central government (existing Shinkansen transfer revenues public utilities expenses)

bull Local governments (one-half of the central government)

bull JR (usage fees with the upper limit to be determined by the range of expected benefits)

Hokuriku (TokyondashOsaka)

Takasaki mdash Nagano (opened in October 1997 117km) Nagano mdash Kanazawa (opened in March 2015 228km)

Kanazawa mdash Tsuruga (125km)

Hokkaido (AomorindashSapporo)Shin-Aomori mdash Shin-Hakodate-Hokuto

(opened in March 2016 149km)

Shin-Hakodate-Hokuto mdash Sapporo

(211km)

Kyushu (FukuokandashKagoshima)Hakata mdash Kagoshima-Chuo (opened in March 2011 289km)

Kyushu (FukuokandashNagasaki) Takeo-Onsen mdash Nagasaki (66km)

Oshamanbe

Shin-Hakodate-Hokuto

Shin-Aomori

Hachinohe

Morioka

Akita

SendaiYamagata

Shinjo

Fukushima

Niigata

Takasaki

JoetsuMyoko

Nagano

OmiyaTokyo

ToyamaKanazawa

JR-WestJR-West

Hakusan CarMaintenance Center

Fukui

Nagoya

Tsuruga

Shin-Osaka Kyoto

Okayama

HiroshimaShin-Shimonoseki

Hakata

Shin-Tosu

Takeo-Onsen

Nagasaki

KumamotoShin-Yatsushiro

Kagoshima-Chuo

Isahaya

Sapporo

Shin-Otaru

451km

169km125km

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 10Fact Sheets 2020

Business

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

TRAFFIC VOLUME (Years ended March 31)

Ten million passenger-kilometers

5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note Figures in parentheses are indexed at the fiscal year ended March 1988 = 100

MAJOR LINES IN KYOTO-OSAKA-KOBE AREA

COMPARISON WITH 5 PRIVATE RAILWAYS IN KYOTO-OSAKA-KOBE AREA MARKET SHARE Traffic Volume Base (Years ended March 31)

Other Railways5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note 5 private railways in Kyoto-Osaka-Kobe area Hankyu Hanshin Keihan Kintetsu and Nankai

Hankyu

JR-West

Hanshin

OsakaOsakaOsaka

Kyoto

JR-NambaJR-NambaJR-Namba

Sannomiya

Takarazuka

Tennoji

Kansai-Airport

Wakayama

Osaka-UmedaOsaka-UmedaOsaka-Umeda

YodoyabashiYodoyabashi

NambaNamba

Osaka-NambaOsaka-NambaOsaka-Namba

Kobe-Sannomiya

Kobe-Sannomiya

Takarazuka

Wakayamashi

Osaka-Umeda

Kyoto

Kyoto-Kawaramachi

Nara

Kintetsu-Nara

Sanjo

Yodoyabashi

Namba

Keihan

Kintetsu

Nankai

Route Railway Company Distance

(km)

Normal Fare

(yen)

Train Pass Charges (Business Commuters) Travel Time

(min)Monthly Pass (yen) Six-month Pass (yen)

OsakandashKyoto JR-West 428 16840 28

Hankyu (Osaka-UmedandashKyoto-Kawaramachi) 477 42

Keihan (YodoyabashindashSanjo) 493 47

Osaka

ndashSannomiyaJR-West 306 21

Hankyu (Osaka-UmedandashKobe-Sannomiya) 323 27

Hanshin (Osaka-UmedandashKobe-Sannomiya) 312 31

Osaka

ndashTakarazukaJR-West 255 25

Hankyu (Osaka-UmedandashTakarazuka) 233 30

TennojindashNara JR-West 375 33

Kintetsu (Osaka-NambandashKintetsu-Nara) 328 36[35]1

Tennoji

ndashWakayamaJR-West 613 60[42]2

Nankai (NambandashWakayamashi) 642 58

Tennoji

ndashKansai-airport

JR-West 460 47[30]3

Nankai (NambandashKansai-Airport) 428 43[36]1

Note Travel time assumes the fastest possible method in the daytime on a weekday

1 [ ] denotes the travel time by Limited Express Express charge (yen520) is required

2 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1520) is required

3 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1190) is required

Source Annual Railway Statistical Bulletin

1500

4000

3500

3000

2500

2000

0

60

45

30

15

570

400

420

410

320

320

330

280

470

570

870

930

1080

930

15800

15620

12530

13080

13080

10230

11350

14520

19960

25930

26250

29630

32510

80780

85320

84350

60180

70640

70640

49100

61290

69690

107790

126720

141750

155380

175560

25742934

3369 33693435 3481 3439

3317

(100)3377

(102)3416

(103)

(96)

2819

(85)2893

(87)2946

(89)3010

(91)3314

(100)

3081

(93)3170

2893

(142)

2880

(142)

2827

(139)

2844

(140)2834

(139)2896

(142)

2811

(138)

2805

(138)

2822

(139)2849

(140)2901

(143)

2604

19872130

2033

(100)

2184

2356

24742808

(138)

2846

(140)

2833

(139)

2831

(139)

2855

(140)

2650

(130)

2854

(140)

2844

(140)

2844

(140) 2668

(81)2622

(79)2610

(79)2592

(78)

2608

(79)

2657

(80)

2883

(142)2952

(145)

2634

(80)

2704

(82)

2959

(146)

2715

(82)2684

(81)

2712

(82)

2718

(82)

2784

(84)2682

(81)

13 14 16 17

2987(147)

2738(83)

18151211100908070605040302010099989796959493929190898876

(100)

3311

143144147

103

145 146 147 146 147 145 149145

431436440461480484

535 524 518 506 499 488459

443449429

530

427424419413396

376369362

325 331 336 347 355 365

396 408402

148

413419419425 411 410 411 411 408 408 408 408

145145147149 145 144144143143 146 146 148 147 146 146 146

443437438432 443 444 441 441 445 446 446 446

408

147

445

408

148

445

13 14 16 17 18151211100908070605040302010099989796959493929190898876

407

148

445

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 11

Business

Railway-related projects in the Kansai Urban Area

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

Nara LineDouble trackII stageSpring 2023JR Soujiji

New stationOpened in March 2018

Yumeshima

CosmosquareCosmosquareCosmosquare

Universal-cityUniversal-cityUniversal-city

NakanoshimaNakanoshimaNakanoshima

Osaka

Keihan Nakanoshima Line

JR Osaka Loop Line

JR Yumesaki Line

Osaka Metro Chuo Line

N

SakurajimaSakurajimaSakurajima

Travel time from Osaka to Kansai Airport

Reference Location of Yumeshima

JR-Namba

Nishikujo

Sakurajima

Tennoji

Hineno

Kyuhoji

Nara

Kyobashi

HanatenOsaka

Kansai-airport

Transport accessunder consideration

Shin-Osaka

Kyoto

Shin-Kobe

Kobe

Amagasaki

Tokaido Shinkansen

Sanyo Shinkansen

Yumeshima(Candidate site for

World Expo 2025 andan integrated resort)

Naniwasuji Line(Planned forSpring 2031)

Access to Kansai Airport

Access to eastern partof Osaka and Nara

Access Method Travel Time

Current Kansai - Airport Rapid Service from Osaka

64 min1

After opening of underground station

ldquoHarukardquo from underground station 44 min2

1

2

March 2017 timetable basis

After opening of Naniwasuji Line

Timetable is under consideration

Relocate a portion of a branch line of the Tokaido Line

underground and Umekita (Osaka) Underground Station

(Planned for Spring 2023)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 12

461394 372

388

382

ndash13ndash16

0307 08

425

15141312111009

03

415

06

416

16

04

420

17

06

413

18

02

405

19

02

20

686 639

634

949 935

1608

ndash63

ndash40

02 03

ndash22

15141312111009

04

945782

16

791

ndash01

17

734

09

18

701

10

19

671

20

68 6982 87

7973

15141312111009

71

469 467 477543 550 535 506

93

16

578

96

17

605

87

18

596

96

19

615

20

30

20

31 33

39 39

15141312111009

28

1418

1317

1322 1334 1344 1351 1336

46

16

144951

17

1525

60

18

1617

49

19

1700

20

367418

277277277303303303 307307307 326326326 296296296

47

226

676767

31

225

676767

35

222

103103103

ndash29 ndash04

123123123

44

118118118

259 280277

15

251

156156156

53

327

224224224

969696 326326326

52

322

204204204

322322322

72

357

199199199

326326326

61

356

212212212

317317317

2153

711

132613261326

2019

709

119611961196

2013

757

121412141214

2335 2346

128412841284

2401

137113711371

935 909 1022

2201

872

174417441744

15141312111009

129912991299

330330330 335335335 348348348 350350350 360360360 357357357

2320

1088

181518151815

16

360360329329329

360

2339

1095

168816881688

17

355355355

2398

1396

170017001700

18

366366366

2455

1485

181318131813

19

376376376

20

Business

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

Transportation9334619

1651109

1836122

Other businesses

Real estate

2260150

Retail

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

Total

15082 billion

0

1000

2000

3000

4000

5000

6000

Billions of yen

0

10

20

30

40

50

60

minus15

0

15

30

45

60

ndash150

0

150

300

450

600

Billions of yen

Billions of yen Billions of yen

0

300

600

900

1200

1800

1500

0

10

20

30

40

60

50

Billions of yen Billions of yen

0

30

60

90

150

120

0

150

300

450

750

600

Billions of yen Billions of yen

1815 16

23202020 212121

15141312111009

15

344 330 324 321 334 348

272727

16

45

30

15

0

ndash15

450

300

150

0

ndash150

365365365

24

17

362362362

191919

18

356356356

101010

19

356356356

ndash12ndash12ndash12

20

373373373330330330

ndash60

ndash40

ndash20

0

20

40

ndash1500

ndash1000

ndash500

0

500

1000

Billions of yen Billions of yen Billions of yen

Billions

of yen

44 36

63

81

103

81

15141312111009

24222222222 227227227

264 376376376

0

200

150

100

50

1200

900

600

300

0

342342342 471471471347347347

125

16

492492492

lt195gtlt195gtlt195gt

116

17

472472472

lt161gtlt161gtlt161gt

173

18

781781781

lt350gtlt350gtlt350gt

182

19

849849849

lt394gtlt394gtlt394gt

198

20

102110211021

lt536gtlt536gtlt536gt

lt31gtlt31gtlt31gtlt25gtlt25gtlt25gtlt48gtlt48gtlt48gtlt107gtlt107gtlt107gtlt69gtlt69gtlt69gt

lt191gtlt191gtlt191gtlt58gtlt58gtlt58gt

ndash40

ndash30

ndash20

ndash10

0

10

20

ndash1000

ndash750

ndash500

ndash250

0

250

500

Billions of yen

Billions

of yen

15 16141312111009 17 18 19 20

2260

1651

183618361836

381381381

38

349

197197197

357357357

34

1542

75

611

02

632

42310

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 13

Eki Marcheacute details

Sales of Goods and Food ServicesBusiness Names of major stores No of stores

Sales of Goods Seven-Eleven

Eki Marcheacute

episode

Garland of Dew

DELI CAFE

ESTACIOacuteN CAFEacute

KARAFUNEYA COFFEE

Menya

Tabi Bento

Drip-X-Cafeacute

VIA INN

406

3

15

12

15

8

13

19

10

4

26

Seven-Eleven franchised stores

Commercial facilities inside stations

Variety and general goods stores inside stations

Selected accessory shops

Self-service cafeacutes

Full-service cafeacutes inside stations

Urban full-service cafeacutes

Fast food noodle shops

Shops specializing in train station boxed lunches

New type cafeacute located outside stations

Accommodation-oriented budget hotels

Food Services

Other

Overview

Department Store

Location of VIA INN

Major Store Opened Commercial floor space

JR Kyoto Isetan Sept 1997 Approx 44000 m2

Name Opened Floor space

Eki Marcheacute Takarazuka

Eki Marcheacute Osaka

Eki Marcheacute Shin-Osaka

Mar 2010

Oct 2012

Mar 2015

Approx 830 m2

Approx 4500 m2

Approx 1800 m2

Name Opened

15

16

17

18

19

20

21

22

23

24

25

26

27

Rooms

VIA INN Shinsaibashi Nagahoridori

VIA INN Asakusa2

VIA INN Hiroshima Kanayamacho2

VIA INN Abeno Tennoji

VIA INN Umeda

VIA INN SHIN-OSAKA SHOMENGUCHI

VIA INN NAGOYA EKIMAETSUBAKI-CHO

VIA INN Iidabashi Korakuen

VIA INN Kyoto Station Hachijoguchi

VIA INN Hakataguchi Ekimae

VIA INN Shinsaibashi Yotsubashi

VIA INN Nihonbashi Ningyocho

VIA INN Hiroshima Shinkansenguchi

June 2014

June 2014

June 2014

Apr 2017

Aug 2017

July 2018

Aug 2018

Sep 2018

Apr 2019

June 2019

July 2019

Aug 2019

June 20203

150

190

156

172

217

88

249

295

468

205

224

240

246

Name Opened

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Rooms

VIA INN Shimonoseki

VIA INN Shin-Osaka

VIA INN Shin-Osaka West

VIA INN Himeji

VIA INN Hiroshima 1

VIA INN Kyoto Shijo Muromachi

VIA INN Kanazawa

VIA INN Tokyo Oimachi

VIA INN Akihabara

VIA INN Shinsaibashi

VIA INN Shinjuku

VIA INN Higashi Ginza

VIA INN Okayama

VIA INN Nagoya Shinkansenguchi

Mar 1996

July 1998

Mar 2001

Oct 2002

Apr 2004

Apr 2007

June 2007

July 2009

Mar 2011

Apr 2011

Feb 2012

Mar 2012

Oct 2012

July 2013

195

226

433

211

256

239

206

509

283

205

226

297

251

2381 VIA INN Hiroshima closed in April 2020

2 Other Businesses segment

3 Not yet open as of March 31 2020

Business

Non-Transportation Operations (Retail Business) As of March 31 2020

Number of Seven-Eleven franchised stores

VIA INN details

1

24 17

5 27 13 4

3 220

1025

6

2314

21

18

7

8 12

1116

26

91519

22

0

200

400

600

70

193

335391365

FY20173 FY20193FY20183FY20163FY20153 FY20203

406

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 14

3279

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

83 86

130154

177 184218 221 225 230

295

FY20193

309

FY20203

313

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

2287 2285 2180 21762442 2469 2462 2459

3017 3146

FY20193

3358

FY20203

3100

Shopping Center Operations

Business

Non-Transportation Operations (Real Estate Business) As of March 31 2020

List of major SC

EST

Tennoji MIO

Wakayama MIO

KOSHIENGUCHI GREEN PLACE

MONTetMER

Liv

PLiCO ROKKOMICHI

piole AKASHI

Shopping Centers (No of facilities 43)

SC tenant revenues

Real Estate Lease and Sale

List of major facilities

Commercial facilities Office buildings

Facility name Date opened

Floor space

VIERRA Tsukaguchi

VIERRA Otsu

VIERRA Senrioka

VIERRA Kishibe Kento

VIERRA Meimai

VIERRA Kaitaichi

VIERRA Ibaraki

Apr 2016

Oct 2016

Apr 2018

Nov 2018

Nov 2018

Feb 2019

May 2019

5400 m2

2200 m2

2200 m2

27000 m2

10600 m2

5600 m2

11000 m2

Facility name Date opened

Floor space

Hiroshima Inarimachi NK Building

Shin-Osaka Station Front Chuo Building

North Gate Building (Office)

May 1970

Feb 1975

Jan 2001

July 2009

May 2011

June 2014

Dec 2019

17300 m2

31000 m2

8400 m2

13600 m2

21000 m2

9600 m2

6100 m2

Condominiums and detached houses

Major recent condominium properties

Property name Date of delivery

Total units

PROUD CITY TSUKAGUCHI MARK SKY

JGRAN L RITTO

Urban Shimamoto City

MAYA CITY STATION GATE

June 2017-

Mar 2018-

Dec 2018-

Feb 2019-

Sept 2019-

99

366

63

264

118

Property name Date of delivery

Total units

JGRANDIA HIYOSHI

CIELIA Suma Takatori

DIA MAISON DANBARA MID GRACE

JGRAN CITY TSUKAMOTO

Diaesta Mio Yuhigaoka

Nov 2019-

Jan 2020-

Feb 2020-

Mar 2020-

Mar 2020-

86

323

27

312

22

Development of station buildings and surrounding areas of stations

Leasing space

Number of condominiums completed (cumulative)

Note Does not take into account business shares in joint ventures

Note Includes other segments and unconsolidated SC

MARIER Toyama

Kanazawa Hyakubangai

Prism Fukui

Shopping Mall Kyoto Porta

SUITA GREEN PLACE

arde SHIN-OSAKA

LUCUA osaka

Kyoto Station Building Shop Street The CUBE

piole HIMEJI

Okayama Ichi Ban Gai

SUN STATION TERRACE OKAYAMA

SUN STATION TERRACE FUKUYAMA

SHAMINE MATSUE

SHAMINE TOTTORI

ekie

ripie SHIMONOSEKI

JR Kanazawa Station West Gate No1 NK Building

JR Kanazawa Station West Gate No3NK Building

Port Side Dia Building

JR Amagasaki Station North Gate NK Building

SC name Date opened

Floor space

Sept 1987

Mar 1991

Apr 2005

Oct 1952

Nov 1980

June 2016

Feb 1965

May 2011

8700 m2

18100 m2

2800 m2

5700 m2

10200 m2

7400 m2

5300 m2

53000 m2

SC name Date opened

Floor space

Nov 1981

Sept 1995

Mar 1968

Nov 2019

Oct 1980

Mar 1989

Nov 1996

Dec 1964

6600 m2

39000 m2

7600 m2

1500 m2

12300 m2

15100 m2

5100 m2

9300 m2

SC name Date opened

Floor space

Dec 2008

Aug 1974

Oct 2006

Nov 2007

Oct 1978

Oct 1979

Oct 2017

Mar 2014

24800 m2

8100 m2

10300 m2

12000 m2

4200 m2

3300 m2

11700 m2

2500 m2

Retail Business Segment

10000 sq m

350

300

250

200

150

100

50

0

JGRAN THE HONOR SHIMOGAMO TADASU NO MORI

0

700

1400

2100

Billions of yen

3500

2800

domiciles

0

10000

15000

5000

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173 FY20193 FY20203

2302 2783 2873 3092 3442 37744812 4979

6399

8390

11253

13463

9570

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 15Fact Sheets 2020

8730

1083

4455

8424

1583

4220

8105

2149

3966

7757

2149

3881

7426

2000

3252

6342

2150

3162

6001

2150

3010

5653

2100

2886

5284

2200

2657

4905

2200

2505

4550

2499

2460

4192

2799

2365

3852

2899

2591

3523

3849

2847

504 482 463 447 436410 402 386 381 374 365 357 350

319

3229

4449

3199

2971426814227

14221

13788

1267911654

1116110640

101429611

95109357 9343

10220

10879

2845

4549

3168

285

10563

2442

4499

2783

284

9725

2051

4599

3071

262

9722

15141312111009080706050403020100999897

1676

4799

3500

240

9977

16

225

1817

10461038

53495249

39183982

197 187

1031510270

19

1029

5699

3887

181

10616

1346

4949

3660

9956

2015141312111009080706050403020100999897

15391

504474 462 436 424 402 396 382 378 371 362 356 349

297319

1562915544

14989

13856

1257912007

1138510816

1024998679572 9532

11026

10389 1004298079830

10688

240

1817

10379

197 186

19

10640

181

263284286

16

10018

225

20

10322

170

851

484

1112

1371

718

1100

1190

547

1144

1378

596

1215

992

676

1333

970

515

1099

922

445

798

774

301

880

544

282

1127

468382

570

1102

940

388

1070

844

595

1044

1000

419

1018

718

500

971892

559

964

857

609

957

1023

467

945

928

568

925

1063

814

935

1172

998

1075

1596

772

1159

1284

1251

1291

2085

977

727

1347

1248

893 832

1293

1445

1407

1508

956

1199

1655

1050

1376

1598

18 19 2017141312111009080706050403020100999897969594939291908988

902

1260

1864

15

1260

1323

1987

16

1278

1368

1343

1909

1252

1514131211100908070605040302010099989796

1495

1539

1608

16931508

14191370

128011281119

1136

1153

1130

1151

1200

1226

1250

1261

1241

1219

2256

16

1566

2331

1817

16271635

1924

1694

19

2453

1667

1529

1954

2600

2101

1639

1879

1449

1253

1131

1208

1054

8838631006968

1550

2031

1715

20

Data

Uses of Cash Flows

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)

Billions of yen

2000

1500

1000

500

0

6

3

0

Results for acquisition of own shares

Oct-Nov 2007

Aug-Sep 2008

Dec 2008-Jan 2009

Nov 2012 Nov 2013 Jun-Jul 2018

Aug 2018Time period

Purchase amount

Shares bought

Shares retired

yen99bn

1743400

mdash

yen99bn

1991300

mdash

yen99bn

2530600

mdash

mdash

mdash

1743400

mdash

mdash

4521600

yen99bn

1253600

mdash

mdash

mdash

1253600

May-Jul 2019

Aug 2019

yen99bn

1146900

mdash

mdash

mdash

1146900

Billions of yen

0

500

1000

1500

2000

2500

3000

Billions of yen Yen

0

6

3

0

2000

1500

1000

500

Billions of yen

2500

2000

1500

1000

500

0

2545

1161

1382

1762

1413121110090807060504030201009998979695949392

339354

591

443

545

252207

211

258

204

278

241220323

399502

337365

1219

321304

264

16

304

135

1817

297

280

140

160

19

328

175

115110

90

80

7070

6060606065

505050505050

60

5050505050

0

20

40

60

80

100

120

160

140

200

180

160

140

120

100

80

60

40

20

0 15

363

125

20

391

1825

10189

179

1019

5449

3707

179

10176

1631

1704

P15

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Uses of Cash Flows

Capital Expenditures (Own Funds)

Years ended March 31

Consolidated

96

97

98

1715

2031

1550

1219

1241

1261

Non-Consolidated

88

89

90

382

468

544

170

282

301

Safety-related

Capital Expenditures

Depreciation and Amortization

Capital Expenditures

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 16

3580

2460

71980

123390

215740 19

5240

102740

41000

2670

225930

14492943

24439

48323

18551

25380

940

62027150

3580

33506 3211729875 28688 27581 26525 25830 25465 25466 25824 26443 26705

4779445995

4339445250 44080 43118 43093 43354 44021 45240 46104 45703

26778

45402

26889

45326

27300 26886

4600647565

15

26555

47456

16

2582125291

4738247869

18 19

24866

47842

17141312111009080706050403020100 20

800

17

820

1918

12050

160

290 300

440 470 490 480

700 710 680600 600

670760 770 760

113011601220

1310

1140

151413121110090807060504030201009998979695949392919089

730

870

20 21

770

9509701040

16

5133051540 50900

48630

48410

48190

48000

47980

47800

47260

46390

4501042570

40790

3926036490

34560

32850

31210

30350

29620

29610

29870 29900

29950

29850

29590

30230

30170

15

29150 27830

18 191714

29680 28380

16131211100908070605040302010099989796959493929190898887

160 220 300 230150 330280 450370 1320

2710

20

7901920

Data

Employees (Consolidated Non-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)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 17

Data

Management Indicators Years ended March 31

Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

Return on Total Assets (ROA) ()1

Return on Equity (ROE) ()2

Current Ratio ()

Equity Ratio ()

Debt-Equity Ratio (times)3

Interest-coverage Ratio (times)

EBITDA (yen billions)4

Earnings (Net Income) per Share (EPS) (yen)

Book-value (Net Assets) per Share (BPS) (yen)5

Dividend per Share (yen)

Payout Ratio ()

Dividend on Equity (DOE) ()7

Rate of total distribution on net assets ()8

ConsolidatedNon-Consolidated Ratio(Operating Revenues) (times)

ConsolidatedNon-Consolidated Ratio(Net Income) (times)

Non-Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

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

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15

123

66

35

71

164

574

102

66

19

mdash

18948

121322

5000

264

mdash

mdash

118

104

139

72

40

136

55

30

62

130

634

111

58

16

mdash

16454

132724

5000

304

mdash

mdash

118

103

156

60

35

127

53

28

59

113

691

119

52

16

mdash

15593

143242

5000

321

mdash

mdash

118

104

146

58

32

93

22

08

41

29

697

110

55

13

mdash

4102

141496

5000

1219

mdash

mdash

125

108

116

23

09

125

52

23

57

94

549

116

50

18

2695

13699

149118

5000

365

mdash

mdash

126

106

150

59

28

113

51

29

52

115

585

121

47

18

2608

17819

162133

6000

337

mdash

mdash

126

106

136

59

35

96

39

16

45

61

485

126

47

16

2442

9966

165917

5000

502

mdash

mdash

130

085

121

51

25

98

43

(07)

45

(28)

474

121

50

17

2429

(4507)

156309

5000

mdash

mdash

mdash

133

mdash

124

56

(06)

90

40

21

42

76

494

136

43

16

2304

12546

174424

5000

399

mdash

mdash

135

098

112

48

29

94

47

26

44

81

530

161

33

18

2319

15481

206823

5000

323

mdash

mdash

136

119

110

49

29

99

59

38

47

110

425

170

31

22

2328

22769

205740

5000

220

mdash

mdash

137

140

114

62

37

105

68

36

51

98

413

181

27

25

2357

20740

220285

5000

241

mdash

mdash

137

124

122

72

39

104

71

39

52

102

371

199

24

28

2423

23423

239876

6500

278

mdash

mdash

144

126

125

77

44

109

79

48

56

118

431

222

21

31

2469

29463

262233

6000

204

mdash

mdash

144

123

130

88

57

109

82

38

57

85

384

239

18

34

2471

23282

282245

6000

258

22

mdash

146

132

128

89

41

107

82

45

57

97

428

253

16

36

2481

28415

303906

6000

211

20

mdash

146

127

126

90

52

107

84

45

56

93

382

259

15

39

2654

28954

322294

6000

207

19

mdash

147

128

125

91

51

96

74

43

50

84

409

267

15

36

2595

27729

339113

7000

252

21

mdash

146

123

117

84

51

64

40

21

31

37

521

263

16

22

2184

12837

345568

7000

545

20

mdash

146

121

72

36

25

79

57

29

37

52

538

258

16

29

2468

18066

355712

8000

443

23

mdash

146

123

91

59

34

85

64

23

41

42

441

266

15

33

2791

15229

363241

90

591

25

mdash

149

133

104

73

26

100

81

46

49

83

477

285

13

43

2903

31087

385082

110

354

29

mdash

150

144

118

89

48

101

85

49

51

86

553

292

13

48

2885

33898

404831

115

339

29

29

152

135

116

92

56

Total Return Ratio ()6 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash

104

90

49

51

84

690

288

13

54

2893

34458

413865

125

363

31

mdash

31

152

141

126

103

53

1716 1810

128

118

74

63

113

753

332

10

92

3561

57072

527342

160

280

mdash

32

32

154

137

148

132

83

19

129

120

67

62

98

748

333

10

99

3613

53331

561263

175

328

425

32

42

156

127

154

139

82

20

107

98

59

49

81

618

341

09

83

3322

46688

584727

1825

391

503

32

41

157

121

124

111

77

122

112

63

60

100

645

313

11

79

3391

47152

485750

140

297

mdash

30

30

151

129

142

124

74

125

112

59

64

102

651

309

11

75

3381

44353

453429

135

304

mdash

31

31

152

140

144

122

64

P17

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

Management Indicators

Years ended March 31

92

93

Consolidated

Operating Income Ratio ()

123

136

Recurring Profit Ratio ()

66

55

Return on Operating Revenues ()

35

30

Return on Total Assets (ROA) ()

1

71

62

Return on Equity (ROE) ()

2

164

130

Current Ratio ()

574

634

Equity Ratio ()

102

111

Debt-Equity Ratio (times)

3

66

58

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 18

Data

Consolidated Financial Data Years ended March 31

Total Assets

Total Liabilities

Total Shareholdersrsquo Equity

Non-Controlling Interests5

Net Assets6

Transportation

Retail

Sales of goods

Real estate

Other businesses

Operating Income

Transportation

Retail

Sales of goods

Real estate

Other businesses

Elimination and intergroup

Non-operating revenues

Non-operating expenses

Balance of financial expenses

Interest and dividend income

Interest expenses

Recurring Profit

Extraordinary profit (loss)

Extraordinary profit

Extraordinary loss

Cash Flows From Investing Activities

Free Cash Flows

Cash Flows From Financing Activities

Net increase (decrease) in cash equivalents

(Billions of yen)

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

92 93 94 951 96 98297 993 00 014 02 03 04 05 06 07 08 09 10 11 12 13 14 15

23719

21292

2426

[49]

mdash

10785

9013

mdash

1212

mdash

560

1326

1216

mdash

14

mdash

92

03

132

741

mdash

mdash

mdash

717

05

158

152

378

mdash

mdash

mdash

mdash

mdash

23845

21191

2654

[57]

mdash

10875

9044

mdash

1241

mdash

589

1479

1372

mdash

06

mdash

98

01

138

1017

mdash

mdash

mdash

600

07

304

297

329

mdash

mdash

mdash

mdash

mdash

24065

21200

2864

[57]

mdash

11094

9130

mdash

1253

mdash

710

1406

1289

mdash

08

mdash

108

(00)

158

975

mdash

mdash

mdash

589

10

297

287

311

mdash

mdash

mdash

mdash

mdash

25775

22945

2829

[139]

mdash

10928

8457

mdash

1318

mdash

1152

1019

923

mdash

(02)

mdash

106

(08)

137

914

mdash

mdash

mdash

242

(135)

450

586

82

mdash

mdash

mdash

mdash

mdash

25769

22787

2982

[149]

mdash

11793

9155

mdash

1375

375

887

1476

1299

mdash

07

89

77

01

122

983

(818)

25

843

615

02

630

628

273

mdash

mdash

mdash

mdash

mdash

26700

23458

3242

[156]

mdash

12092

9349

mdash

1355

405

982

1366

1202

mdash

03

87

86

(12)

109

859

(748)

16

765

616

29

459

430

356

mdash

mdash

mdash

mdash

mdash

26323

23004

3318

[134]

mdash

12291

9213

mdash

1627

416

1033

1181

1048

mdash

00

85

58

(10)

85

785

(717)

17

735

480

(07)

549

557

199

mdash

mdash

mdash

mdash

mdash

25741

22480

3126

135

mdash

12050

8893

mdash

1742

394

1020

1179

1016

mdash

04

104

65

(12)

91

753

(704)

15

720

517

(511)

447

959

(90)

mdash

mdash

mdash

mdash

mdash

25610

21970

3488

152

mdash

11910

8655

mdash

1746

489

1018

1077

867

mdash

20

133

64

(08)

99

700

(669)

10

680

476

(34)

518

553

250

1547

(992)

555

(665)

(80)

25763

21465

4136

161

mdash

11955

8632

1922

mdash

568

831

1118

866

38

mdash

133

81

(00)

93

651

(618)

13

631

560

(08)

1091

1099

309

1387

94

1481

(1332)

148

24167

19864

4114

188

mdash

11906

8521

1952

mdash

576

854

1176

884

47

mdash

153

98

(07)

82

558

(538)

05

543

700

132

1092

960

455

995

177

1173

(1671)

(497)

24327

19708

4405

213

mdash

11655

8315

1930

mdash

572

837

1226

932

43

mdash

161

94

(05)

63

502

(488)

02

491

787

(11)

445

456

416

1302

(633)

668

(715)

(47)

24103

19069

4797

235

mdash

12157

8276

1968

mdash

579

1332

1269

944

56

mdash

180

96

(08)

73

484

(453)

03

457

858

28

1109

1080

470

1402

(916)

485

(679)

(186)

23643

18144

5243

254

mdash

12208

8294

1966

mdash

588

1358

1331

993

52

mdash

189

101

(06)

62

434

(423)

03

426

959

94

792

697

589

1429

(849)

580

(664)

(84)

23559

17639

5642

277

mdash

12400

8345

2039

mdash

628

1387

1352

980

59

mdash

205

114

(07)

74

405

(394)

03

397

1021

(222)

785

1008

465

1640

(1017)

623

(693)

(68)

24016

17638

mdash

[303]

6378

12629

8485

2081

mdash

627

1434

1353

972

50

mdash

212

125

(07)

71

383

(369)

03

372

1041

(32)

473

506

567

1886

(1317)

568

(546)

21

24628

17919

mdash

[321]

6708

12901

8612

2128

mdash

767

1393

1374

974

52

mdash

246

110

(10)

79

364

(349)

04

354

1088

(72)

446

519

577

2221

(1792)

429

(558)

(129)

24618

17722

mdash

[329]

6896

12753

8561

2153

mdash

711

1326

1225

891

47

mdash

226

67

(07)

82

358

(340)

05

345

948

(01)

726

728

545

1788

(1726)

61

(101)

(34)

25463

18442

mdash

[329]

7021

11901

7974

2019

mdash

709

1196

765

452

31

mdash

225

67

(10)

76

360

(336)

06

343

481

(44)

544

588

248

1613

(2087)

(474)

546

99

26724

19511

mdash

[324]

7212

12135

8064

2013

mdash

757

1299

959

611

35

mdash

222

96

(06)

94

365

(333)

04

337

689

(79)

511

590

349

2232

(2462)

(230)

514

284

26429

19094

mdash

[301]

7335

12876

8390

2335

mdash

935

1214

1097

767

(29)

mdash

259

103

(03)

79

352

(324)

04

329

824

(22)

276

298

294

2062

(1991)

70

(368)

(291)

26137

18455

mdash

[224]

7681

12989

8449

2346

mdash

909

1284

1294

901

(04)

mdash

280

123

(04)

68

316

(300)

03

304

1046

(49)

415

465

601

2380

(1547)

832

(852)

(19)

26878

18805

mdash

[234]

8073

13310

8513

2401

mdash

1022

1371

1345

910

44

mdash

277

118

(05)

77

294

(275)

05

280

1129

(12)

263

276

656

2377

(1653)

723

(478)

245

27864

19397

mdash

[454]

8467

13503

8684

2201

mdash

872

1744

1397

1006

15

mdash

251

156

(33)

90

268

(249)

09

258

1219

07

695

687

667

2236

(2129)

107

16

123

16 17 187

30718

19555

mdash

[953]

11163

15004

9508

2398

mdash

1396

1700

1913

1303

72

mdash

357

199

(20)

90

226

(202)

07

209

1777

(71)

328

399

1104

2751

(1663)

1087

(714)

381

19

32375

20577

mdash

[1002]

11798

15293

9539

2455

mdash

1485

1813

1969

1362

61

mdash

356

212

(24)

94

230

(188)

11

200

1833

(261)

290

552

1027

2897

(2474)

423

(71)

351

20

32752

20521

mdash

[1050]

12231

15082

9334

2260

mdash

1651

1836

1606

1053

38

mdash

349

197

(31)

88

211

(182)

12

194

1483

(76)

230

307

893

2401

(2686)

(285)

(291)

(576)

30078

19752

mdash

[921]

10326

14414

9291

2339

mdash

1095

1688

1763

1217

52

mdash

322

204

(33)

80

237

(216)

06

223

1607

(230)

196

426

912

2341

(2958)

(616)

443

(173)

28431

19168

mdash

[485]

9263

14513

9287

2320

mdash

1088

1815

1815

1251

53

mdash

327

224

(41)

78

271

(233)

07

241

1622

(171)

215

386

858

2598

(2332)

266

(313)

(46)

Operating Revenues (Revenues from third parties)

Profit attributable to owners of parent

Cash Flows From Operating Activities

P18

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Consolidated Financial Data

Years ended March 31

92

93

Total Assets

23719

23845

Total Liabilities

21292

21191

Total Shareholdersrsquo Equity

2426

2654

Non-Controlling Interests

5

[49]

[57]

Net Assets

6

mdash

mdash

10785

10875

Transportation

9013

9044

Sales of goods and food services

mdash

mdash

Sales of goods

1212

1241

Operating Revenues (Revenues from

third parties)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 19

Data

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

(Billions of yen)

88 89 90 91 92 93 94 96 97 98 00 01 02 03 04951 992 053 06 07 08 09 10 11 12 13 14 15

14402

12832

1570

mdash

7631

6910

260

44

417

6923

2682

2561

120

2299

394

879

1025

943

55

91

16

18

04

52

851

708

89

717

80

11

83

71

20

13376

11759

1616

mdash

8071

7281

205

120

463

7277

2654

2487

167

2386

384

995

1006

943

56

109

31

19

04

53

1127

793

142

762

172

09

105

96

46

12751

10876

1874

mdash

8343

7488

236

107

510

7433

3006

2521

484

2598

404

1118

1076

740

58

149

41

93

10

03

880

909

100

607

402

19

182

163

257

13142

10969

2172

mdash

8923

8018

250

122

531

7698

2892

2676

215

3011

431

1399

1179

740

58

197

82

99

11

04

798

1224

129

479

875

(269)

192

462

298

22971

20584

2386

mdash

9172

8190

261

149

570

7894

3034

2821

212

3119

434

1432

1252

366

58

216

78

121

12

03

1099

1278

114

732

661

06

157

151

364

23065

20460

2604

mdash

9225

8204

268

160

592

7782

3183

2889

294

2947

436

1274

1236

mdash

58

258

67

154

14

21

1333

1443

124

1009

557

11

298

286

319

23279

20477

2801

mdash

9376

8249

262

228

636

8010

3298

3012

286

3172

438

1364

1369

mdash

59

264

72

158

15

18

1215

1365

148

967

547

11

296

284

298

23551

20775

2775

mdash

8741

7675

261

182

621

7730

3344

3047

297

2955

414

1248

1292

mdash

79

206

02

168

16

18

1144

1011

117

924

204

(115)

398

513

75

22979

20046

2932

mdash

9362

8239

255

185

681

7959

3418

3073

345

3057

433

1284

1340

mdash

90

291

85

174

17

14

1100

1403

106

954

556

04

620

616

258

23334

20167

3166

mdash

9560

8391

269

181

717

8259

3509

3060

448

3265

424

1467

1373

mdash

100

271

65

176

18

11

1112

1300

89

830

560

26

441

414

335

22772

19493

3278

mdash

9460

8300

273

213

671

8311

3585

3078

507

3012

438

1209

1365

mdash

230

380

65

267

26

19

1102

1148

71

736

483

05

499

494

234

22420

19299

3120

mdash

9094

7955

271

205

662

7967

3578

2974

603

2777

405

1080

1292

mdash

228

313

mdash

277

27

07

1070

1127

72

694

505

(505)

431

936

(56)

22326

18859

3466

mdash

8851

7739

261

199

650

7860

3501

2850

650

2765

393

1123

1249

mdash

238

310

mdash

277

27

05

1044

990

75

642

423

19

483

463

255

22478

18444

4033

mdash

8814

7731

246

186

650

7844

3456

2841

614

2750

382

1143

1224

mdash

315

303

mdash

273

26

04

1018

970

72

608

434

16

1074

1058

259

21357

17470

3886

mdash

8698

7702

246

183

566

7703

3305

2702

602

2812

392

1168

1251

mdash

313

300

mdash

269

25

05

971

995

62

517

540

54

1051

996

325

21168

17061

4107

mdash

8490

7523

238

184

544

7457

3016

2445

570

2882

384

1226

1271

mdash

310

293

mdash

263

24

05

954

1032

53

472

613

15

426

411

334

21268

16875

4393

mdash

8458

7508

230

185

534

7404

2945

2375

569

2910

366

1219

1324

mdash

308

282

mdash

254

22

05

957

1054

51

456

650

34

1090

1055

371

20980

16237

4743

mdash

8464

7509

228

177

548

7364

2868

2306

562

3005

369

1271

1364

mdash

246

297

20

251

21

05

945

1100

50

407

743

77

736

658

480

21021

15999

5022

mdash

8512

7565

225

177

544

7423

2761

2218

543

3200

348

1407

1444

mdash

247

287

19

244

20

02

925

1089

52

382

759

(189)

767

956

351

21518

16185

mdash

5333

8658

7658

225

182

591

7568

2725

2150

574

3379

343

1489

1545

mdash

246

281

18

237

19

06

935

1089

55

367

776

(18)

451

470

446

22229

16705

mdash

5524

8794

7817

222

196

557

7696

2699

2134

564

3388

344

1486

1558

mdash

246

286

18

243

20

03

1075

1098

62

360

799

(38)

409

448

451

22151

16543

mdash

5607

8750

7737

218

209

584

7729

2686

2123

562

3339

382

1358

1598

mdash

253

291

17

249

21

02

1159

1020

67

354

734

11

703

692

443

22869

17188

mdash

5681

8167

7200

201

211

554

7582

2652

2089

563

3186

335

1281

1569

mdash

250

293

15

253

21

03

1199

585

60

347

298

44

528

483

205

24057

18243

mdash

5813

8286

7280

195

218

592

7528

2353

2098

255

3334

337

1358

1638

mdash

251

298

15

258

21

03

1291

758

70

343

485

(04)

489

494

285

23817

17933

mdash

5883

8621

7587

195

232

605

7728

2379

2115

263

3395

362

1333

1699

mdash

236

309

15

264

21

07

1407

892

71

335

628

(17)

231

248

221

23333

17216

mdash

6116

8685

7691

191

236

565

7661

2333

2106

227

3427

371

1365

1691

mdash

234

317

16

271

21

07

1347

1023

64

311

775

01

399

397

419

23926

17531

mdash

6394

8736

7806

191

231

507

7718

2354

2137

217

3516

431

1390

1695

mdash

236

316

16

268

21

10

1293

1017

65

283

799

12

238

226

486

24444

18128

mdash

6315

8909

7970

184

236

517

7789

2330

2152

177

3690

453

1467

1769

mdash

187

320

15

273

21

09

1260

1120

65

264

921

(45)

606

651

473

16 18517

26593

18976

mdash

7617

9762

8678

178

284

621

8319

2214

2120

94

4076

440

1614

2021

mdash

302

357

43

283

22

07

1368

1443

62

219

1286

(92)

298

390

807

19

27823

19825

mdash

7997

9809

8734

176

293

604

8301

2158

2070

88

4166

452

1640

2073

mdash

272

360

43

286

23

07

1343

1507

75

217

1364

(206)

276

482

806

20

27939

19700

mdash

8239

9619

8568

171

300

577

8421

2146

2059

87

4243

454

1664

2124

mdash

284

364

39

292

24

07

1382

1197

75

203

1069

(11)

209

221

735

25989

18890

mdash

7099

9561

8496

180

272

611

8206

2233

2136

96

3943

405

1571

1966

mdash

302

349

42

276

22

08

1376

1354

61

231

1184

(165)

183

349

708

24998

18337

mdash

6660

9542

8500

183

260

598

8170

2333

2166

166

3924

441

1528

1954

mdash

269

319

26

263

21

08

1323

1372

63

268

1167

(155)

195

350

611

P19

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

F

Non-Consolidated Financial Data

Years ended March 31

88

89

90

Total Assets

14402

13376

12751

Total Liabilities

12832

11759

10876

Total Shareholdersrsquo Equity

1570

1616

1874

Total Net Assets

4

mdash

mdash

mdash

Operating Revenues

7631

8071

8343

Transportation

6910

7281

7488

Transportation incidentals

260

205

236

Other operations

44

120

107

Miscellaneous

417

463

510

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 20

Data

Transportation Revenues Years ended March 31

Railway

Shinkansen

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Other Lines

Subtotal

Total

Luggage and Ferry

Grand Total

Revenues from Shinkansen

Revenues from Kansai Urban Area

(Kyoto-Osaka-Kobe Area)

Revenues from Other Lines

Billions of yen

0

200

300

400

(Billions of yen)

Record high figures

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

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

10

2829

2839

848

1385

2233

269

1448

1718

1118

2833

3951

1128

5663

6791

08

6800

14

3197

3211

845

1465

2310

266

1485

1751

1111

2950

4061

1125

6147

7272

08

7281

3

18

3255

3274

898

1531

2430

276

1499

1775

1175

3030

4205

1194

6286

7480

08

7488

24

3508

3533

948

1679

2627

284

1565

1850

1233

3244

4477

1257

6753

8010

07

8018

32

3564

3597

986

1732

2718

287

1579

1867

1273

3312

4586

1306

6876

8183

07

8190

40

3535

3576

1039

1748

2787

303

1528

1832

1343

3276

4619

1384

6812

8196

07

8204

46

3576

3623

1057

1744

2801

311

1505

1816

1368

3249

4618

1415

6826

8241

07

8249

48

3030

3078

1063

1790

2853

308

1428

1736

1371

3218

4589

1420

6248

7668

06

7675

52

3270

3322

1123

2025

3148

304

1457

1761

1427

3482

4910

1480

6752

8233

06

8239

58

3444

3503

1133

2011

3144

304

1433

1737

1437

3444

4881

1496

6889

8385

06

8391

5

62

3398

3460

1149

2004

3153

299

1379

1679

1448

3384

4832

1510

6783

8293

06

8300

64

3202

3267

1147

1950

3098

294

1289

1584

1442

3240

4682

1506

6443

7950

05

7955

65

3064

3130

1140

1928

3069

291

1244

1535

1431

3172

4604

1496

6237

7734

05

7739

66

3064

3130

1140

1953

3093

287

1214

1501

1427

3168

4595

1493

6232

7726

05

7731

69

3074

3143

1141

1947

3089

281

1182

1464

1423

3130

4553

1492

6204

7697

05

7702

71

2989

3060

1134

1899

3033

278

1146

1425

1412

3046

4458

1483

6035

7518

05

7523

75

3006

3081

1137

1883

3020

277

1123

1400

1414

3006

4421

1489

6012

7502

05

7508

79

3054

3134

1143

1861

3004

276

1089

1365

1419

2950

4370

1498

6005

7504

04

7509

79

3158

3238

1134

1840

2975

274

1072

1347

1408

2913

4322

1488

6071

7560

04

7565

82

3204

3286

1153

1871

3024

273

1070

1343

1426

2941

4368

1508

6145

7654

04

7658

85

3350

3435

1158

1875

3033

274

1069

1344

1432

2945

4378

1517

6295

7813

04

7817

87

3303

3391

1159

1856

3015

275

1049

1325

1435

2906

4341

1522

6210

7732

04

7737

88

3035

3124

1138

1723

2861

270

943

1214

1408

2666

4075

1497

5702

7200

00

7200

89

3149

3239

1133

1710

2844

270

925

1196

1403

2636

4040

1493

5786

7280

00

7280

89

3425

3515

1134

1738

2873

270

928

1198

1404

2667

4072

1494

6092

7587

00

7587

90

3479

3570

1132

1757

2889

269

961

1230

1402

2718

4120

1493

6198

7691

00

7691

93

3551

3644

1138

1783

2921

271

967

1239

1410

2750

4161

1503

6302

7806

00

7806

8

93

3665

3759

1152

1810

2962

271

976

1248

1423

2787

4210

1516

6453

7970

00

7970

16 1817

107

4369

4477

1169

1920

3090

251

859

1110

1420

2779

4200

1528

7149

8678

00

8678

19

112

4458

4570

1166

1914

3081

246

835

1082

1413

2749

4163

1525

7208

8734

00

8734

20

102

114

4298

4412

1172

1902

3075

247

834

1081

1420

2736

4156

1534

7034

8568

00

8568

102

4243

4346

1164

1885

3050

251

849

1100

1415

2735

4150

1518

6978

8496

00

8496

101

4271

4372

1156

1865

3022

253

851

1105

1410

2717

4127

1511

6988

8500

00

8500

35033322

3078

3623357635973533

32743211

2839

3460

32673130 3130 3143

3060 30813134

3238 32863435 3391

32393124

31443148

2853280127872718

2627

24302310

2233

3153 3098 3069 3093 3089 3033 3020 3004 2975 3024 3033 301528442861

1737176117361816183218671850177517511718 1679

15841535 1501 1464 1425 1400 1365 1347 1343 1344 1325

1196

3515

2873

1198

3570

2889

1230

3644

2921

12391214

3759

2962

1248

15

3022

1105

16

4346 4570

4477

3050 30813090

1100 10821110

191817141312111009080706050403020100999897969594939291908988

4372

Consumption tax

Commuter

Other

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Total

20

4412

3075

1081

P20

1

2

3

4

5

6

7

8

9

10

11

12

13

14

A

B

C

D

E

F

G

Transportation Revenues

Years ended March 31

88

89

90

Shinkansen

Commuter

10

14

18

Other

2829

3197

3255

Total

2839

3211

3274

Conventional Lines

Commuter

848

845

898

Other

1385

1465

1531

Total

2233

2310

2430

Commuter

269

266

276

Other

1448

1485

1499

Total

1718

1751

1775

Railway

Kyoto-Osaka-Kobe

Area ldquoUrban

Networkrdquo

Other conventional

lines

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 21

Data

Transportation Data Years ended March 31

Passenger-Kilometers (Millions)1

Shinkansen Commuter

Other

Total

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Commuter

Other

Total

Other Lines Commuter

Other

Total

Subtotal Commuter

Other

Total

Total Commuter

Other

Total

Number of Railway Passengers (Millions)

Shinkansen

Conventional Lines

Total2

Train-Kilometers (Millions)3

Shinkansen

Conventional Lines

Total

Passenger Car-Kilometers (Millions)4

Shinkansen

Conventional Lines

Total

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

9992

71

13081

13152

12399

7934

20333

4222

8073

12295

16621

16007

32628

16693

29088

45781

100

14691

14792

12956

8340

21297

4373

7764

12137

17329

16105

33435

17430

30796

48227

137

14865

15002

13428

8412

21841

4423

7618

12041

17851

16031

33882

17988

30896

48884

193

15871

16064

14333

9225

23558

4613

7901

12514

18946

17127

36073

19139

32998

52137

268

16009

16277

15199

9537

24737

4715

7959

12674

19915

17497

37412

20183

33506

53690

333

15827

16160

16007

9730

25738

4777

7746

12523

20784

17476

38261

21118

33303

54422

385

15639

16025

16347

9694

26041

5026

7552

12579

21373

17247

38621

21759

32887

54646

392

12918

13310

16658

9836

26495

5061

7120

12181

21719

16956

38676

22112

29875

51987

423

14335

14758

17730

10820

28550

5002

7171

12174

22733

17991

40725

23157

32326

55484

475

14980

15455

17821

10715

28537

4964

7013

11978

22786

17729

40515

23261

32709

55971

493

14482

14976

17909

10526

28436

4789

6661

11450

22699

17187

39886

23193

31669

54863

513

13643

14156

18045

10391

28436

4732

6200

10932

22777

16591

39369

23290

30235

53526

513

13109

13623

17975

10331

28306

4654

6004

10658

22629

16335

38964

23143

29444

52588

521

13283

13805

17995

10335

28331

4578

5836

10414

22574

16171

38746

23095

29455

52551

540

13462

14002

18031

10426

28457

4485

5701

10186

22516

16128

38644

23056

29590

52647

554

13117

13672

17922

10160

28082

4410

5508

9919

22332

15669

38002

22887

28787

51674

587

13324

13911

18139

10197

28336

4425

5468

9893

22564

15666

38230

23151

28990

52142

620

13691

14312

18326

10110

28437

4430

5363

9794

22757

15474

38231

23377

29166

52544

630

14218

14848

18280

28272

4428

5278

9706

22708

15270

37979

23339

29488

52828

650

14514

15164

18536

10265

28801

4385

5327

9712

22922

15592

38514

23572

30106

53678

679

15252

15931

18659

10303

28962

4393

5296

9690

23052

15600

38653

23731

30853

54585

697

15189

15887

18648

10285

28933

4396

5225

9621

23044

15510

38555

23742

30700

54442

708

14109

14818

18391

9722

28114

4326

4752

9078

22718

14474

37192

23427

28583

52011

718

14828

15546

18352

9694

28047

4340

4680

9020

22692

14374

37067

23411

29203

52614

722

16155

16878

18440

9778

28218

4348

4672

9020

22788

14450

37239

23511

30605

54117

736

16434

17171

18398

10091

28490

4330

4778

9108

22728

14869

37598

23465

31304

54769

743

17366

18109

18356

10473

28830

4201

4937

9138

22557

15411

37969

23301

32777

56078

16

804

19644

20449

18714

10808

29522

4050

4319

8369

22764

15127

37891

23569

34771

58341

1817

846

20176

21022

18787

11084

29872

4043

4353

8397

22831

15437

38269

23677

35613

59291

815

19532

20348

18689

10903

29592

4033

4297

8330

22723

15200

37923

23539

34732

58271

762

16854

17617

18724

10288

29012

4433

4830

9264

23157

15119

38276

23920

31973

55894

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

54

1454

1496

23

127

150

295

743

1038

61

1520

1566

25

139

165

309

763

1073

62

1553

1600

28

151

179

336

795

1131

66

1641

1690

29

157

186

355

813

1168

68

1691

1742

30

154

184

363

808

1172

68

1728

1779

31

153

184

365

843

1209

67

1754

1805

32

154

186

386

826

1212

57

1762

1805

30

154

185

352

818

1170

63

1837

1884

32

157

190

381

852

1234

64

1839

1887

32

158

191

380

860

1240

62

1821

1867

33

163

196

385

884

1270

60

1798

1843

33

164

197

384

883

1267

58

1779

1823

33

164

198

383

874

1258

58

1769

1812

35

162

198

375

864

1239

58

1768

1811

36

164

201

384

861

1246

56

1730

1772

37

161

198

383

853

1236

57

1746

1789

36

163

199

380

859

1240

58

1744

1788

36

161

198

381

854

1235

60

1746

1792

37

159

196

395

846

1241

61

1757

1803

37

162

200

416

847

1264

63

1770

1818

38

162

201

428

852

1280

62

1778

1826

39

161

200

449

853

1303

58

1731

1776

39

158

198

461

843

1305

60

1732

1778

37

156

193

458

830

1288

64

1749

1798

39

150

190

487

833

1320

65

1763

1813

39

152

192

484

824

1308

67

1806

1858

39

151

191

487

820

1308

69

1784

1837

40

152

193

495

818

1313

16

83

1816

1880

44

145

189

549

788

1338

1817

85

1847

1913

45

141

187

556

793

1349

19

880

20457

21338

18766

11031

29797

3985

4257

8243

22751

15289

38040

23632

35746

59379

19

87

1845

1911

45

139

184

556

779

1335

20

892

19717

20610

18827

10866

29693

3967

4316

8284

22794

15183

37977

23687

34900

58588

20

82

1848

1911

45

143

189

560

803

1364

83

1826

1890

44

143

187

552

787

1339

1

2

3

4

Passenger-Kilometers the total of the number of passengers times the number of kilometers each traveled

Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger in the row marked ldquoTotalrdquo

Train-Kilometers the total distance traveled by all trains

Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled

P21

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

D

E

F

Transportation Data

Years ended March 31

Passenger-Kilometers

1

88

89

90

Commuter

71

100

137

Other

13081

14691

14865

Total

13152

14792

15002

Commuter

12399

12956

13428

Other

7934

8340

8412

Total

20333

21297

21841

Commuter

4222

4373

4423

Conventional Lines

Shinkansen

Kyoto-Osaka-

Kobe Area ldquoUrban

Networkrdquo

Other

conventional lines

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 22Fact Sheets 2020

Other

Outline of Governmentrsquos Regulations on Railway Fares and Charges

THE PRICE-CAP METHOD UNDER THE TOTAL-COST METHOD

bull Railway companies are required to obtain approval from the Minister of the Ministry of Land

Infrastructure Transport and Tourism (MLIT) prior to establishing or adjusting the upper limit on

basic railway fares or express charges for Shinkansen services

bull Prior notification is only required to be submitted to the Minister of the MLIT when newly establish-

ing or adjusting basic railway fares or express charges for Shinkansen services other express train

services or other train services if the amount of the fare or charge after its establishment or after its

adjustment is below the upper limit

bull Prior to giving approval for establishing or adjusting the upper limit on basic railway fares the

Minister of the MLIT must confirm that the new upper limit does not exceed ldquototal costrdquo which is

the sum of the proper operating costs incurred by the relevant railway companies if it were to carry

out efficient management and the proper profit calculated pursuant to specified methods

bull The calculation of total cost is as follows

Total cost = Operating costs etc + Operational return

Operating costs etc = Optimal cost calculated by ldquoYard-stick formulardquo + Taxes depreciation etc

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)

Taxes depreciation etc

Revenues

Increased revenues from revised fares

Revenues from current fares

Revenues from express charges

Transportation incidentals

Scope toincreaseprice cap

No scope toincreaseprice cap

Revenues from current fares

Revenues from express charges

Transportation incidentals

ProfitOperational

return

Total cost

WEST JAPAN RAILWAY COMPANY

4-24 Shibata 2-chome Kita-ku Osaka 530-8341 Japan

Cautionary Statement Regarding Forward-Looking Statements

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

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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
Management Indicators Years ended March 31
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15 16 17 1810 19 20
Consolidated
Operating Income Ratio () 123 136 127 93 125 113 96 98 90 94 99 105 104 109 109 107 107 96 64 79 85 100 101 104 125 122 128 129 107
Recurring Profit Ratio () 66 55 53 22 52 51 39 43 40 47 59 68 71 79 82 82 84 74 40 57 64 81 85 90 112 112 118 120 98
Return on Operating Revenues () 35 30 28 08 23 29 16 (07) 21 26 38 36 39 48 38 45 45 43 21 29 23 46 49 49 59 63 74 67 59
Return on Total Assets (ROA) ()1 71 62 59 41 57 52 45 45 42 44 47 51 52 56 57 57 56 50 31 37 41 49 51 51 64 60 63 62 49
Return on Equity (ROE) ()2 164 130 113 29 94 115 61 (28) 76 81 110 98 102 118 85 97 93 84 37 52 42 83 86 84 102 100 113 98 81
Current Ratio () 574 634 691 697 549 585 485 474 494 530 425 413 371 431 384 428 382 409 521 538 441 477 553 690 651 645 753 748 618
Equity Ratio () 102 111 119 110 116 121 126 121 136 161 170 181 199 222 239 253 259 267 263 258 266 285 292 288 309 313 332 333 341
Debt-Equity Ratio (times)3 66 58 52 55 50 47 47 50 43 33 31 27 24 21 18 16 15 15 16 16 15 13 13 13 11 11 10 10 09
Interest-coverage Ratio (times) 19 16 16 13 18 18 16 17 16 18 22 25 28 31 34 36 39 36 22 29 33 43 48 54 75 79 92 99 83
EBITDA ( billions)4 mdash mdash mdash mdash 2695 2608 2442 2429 2304 2319 2328 2357 2423 2469 2471 2481 2654 2595 2184 2468 2791 2903 2885 2893 3381 3391 3561 3613 3322
Earnings (Net Income) per Share (EPS) () 18948 16454 15593 4102 13699 17819 9966 (4507) 12546 15481 22769 20740 23423 29463 23282 28415 28954 27729 12837 18066 15229 31087 33898 34458 44353 47152 57072 53331 46688
Book-value (Net Assets) per Share(BPS) ()5 121322 132724 143242 141496 149118 162133 165917 156309 174424 206823 205740 220285 239876 262233 282245 303906 322294 339113 345568 355712 363241 385082 404831 413865 453429 485750 527342 561263 584727
Dividend per Share () 5000 5000 5000 5000 5000 6000 5000 5000 5000 5000 5000 5000 6500 6000 6000 6000 6000 7000 7000 8000 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
Total Return Ratio()6 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 425 503
Dividend on Equity (DOE) ()7 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 22 20 19 21 20 23 25 29 29 31 31 30 32 32 32
Rate of total distribution on net assets ()8 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 29 31 31 30 32 42 41
Consolidated Non-Consolidated Ratio(Operating Revenues) (times) 118 118 118 125 mdash 126 130 133 135 136 137 137 144 144 146 146 147 146 146 146 149 150 152 152 152 151 154 156 157
ConsolidatedNon-Consolidated Ratio(Net Income) (times) 104 103 104 108 106 106 085 mdash 098 119 140 124 126 123 132 127 128 123 121 123 133 144 135 141 140 129 137 127 121
Non-Consolidated
Operating Income Ratio () 139 156 146 116 150 136 121 124 112 110 114 122 125 130 128 126 125 117 72 91 104 118 116 126 144 142 148 154 124
Recurring Profit Ratio () 72 60 58 23 59 59 51 56 48 49 62 72 77 88 89 90 91 84 36 59 73 89 92 103 122 124 132 139 111
Return on Operating Revenues () 40 35 32 09 28 35 25 (06) 29 29 37 39 44 57 41 52 51 51 25 34 26 48 56 53 64 74 83 82 77
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
Page 2: Fact Sheets 2020

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)

As of March 31 2020

Railway ServicesTotal route length 49031 kilometers Shinkansen 8126 kilometers Conventional lines 40905 kilometers

Number of stations 1174

Number of passenger cars 6441

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)

Safety capexyen500 billion(-yen30 billion)

TransportationOperationsyen860 billion(-yen80 billion)

Retail business yen30 billion(+yen10 billion)

Real estate businessyen310 billion(+yen50 billion)

(Billions of yen)

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

bull Opening Completion planned for March 2024

bull Total floor space approx 227000 m2

bull Scale Above ground 39 floors below ground 3 floors

bull Uses Offices commercial facilities hotels theater etc

New ticket gates at Osaka Station

(announced December 2019)

(1) New ticket gates passageway located inside ticket gates

(3) New station building development

(2) Development under elevated tracks

Umekita (Osaka)underground station

(planned opening in spring 2023)

Development plan forthe area west ofOsaka Station

YodobashiCamera

Daimaru Umeda

LUCUA

LUCUA1100

North GateBuilding

HanshinDepartment store

HankyuDepartment

store

Hilton Osaka

Herbis Plaza ENT

OsakaStation Cityparking lot

promenade

Bus term

inalC

omm

ercial

facility zone

South GateBuilding

Hotel GranviaOsaka

Umekita Plaza

JR Osaka station

Um

eda subway station

Higashi-U

meda

subway station

Nishi-U

med

asub

way statio

n

Hanshin Osaka-Umeda statio

n

(4) Development of the area west of Osaka Station (Umeda 3-chome Project (provisional name))

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

Hyogo

Shiga

Kyoto

Osaka Wakayama Nara

Actual Projection Change

Japan Total Kansai Area TotalService Area Total

126285126285126285

127055127055127055

126231126231126231

128066128066128066

127444127444127444

125325

122544

119125

115216

110919

106421

848484878787909090939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

429864298642986

429664296642966

426654266542665

428274282742827

424214242142421

41736

40634

39328

37868

36296

34694

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

206002060020600

206642066420664

206322063220632

208632086320863

207222072220722

20400

19877

19235

18509

17735

16954

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

256325632563

256625662566

254725472547

257525752575

255525552555

257425742574

251025102510

243124312431

233923392339

223822382238

213721372137

848484888888929292959595989898101101101100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

133513351335

136513651365139113911391

142014201420142014201420

140914091409139513951395

137213721372

134113411341

130413041304

126312631263

898989929292949494979797989898999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

144914491449143014301430

140714071407138813881388

136313631363

1320

1265

1202

1136

1066

998

737373787878838383888888939393979797100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

108810881088106210621062

102610261026

994994994

965965965

921

876

829

782

734

688

717171767676818181868686919191959595100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

862986298629

866486648664

868286828682

886688668866884988498849

873287328732

852685268526

826282628262

796379637963

764976497649

733573357335

838383868686909090939393969696999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

553755375537

2000

557755775577

2005

558055805580

2010

562156215621

2015

557155715571

2018

543354335433

2020

530653065306

2025

513951395139

2030

494949494949

2035

474347434743

2040

453245324532

2045

818181858585898989929292959595989898100100100

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

Travel Time Fare (yen) Frequency

Shinkansen 3h 41m 22630 24

Airlines 3h 10m 30860 19 (6)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 2h 21m 15600 60

Airlines (Itami Airport) 2h 20m 25470 10

Airlines (Kansai Intl Airport) 3h 00m 25550 4 (3)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Aichi mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 3h 12m 18890 34

Airlines (Chubu Intl Airport) 2h 30m 29550 12 (9)

Airlines (Komaki Airport) 2h 20m 29110 5

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Kumamoto

Travel Time Fare (yen) Frequency

Shinkansen 2h 57m 19200 25

Airlines 3h 00m 27060 11 (2)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Komaki AirportKomaki AirportKomaki Airport

ShizuokaShizuokaAirportAirport

ShizuokaAirport

NagoyaNagoyaNagoya

Itami AirportItami AirportItami AirportKobeKobeKobeSuitaSuitaSuita

Shin-OsakaShin-OsakaShin-Osaka

Kansai AirportKansai AirportKansai Airport

KurashikiKurashikiKurashiki

HiroshimaHiroshimaHiroshima

International Airport

Kagoshima Airport

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

(893)Debut of Grand Hikari

874

143

0

100

200

150

100

50

78

838880853824813809785764757743714660638624667706723713658

779775768748729722714835 852817

15 16141312111009080706050403020100999897969594939291908988 0

100

75

50

25

856 868

1817 19

0

100

200

150

100

50

0

100

75

50

25

14 151312111009080706050403020100999897

627 623619625618606591576528521506483514

660702

744769773776

1413121110090807060504030201009998970

100

200

150

100

50298

365413406396383364340326320291293

376408425437440463

0

100

75

50

25

0

100

346

200

150

100

50

141312111009080706050403020100999897

490

557568566533

472421

359315290297275271258254

308329

0

100

75

50

25

15

281

15

505

1716

623 628

18

169

629

17 1816

515 487 510

17 18

289 263260

159

16

100

533

200

150

100

50

141312111009080706050403020100999897

596581565538516501488458451424387381412420446486513

0 0

100

75

50

25

15

592

0

100

200

150

100

50

141312111009080706050403020100999897

73768081696965586763605766687086103119

0

100

75

50

25

15

69

0

100 100

299

200

150

100

50

1413121110090814131211100908

275

15

281

279

353

134

1039392

616

15

598

592

563

369317304

0

100

75

50

25

17 1816

627

122

17 18

583

122

17 1816 16

284 235 251

17 1816

75 73 74

619 617608 603

134

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 9Fact Sheets 2020

Business

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

FIVE NEW SHINKANSEN LINES PROPOSED IN 1973 UNDER THE NATIONWIDE SHINKANSEN RAILWAY DEVELOPMENT LAW

Note Hakusan Car Maintenance Center is located from Kanazawa station to the west about 12 kilometers

In Operation

Planned New Shinkansen Line (Under construction)

Planned New Shinkansen Line (To be determined)

PLANNING OF NEW SHINKANSEN LINES As of March 31 2020

TRAVEL TIME AND MARKET SHARE

JR

Airlines3

Before opening1 After opening2

JR market share4

Before opening(FY2014)

After opening(FY2018)

Tokyo mdash

IshikawaAbout 3h 50m 2h 28m About 3h 00m 312

Tokyo mdash

ToyamaAbout 3h 10m 2h 08m About 2h 30m 552

690

866

1 Using the Joetsu Shinkansen and Hakutaka limited express train

2 Time required for fastest ldquoKagayakirdquo

3 Includes airport access and egress time

4 Source Statistical survey of Ministry of Land Infrastructure Transport and Tourism

Hokuriku Shinkansen

NaganondashHakusan Car Maintenance Center

Opened on March 14 2015

Hakusan Car Maintenance CenterndashTsuruga

Scheduled to be completed by end of FY20233

Line Lines in Operation Approved Zone for Construction Implementation Plan

Expense Burden

Tohoku (MoriokandashAomori)Morioka mdash Shin-Aomori (opened in December 2010 178km)

bull Central government (existing Shinkansen transfer revenues public utilities expenses)

bull Local governments (one-half of the central government)

bull JR (usage fees with the upper limit to be determined by the range of expected benefits)

Hokuriku (TokyondashOsaka)

Takasaki mdash Nagano (opened in October 1997 117km) Nagano mdash Kanazawa (opened in March 2015 228km)

Kanazawa mdash Tsuruga (125km)

Hokkaido (AomorindashSapporo)Shin-Aomori mdash Shin-Hakodate-Hokuto

(opened in March 2016 149km)

Shin-Hakodate-Hokuto mdash Sapporo

(211km)

Kyushu (FukuokandashKagoshima)Hakata mdash Kagoshima-Chuo (opened in March 2011 289km)

Kyushu (FukuokandashNagasaki) Takeo-Onsen mdash Nagasaki (66km)

Oshamanbe

Shin-Hakodate-Hokuto

Shin-Aomori

Hachinohe

Morioka

Akita

SendaiYamagata

Shinjo

Fukushima

Niigata

Takasaki

JoetsuMyoko

Nagano

OmiyaTokyo

ToyamaKanazawa

JR-WestJR-West

Hakusan CarMaintenance Center

Fukui

Nagoya

Tsuruga

Shin-Osaka Kyoto

Okayama

HiroshimaShin-Shimonoseki

Hakata

Shin-Tosu

Takeo-Onsen

Nagasaki

KumamotoShin-Yatsushiro

Kagoshima-Chuo

Isahaya

Sapporo

Shin-Otaru

451km

169km125km

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 10Fact Sheets 2020

Business

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

TRAFFIC VOLUME (Years ended March 31)

Ten million passenger-kilometers

5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note Figures in parentheses are indexed at the fiscal year ended March 1988 = 100

MAJOR LINES IN KYOTO-OSAKA-KOBE AREA

COMPARISON WITH 5 PRIVATE RAILWAYS IN KYOTO-OSAKA-KOBE AREA MARKET SHARE Traffic Volume Base (Years ended March 31)

Other Railways5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note 5 private railways in Kyoto-Osaka-Kobe area Hankyu Hanshin Keihan Kintetsu and Nankai

Hankyu

JR-West

Hanshin

OsakaOsakaOsaka

Kyoto

JR-NambaJR-NambaJR-Namba

Sannomiya

Takarazuka

Tennoji

Kansai-Airport

Wakayama

Osaka-UmedaOsaka-UmedaOsaka-Umeda

YodoyabashiYodoyabashi

NambaNamba

Osaka-NambaOsaka-NambaOsaka-Namba

Kobe-Sannomiya

Kobe-Sannomiya

Takarazuka

Wakayamashi

Osaka-Umeda

Kyoto

Kyoto-Kawaramachi

Nara

Kintetsu-Nara

Sanjo

Yodoyabashi

Namba

Keihan

Kintetsu

Nankai

Route Railway Company Distance

(km)

Normal Fare

(yen)

Train Pass Charges (Business Commuters) Travel Time

(min)Monthly Pass (yen) Six-month Pass (yen)

OsakandashKyoto JR-West 428 16840 28

Hankyu (Osaka-UmedandashKyoto-Kawaramachi) 477 42

Keihan (YodoyabashindashSanjo) 493 47

Osaka

ndashSannomiyaJR-West 306 21

Hankyu (Osaka-UmedandashKobe-Sannomiya) 323 27

Hanshin (Osaka-UmedandashKobe-Sannomiya) 312 31

Osaka

ndashTakarazukaJR-West 255 25

Hankyu (Osaka-UmedandashTakarazuka) 233 30

TennojindashNara JR-West 375 33

Kintetsu (Osaka-NambandashKintetsu-Nara) 328 36[35]1

Tennoji

ndashWakayamaJR-West 613 60[42]2

Nankai (NambandashWakayamashi) 642 58

Tennoji

ndashKansai-airport

JR-West 460 47[30]3

Nankai (NambandashKansai-Airport) 428 43[36]1

Note Travel time assumes the fastest possible method in the daytime on a weekday

1 [ ] denotes the travel time by Limited Express Express charge (yen520) is required

2 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1520) is required

3 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1190) is required

Source Annual Railway Statistical Bulletin

1500

4000

3500

3000

2500

2000

0

60

45

30

15

570

400

420

410

320

320

330

280

470

570

870

930

1080

930

15800

15620

12530

13080

13080

10230

11350

14520

19960

25930

26250

29630

32510

80780

85320

84350

60180

70640

70640

49100

61290

69690

107790

126720

141750

155380

175560

25742934

3369 33693435 3481 3439

3317

(100)3377

(102)3416

(103)

(96)

2819

(85)2893

(87)2946

(89)3010

(91)3314

(100)

3081

(93)3170

2893

(142)

2880

(142)

2827

(139)

2844

(140)2834

(139)2896

(142)

2811

(138)

2805

(138)

2822

(139)2849

(140)2901

(143)

2604

19872130

2033

(100)

2184

2356

24742808

(138)

2846

(140)

2833

(139)

2831

(139)

2855

(140)

2650

(130)

2854

(140)

2844

(140)

2844

(140) 2668

(81)2622

(79)2610

(79)2592

(78)

2608

(79)

2657

(80)

2883

(142)2952

(145)

2634

(80)

2704

(82)

2959

(146)

2715

(82)2684

(81)

2712

(82)

2718

(82)

2784

(84)2682

(81)

13 14 16 17

2987(147)

2738(83)

18151211100908070605040302010099989796959493929190898876

(100)

3311

143144147

103

145 146 147 146 147 145 149145

431436440461480484

535 524 518 506 499 488459

443449429

530

427424419413396

376369362

325 331 336 347 355 365

396 408402

148

413419419425 411 410 411 411 408 408 408 408

145145147149 145 144144143143 146 146 148 147 146 146 146

443437438432 443 444 441 441 445 446 446 446

408

147

445

408

148

445

13 14 16 17 18151211100908070605040302010099989796959493929190898876

407

148

445

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 11

Business

Railway-related projects in the Kansai Urban Area

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

Nara LineDouble trackII stageSpring 2023JR Soujiji

New stationOpened in March 2018

Yumeshima

CosmosquareCosmosquareCosmosquare

Universal-cityUniversal-cityUniversal-city

NakanoshimaNakanoshimaNakanoshima

Osaka

Keihan Nakanoshima Line

JR Osaka Loop Line

JR Yumesaki Line

Osaka Metro Chuo Line

N

SakurajimaSakurajimaSakurajima

Travel time from Osaka to Kansai Airport

Reference Location of Yumeshima

JR-Namba

Nishikujo

Sakurajima

Tennoji

Hineno

Kyuhoji

Nara

Kyobashi

HanatenOsaka

Kansai-airport

Transport accessunder consideration

Shin-Osaka

Kyoto

Shin-Kobe

Kobe

Amagasaki

Tokaido Shinkansen

Sanyo Shinkansen

Yumeshima(Candidate site for

World Expo 2025 andan integrated resort)

Naniwasuji Line(Planned forSpring 2031)

Access to Kansai Airport

Access to eastern partof Osaka and Nara

Access Method Travel Time

Current Kansai - Airport Rapid Service from Osaka

64 min1

After opening of underground station

ldquoHarukardquo from underground station 44 min2

1

2

March 2017 timetable basis

After opening of Naniwasuji Line

Timetable is under consideration

Relocate a portion of a branch line of the Tokaido Line

underground and Umekita (Osaka) Underground Station

(Planned for Spring 2023)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 12

461394 372

388

382

ndash13ndash16

0307 08

425

15141312111009

03

415

06

416

16

04

420

17

06

413

18

02

405

19

02

20

686 639

634

949 935

1608

ndash63

ndash40

02 03

ndash22

15141312111009

04

945782

16

791

ndash01

17

734

09

18

701

10

19

671

20

68 6982 87

7973

15141312111009

71

469 467 477543 550 535 506

93

16

578

96

17

605

87

18

596

96

19

615

20

30

20

31 33

39 39

15141312111009

28

1418

1317

1322 1334 1344 1351 1336

46

16

144951

17

1525

60

18

1617

49

19

1700

20

367418

277277277303303303 307307307 326326326 296296296

47

226

676767

31

225

676767

35

222

103103103

ndash29 ndash04

123123123

44

118118118

259 280277

15

251

156156156

53

327

224224224

969696 326326326

52

322

204204204

322322322

72

357

199199199

326326326

61

356

212212212

317317317

2153

711

132613261326

2019

709

119611961196

2013

757

121412141214

2335 2346

128412841284

2401

137113711371

935 909 1022

2201

872

174417441744

15141312111009

129912991299

330330330 335335335 348348348 350350350 360360360 357357357

2320

1088

181518151815

16

360360329329329

360

2339

1095

168816881688

17

355355355

2398

1396

170017001700

18

366366366

2455

1485

181318131813

19

376376376

20

Business

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

Transportation9334619

1651109

1836122

Other businesses

Real estate

2260150

Retail

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

Total

15082 billion

0

1000

2000

3000

4000

5000

6000

Billions of yen

0

10

20

30

40

50

60

minus15

0

15

30

45

60

ndash150

0

150

300

450

600

Billions of yen

Billions of yen Billions of yen

0

300

600

900

1200

1800

1500

0

10

20

30

40

60

50

Billions of yen Billions of yen

0

30

60

90

150

120

0

150

300

450

750

600

Billions of yen Billions of yen

1815 16

23202020 212121

15141312111009

15

344 330 324 321 334 348

272727

16

45

30

15

0

ndash15

450

300

150

0

ndash150

365365365

24

17

362362362

191919

18

356356356

101010

19

356356356

ndash12ndash12ndash12

20

373373373330330330

ndash60

ndash40

ndash20

0

20

40

ndash1500

ndash1000

ndash500

0

500

1000

Billions of yen Billions of yen Billions of yen

Billions

of yen

44 36

63

81

103

81

15141312111009

24222222222 227227227

264 376376376

0

200

150

100

50

1200

900

600

300

0

342342342 471471471347347347

125

16

492492492

lt195gtlt195gtlt195gt

116

17

472472472

lt161gtlt161gtlt161gt

173

18

781781781

lt350gtlt350gtlt350gt

182

19

849849849

lt394gtlt394gtlt394gt

198

20

102110211021

lt536gtlt536gtlt536gt

lt31gtlt31gtlt31gtlt25gtlt25gtlt25gtlt48gtlt48gtlt48gtlt107gtlt107gtlt107gtlt69gtlt69gtlt69gt

lt191gtlt191gtlt191gtlt58gtlt58gtlt58gt

ndash40

ndash30

ndash20

ndash10

0

10

20

ndash1000

ndash750

ndash500

ndash250

0

250

500

Billions of yen

Billions

of yen

15 16141312111009 17 18 19 20

2260

1651

183618361836

381381381

38

349

197197197

357357357

34

1542

75

611

02

632

42310

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 13

Eki Marcheacute details

Sales of Goods and Food ServicesBusiness Names of major stores No of stores

Sales of Goods Seven-Eleven

Eki Marcheacute

episode

Garland of Dew

DELI CAFE

ESTACIOacuteN CAFEacute

KARAFUNEYA COFFEE

Menya

Tabi Bento

Drip-X-Cafeacute

VIA INN

406

3

15

12

15

8

13

19

10

4

26

Seven-Eleven franchised stores

Commercial facilities inside stations

Variety and general goods stores inside stations

Selected accessory shops

Self-service cafeacutes

Full-service cafeacutes inside stations

Urban full-service cafeacutes

Fast food noodle shops

Shops specializing in train station boxed lunches

New type cafeacute located outside stations

Accommodation-oriented budget hotels

Food Services

Other

Overview

Department Store

Location of VIA INN

Major Store Opened Commercial floor space

JR Kyoto Isetan Sept 1997 Approx 44000 m2

Name Opened Floor space

Eki Marcheacute Takarazuka

Eki Marcheacute Osaka

Eki Marcheacute Shin-Osaka

Mar 2010

Oct 2012

Mar 2015

Approx 830 m2

Approx 4500 m2

Approx 1800 m2

Name Opened

15

16

17

18

19

20

21

22

23

24

25

26

27

Rooms

VIA INN Shinsaibashi Nagahoridori

VIA INN Asakusa2

VIA INN Hiroshima Kanayamacho2

VIA INN Abeno Tennoji

VIA INN Umeda

VIA INN SHIN-OSAKA SHOMENGUCHI

VIA INN NAGOYA EKIMAETSUBAKI-CHO

VIA INN Iidabashi Korakuen

VIA INN Kyoto Station Hachijoguchi

VIA INN Hakataguchi Ekimae

VIA INN Shinsaibashi Yotsubashi

VIA INN Nihonbashi Ningyocho

VIA INN Hiroshima Shinkansenguchi

June 2014

June 2014

June 2014

Apr 2017

Aug 2017

July 2018

Aug 2018

Sep 2018

Apr 2019

June 2019

July 2019

Aug 2019

June 20203

150

190

156

172

217

88

249

295

468

205

224

240

246

Name Opened

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Rooms

VIA INN Shimonoseki

VIA INN Shin-Osaka

VIA INN Shin-Osaka West

VIA INN Himeji

VIA INN Hiroshima 1

VIA INN Kyoto Shijo Muromachi

VIA INN Kanazawa

VIA INN Tokyo Oimachi

VIA INN Akihabara

VIA INN Shinsaibashi

VIA INN Shinjuku

VIA INN Higashi Ginza

VIA INN Okayama

VIA INN Nagoya Shinkansenguchi

Mar 1996

July 1998

Mar 2001

Oct 2002

Apr 2004

Apr 2007

June 2007

July 2009

Mar 2011

Apr 2011

Feb 2012

Mar 2012

Oct 2012

July 2013

195

226

433

211

256

239

206

509

283

205

226

297

251

2381 VIA INN Hiroshima closed in April 2020

2 Other Businesses segment

3 Not yet open as of March 31 2020

Business

Non-Transportation Operations (Retail Business) As of March 31 2020

Number of Seven-Eleven franchised stores

VIA INN details

1

24 17

5 27 13 4

3 220

1025

6

2314

21

18

7

8 12

1116

26

91519

22

0

200

400

600

70

193

335391365

FY20173 FY20193FY20183FY20163FY20153 FY20203

406

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 14

3279

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

83 86

130154

177 184218 221 225 230

295

FY20193

309

FY20203

313

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

2287 2285 2180 21762442 2469 2462 2459

3017 3146

FY20193

3358

FY20203

3100

Shopping Center Operations

Business

Non-Transportation Operations (Real Estate Business) As of March 31 2020

List of major SC

EST

Tennoji MIO

Wakayama MIO

KOSHIENGUCHI GREEN PLACE

MONTetMER

Liv

PLiCO ROKKOMICHI

piole AKASHI

Shopping Centers (No of facilities 43)

SC tenant revenues

Real Estate Lease and Sale

List of major facilities

Commercial facilities Office buildings

Facility name Date opened

Floor space

VIERRA Tsukaguchi

VIERRA Otsu

VIERRA Senrioka

VIERRA Kishibe Kento

VIERRA Meimai

VIERRA Kaitaichi

VIERRA Ibaraki

Apr 2016

Oct 2016

Apr 2018

Nov 2018

Nov 2018

Feb 2019

May 2019

5400 m2

2200 m2

2200 m2

27000 m2

10600 m2

5600 m2

11000 m2

Facility name Date opened

Floor space

Hiroshima Inarimachi NK Building

Shin-Osaka Station Front Chuo Building

North Gate Building (Office)

May 1970

Feb 1975

Jan 2001

July 2009

May 2011

June 2014

Dec 2019

17300 m2

31000 m2

8400 m2

13600 m2

21000 m2

9600 m2

6100 m2

Condominiums and detached houses

Major recent condominium properties

Property name Date of delivery

Total units

PROUD CITY TSUKAGUCHI MARK SKY

JGRAN L RITTO

Urban Shimamoto City

MAYA CITY STATION GATE

June 2017-

Mar 2018-

Dec 2018-

Feb 2019-

Sept 2019-

99

366

63

264

118

Property name Date of delivery

Total units

JGRANDIA HIYOSHI

CIELIA Suma Takatori

DIA MAISON DANBARA MID GRACE

JGRAN CITY TSUKAMOTO

Diaesta Mio Yuhigaoka

Nov 2019-

Jan 2020-

Feb 2020-

Mar 2020-

Mar 2020-

86

323

27

312

22

Development of station buildings and surrounding areas of stations

Leasing space

Number of condominiums completed (cumulative)

Note Does not take into account business shares in joint ventures

Note Includes other segments and unconsolidated SC

MARIER Toyama

Kanazawa Hyakubangai

Prism Fukui

Shopping Mall Kyoto Porta

SUITA GREEN PLACE

arde SHIN-OSAKA

LUCUA osaka

Kyoto Station Building Shop Street The CUBE

piole HIMEJI

Okayama Ichi Ban Gai

SUN STATION TERRACE OKAYAMA

SUN STATION TERRACE FUKUYAMA

SHAMINE MATSUE

SHAMINE TOTTORI

ekie

ripie SHIMONOSEKI

JR Kanazawa Station West Gate No1 NK Building

JR Kanazawa Station West Gate No3NK Building

Port Side Dia Building

JR Amagasaki Station North Gate NK Building

SC name Date opened

Floor space

Sept 1987

Mar 1991

Apr 2005

Oct 1952

Nov 1980

June 2016

Feb 1965

May 2011

8700 m2

18100 m2

2800 m2

5700 m2

10200 m2

7400 m2

5300 m2

53000 m2

SC name Date opened

Floor space

Nov 1981

Sept 1995

Mar 1968

Nov 2019

Oct 1980

Mar 1989

Nov 1996

Dec 1964

6600 m2

39000 m2

7600 m2

1500 m2

12300 m2

15100 m2

5100 m2

9300 m2

SC name Date opened

Floor space

Dec 2008

Aug 1974

Oct 2006

Nov 2007

Oct 1978

Oct 1979

Oct 2017

Mar 2014

24800 m2

8100 m2

10300 m2

12000 m2

4200 m2

3300 m2

11700 m2

2500 m2

Retail Business Segment

10000 sq m

350

300

250

200

150

100

50

0

JGRAN THE HONOR SHIMOGAMO TADASU NO MORI

0

700

1400

2100

Billions of yen

3500

2800

domiciles

0

10000

15000

5000

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173 FY20193 FY20203

2302 2783 2873 3092 3442 37744812 4979

6399

8390

11253

13463

9570

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 15Fact Sheets 2020

8730

1083

4455

8424

1583

4220

8105

2149

3966

7757

2149

3881

7426

2000

3252

6342

2150

3162

6001

2150

3010

5653

2100

2886

5284

2200

2657

4905

2200

2505

4550

2499

2460

4192

2799

2365

3852

2899

2591

3523

3849

2847

504 482 463 447 436410 402 386 381 374 365 357 350

319

3229

4449

3199

2971426814227

14221

13788

1267911654

1116110640

101429611

95109357 9343

10220

10879

2845

4549

3168

285

10563

2442

4499

2783

284

9725

2051

4599

3071

262

9722

15141312111009080706050403020100999897

1676

4799

3500

240

9977

16

225

1817

10461038

53495249

39183982

197 187

1031510270

19

1029

5699

3887

181

10616

1346

4949

3660

9956

2015141312111009080706050403020100999897

15391

504474 462 436 424 402 396 382 378 371 362 356 349

297319

1562915544

14989

13856

1257912007

1138510816

1024998679572 9532

11026

10389 1004298079830

10688

240

1817

10379

197 186

19

10640

181

263284286

16

10018

225

20

10322

170

851

484

1112

1371

718

1100

1190

547

1144

1378

596

1215

992

676

1333

970

515

1099

922

445

798

774

301

880

544

282

1127

468382

570

1102

940

388

1070

844

595

1044

1000

419

1018

718

500

971892

559

964

857

609

957

1023

467

945

928

568

925

1063

814

935

1172

998

1075

1596

772

1159

1284

1251

1291

2085

977

727

1347

1248

893 832

1293

1445

1407

1508

956

1199

1655

1050

1376

1598

18 19 2017141312111009080706050403020100999897969594939291908988

902

1260

1864

15

1260

1323

1987

16

1278

1368

1343

1909

1252

1514131211100908070605040302010099989796

1495

1539

1608

16931508

14191370

128011281119

1136

1153

1130

1151

1200

1226

1250

1261

1241

1219

2256

16

1566

2331

1817

16271635

1924

1694

19

2453

1667

1529

1954

2600

2101

1639

1879

1449

1253

1131

1208

1054

8838631006968

1550

2031

1715

20

Data

Uses of Cash Flows

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)

Billions of yen

2000

1500

1000

500

0

6

3

0

Results for acquisition of own shares

Oct-Nov 2007

Aug-Sep 2008

Dec 2008-Jan 2009

Nov 2012 Nov 2013 Jun-Jul 2018

Aug 2018Time period

Purchase amount

Shares bought

Shares retired

yen99bn

1743400

mdash

yen99bn

1991300

mdash

yen99bn

2530600

mdash

mdash

mdash

1743400

mdash

mdash

4521600

yen99bn

1253600

mdash

mdash

mdash

1253600

May-Jul 2019

Aug 2019

yen99bn

1146900

mdash

mdash

mdash

1146900

Billions of yen

0

500

1000

1500

2000

2500

3000

Billions of yen Yen

0

6

3

0

2000

1500

1000

500

Billions of yen

2500

2000

1500

1000

500

0

2545

1161

1382

1762

1413121110090807060504030201009998979695949392

339354

591

443

545

252207

211

258

204

278

241220323

399502

337365

1219

321304

264

16

304

135

1817

297

280

140

160

19

328

175

115110

90

80

7070

6060606065

505050505050

60

5050505050

0

20

40

60

80

100

120

160

140

200

180

160

140

120

100

80

60

40

20

0 15

363

125

20

391

1825

10189

179

1019

5449

3707

179

10176

1631

1704

P15

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Uses of Cash Flows

Capital Expenditures (Own Funds)

Years ended March 31

Consolidated

96

97

98

1715

2031

1550

1219

1241

1261

Non-Consolidated

88

89

90

382

468

544

170

282

301

Safety-related

Capital Expenditures

Depreciation and Amortization

Capital Expenditures

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 16

3580

2460

71980

123390

215740 19

5240

102740

41000

2670

225930

14492943

24439

48323

18551

25380

940

62027150

3580

33506 3211729875 28688 27581 26525 25830 25465 25466 25824 26443 26705

4779445995

4339445250 44080 43118 43093 43354 44021 45240 46104 45703

26778

45402

26889

45326

27300 26886

4600647565

15

26555

47456

16

2582125291

4738247869

18 19

24866

47842

17141312111009080706050403020100 20

800

17

820

1918

12050

160

290 300

440 470 490 480

700 710 680600 600

670760 770 760

113011601220

1310

1140

151413121110090807060504030201009998979695949392919089

730

870

20 21

770

9509701040

16

5133051540 50900

48630

48410

48190

48000

47980

47800

47260

46390

4501042570

40790

3926036490

34560

32850

31210

30350

29620

29610

29870 29900

29950

29850

29590

30230

30170

15

29150 27830

18 191714

29680 28380

16131211100908070605040302010099989796959493929190898887

160 220 300 230150 330280 450370 1320

2710

20

7901920

Data

Employees (Consolidated Non-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)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 17

Data

Management Indicators Years ended March 31

Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

Return on Total Assets (ROA) ()1

Return on Equity (ROE) ()2

Current Ratio ()

Equity Ratio ()

Debt-Equity Ratio (times)3

Interest-coverage Ratio (times)

EBITDA (yen billions)4

Earnings (Net Income) per Share (EPS) (yen)

Book-value (Net Assets) per Share (BPS) (yen)5

Dividend per Share (yen)

Payout Ratio ()

Dividend on Equity (DOE) ()7

Rate of total distribution on net assets ()8

ConsolidatedNon-Consolidated Ratio(Operating Revenues) (times)

ConsolidatedNon-Consolidated Ratio(Net Income) (times)

Non-Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

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

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15

123

66

35

71

164

574

102

66

19

mdash

18948

121322

5000

264

mdash

mdash

118

104

139

72

40

136

55

30

62

130

634

111

58

16

mdash

16454

132724

5000

304

mdash

mdash

118

103

156

60

35

127

53

28

59

113

691

119

52

16

mdash

15593

143242

5000

321

mdash

mdash

118

104

146

58

32

93

22

08

41

29

697

110

55

13

mdash

4102

141496

5000

1219

mdash

mdash

125

108

116

23

09

125

52

23

57

94

549

116

50

18

2695

13699

149118

5000

365

mdash

mdash

126

106

150

59

28

113

51

29

52

115

585

121

47

18

2608

17819

162133

6000

337

mdash

mdash

126

106

136

59

35

96

39

16

45

61

485

126

47

16

2442

9966

165917

5000

502

mdash

mdash

130

085

121

51

25

98

43

(07)

45

(28)

474

121

50

17

2429

(4507)

156309

5000

mdash

mdash

mdash

133

mdash

124

56

(06)

90

40

21

42

76

494

136

43

16

2304

12546

174424

5000

399

mdash

mdash

135

098

112

48

29

94

47

26

44

81

530

161

33

18

2319

15481

206823

5000

323

mdash

mdash

136

119

110

49

29

99

59

38

47

110

425

170

31

22

2328

22769

205740

5000

220

mdash

mdash

137

140

114

62

37

105

68

36

51

98

413

181

27

25

2357

20740

220285

5000

241

mdash

mdash

137

124

122

72

39

104

71

39

52

102

371

199

24

28

2423

23423

239876

6500

278

mdash

mdash

144

126

125

77

44

109

79

48

56

118

431

222

21

31

2469

29463

262233

6000

204

mdash

mdash

144

123

130

88

57

109

82

38

57

85

384

239

18

34

2471

23282

282245

6000

258

22

mdash

146

132

128

89

41

107

82

45

57

97

428

253

16

36

2481

28415

303906

6000

211

20

mdash

146

127

126

90

52

107

84

45

56

93

382

259

15

39

2654

28954

322294

6000

207

19

mdash

147

128

125

91

51

96

74

43

50

84

409

267

15

36

2595

27729

339113

7000

252

21

mdash

146

123

117

84

51

64

40

21

31

37

521

263

16

22

2184

12837

345568

7000

545

20

mdash

146

121

72

36

25

79

57

29

37

52

538

258

16

29

2468

18066

355712

8000

443

23

mdash

146

123

91

59

34

85

64

23

41

42

441

266

15

33

2791

15229

363241

90

591

25

mdash

149

133

104

73

26

100

81

46

49

83

477

285

13

43

2903

31087

385082

110

354

29

mdash

150

144

118

89

48

101

85

49

51

86

553

292

13

48

2885

33898

404831

115

339

29

29

152

135

116

92

56

Total Return Ratio ()6 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash

104

90

49

51

84

690

288

13

54

2893

34458

413865

125

363

31

mdash

31

152

141

126

103

53

1716 1810

128

118

74

63

113

753

332

10

92

3561

57072

527342

160

280

mdash

32

32

154

137

148

132

83

19

129

120

67

62

98

748

333

10

99

3613

53331

561263

175

328

425

32

42

156

127

154

139

82

20

107

98

59

49

81

618

341

09

83

3322

46688

584727

1825

391

503

32

41

157

121

124

111

77

122

112

63

60

100

645

313

11

79

3391

47152

485750

140

297

mdash

30

30

151

129

142

124

74

125

112

59

64

102

651

309

11

75

3381

44353

453429

135

304

mdash

31

31

152

140

144

122

64

P17

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

Management Indicators

Years ended March 31

92

93

Consolidated

Operating Income Ratio ()

123

136

Recurring Profit Ratio ()

66

55

Return on Operating Revenues ()

35

30

Return on Total Assets (ROA) ()

1

71

62

Return on Equity (ROE) ()

2

164

130

Current Ratio ()

574

634

Equity Ratio ()

102

111

Debt-Equity Ratio (times)

3

66

58

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 18

Data

Consolidated Financial Data Years ended March 31

Total Assets

Total Liabilities

Total Shareholdersrsquo Equity

Non-Controlling Interests5

Net Assets6

Transportation

Retail

Sales of goods

Real estate

Other businesses

Operating Income

Transportation

Retail

Sales of goods

Real estate

Other businesses

Elimination and intergroup

Non-operating revenues

Non-operating expenses

Balance of financial expenses

Interest and dividend income

Interest expenses

Recurring Profit

Extraordinary profit (loss)

Extraordinary profit

Extraordinary loss

Cash Flows From Investing Activities

Free Cash Flows

Cash Flows From Financing Activities

Net increase (decrease) in cash equivalents

(Billions of yen)

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

92 93 94 951 96 98297 993 00 014 02 03 04 05 06 07 08 09 10 11 12 13 14 15

23719

21292

2426

[49]

mdash

10785

9013

mdash

1212

mdash

560

1326

1216

mdash

14

mdash

92

03

132

741

mdash

mdash

mdash

717

05

158

152

378

mdash

mdash

mdash

mdash

mdash

23845

21191

2654

[57]

mdash

10875

9044

mdash

1241

mdash

589

1479

1372

mdash

06

mdash

98

01

138

1017

mdash

mdash

mdash

600

07

304

297

329

mdash

mdash

mdash

mdash

mdash

24065

21200

2864

[57]

mdash

11094

9130

mdash

1253

mdash

710

1406

1289

mdash

08

mdash

108

(00)

158

975

mdash

mdash

mdash

589

10

297

287

311

mdash

mdash

mdash

mdash

mdash

25775

22945

2829

[139]

mdash

10928

8457

mdash

1318

mdash

1152

1019

923

mdash

(02)

mdash

106

(08)

137

914

mdash

mdash

mdash

242

(135)

450

586

82

mdash

mdash

mdash

mdash

mdash

25769

22787

2982

[149]

mdash

11793

9155

mdash

1375

375

887

1476

1299

mdash

07

89

77

01

122

983

(818)

25

843

615

02

630

628

273

mdash

mdash

mdash

mdash

mdash

26700

23458

3242

[156]

mdash

12092

9349

mdash

1355

405

982

1366

1202

mdash

03

87

86

(12)

109

859

(748)

16

765

616

29

459

430

356

mdash

mdash

mdash

mdash

mdash

26323

23004

3318

[134]

mdash

12291

9213

mdash

1627

416

1033

1181

1048

mdash

00

85

58

(10)

85

785

(717)

17

735

480

(07)

549

557

199

mdash

mdash

mdash

mdash

mdash

25741

22480

3126

135

mdash

12050

8893

mdash

1742

394

1020

1179

1016

mdash

04

104

65

(12)

91

753

(704)

15

720

517

(511)

447

959

(90)

mdash

mdash

mdash

mdash

mdash

25610

21970

3488

152

mdash

11910

8655

mdash

1746

489

1018

1077

867

mdash

20

133

64

(08)

99

700

(669)

10

680

476

(34)

518

553

250

1547

(992)

555

(665)

(80)

25763

21465

4136

161

mdash

11955

8632

1922

mdash

568

831

1118

866

38

mdash

133

81

(00)

93

651

(618)

13

631

560

(08)

1091

1099

309

1387

94

1481

(1332)

148

24167

19864

4114

188

mdash

11906

8521

1952

mdash

576

854

1176

884

47

mdash

153

98

(07)

82

558

(538)

05

543

700

132

1092

960

455

995

177

1173

(1671)

(497)

24327

19708

4405

213

mdash

11655

8315

1930

mdash

572

837

1226

932

43

mdash

161

94

(05)

63

502

(488)

02

491

787

(11)

445

456

416

1302

(633)

668

(715)

(47)

24103

19069

4797

235

mdash

12157

8276

1968

mdash

579

1332

1269

944

56

mdash

180

96

(08)

73

484

(453)

03

457

858

28

1109

1080

470

1402

(916)

485

(679)

(186)

23643

18144

5243

254

mdash

12208

8294

1966

mdash

588

1358

1331

993

52

mdash

189

101

(06)

62

434

(423)

03

426

959

94

792

697

589

1429

(849)

580

(664)

(84)

23559

17639

5642

277

mdash

12400

8345

2039

mdash

628

1387

1352

980

59

mdash

205

114

(07)

74

405

(394)

03

397

1021

(222)

785

1008

465

1640

(1017)

623

(693)

(68)

24016

17638

mdash

[303]

6378

12629

8485

2081

mdash

627

1434

1353

972

50

mdash

212

125

(07)

71

383

(369)

03

372

1041

(32)

473

506

567

1886

(1317)

568

(546)

21

24628

17919

mdash

[321]

6708

12901

8612

2128

mdash

767

1393

1374

974

52

mdash

246

110

(10)

79

364

(349)

04

354

1088

(72)

446

519

577

2221

(1792)

429

(558)

(129)

24618

17722

mdash

[329]

6896

12753

8561

2153

mdash

711

1326

1225

891

47

mdash

226

67

(07)

82

358

(340)

05

345

948

(01)

726

728

545

1788

(1726)

61

(101)

(34)

25463

18442

mdash

[329]

7021

11901

7974

2019

mdash

709

1196

765

452

31

mdash

225

67

(10)

76

360

(336)

06

343

481

(44)

544

588

248

1613

(2087)

(474)

546

99

26724

19511

mdash

[324]

7212

12135

8064

2013

mdash

757

1299

959

611

35

mdash

222

96

(06)

94

365

(333)

04

337

689

(79)

511

590

349

2232

(2462)

(230)

514

284

26429

19094

mdash

[301]

7335

12876

8390

2335

mdash

935

1214

1097

767

(29)

mdash

259

103

(03)

79

352

(324)

04

329

824

(22)

276

298

294

2062

(1991)

70

(368)

(291)

26137

18455

mdash

[224]

7681

12989

8449

2346

mdash

909

1284

1294

901

(04)

mdash

280

123

(04)

68

316

(300)

03

304

1046

(49)

415

465

601

2380

(1547)

832

(852)

(19)

26878

18805

mdash

[234]

8073

13310

8513

2401

mdash

1022

1371

1345

910

44

mdash

277

118

(05)

77

294

(275)

05

280

1129

(12)

263

276

656

2377

(1653)

723

(478)

245

27864

19397

mdash

[454]

8467

13503

8684

2201

mdash

872

1744

1397

1006

15

mdash

251

156

(33)

90

268

(249)

09

258

1219

07

695

687

667

2236

(2129)

107

16

123

16 17 187

30718

19555

mdash

[953]

11163

15004

9508

2398

mdash

1396

1700

1913

1303

72

mdash

357

199

(20)

90

226

(202)

07

209

1777

(71)

328

399

1104

2751

(1663)

1087

(714)

381

19

32375

20577

mdash

[1002]

11798

15293

9539

2455

mdash

1485

1813

1969

1362

61

mdash

356

212

(24)

94

230

(188)

11

200

1833

(261)

290

552

1027

2897

(2474)

423

(71)

351

20

32752

20521

mdash

[1050]

12231

15082

9334

2260

mdash

1651

1836

1606

1053

38

mdash

349

197

(31)

88

211

(182)

12

194

1483

(76)

230

307

893

2401

(2686)

(285)

(291)

(576)

30078

19752

mdash

[921]

10326

14414

9291

2339

mdash

1095

1688

1763

1217

52

mdash

322

204

(33)

80

237

(216)

06

223

1607

(230)

196

426

912

2341

(2958)

(616)

443

(173)

28431

19168

mdash

[485]

9263

14513

9287

2320

mdash

1088

1815

1815

1251

53

mdash

327

224

(41)

78

271

(233)

07

241

1622

(171)

215

386

858

2598

(2332)

266

(313)

(46)

Operating Revenues (Revenues from third parties)

Profit attributable to owners of parent

Cash Flows From Operating Activities

P18

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Consolidated Financial Data

Years ended March 31

92

93

Total Assets

23719

23845

Total Liabilities

21292

21191

Total Shareholdersrsquo Equity

2426

2654

Non-Controlling Interests

5

[49]

[57]

Net Assets

6

mdash

mdash

10785

10875

Transportation

9013

9044

Sales of goods and food services

mdash

mdash

Sales of goods

1212

1241

Operating Revenues (Revenues from

third parties)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 19

Data

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

(Billions of yen)

88 89 90 91 92 93 94 96 97 98 00 01 02 03 04951 992 053 06 07 08 09 10 11 12 13 14 15

14402

12832

1570

mdash

7631

6910

260

44

417

6923

2682

2561

120

2299

394

879

1025

943

55

91

16

18

04

52

851

708

89

717

80

11

83

71

20

13376

11759

1616

mdash

8071

7281

205

120

463

7277

2654

2487

167

2386

384

995

1006

943

56

109

31

19

04

53

1127

793

142

762

172

09

105

96

46

12751

10876

1874

mdash

8343

7488

236

107

510

7433

3006

2521

484

2598

404

1118

1076

740

58

149

41

93

10

03

880

909

100

607

402

19

182

163

257

13142

10969

2172

mdash

8923

8018

250

122

531

7698

2892

2676

215

3011

431

1399

1179

740

58

197

82

99

11

04

798

1224

129

479

875

(269)

192

462

298

22971

20584

2386

mdash

9172

8190

261

149

570

7894

3034

2821

212

3119

434

1432

1252

366

58

216

78

121

12

03

1099

1278

114

732

661

06

157

151

364

23065

20460

2604

mdash

9225

8204

268

160

592

7782

3183

2889

294

2947

436

1274

1236

mdash

58

258

67

154

14

21

1333

1443

124

1009

557

11

298

286

319

23279

20477

2801

mdash

9376

8249

262

228

636

8010

3298

3012

286

3172

438

1364

1369

mdash

59

264

72

158

15

18

1215

1365

148

967

547

11

296

284

298

23551

20775

2775

mdash

8741

7675

261

182

621

7730

3344

3047

297

2955

414

1248

1292

mdash

79

206

02

168

16

18

1144

1011

117

924

204

(115)

398

513

75

22979

20046

2932

mdash

9362

8239

255

185

681

7959

3418

3073

345

3057

433

1284

1340

mdash

90

291

85

174

17

14

1100

1403

106

954

556

04

620

616

258

23334

20167

3166

mdash

9560

8391

269

181

717

8259

3509

3060

448

3265

424

1467

1373

mdash

100

271

65

176

18

11

1112

1300

89

830

560

26

441

414

335

22772

19493

3278

mdash

9460

8300

273

213

671

8311

3585

3078

507

3012

438

1209

1365

mdash

230

380

65

267

26

19

1102

1148

71

736

483

05

499

494

234

22420

19299

3120

mdash

9094

7955

271

205

662

7967

3578

2974

603

2777

405

1080

1292

mdash

228

313

mdash

277

27

07

1070

1127

72

694

505

(505)

431

936

(56)

22326

18859

3466

mdash

8851

7739

261

199

650

7860

3501

2850

650

2765

393

1123

1249

mdash

238

310

mdash

277

27

05

1044

990

75

642

423

19

483

463

255

22478

18444

4033

mdash

8814

7731

246

186

650

7844

3456

2841

614

2750

382

1143

1224

mdash

315

303

mdash

273

26

04

1018

970

72

608

434

16

1074

1058

259

21357

17470

3886

mdash

8698

7702

246

183

566

7703

3305

2702

602

2812

392

1168

1251

mdash

313

300

mdash

269

25

05

971

995

62

517

540

54

1051

996

325

21168

17061

4107

mdash

8490

7523

238

184

544

7457

3016

2445

570

2882

384

1226

1271

mdash

310

293

mdash

263

24

05

954

1032

53

472

613

15

426

411

334

21268

16875

4393

mdash

8458

7508

230

185

534

7404

2945

2375

569

2910

366

1219

1324

mdash

308

282

mdash

254

22

05

957

1054

51

456

650

34

1090

1055

371

20980

16237

4743

mdash

8464

7509

228

177

548

7364

2868

2306

562

3005

369

1271

1364

mdash

246

297

20

251

21

05

945

1100

50

407

743

77

736

658

480

21021

15999

5022

mdash

8512

7565

225

177

544

7423

2761

2218

543

3200

348

1407

1444

mdash

247

287

19

244

20

02

925

1089

52

382

759

(189)

767

956

351

21518

16185

mdash

5333

8658

7658

225

182

591

7568

2725

2150

574

3379

343

1489

1545

mdash

246

281

18

237

19

06

935

1089

55

367

776

(18)

451

470

446

22229

16705

mdash

5524

8794

7817

222

196

557

7696

2699

2134

564

3388

344

1486

1558

mdash

246

286

18

243

20

03

1075

1098

62

360

799

(38)

409

448

451

22151

16543

mdash

5607

8750

7737

218

209

584

7729

2686

2123

562

3339

382

1358

1598

mdash

253

291

17

249

21

02

1159

1020

67

354

734

11

703

692

443

22869

17188

mdash

5681

8167

7200

201

211

554

7582

2652

2089

563

3186

335

1281

1569

mdash

250

293

15

253

21

03

1199

585

60

347

298

44

528

483

205

24057

18243

mdash

5813

8286

7280

195

218

592

7528

2353

2098

255

3334

337

1358

1638

mdash

251

298

15

258

21

03

1291

758

70

343

485

(04)

489

494

285

23817

17933

mdash

5883

8621

7587

195

232

605

7728

2379

2115

263

3395

362

1333

1699

mdash

236

309

15

264

21

07

1407

892

71

335

628

(17)

231

248

221

23333

17216

mdash

6116

8685

7691

191

236

565

7661

2333

2106

227

3427

371

1365

1691

mdash

234

317

16

271

21

07

1347

1023

64

311

775

01

399

397

419

23926

17531

mdash

6394

8736

7806

191

231

507

7718

2354

2137

217

3516

431

1390

1695

mdash

236

316

16

268

21

10

1293

1017

65

283

799

12

238

226

486

24444

18128

mdash

6315

8909

7970

184

236

517

7789

2330

2152

177

3690

453

1467

1769

mdash

187

320

15

273

21

09

1260

1120

65

264

921

(45)

606

651

473

16 18517

26593

18976

mdash

7617

9762

8678

178

284

621

8319

2214

2120

94

4076

440

1614

2021

mdash

302

357

43

283

22

07

1368

1443

62

219

1286

(92)

298

390

807

19

27823

19825

mdash

7997

9809

8734

176

293

604

8301

2158

2070

88

4166

452

1640

2073

mdash

272

360

43

286

23

07

1343

1507

75

217

1364

(206)

276

482

806

20

27939

19700

mdash

8239

9619

8568

171

300

577

8421

2146

2059

87

4243

454

1664

2124

mdash

284

364

39

292

24

07

1382

1197

75

203

1069

(11)

209

221

735

25989

18890

mdash

7099

9561

8496

180

272

611

8206

2233

2136

96

3943

405

1571

1966

mdash

302

349

42

276

22

08

1376

1354

61

231

1184

(165)

183

349

708

24998

18337

mdash

6660

9542

8500

183

260

598

8170

2333

2166

166

3924

441

1528

1954

mdash

269

319

26

263

21

08

1323

1372

63

268

1167

(155)

195

350

611

P19

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

F

Non-Consolidated Financial Data

Years ended March 31

88

89

90

Total Assets

14402

13376

12751

Total Liabilities

12832

11759

10876

Total Shareholdersrsquo Equity

1570

1616

1874

Total Net Assets

4

mdash

mdash

mdash

Operating Revenues

7631

8071

8343

Transportation

6910

7281

7488

Transportation incidentals

260

205

236

Other operations

44

120

107

Miscellaneous

417

463

510

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 20

Data

Transportation Revenues Years ended March 31

Railway

Shinkansen

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Other Lines

Subtotal

Total

Luggage and Ferry

Grand Total

Revenues from Shinkansen

Revenues from Kansai Urban Area

(Kyoto-Osaka-Kobe Area)

Revenues from Other Lines

Billions of yen

0

200

300

400

(Billions of yen)

Record high figures

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

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

10

2829

2839

848

1385

2233

269

1448

1718

1118

2833

3951

1128

5663

6791

08

6800

14

3197

3211

845

1465

2310

266

1485

1751

1111

2950

4061

1125

6147

7272

08

7281

3

18

3255

3274

898

1531

2430

276

1499

1775

1175

3030

4205

1194

6286

7480

08

7488

24

3508

3533

948

1679

2627

284

1565

1850

1233

3244

4477

1257

6753

8010

07

8018

32

3564

3597

986

1732

2718

287

1579

1867

1273

3312

4586

1306

6876

8183

07

8190

40

3535

3576

1039

1748

2787

303

1528

1832

1343

3276

4619

1384

6812

8196

07

8204

46

3576

3623

1057

1744

2801

311

1505

1816

1368

3249

4618

1415

6826

8241

07

8249

48

3030

3078

1063

1790

2853

308

1428

1736

1371

3218

4589

1420

6248

7668

06

7675

52

3270

3322

1123

2025

3148

304

1457

1761

1427

3482

4910

1480

6752

8233

06

8239

58

3444

3503

1133

2011

3144

304

1433

1737

1437

3444

4881

1496

6889

8385

06

8391

5

62

3398

3460

1149

2004

3153

299

1379

1679

1448

3384

4832

1510

6783

8293

06

8300

64

3202

3267

1147

1950

3098

294

1289

1584

1442

3240

4682

1506

6443

7950

05

7955

65

3064

3130

1140

1928

3069

291

1244

1535

1431

3172

4604

1496

6237

7734

05

7739

66

3064

3130

1140

1953

3093

287

1214

1501

1427

3168

4595

1493

6232

7726

05

7731

69

3074

3143

1141

1947

3089

281

1182

1464

1423

3130

4553

1492

6204

7697

05

7702

71

2989

3060

1134

1899

3033

278

1146

1425

1412

3046

4458

1483

6035

7518

05

7523

75

3006

3081

1137

1883

3020

277

1123

1400

1414

3006

4421

1489

6012

7502

05

7508

79

3054

3134

1143

1861

3004

276

1089

1365

1419

2950

4370

1498

6005

7504

04

7509

79

3158

3238

1134

1840

2975

274

1072

1347

1408

2913

4322

1488

6071

7560

04

7565

82

3204

3286

1153

1871

3024

273

1070

1343

1426

2941

4368

1508

6145

7654

04

7658

85

3350

3435

1158

1875

3033

274

1069

1344

1432

2945

4378

1517

6295

7813

04

7817

87

3303

3391

1159

1856

3015

275

1049

1325

1435

2906

4341

1522

6210

7732

04

7737

88

3035

3124

1138

1723

2861

270

943

1214

1408

2666

4075

1497

5702

7200

00

7200

89

3149

3239

1133

1710

2844

270

925

1196

1403

2636

4040

1493

5786

7280

00

7280

89

3425

3515

1134

1738

2873

270

928

1198

1404

2667

4072

1494

6092

7587

00

7587

90

3479

3570

1132

1757

2889

269

961

1230

1402

2718

4120

1493

6198

7691

00

7691

93

3551

3644

1138

1783

2921

271

967

1239

1410

2750

4161

1503

6302

7806

00

7806

8

93

3665

3759

1152

1810

2962

271

976

1248

1423

2787

4210

1516

6453

7970

00

7970

16 1817

107

4369

4477

1169

1920

3090

251

859

1110

1420

2779

4200

1528

7149

8678

00

8678

19

112

4458

4570

1166

1914

3081

246

835

1082

1413

2749

4163

1525

7208

8734

00

8734

20

102

114

4298

4412

1172

1902

3075

247

834

1081

1420

2736

4156

1534

7034

8568

00

8568

102

4243

4346

1164

1885

3050

251

849

1100

1415

2735

4150

1518

6978

8496

00

8496

101

4271

4372

1156

1865

3022

253

851

1105

1410

2717

4127

1511

6988

8500

00

8500

35033322

3078

3623357635973533

32743211

2839

3460

32673130 3130 3143

3060 30813134

3238 32863435 3391

32393124

31443148

2853280127872718

2627

24302310

2233

3153 3098 3069 3093 3089 3033 3020 3004 2975 3024 3033 301528442861

1737176117361816183218671850177517511718 1679

15841535 1501 1464 1425 1400 1365 1347 1343 1344 1325

1196

3515

2873

1198

3570

2889

1230

3644

2921

12391214

3759

2962

1248

15

3022

1105

16

4346 4570

4477

3050 30813090

1100 10821110

191817141312111009080706050403020100999897969594939291908988

4372

Consumption tax

Commuter

Other

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Total

20

4412

3075

1081

P20

1

2

3

4

5

6

7

8

9

10

11

12

13

14

A

B

C

D

E

F

G

Transportation Revenues

Years ended March 31

88

89

90

Shinkansen

Commuter

10

14

18

Other

2829

3197

3255

Total

2839

3211

3274

Conventional Lines

Commuter

848

845

898

Other

1385

1465

1531

Total

2233

2310

2430

Commuter

269

266

276

Other

1448

1485

1499

Total

1718

1751

1775

Railway

Kyoto-Osaka-Kobe

Area ldquoUrban

Networkrdquo

Other conventional

lines

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 21

Data

Transportation Data Years ended March 31

Passenger-Kilometers (Millions)1

Shinkansen Commuter

Other

Total

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Commuter

Other

Total

Other Lines Commuter

Other

Total

Subtotal Commuter

Other

Total

Total Commuter

Other

Total

Number of Railway Passengers (Millions)

Shinkansen

Conventional Lines

Total2

Train-Kilometers (Millions)3

Shinkansen

Conventional Lines

Total

Passenger Car-Kilometers (Millions)4

Shinkansen

Conventional Lines

Total

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

9992

71

13081

13152

12399

7934

20333

4222

8073

12295

16621

16007

32628

16693

29088

45781

100

14691

14792

12956

8340

21297

4373

7764

12137

17329

16105

33435

17430

30796

48227

137

14865

15002

13428

8412

21841

4423

7618

12041

17851

16031

33882

17988

30896

48884

193

15871

16064

14333

9225

23558

4613

7901

12514

18946

17127

36073

19139

32998

52137

268

16009

16277

15199

9537

24737

4715

7959

12674

19915

17497

37412

20183

33506

53690

333

15827

16160

16007

9730

25738

4777

7746

12523

20784

17476

38261

21118

33303

54422

385

15639

16025

16347

9694

26041

5026

7552

12579

21373

17247

38621

21759

32887

54646

392

12918

13310

16658

9836

26495

5061

7120

12181

21719

16956

38676

22112

29875

51987

423

14335

14758

17730

10820

28550

5002

7171

12174

22733

17991

40725

23157

32326

55484

475

14980

15455

17821

10715

28537

4964

7013

11978

22786

17729

40515

23261

32709

55971

493

14482

14976

17909

10526

28436

4789

6661

11450

22699

17187

39886

23193

31669

54863

513

13643

14156

18045

10391

28436

4732

6200

10932

22777

16591

39369

23290

30235

53526

513

13109

13623

17975

10331

28306

4654

6004

10658

22629

16335

38964

23143

29444

52588

521

13283

13805

17995

10335

28331

4578

5836

10414

22574

16171

38746

23095

29455

52551

540

13462

14002

18031

10426

28457

4485

5701

10186

22516

16128

38644

23056

29590

52647

554

13117

13672

17922

10160

28082

4410

5508

9919

22332

15669

38002

22887

28787

51674

587

13324

13911

18139

10197

28336

4425

5468

9893

22564

15666

38230

23151

28990

52142

620

13691

14312

18326

10110

28437

4430

5363

9794

22757

15474

38231

23377

29166

52544

630

14218

14848

18280

28272

4428

5278

9706

22708

15270

37979

23339

29488

52828

650

14514

15164

18536

10265

28801

4385

5327

9712

22922

15592

38514

23572

30106

53678

679

15252

15931

18659

10303

28962

4393

5296

9690

23052

15600

38653

23731

30853

54585

697

15189

15887

18648

10285

28933

4396

5225

9621

23044

15510

38555

23742

30700

54442

708

14109

14818

18391

9722

28114

4326

4752

9078

22718

14474

37192

23427

28583

52011

718

14828

15546

18352

9694

28047

4340

4680

9020

22692

14374

37067

23411

29203

52614

722

16155

16878

18440

9778

28218

4348

4672

9020

22788

14450

37239

23511

30605

54117

736

16434

17171

18398

10091

28490

4330

4778

9108

22728

14869

37598

23465

31304

54769

743

17366

18109

18356

10473

28830

4201

4937

9138

22557

15411

37969

23301

32777

56078

16

804

19644

20449

18714

10808

29522

4050

4319

8369

22764

15127

37891

23569

34771

58341

1817

846

20176

21022

18787

11084

29872

4043

4353

8397

22831

15437

38269

23677

35613

59291

815

19532

20348

18689

10903

29592

4033

4297

8330

22723

15200

37923

23539

34732

58271

762

16854

17617

18724

10288

29012

4433

4830

9264

23157

15119

38276

23920

31973

55894

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

54

1454

1496

23

127

150

295

743

1038

61

1520

1566

25

139

165

309

763

1073

62

1553

1600

28

151

179

336

795

1131

66

1641

1690

29

157

186

355

813

1168

68

1691

1742

30

154

184

363

808

1172

68

1728

1779

31

153

184

365

843

1209

67

1754

1805

32

154

186

386

826

1212

57

1762

1805

30

154

185

352

818

1170

63

1837

1884

32

157

190

381

852

1234

64

1839

1887

32

158

191

380

860

1240

62

1821

1867

33

163

196

385

884

1270

60

1798

1843

33

164

197

384

883

1267

58

1779

1823

33

164

198

383

874

1258

58

1769

1812

35

162

198

375

864

1239

58

1768

1811

36

164

201

384

861

1246

56

1730

1772

37

161

198

383

853

1236

57

1746

1789

36

163

199

380

859

1240

58

1744

1788

36

161

198

381

854

1235

60

1746

1792

37

159

196

395

846

1241

61

1757

1803

37

162

200

416

847

1264

63

1770

1818

38

162

201

428

852

1280

62

1778

1826

39

161

200

449

853

1303

58

1731

1776

39

158

198

461

843

1305

60

1732

1778

37

156

193

458

830

1288

64

1749

1798

39

150

190

487

833

1320

65

1763

1813

39

152

192

484

824

1308

67

1806

1858

39

151

191

487

820

1308

69

1784

1837

40

152

193

495

818

1313

16

83

1816

1880

44

145

189

549

788

1338

1817

85

1847

1913

45

141

187

556

793

1349

19

880

20457

21338

18766

11031

29797

3985

4257

8243

22751

15289

38040

23632

35746

59379

19

87

1845

1911

45

139

184

556

779

1335

20

892

19717

20610

18827

10866

29693

3967

4316

8284

22794

15183

37977

23687

34900

58588

20

82

1848

1911

45

143

189

560

803

1364

83

1826

1890

44

143

187

552

787

1339

1

2

3

4

Passenger-Kilometers the total of the number of passengers times the number of kilometers each traveled

Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger in the row marked ldquoTotalrdquo

Train-Kilometers the total distance traveled by all trains

Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled

P21

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

D

E

F

Transportation Data

Years ended March 31

Passenger-Kilometers

1

88

89

90

Commuter

71

100

137

Other

13081

14691

14865

Total

13152

14792

15002

Commuter

12399

12956

13428

Other

7934

8340

8412

Total

20333

21297

21841

Commuter

4222

4373

4423

Conventional Lines

Shinkansen

Kyoto-Osaka-

Kobe Area ldquoUrban

Networkrdquo

Other

conventional lines

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 22Fact Sheets 2020

Other

Outline of Governmentrsquos Regulations on Railway Fares and Charges

THE PRICE-CAP METHOD UNDER THE TOTAL-COST METHOD

bull Railway companies are required to obtain approval from the Minister of the Ministry of Land

Infrastructure Transport and Tourism (MLIT) prior to establishing or adjusting the upper limit on

basic railway fares or express charges for Shinkansen services

bull Prior notification is only required to be submitted to the Minister of the MLIT when newly establish-

ing or adjusting basic railway fares or express charges for Shinkansen services other express train

services or other train services if the amount of the fare or charge after its establishment or after its

adjustment is below the upper limit

bull Prior to giving approval for establishing or adjusting the upper limit on basic railway fares the

Minister of the MLIT must confirm that the new upper limit does not exceed ldquototal costrdquo which is

the sum of the proper operating costs incurred by the relevant railway companies if it were to carry

out efficient management and the proper profit calculated pursuant to specified methods

bull The calculation of total cost is as follows

Total cost = Operating costs etc + Operational return

Operating costs etc = Optimal cost calculated by ldquoYard-stick formulardquo + Taxes depreciation etc

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)

Taxes depreciation etc

Revenues

Increased revenues from revised fares

Revenues from current fares

Revenues from express charges

Transportation incidentals

Scope toincreaseprice cap

No scope toincreaseprice cap

Revenues from current fares

Revenues from express charges

Transportation incidentals

ProfitOperational

return

Total cost

WEST JAPAN RAILWAY COMPANY

4-24 Shibata 2-chome Kita-ku Osaka 530-8341 Japan

Cautionary Statement Regarding Forward-Looking Statements

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
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  • 05_jr_fact_2020e_200414
  • 06_jr_fact_2020e_210212
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  • 08_jr_fact_2020e_200414
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  • 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
Management Indicators Years ended March 31
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15 16 17 1810 19 20
Consolidated
Operating Income Ratio () 123 136 127 93 125 113 96 98 90 94 99 105 104 109 109 107 107 96 64 79 85 100 101 104 125 122 128 129 107
Recurring Profit Ratio () 66 55 53 22 52 51 39 43 40 47 59 68 71 79 82 82 84 74 40 57 64 81 85 90 112 112 118 120 98
Return on Operating Revenues () 35 30 28 08 23 29 16 (07) 21 26 38 36 39 48 38 45 45 43 21 29 23 46 49 49 59 63 74 67 59
Return on Total Assets (ROA) ()1 71 62 59 41 57 52 45 45 42 44 47 51 52 56 57 57 56 50 31 37 41 49 51 51 64 60 63 62 49
Return on Equity (ROE) ()2 164 130 113 29 94 115 61 (28) 76 81 110 98 102 118 85 97 93 84 37 52 42 83 86 84 102 100 113 98 81
Current Ratio () 574 634 691 697 549 585 485 474 494 530 425 413 371 431 384 428 382 409 521 538 441 477 553 690 651 645 753 748 618
Equity Ratio () 102 111 119 110 116 121 126 121 136 161 170 181 199 222 239 253 259 267 263 258 266 285 292 288 309 313 332 333 341
Debt-Equity Ratio (times)3 66 58 52 55 50 47 47 50 43 33 31 27 24 21 18 16 15 15 16 16 15 13 13 13 11 11 10 10 09
Interest-coverage Ratio (times) 19 16 16 13 18 18 16 17 16 18 22 25 28 31 34 36 39 36 22 29 33 43 48 54 75 79 92 99 83
EBITDA ( billions)4 mdash mdash mdash mdash 2695 2608 2442 2429 2304 2319 2328 2357 2423 2469 2471 2481 2654 2595 2184 2468 2791 2903 2885 2893 3381 3391 3561 3613 3322
Earnings (Net Income) per Share (EPS) () 18948 16454 15593 4102 13699 17819 9966 (4507) 12546 15481 22769 20740 23423 29463 23282 28415 28954 27729 12837 18066 15229 31087 33898 34458 44353 47152 57072 53331 46688
Book-value (Net Assets) per Share(BPS) ()5 121322 132724 143242 141496 149118 162133 165917 156309 174424 206823 205740 220285 239876 262233 282245 303906 322294 339113 345568 355712 363241 385082 404831 413865 453429 485750 527342 561263 584727
Dividend per Share () 5000 5000 5000 5000 5000 6000 5000 5000 5000 5000 5000 5000 6500 6000 6000 6000 6000 7000 7000 8000 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
Total Return Ratio()6 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 425 503
Dividend on Equity (DOE) ()7 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 22 20 19 21 20 23 25 29 29 31 31 30 32 32 32
Rate of total distribution on net assets ()8 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 29 31 31 30 32 42 41
Consolidated Non-Consolidated Ratio(Operating Revenues) (times) 118 118 118 125 mdash 126 130 133 135 136 137 137 144 144 146 146 147 146 146 146 149 150 152 152 152 151 154 156 157
ConsolidatedNon-Consolidated Ratio(Net Income) (times) 104 103 104 108 106 106 085 mdash 098 119 140 124 126 123 132 127 128 123 121 123 133 144 135 141 140 129 137 127 121
Non-Consolidated
Operating Income Ratio () 139 156 146 116 150 136 121 124 112 110 114 122 125 130 128 126 125 117 72 91 104 118 116 126 144 142 148 154 124
Recurring Profit Ratio () 72 60 58 23 59 59 51 56 48 49 62 72 77 88 89 90 91 84 36 59 73 89 92 103 122 124 132 139 111
Return on Operating Revenues () 40 35 32 09 28 35 25 (06) 29 29 37 39 44 57 41 52 51 51 25 34 26 48 56 53 64 74 83 82 77
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
Page 3: Fact Sheets 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)

Safety capexyen500 billion(-yen30 billion)

TransportationOperationsyen860 billion(-yen80 billion)

Retail business yen30 billion(+yen10 billion)

Real estate businessyen310 billion(+yen50 billion)

(Billions of yen)

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

bull Opening Completion planned for March 2024

bull Total floor space approx 227000 m2

bull Scale Above ground 39 floors below ground 3 floors

bull Uses Offices commercial facilities hotels theater etc

New ticket gates at Osaka Station

(announced December 2019)

(1) New ticket gates passageway located inside ticket gates

(3) New station building development

(2) Development under elevated tracks

Umekita (Osaka)underground station

(planned opening in spring 2023)

Development plan forthe area west ofOsaka Station

YodobashiCamera

Daimaru Umeda

LUCUA

LUCUA1100

North GateBuilding

HanshinDepartment store

HankyuDepartment

store

Hilton Osaka

Herbis Plaza ENT

OsakaStation Cityparking lot

promenade

Bus term

inalC

omm

ercial

facility zone

South GateBuilding

Hotel GranviaOsaka

Umekita Plaza

JR Osaka station

Um

eda subway station

Higashi-U

meda

subway station

Nishi-U

med

asub

way statio

n

Hanshin Osaka-Umeda statio

n

(4) Development of the area west of Osaka Station (Umeda 3-chome Project (provisional name))

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

Hyogo

Shiga

Kyoto

Osaka Wakayama Nara

Actual Projection Change

Japan Total Kansai Area TotalService Area Total

126285126285126285

127055127055127055

126231126231126231

128066128066128066

127444127444127444

125325

122544

119125

115216

110919

106421

848484878787909090939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

429864298642986

429664296642966

426654266542665

428274282742827

424214242142421

41736

40634

39328

37868

36296

34694

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

206002060020600

206642066420664

206322063220632

208632086320863

207222072220722

20400

19877

19235

18509

17735

16954

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

256325632563

256625662566

254725472547

257525752575

255525552555

257425742574

251025102510

243124312431

233923392339

223822382238

213721372137

848484888888929292959595989898101101101100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

133513351335

136513651365139113911391

142014201420142014201420

140914091409139513951395

137213721372

134113411341

130413041304

126312631263

898989929292949494979797989898999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

144914491449143014301430

140714071407138813881388

136313631363

1320

1265

1202

1136

1066

998

737373787878838383888888939393979797100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

108810881088106210621062

102610261026

994994994

965965965

921

876

829

782

734

688

717171767676818181868686919191959595100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

862986298629

866486648664

868286828682

886688668866884988498849

873287328732

852685268526

826282628262

796379637963

764976497649

733573357335

838383868686909090939393969696999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

553755375537

2000

557755775577

2005

558055805580

2010

562156215621

2015

557155715571

2018

543354335433

2020

530653065306

2025

513951395139

2030

494949494949

2035

474347434743

2040

453245324532

2045

818181858585898989929292959595989898100100100

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

Travel Time Fare (yen) Frequency

Shinkansen 3h 41m 22630 24

Airlines 3h 10m 30860 19 (6)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 2h 21m 15600 60

Airlines (Itami Airport) 2h 20m 25470 10

Airlines (Kansai Intl Airport) 3h 00m 25550 4 (3)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Aichi mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 3h 12m 18890 34

Airlines (Chubu Intl Airport) 2h 30m 29550 12 (9)

Airlines (Komaki Airport) 2h 20m 29110 5

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Kumamoto

Travel Time Fare (yen) Frequency

Shinkansen 2h 57m 19200 25

Airlines 3h 00m 27060 11 (2)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Komaki AirportKomaki AirportKomaki Airport

ShizuokaShizuokaAirportAirport

ShizuokaAirport

NagoyaNagoyaNagoya

Itami AirportItami AirportItami AirportKobeKobeKobeSuitaSuitaSuita

Shin-OsakaShin-OsakaShin-Osaka

Kansai AirportKansai AirportKansai Airport

KurashikiKurashikiKurashiki

HiroshimaHiroshimaHiroshima

International Airport

Kagoshima Airport

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

(893)Debut of Grand Hikari

874

143

0

100

200

150

100

50

78

838880853824813809785764757743714660638624667706723713658

779775768748729722714835 852817

15 16141312111009080706050403020100999897969594939291908988 0

100

75

50

25

856 868

1817 19

0

100

200

150

100

50

0

100

75

50

25

14 151312111009080706050403020100999897

627 623619625618606591576528521506483514

660702

744769773776

1413121110090807060504030201009998970

100

200

150

100

50298

365413406396383364340326320291293

376408425437440463

0

100

75

50

25

0

100

346

200

150

100

50

141312111009080706050403020100999897

490

557568566533

472421

359315290297275271258254

308329

0

100

75

50

25

15

281

15

505

1716

623 628

18

169

629

17 1816

515 487 510

17 18

289 263260

159

16

100

533

200

150

100

50

141312111009080706050403020100999897

596581565538516501488458451424387381412420446486513

0 0

100

75

50

25

15

592

0

100

200

150

100

50

141312111009080706050403020100999897

73768081696965586763605766687086103119

0

100

75

50

25

15

69

0

100 100

299

200

150

100

50

1413121110090814131211100908

275

15

281

279

353

134

1039392

616

15

598

592

563

369317304

0

100

75

50

25

17 1816

627

122

17 18

583

122

17 1816 16

284 235 251

17 1816

75 73 74

619 617608 603

134

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 9Fact Sheets 2020

Business

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

FIVE NEW SHINKANSEN LINES PROPOSED IN 1973 UNDER THE NATIONWIDE SHINKANSEN RAILWAY DEVELOPMENT LAW

Note Hakusan Car Maintenance Center is located from Kanazawa station to the west about 12 kilometers

In Operation

Planned New Shinkansen Line (Under construction)

Planned New Shinkansen Line (To be determined)

PLANNING OF NEW SHINKANSEN LINES As of March 31 2020

TRAVEL TIME AND MARKET SHARE

JR

Airlines3

Before opening1 After opening2

JR market share4

Before opening(FY2014)

After opening(FY2018)

Tokyo mdash

IshikawaAbout 3h 50m 2h 28m About 3h 00m 312

Tokyo mdash

ToyamaAbout 3h 10m 2h 08m About 2h 30m 552

690

866

1 Using the Joetsu Shinkansen and Hakutaka limited express train

2 Time required for fastest ldquoKagayakirdquo

3 Includes airport access and egress time

4 Source Statistical survey of Ministry of Land Infrastructure Transport and Tourism

Hokuriku Shinkansen

NaganondashHakusan Car Maintenance Center

Opened on March 14 2015

Hakusan Car Maintenance CenterndashTsuruga

Scheduled to be completed by end of FY20233

Line Lines in Operation Approved Zone for Construction Implementation Plan

Expense Burden

Tohoku (MoriokandashAomori)Morioka mdash Shin-Aomori (opened in December 2010 178km)

bull Central government (existing Shinkansen transfer revenues public utilities expenses)

bull Local governments (one-half of the central government)

bull JR (usage fees with the upper limit to be determined by the range of expected benefits)

Hokuriku (TokyondashOsaka)

Takasaki mdash Nagano (opened in October 1997 117km) Nagano mdash Kanazawa (opened in March 2015 228km)

Kanazawa mdash Tsuruga (125km)

Hokkaido (AomorindashSapporo)Shin-Aomori mdash Shin-Hakodate-Hokuto

(opened in March 2016 149km)

Shin-Hakodate-Hokuto mdash Sapporo

(211km)

Kyushu (FukuokandashKagoshima)Hakata mdash Kagoshima-Chuo (opened in March 2011 289km)

Kyushu (FukuokandashNagasaki) Takeo-Onsen mdash Nagasaki (66km)

Oshamanbe

Shin-Hakodate-Hokuto

Shin-Aomori

Hachinohe

Morioka

Akita

SendaiYamagata

Shinjo

Fukushima

Niigata

Takasaki

JoetsuMyoko

Nagano

OmiyaTokyo

ToyamaKanazawa

JR-WestJR-West

Hakusan CarMaintenance Center

Fukui

Nagoya

Tsuruga

Shin-Osaka Kyoto

Okayama

HiroshimaShin-Shimonoseki

Hakata

Shin-Tosu

Takeo-Onsen

Nagasaki

KumamotoShin-Yatsushiro

Kagoshima-Chuo

Isahaya

Sapporo

Shin-Otaru

451km

169km125km

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 10Fact Sheets 2020

Business

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

TRAFFIC VOLUME (Years ended March 31)

Ten million passenger-kilometers

5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note Figures in parentheses are indexed at the fiscal year ended March 1988 = 100

MAJOR LINES IN KYOTO-OSAKA-KOBE AREA

COMPARISON WITH 5 PRIVATE RAILWAYS IN KYOTO-OSAKA-KOBE AREA MARKET SHARE Traffic Volume Base (Years ended March 31)

Other Railways5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note 5 private railways in Kyoto-Osaka-Kobe area Hankyu Hanshin Keihan Kintetsu and Nankai

Hankyu

JR-West

Hanshin

OsakaOsakaOsaka

Kyoto

JR-NambaJR-NambaJR-Namba

Sannomiya

Takarazuka

Tennoji

Kansai-Airport

Wakayama

Osaka-UmedaOsaka-UmedaOsaka-Umeda

YodoyabashiYodoyabashi

NambaNamba

Osaka-NambaOsaka-NambaOsaka-Namba

Kobe-Sannomiya

Kobe-Sannomiya

Takarazuka

Wakayamashi

Osaka-Umeda

Kyoto

Kyoto-Kawaramachi

Nara

Kintetsu-Nara

Sanjo

Yodoyabashi

Namba

Keihan

Kintetsu

Nankai

Route Railway Company Distance

(km)

Normal Fare

(yen)

Train Pass Charges (Business Commuters) Travel Time

(min)Monthly Pass (yen) Six-month Pass (yen)

OsakandashKyoto JR-West 428 16840 28

Hankyu (Osaka-UmedandashKyoto-Kawaramachi) 477 42

Keihan (YodoyabashindashSanjo) 493 47

Osaka

ndashSannomiyaJR-West 306 21

Hankyu (Osaka-UmedandashKobe-Sannomiya) 323 27

Hanshin (Osaka-UmedandashKobe-Sannomiya) 312 31

Osaka

ndashTakarazukaJR-West 255 25

Hankyu (Osaka-UmedandashTakarazuka) 233 30

TennojindashNara JR-West 375 33

Kintetsu (Osaka-NambandashKintetsu-Nara) 328 36[35]1

Tennoji

ndashWakayamaJR-West 613 60[42]2

Nankai (NambandashWakayamashi) 642 58

Tennoji

ndashKansai-airport

JR-West 460 47[30]3

Nankai (NambandashKansai-Airport) 428 43[36]1

Note Travel time assumes the fastest possible method in the daytime on a weekday

1 [ ] denotes the travel time by Limited Express Express charge (yen520) is required

2 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1520) is required

3 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1190) is required

Source Annual Railway Statistical Bulletin

1500

4000

3500

3000

2500

2000

0

60

45

30

15

570

400

420

410

320

320

330

280

470

570

870

930

1080

930

15800

15620

12530

13080

13080

10230

11350

14520

19960

25930

26250

29630

32510

80780

85320

84350

60180

70640

70640

49100

61290

69690

107790

126720

141750

155380

175560

25742934

3369 33693435 3481 3439

3317

(100)3377

(102)3416

(103)

(96)

2819

(85)2893

(87)2946

(89)3010

(91)3314

(100)

3081

(93)3170

2893

(142)

2880

(142)

2827

(139)

2844

(140)2834

(139)2896

(142)

2811

(138)

2805

(138)

2822

(139)2849

(140)2901

(143)

2604

19872130

2033

(100)

2184

2356

24742808

(138)

2846

(140)

2833

(139)

2831

(139)

2855

(140)

2650

(130)

2854

(140)

2844

(140)

2844

(140) 2668

(81)2622

(79)2610

(79)2592

(78)

2608

(79)

2657

(80)

2883

(142)2952

(145)

2634

(80)

2704

(82)

2959

(146)

2715

(82)2684

(81)

2712

(82)

2718

(82)

2784

(84)2682

(81)

13 14 16 17

2987(147)

2738(83)

18151211100908070605040302010099989796959493929190898876

(100)

3311

143144147

103

145 146 147 146 147 145 149145

431436440461480484

535 524 518 506 499 488459

443449429

530

427424419413396

376369362

325 331 336 347 355 365

396 408402

148

413419419425 411 410 411 411 408 408 408 408

145145147149 145 144144143143 146 146 148 147 146 146 146

443437438432 443 444 441 441 445 446 446 446

408

147

445

408

148

445

13 14 16 17 18151211100908070605040302010099989796959493929190898876

407

148

445

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 11

Business

Railway-related projects in the Kansai Urban Area

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

Nara LineDouble trackII stageSpring 2023JR Soujiji

New stationOpened in March 2018

Yumeshima

CosmosquareCosmosquareCosmosquare

Universal-cityUniversal-cityUniversal-city

NakanoshimaNakanoshimaNakanoshima

Osaka

Keihan Nakanoshima Line

JR Osaka Loop Line

JR Yumesaki Line

Osaka Metro Chuo Line

N

SakurajimaSakurajimaSakurajima

Travel time from Osaka to Kansai Airport

Reference Location of Yumeshima

JR-Namba

Nishikujo

Sakurajima

Tennoji

Hineno

Kyuhoji

Nara

Kyobashi

HanatenOsaka

Kansai-airport

Transport accessunder consideration

Shin-Osaka

Kyoto

Shin-Kobe

Kobe

Amagasaki

Tokaido Shinkansen

Sanyo Shinkansen

Yumeshima(Candidate site for

World Expo 2025 andan integrated resort)

Naniwasuji Line(Planned forSpring 2031)

Access to Kansai Airport

Access to eastern partof Osaka and Nara

Access Method Travel Time

Current Kansai - Airport Rapid Service from Osaka

64 min1

After opening of underground station

ldquoHarukardquo from underground station 44 min2

1

2

March 2017 timetable basis

After opening of Naniwasuji Line

Timetable is under consideration

Relocate a portion of a branch line of the Tokaido Line

underground and Umekita (Osaka) Underground Station

(Planned for Spring 2023)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 12

461394 372

388

382

ndash13ndash16

0307 08

425

15141312111009

03

415

06

416

16

04

420

17

06

413

18

02

405

19

02

20

686 639

634

949 935

1608

ndash63

ndash40

02 03

ndash22

15141312111009

04

945782

16

791

ndash01

17

734

09

18

701

10

19

671

20

68 6982 87

7973

15141312111009

71

469 467 477543 550 535 506

93

16

578

96

17

605

87

18

596

96

19

615

20

30

20

31 33

39 39

15141312111009

28

1418

1317

1322 1334 1344 1351 1336

46

16

144951

17

1525

60

18

1617

49

19

1700

20

367418

277277277303303303 307307307 326326326 296296296

47

226

676767

31

225

676767

35

222

103103103

ndash29 ndash04

123123123

44

118118118

259 280277

15

251

156156156

53

327

224224224

969696 326326326

52

322

204204204

322322322

72

357

199199199

326326326

61

356

212212212

317317317

2153

711

132613261326

2019

709

119611961196

2013

757

121412141214

2335 2346

128412841284

2401

137113711371

935 909 1022

2201

872

174417441744

15141312111009

129912991299

330330330 335335335 348348348 350350350 360360360 357357357

2320

1088

181518151815

16

360360329329329

360

2339

1095

168816881688

17

355355355

2398

1396

170017001700

18

366366366

2455

1485

181318131813

19

376376376

20

Business

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

Transportation9334619

1651109

1836122

Other businesses

Real estate

2260150

Retail

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

Total

15082 billion

0

1000

2000

3000

4000

5000

6000

Billions of yen

0

10

20

30

40

50

60

minus15

0

15

30

45

60

ndash150

0

150

300

450

600

Billions of yen

Billions of yen Billions of yen

0

300

600

900

1200

1800

1500

0

10

20

30

40

60

50

Billions of yen Billions of yen

0

30

60

90

150

120

0

150

300

450

750

600

Billions of yen Billions of yen

1815 16

23202020 212121

15141312111009

15

344 330 324 321 334 348

272727

16

45

30

15

0

ndash15

450

300

150

0

ndash150

365365365

24

17

362362362

191919

18

356356356

101010

19

356356356

ndash12ndash12ndash12

20

373373373330330330

ndash60

ndash40

ndash20

0

20

40

ndash1500

ndash1000

ndash500

0

500

1000

Billions of yen Billions of yen Billions of yen

Billions

of yen

44 36

63

81

103

81

15141312111009

24222222222 227227227

264 376376376

0

200

150

100

50

1200

900

600

300

0

342342342 471471471347347347

125

16

492492492

lt195gtlt195gtlt195gt

116

17

472472472

lt161gtlt161gtlt161gt

173

18

781781781

lt350gtlt350gtlt350gt

182

19

849849849

lt394gtlt394gtlt394gt

198

20

102110211021

lt536gtlt536gtlt536gt

lt31gtlt31gtlt31gtlt25gtlt25gtlt25gtlt48gtlt48gtlt48gtlt107gtlt107gtlt107gtlt69gtlt69gtlt69gt

lt191gtlt191gtlt191gtlt58gtlt58gtlt58gt

ndash40

ndash30

ndash20

ndash10

0

10

20

ndash1000

ndash750

ndash500

ndash250

0

250

500

Billions of yen

Billions

of yen

15 16141312111009 17 18 19 20

2260

1651

183618361836

381381381

38

349

197197197

357357357

34

1542

75

611

02

632

42310

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 13

Eki Marcheacute details

Sales of Goods and Food ServicesBusiness Names of major stores No of stores

Sales of Goods Seven-Eleven

Eki Marcheacute

episode

Garland of Dew

DELI CAFE

ESTACIOacuteN CAFEacute

KARAFUNEYA COFFEE

Menya

Tabi Bento

Drip-X-Cafeacute

VIA INN

406

3

15

12

15

8

13

19

10

4

26

Seven-Eleven franchised stores

Commercial facilities inside stations

Variety and general goods stores inside stations

Selected accessory shops

Self-service cafeacutes

Full-service cafeacutes inside stations

Urban full-service cafeacutes

Fast food noodle shops

Shops specializing in train station boxed lunches

New type cafeacute located outside stations

Accommodation-oriented budget hotels

Food Services

Other

Overview

Department Store

Location of VIA INN

Major Store Opened Commercial floor space

JR Kyoto Isetan Sept 1997 Approx 44000 m2

Name Opened Floor space

Eki Marcheacute Takarazuka

Eki Marcheacute Osaka

Eki Marcheacute Shin-Osaka

Mar 2010

Oct 2012

Mar 2015

Approx 830 m2

Approx 4500 m2

Approx 1800 m2

Name Opened

15

16

17

18

19

20

21

22

23

24

25

26

27

Rooms

VIA INN Shinsaibashi Nagahoridori

VIA INN Asakusa2

VIA INN Hiroshima Kanayamacho2

VIA INN Abeno Tennoji

VIA INN Umeda

VIA INN SHIN-OSAKA SHOMENGUCHI

VIA INN NAGOYA EKIMAETSUBAKI-CHO

VIA INN Iidabashi Korakuen

VIA INN Kyoto Station Hachijoguchi

VIA INN Hakataguchi Ekimae

VIA INN Shinsaibashi Yotsubashi

VIA INN Nihonbashi Ningyocho

VIA INN Hiroshima Shinkansenguchi

June 2014

June 2014

June 2014

Apr 2017

Aug 2017

July 2018

Aug 2018

Sep 2018

Apr 2019

June 2019

July 2019

Aug 2019

June 20203

150

190

156

172

217

88

249

295

468

205

224

240

246

Name Opened

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Rooms

VIA INN Shimonoseki

VIA INN Shin-Osaka

VIA INN Shin-Osaka West

VIA INN Himeji

VIA INN Hiroshima 1

VIA INN Kyoto Shijo Muromachi

VIA INN Kanazawa

VIA INN Tokyo Oimachi

VIA INN Akihabara

VIA INN Shinsaibashi

VIA INN Shinjuku

VIA INN Higashi Ginza

VIA INN Okayama

VIA INN Nagoya Shinkansenguchi

Mar 1996

July 1998

Mar 2001

Oct 2002

Apr 2004

Apr 2007

June 2007

July 2009

Mar 2011

Apr 2011

Feb 2012

Mar 2012

Oct 2012

July 2013

195

226

433

211

256

239

206

509

283

205

226

297

251

2381 VIA INN Hiroshima closed in April 2020

2 Other Businesses segment

3 Not yet open as of March 31 2020

Business

Non-Transportation Operations (Retail Business) As of March 31 2020

Number of Seven-Eleven franchised stores

VIA INN details

1

24 17

5 27 13 4

3 220

1025

6

2314

21

18

7

8 12

1116

26

91519

22

0

200

400

600

70

193

335391365

FY20173 FY20193FY20183FY20163FY20153 FY20203

406

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 14

3279

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

83 86

130154

177 184218 221 225 230

295

FY20193

309

FY20203

313

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

2287 2285 2180 21762442 2469 2462 2459

3017 3146

FY20193

3358

FY20203

3100

Shopping Center Operations

Business

Non-Transportation Operations (Real Estate Business) As of March 31 2020

List of major SC

EST

Tennoji MIO

Wakayama MIO

KOSHIENGUCHI GREEN PLACE

MONTetMER

Liv

PLiCO ROKKOMICHI

piole AKASHI

Shopping Centers (No of facilities 43)

SC tenant revenues

Real Estate Lease and Sale

List of major facilities

Commercial facilities Office buildings

Facility name Date opened

Floor space

VIERRA Tsukaguchi

VIERRA Otsu

VIERRA Senrioka

VIERRA Kishibe Kento

VIERRA Meimai

VIERRA Kaitaichi

VIERRA Ibaraki

Apr 2016

Oct 2016

Apr 2018

Nov 2018

Nov 2018

Feb 2019

May 2019

5400 m2

2200 m2

2200 m2

27000 m2

10600 m2

5600 m2

11000 m2

Facility name Date opened

Floor space

Hiroshima Inarimachi NK Building

Shin-Osaka Station Front Chuo Building

North Gate Building (Office)

May 1970

Feb 1975

Jan 2001

July 2009

May 2011

June 2014

Dec 2019

17300 m2

31000 m2

8400 m2

13600 m2

21000 m2

9600 m2

6100 m2

Condominiums and detached houses

Major recent condominium properties

Property name Date of delivery

Total units

PROUD CITY TSUKAGUCHI MARK SKY

JGRAN L RITTO

Urban Shimamoto City

MAYA CITY STATION GATE

June 2017-

Mar 2018-

Dec 2018-

Feb 2019-

Sept 2019-

99

366

63

264

118

Property name Date of delivery

Total units

JGRANDIA HIYOSHI

CIELIA Suma Takatori

DIA MAISON DANBARA MID GRACE

JGRAN CITY TSUKAMOTO

Diaesta Mio Yuhigaoka

Nov 2019-

Jan 2020-

Feb 2020-

Mar 2020-

Mar 2020-

86

323

27

312

22

Development of station buildings and surrounding areas of stations

Leasing space

Number of condominiums completed (cumulative)

Note Does not take into account business shares in joint ventures

Note Includes other segments and unconsolidated SC

MARIER Toyama

Kanazawa Hyakubangai

Prism Fukui

Shopping Mall Kyoto Porta

SUITA GREEN PLACE

arde SHIN-OSAKA

LUCUA osaka

Kyoto Station Building Shop Street The CUBE

piole HIMEJI

Okayama Ichi Ban Gai

SUN STATION TERRACE OKAYAMA

SUN STATION TERRACE FUKUYAMA

SHAMINE MATSUE

SHAMINE TOTTORI

ekie

ripie SHIMONOSEKI

JR Kanazawa Station West Gate No1 NK Building

JR Kanazawa Station West Gate No3NK Building

Port Side Dia Building

JR Amagasaki Station North Gate NK Building

SC name Date opened

Floor space

Sept 1987

Mar 1991

Apr 2005

Oct 1952

Nov 1980

June 2016

Feb 1965

May 2011

8700 m2

18100 m2

2800 m2

5700 m2

10200 m2

7400 m2

5300 m2

53000 m2

SC name Date opened

Floor space

Nov 1981

Sept 1995

Mar 1968

Nov 2019

Oct 1980

Mar 1989

Nov 1996

Dec 1964

6600 m2

39000 m2

7600 m2

1500 m2

12300 m2

15100 m2

5100 m2

9300 m2

SC name Date opened

Floor space

Dec 2008

Aug 1974

Oct 2006

Nov 2007

Oct 1978

Oct 1979

Oct 2017

Mar 2014

24800 m2

8100 m2

10300 m2

12000 m2

4200 m2

3300 m2

11700 m2

2500 m2

Retail Business Segment

10000 sq m

350

300

250

200

150

100

50

0

JGRAN THE HONOR SHIMOGAMO TADASU NO MORI

0

700

1400

2100

Billions of yen

3500

2800

domiciles

0

10000

15000

5000

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173 FY20193 FY20203

2302 2783 2873 3092 3442 37744812 4979

6399

8390

11253

13463

9570

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 15Fact Sheets 2020

8730

1083

4455

8424

1583

4220

8105

2149

3966

7757

2149

3881

7426

2000

3252

6342

2150

3162

6001

2150

3010

5653

2100

2886

5284

2200

2657

4905

2200

2505

4550

2499

2460

4192

2799

2365

3852

2899

2591

3523

3849

2847

504 482 463 447 436410 402 386 381 374 365 357 350

319

3229

4449

3199

2971426814227

14221

13788

1267911654

1116110640

101429611

95109357 9343

10220

10879

2845

4549

3168

285

10563

2442

4499

2783

284

9725

2051

4599

3071

262

9722

15141312111009080706050403020100999897

1676

4799

3500

240

9977

16

225

1817

10461038

53495249

39183982

197 187

1031510270

19

1029

5699

3887

181

10616

1346

4949

3660

9956

2015141312111009080706050403020100999897

15391

504474 462 436 424 402 396 382 378 371 362 356 349

297319

1562915544

14989

13856

1257912007

1138510816

1024998679572 9532

11026

10389 1004298079830

10688

240

1817

10379

197 186

19

10640

181

263284286

16

10018

225

20

10322

170

851

484

1112

1371

718

1100

1190

547

1144

1378

596

1215

992

676

1333

970

515

1099

922

445

798

774

301

880

544

282

1127

468382

570

1102

940

388

1070

844

595

1044

1000

419

1018

718

500

971892

559

964

857

609

957

1023

467

945

928

568

925

1063

814

935

1172

998

1075

1596

772

1159

1284

1251

1291

2085

977

727

1347

1248

893 832

1293

1445

1407

1508

956

1199

1655

1050

1376

1598

18 19 2017141312111009080706050403020100999897969594939291908988

902

1260

1864

15

1260

1323

1987

16

1278

1368

1343

1909

1252

1514131211100908070605040302010099989796

1495

1539

1608

16931508

14191370

128011281119

1136

1153

1130

1151

1200

1226

1250

1261

1241

1219

2256

16

1566

2331

1817

16271635

1924

1694

19

2453

1667

1529

1954

2600

2101

1639

1879

1449

1253

1131

1208

1054

8838631006968

1550

2031

1715

20

Data

Uses of Cash Flows

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)

Billions of yen

2000

1500

1000

500

0

6

3

0

Results for acquisition of own shares

Oct-Nov 2007

Aug-Sep 2008

Dec 2008-Jan 2009

Nov 2012 Nov 2013 Jun-Jul 2018

Aug 2018Time period

Purchase amount

Shares bought

Shares retired

yen99bn

1743400

mdash

yen99bn

1991300

mdash

yen99bn

2530600

mdash

mdash

mdash

1743400

mdash

mdash

4521600

yen99bn

1253600

mdash

mdash

mdash

1253600

May-Jul 2019

Aug 2019

yen99bn

1146900

mdash

mdash

mdash

1146900

Billions of yen

0

500

1000

1500

2000

2500

3000

Billions of yen Yen

0

6

3

0

2000

1500

1000

500

Billions of yen

2500

2000

1500

1000

500

0

2545

1161

1382

1762

1413121110090807060504030201009998979695949392

339354

591

443

545

252207

211

258

204

278

241220323

399502

337365

1219

321304

264

16

304

135

1817

297

280

140

160

19

328

175

115110

90

80

7070

6060606065

505050505050

60

5050505050

0

20

40

60

80

100

120

160

140

200

180

160

140

120

100

80

60

40

20

0 15

363

125

20

391

1825

10189

179

1019

5449

3707

179

10176

1631

1704

P15

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Uses of Cash Flows

Capital Expenditures (Own Funds)

Years ended March 31

Consolidated

96

97

98

1715

2031

1550

1219

1241

1261

Non-Consolidated

88

89

90

382

468

544

170

282

301

Safety-related

Capital Expenditures

Depreciation and Amortization

Capital Expenditures

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 16

3580

2460

71980

123390

215740 19

5240

102740

41000

2670

225930

14492943

24439

48323

18551

25380

940

62027150

3580

33506 3211729875 28688 27581 26525 25830 25465 25466 25824 26443 26705

4779445995

4339445250 44080 43118 43093 43354 44021 45240 46104 45703

26778

45402

26889

45326

27300 26886

4600647565

15

26555

47456

16

2582125291

4738247869

18 19

24866

47842

17141312111009080706050403020100 20

800

17

820

1918

12050

160

290 300

440 470 490 480

700 710 680600 600

670760 770 760

113011601220

1310

1140

151413121110090807060504030201009998979695949392919089

730

870

20 21

770

9509701040

16

5133051540 50900

48630

48410

48190

48000

47980

47800

47260

46390

4501042570

40790

3926036490

34560

32850

31210

30350

29620

29610

29870 29900

29950

29850

29590

30230

30170

15

29150 27830

18 191714

29680 28380

16131211100908070605040302010099989796959493929190898887

160 220 300 230150 330280 450370 1320

2710

20

7901920

Data

Employees (Consolidated Non-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)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 17

Data

Management Indicators Years ended March 31

Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

Return on Total Assets (ROA) ()1

Return on Equity (ROE) ()2

Current Ratio ()

Equity Ratio ()

Debt-Equity Ratio (times)3

Interest-coverage Ratio (times)

EBITDA (yen billions)4

Earnings (Net Income) per Share (EPS) (yen)

Book-value (Net Assets) per Share (BPS) (yen)5

Dividend per Share (yen)

Payout Ratio ()

Dividend on Equity (DOE) ()7

Rate of total distribution on net assets ()8

ConsolidatedNon-Consolidated Ratio(Operating Revenues) (times)

ConsolidatedNon-Consolidated Ratio(Net Income) (times)

Non-Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

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

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15

123

66

35

71

164

574

102

66

19

mdash

18948

121322

5000

264

mdash

mdash

118

104

139

72

40

136

55

30

62

130

634

111

58

16

mdash

16454

132724

5000

304

mdash

mdash

118

103

156

60

35

127

53

28

59

113

691

119

52

16

mdash

15593

143242

5000

321

mdash

mdash

118

104

146

58

32

93

22

08

41

29

697

110

55

13

mdash

4102

141496

5000

1219

mdash

mdash

125

108

116

23

09

125

52

23

57

94

549

116

50

18

2695

13699

149118

5000

365

mdash

mdash

126

106

150

59

28

113

51

29

52

115

585

121

47

18

2608

17819

162133

6000

337

mdash

mdash

126

106

136

59

35

96

39

16

45

61

485

126

47

16

2442

9966

165917

5000

502

mdash

mdash

130

085

121

51

25

98

43

(07)

45

(28)

474

121

50

17

2429

(4507)

156309

5000

mdash

mdash

mdash

133

mdash

124

56

(06)

90

40

21

42

76

494

136

43

16

2304

12546

174424

5000

399

mdash

mdash

135

098

112

48

29

94

47

26

44

81

530

161

33

18

2319

15481

206823

5000

323

mdash

mdash

136

119

110

49

29

99

59

38

47

110

425

170

31

22

2328

22769

205740

5000

220

mdash

mdash

137

140

114

62

37

105

68

36

51

98

413

181

27

25

2357

20740

220285

5000

241

mdash

mdash

137

124

122

72

39

104

71

39

52

102

371

199

24

28

2423

23423

239876

6500

278

mdash

mdash

144

126

125

77

44

109

79

48

56

118

431

222

21

31

2469

29463

262233

6000

204

mdash

mdash

144

123

130

88

57

109

82

38

57

85

384

239

18

34

2471

23282

282245

6000

258

22

mdash

146

132

128

89

41

107

82

45

57

97

428

253

16

36

2481

28415

303906

6000

211

20

mdash

146

127

126

90

52

107

84

45

56

93

382

259

15

39

2654

28954

322294

6000

207

19

mdash

147

128

125

91

51

96

74

43

50

84

409

267

15

36

2595

27729

339113

7000

252

21

mdash

146

123

117

84

51

64

40

21

31

37

521

263

16

22

2184

12837

345568

7000

545

20

mdash

146

121

72

36

25

79

57

29

37

52

538

258

16

29

2468

18066

355712

8000

443

23

mdash

146

123

91

59

34

85

64

23

41

42

441

266

15

33

2791

15229

363241

90

591

25

mdash

149

133

104

73

26

100

81

46

49

83

477

285

13

43

2903

31087

385082

110

354

29

mdash

150

144

118

89

48

101

85

49

51

86

553

292

13

48

2885

33898

404831

115

339

29

29

152

135

116

92

56

Total Return Ratio ()6 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash

104

90

49

51

84

690

288

13

54

2893

34458

413865

125

363

31

mdash

31

152

141

126

103

53

1716 1810

128

118

74

63

113

753

332

10

92

3561

57072

527342

160

280

mdash

32

32

154

137

148

132

83

19

129

120

67

62

98

748

333

10

99

3613

53331

561263

175

328

425

32

42

156

127

154

139

82

20

107

98

59

49

81

618

341

09

83

3322

46688

584727

1825

391

503

32

41

157

121

124

111

77

122

112

63

60

100

645

313

11

79

3391

47152

485750

140

297

mdash

30

30

151

129

142

124

74

125

112

59

64

102

651

309

11

75

3381

44353

453429

135

304

mdash

31

31

152

140

144

122

64

P17

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

Management Indicators

Years ended March 31

92

93

Consolidated

Operating Income Ratio ()

123

136

Recurring Profit Ratio ()

66

55

Return on Operating Revenues ()

35

30

Return on Total Assets (ROA) ()

1

71

62

Return on Equity (ROE) ()

2

164

130

Current Ratio ()

574

634

Equity Ratio ()

102

111

Debt-Equity Ratio (times)

3

66

58

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 18

Data

Consolidated Financial Data Years ended March 31

Total Assets

Total Liabilities

Total Shareholdersrsquo Equity

Non-Controlling Interests5

Net Assets6

Transportation

Retail

Sales of goods

Real estate

Other businesses

Operating Income

Transportation

Retail

Sales of goods

Real estate

Other businesses

Elimination and intergroup

Non-operating revenues

Non-operating expenses

Balance of financial expenses

Interest and dividend income

Interest expenses

Recurring Profit

Extraordinary profit (loss)

Extraordinary profit

Extraordinary loss

Cash Flows From Investing Activities

Free Cash Flows

Cash Flows From Financing Activities

Net increase (decrease) in cash equivalents

(Billions of yen)

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

92 93 94 951 96 98297 993 00 014 02 03 04 05 06 07 08 09 10 11 12 13 14 15

23719

21292

2426

[49]

mdash

10785

9013

mdash

1212

mdash

560

1326

1216

mdash

14

mdash

92

03

132

741

mdash

mdash

mdash

717

05

158

152

378

mdash

mdash

mdash

mdash

mdash

23845

21191

2654

[57]

mdash

10875

9044

mdash

1241

mdash

589

1479

1372

mdash

06

mdash

98

01

138

1017

mdash

mdash

mdash

600

07

304

297

329

mdash

mdash

mdash

mdash

mdash

24065

21200

2864

[57]

mdash

11094

9130

mdash

1253

mdash

710

1406

1289

mdash

08

mdash

108

(00)

158

975

mdash

mdash

mdash

589

10

297

287

311

mdash

mdash

mdash

mdash

mdash

25775

22945

2829

[139]

mdash

10928

8457

mdash

1318

mdash

1152

1019

923

mdash

(02)

mdash

106

(08)

137

914

mdash

mdash

mdash

242

(135)

450

586

82

mdash

mdash

mdash

mdash

mdash

25769

22787

2982

[149]

mdash

11793

9155

mdash

1375

375

887

1476

1299

mdash

07

89

77

01

122

983

(818)

25

843

615

02

630

628

273

mdash

mdash

mdash

mdash

mdash

26700

23458

3242

[156]

mdash

12092

9349

mdash

1355

405

982

1366

1202

mdash

03

87

86

(12)

109

859

(748)

16

765

616

29

459

430

356

mdash

mdash

mdash

mdash

mdash

26323

23004

3318

[134]

mdash

12291

9213

mdash

1627

416

1033

1181

1048

mdash

00

85

58

(10)

85

785

(717)

17

735

480

(07)

549

557

199

mdash

mdash

mdash

mdash

mdash

25741

22480

3126

135

mdash

12050

8893

mdash

1742

394

1020

1179

1016

mdash

04

104

65

(12)

91

753

(704)

15

720

517

(511)

447

959

(90)

mdash

mdash

mdash

mdash

mdash

25610

21970

3488

152

mdash

11910

8655

mdash

1746

489

1018

1077

867

mdash

20

133

64

(08)

99

700

(669)

10

680

476

(34)

518

553

250

1547

(992)

555

(665)

(80)

25763

21465

4136

161

mdash

11955

8632

1922

mdash

568

831

1118

866

38

mdash

133

81

(00)

93

651

(618)

13

631

560

(08)

1091

1099

309

1387

94

1481

(1332)

148

24167

19864

4114

188

mdash

11906

8521

1952

mdash

576

854

1176

884

47

mdash

153

98

(07)

82

558

(538)

05

543

700

132

1092

960

455

995

177

1173

(1671)

(497)

24327

19708

4405

213

mdash

11655

8315

1930

mdash

572

837

1226

932

43

mdash

161

94

(05)

63

502

(488)

02

491

787

(11)

445

456

416

1302

(633)

668

(715)

(47)

24103

19069

4797

235

mdash

12157

8276

1968

mdash

579

1332

1269

944

56

mdash

180

96

(08)

73

484

(453)

03

457

858

28

1109

1080

470

1402

(916)

485

(679)

(186)

23643

18144

5243

254

mdash

12208

8294

1966

mdash

588

1358

1331

993

52

mdash

189

101

(06)

62

434

(423)

03

426

959

94

792

697

589

1429

(849)

580

(664)

(84)

23559

17639

5642

277

mdash

12400

8345

2039

mdash

628

1387

1352

980

59

mdash

205

114

(07)

74

405

(394)

03

397

1021

(222)

785

1008

465

1640

(1017)

623

(693)

(68)

24016

17638

mdash

[303]

6378

12629

8485

2081

mdash

627

1434

1353

972

50

mdash

212

125

(07)

71

383

(369)

03

372

1041

(32)

473

506

567

1886

(1317)

568

(546)

21

24628

17919

mdash

[321]

6708

12901

8612

2128

mdash

767

1393

1374

974

52

mdash

246

110

(10)

79

364

(349)

04

354

1088

(72)

446

519

577

2221

(1792)

429

(558)

(129)

24618

17722

mdash

[329]

6896

12753

8561

2153

mdash

711

1326

1225

891

47

mdash

226

67

(07)

82

358

(340)

05

345

948

(01)

726

728

545

1788

(1726)

61

(101)

(34)

25463

18442

mdash

[329]

7021

11901

7974

2019

mdash

709

1196

765

452

31

mdash

225

67

(10)

76

360

(336)

06

343

481

(44)

544

588

248

1613

(2087)

(474)

546

99

26724

19511

mdash

[324]

7212

12135

8064

2013

mdash

757

1299

959

611

35

mdash

222

96

(06)

94

365

(333)

04

337

689

(79)

511

590

349

2232

(2462)

(230)

514

284

26429

19094

mdash

[301]

7335

12876

8390

2335

mdash

935

1214

1097

767

(29)

mdash

259

103

(03)

79

352

(324)

04

329

824

(22)

276

298

294

2062

(1991)

70

(368)

(291)

26137

18455

mdash

[224]

7681

12989

8449

2346

mdash

909

1284

1294

901

(04)

mdash

280

123

(04)

68

316

(300)

03

304

1046

(49)

415

465

601

2380

(1547)

832

(852)

(19)

26878

18805

mdash

[234]

8073

13310

8513

2401

mdash

1022

1371

1345

910

44

mdash

277

118

(05)

77

294

(275)

05

280

1129

(12)

263

276

656

2377

(1653)

723

(478)

245

27864

19397

mdash

[454]

8467

13503

8684

2201

mdash

872

1744

1397

1006

15

mdash

251

156

(33)

90

268

(249)

09

258

1219

07

695

687

667

2236

(2129)

107

16

123

16 17 187

30718

19555

mdash

[953]

11163

15004

9508

2398

mdash

1396

1700

1913

1303

72

mdash

357

199

(20)

90

226

(202)

07

209

1777

(71)

328

399

1104

2751

(1663)

1087

(714)

381

19

32375

20577

mdash

[1002]

11798

15293

9539

2455

mdash

1485

1813

1969

1362

61

mdash

356

212

(24)

94

230

(188)

11

200

1833

(261)

290

552

1027

2897

(2474)

423

(71)

351

20

32752

20521

mdash

[1050]

12231

15082

9334

2260

mdash

1651

1836

1606

1053

38

mdash

349

197

(31)

88

211

(182)

12

194

1483

(76)

230

307

893

2401

(2686)

(285)

(291)

(576)

30078

19752

mdash

[921]

10326

14414

9291

2339

mdash

1095

1688

1763

1217

52

mdash

322

204

(33)

80

237

(216)

06

223

1607

(230)

196

426

912

2341

(2958)

(616)

443

(173)

28431

19168

mdash

[485]

9263

14513

9287

2320

mdash

1088

1815

1815

1251

53

mdash

327

224

(41)

78

271

(233)

07

241

1622

(171)

215

386

858

2598

(2332)

266

(313)

(46)

Operating Revenues (Revenues from third parties)

Profit attributable to owners of parent

Cash Flows From Operating Activities

P18

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Consolidated Financial Data

Years ended March 31

92

93

Total Assets

23719

23845

Total Liabilities

21292

21191

Total Shareholdersrsquo Equity

2426

2654

Non-Controlling Interests

5

[49]

[57]

Net Assets

6

mdash

mdash

10785

10875

Transportation

9013

9044

Sales of goods and food services

mdash

mdash

Sales of goods

1212

1241

Operating Revenues (Revenues from

third parties)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 19

Data

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

(Billions of yen)

88 89 90 91 92 93 94 96 97 98 00 01 02 03 04951 992 053 06 07 08 09 10 11 12 13 14 15

14402

12832

1570

mdash

7631

6910

260

44

417

6923

2682

2561

120

2299

394

879

1025

943

55

91

16

18

04

52

851

708

89

717

80

11

83

71

20

13376

11759

1616

mdash

8071

7281

205

120

463

7277

2654

2487

167

2386

384

995

1006

943

56

109

31

19

04

53

1127

793

142

762

172

09

105

96

46

12751

10876

1874

mdash

8343

7488

236

107

510

7433

3006

2521

484

2598

404

1118

1076

740

58

149

41

93

10

03

880

909

100

607

402

19

182

163

257

13142

10969

2172

mdash

8923

8018

250

122

531

7698

2892

2676

215

3011

431

1399

1179

740

58

197

82

99

11

04

798

1224

129

479

875

(269)

192

462

298

22971

20584

2386

mdash

9172

8190

261

149

570

7894

3034

2821

212

3119

434

1432

1252

366

58

216

78

121

12

03

1099

1278

114

732

661

06

157

151

364

23065

20460

2604

mdash

9225

8204

268

160

592

7782

3183

2889

294

2947

436

1274

1236

mdash

58

258

67

154

14

21

1333

1443

124

1009

557

11

298

286

319

23279

20477

2801

mdash

9376

8249

262

228

636

8010

3298

3012

286

3172

438

1364

1369

mdash

59

264

72

158

15

18

1215

1365

148

967

547

11

296

284

298

23551

20775

2775

mdash

8741

7675

261

182

621

7730

3344

3047

297

2955

414

1248

1292

mdash

79

206

02

168

16

18

1144

1011

117

924

204

(115)

398

513

75

22979

20046

2932

mdash

9362

8239

255

185

681

7959

3418

3073

345

3057

433

1284

1340

mdash

90

291

85

174

17

14

1100

1403

106

954

556

04

620

616

258

23334

20167

3166

mdash

9560

8391

269

181

717

8259

3509

3060

448

3265

424

1467

1373

mdash

100

271

65

176

18

11

1112

1300

89

830

560

26

441

414

335

22772

19493

3278

mdash

9460

8300

273

213

671

8311

3585

3078

507

3012

438

1209

1365

mdash

230

380

65

267

26

19

1102

1148

71

736

483

05

499

494

234

22420

19299

3120

mdash

9094

7955

271

205

662

7967

3578

2974

603

2777

405

1080

1292

mdash

228

313

mdash

277

27

07

1070

1127

72

694

505

(505)

431

936

(56)

22326

18859

3466

mdash

8851

7739

261

199

650

7860

3501

2850

650

2765

393

1123

1249

mdash

238

310

mdash

277

27

05

1044

990

75

642

423

19

483

463

255

22478

18444

4033

mdash

8814

7731

246

186

650

7844

3456

2841

614

2750

382

1143

1224

mdash

315

303

mdash

273

26

04

1018

970

72

608

434

16

1074

1058

259

21357

17470

3886

mdash

8698

7702

246

183

566

7703

3305

2702

602

2812

392

1168

1251

mdash

313

300

mdash

269

25

05

971

995

62

517

540

54

1051

996

325

21168

17061

4107

mdash

8490

7523

238

184

544

7457

3016

2445

570

2882

384

1226

1271

mdash

310

293

mdash

263

24

05

954

1032

53

472

613

15

426

411

334

21268

16875

4393

mdash

8458

7508

230

185

534

7404

2945

2375

569

2910

366

1219

1324

mdash

308

282

mdash

254

22

05

957

1054

51

456

650

34

1090

1055

371

20980

16237

4743

mdash

8464

7509

228

177

548

7364

2868

2306

562

3005

369

1271

1364

mdash

246

297

20

251

21

05

945

1100

50

407

743

77

736

658

480

21021

15999

5022

mdash

8512

7565

225

177

544

7423

2761

2218

543

3200

348

1407

1444

mdash

247

287

19

244

20

02

925

1089

52

382

759

(189)

767

956

351

21518

16185

mdash

5333

8658

7658

225

182

591

7568

2725

2150

574

3379

343

1489

1545

mdash

246

281

18

237

19

06

935

1089

55

367

776

(18)

451

470

446

22229

16705

mdash

5524

8794

7817

222

196

557

7696

2699

2134

564

3388

344

1486

1558

mdash

246

286

18

243

20

03

1075

1098

62

360

799

(38)

409

448

451

22151

16543

mdash

5607

8750

7737

218

209

584

7729

2686

2123

562

3339

382

1358

1598

mdash

253

291

17

249

21

02

1159

1020

67

354

734

11

703

692

443

22869

17188

mdash

5681

8167

7200

201

211

554

7582

2652

2089

563

3186

335

1281

1569

mdash

250

293

15

253

21

03

1199

585

60

347

298

44

528

483

205

24057

18243

mdash

5813

8286

7280

195

218

592

7528

2353

2098

255

3334

337

1358

1638

mdash

251

298

15

258

21

03

1291

758

70

343

485

(04)

489

494

285

23817

17933

mdash

5883

8621

7587

195

232

605

7728

2379

2115

263

3395

362

1333

1699

mdash

236

309

15

264

21

07

1407

892

71

335

628

(17)

231

248

221

23333

17216

mdash

6116

8685

7691

191

236

565

7661

2333

2106

227

3427

371

1365

1691

mdash

234

317

16

271

21

07

1347

1023

64

311

775

01

399

397

419

23926

17531

mdash

6394

8736

7806

191

231

507

7718

2354

2137

217

3516

431

1390

1695

mdash

236

316

16

268

21

10

1293

1017

65

283

799

12

238

226

486

24444

18128

mdash

6315

8909

7970

184

236

517

7789

2330

2152

177

3690

453

1467

1769

mdash

187

320

15

273

21

09

1260

1120

65

264

921

(45)

606

651

473

16 18517

26593

18976

mdash

7617

9762

8678

178

284

621

8319

2214

2120

94

4076

440

1614

2021

mdash

302

357

43

283

22

07

1368

1443

62

219

1286

(92)

298

390

807

19

27823

19825

mdash

7997

9809

8734

176

293

604

8301

2158

2070

88

4166

452

1640

2073

mdash

272

360

43

286

23

07

1343

1507

75

217

1364

(206)

276

482

806

20

27939

19700

mdash

8239

9619

8568

171

300

577

8421

2146

2059

87

4243

454

1664

2124

mdash

284

364

39

292

24

07

1382

1197

75

203

1069

(11)

209

221

735

25989

18890

mdash

7099

9561

8496

180

272

611

8206

2233

2136

96

3943

405

1571

1966

mdash

302

349

42

276

22

08

1376

1354

61

231

1184

(165)

183

349

708

24998

18337

mdash

6660

9542

8500

183

260

598

8170

2333

2166

166

3924

441

1528

1954

mdash

269

319

26

263

21

08

1323

1372

63

268

1167

(155)

195

350

611

P19

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

F

Non-Consolidated Financial Data

Years ended March 31

88

89

90

Total Assets

14402

13376

12751

Total Liabilities

12832

11759

10876

Total Shareholdersrsquo Equity

1570

1616

1874

Total Net Assets

4

mdash

mdash

mdash

Operating Revenues

7631

8071

8343

Transportation

6910

7281

7488

Transportation incidentals

260

205

236

Other operations

44

120

107

Miscellaneous

417

463

510

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 20

Data

Transportation Revenues Years ended March 31

Railway

Shinkansen

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Other Lines

Subtotal

Total

Luggage and Ferry

Grand Total

Revenues from Shinkansen

Revenues from Kansai Urban Area

(Kyoto-Osaka-Kobe Area)

Revenues from Other Lines

Billions of yen

0

200

300

400

(Billions of yen)

Record high figures

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

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

10

2829

2839

848

1385

2233

269

1448

1718

1118

2833

3951

1128

5663

6791

08

6800

14

3197

3211

845

1465

2310

266

1485

1751

1111

2950

4061

1125

6147

7272

08

7281

3

18

3255

3274

898

1531

2430

276

1499

1775

1175

3030

4205

1194

6286

7480

08

7488

24

3508

3533

948

1679

2627

284

1565

1850

1233

3244

4477

1257

6753

8010

07

8018

32

3564

3597

986

1732

2718

287

1579

1867

1273

3312

4586

1306

6876

8183

07

8190

40

3535

3576

1039

1748

2787

303

1528

1832

1343

3276

4619

1384

6812

8196

07

8204

46

3576

3623

1057

1744

2801

311

1505

1816

1368

3249

4618

1415

6826

8241

07

8249

48

3030

3078

1063

1790

2853

308

1428

1736

1371

3218

4589

1420

6248

7668

06

7675

52

3270

3322

1123

2025

3148

304

1457

1761

1427

3482

4910

1480

6752

8233

06

8239

58

3444

3503

1133

2011

3144

304

1433

1737

1437

3444

4881

1496

6889

8385

06

8391

5

62

3398

3460

1149

2004

3153

299

1379

1679

1448

3384

4832

1510

6783

8293

06

8300

64

3202

3267

1147

1950

3098

294

1289

1584

1442

3240

4682

1506

6443

7950

05

7955

65

3064

3130

1140

1928

3069

291

1244

1535

1431

3172

4604

1496

6237

7734

05

7739

66

3064

3130

1140

1953

3093

287

1214

1501

1427

3168

4595

1493

6232

7726

05

7731

69

3074

3143

1141

1947

3089

281

1182

1464

1423

3130

4553

1492

6204

7697

05

7702

71

2989

3060

1134

1899

3033

278

1146

1425

1412

3046

4458

1483

6035

7518

05

7523

75

3006

3081

1137

1883

3020

277

1123

1400

1414

3006

4421

1489

6012

7502

05

7508

79

3054

3134

1143

1861

3004

276

1089

1365

1419

2950

4370

1498

6005

7504

04

7509

79

3158

3238

1134

1840

2975

274

1072

1347

1408

2913

4322

1488

6071

7560

04

7565

82

3204

3286

1153

1871

3024

273

1070

1343

1426

2941

4368

1508

6145

7654

04

7658

85

3350

3435

1158

1875

3033

274

1069

1344

1432

2945

4378

1517

6295

7813

04

7817

87

3303

3391

1159

1856

3015

275

1049

1325

1435

2906

4341

1522

6210

7732

04

7737

88

3035

3124

1138

1723

2861

270

943

1214

1408

2666

4075

1497

5702

7200

00

7200

89

3149

3239

1133

1710

2844

270

925

1196

1403

2636

4040

1493

5786

7280

00

7280

89

3425

3515

1134

1738

2873

270

928

1198

1404

2667

4072

1494

6092

7587

00

7587

90

3479

3570

1132

1757

2889

269

961

1230

1402

2718

4120

1493

6198

7691

00

7691

93

3551

3644

1138

1783

2921

271

967

1239

1410

2750

4161

1503

6302

7806

00

7806

8

93

3665

3759

1152

1810

2962

271

976

1248

1423

2787

4210

1516

6453

7970

00

7970

16 1817

107

4369

4477

1169

1920

3090

251

859

1110

1420

2779

4200

1528

7149

8678

00

8678

19

112

4458

4570

1166

1914

3081

246

835

1082

1413

2749

4163

1525

7208

8734

00

8734

20

102

114

4298

4412

1172

1902

3075

247

834

1081

1420

2736

4156

1534

7034

8568

00

8568

102

4243

4346

1164

1885

3050

251

849

1100

1415

2735

4150

1518

6978

8496

00

8496

101

4271

4372

1156

1865

3022

253

851

1105

1410

2717

4127

1511

6988

8500

00

8500

35033322

3078

3623357635973533

32743211

2839

3460

32673130 3130 3143

3060 30813134

3238 32863435 3391

32393124

31443148

2853280127872718

2627

24302310

2233

3153 3098 3069 3093 3089 3033 3020 3004 2975 3024 3033 301528442861

1737176117361816183218671850177517511718 1679

15841535 1501 1464 1425 1400 1365 1347 1343 1344 1325

1196

3515

2873

1198

3570

2889

1230

3644

2921

12391214

3759

2962

1248

15

3022

1105

16

4346 4570

4477

3050 30813090

1100 10821110

191817141312111009080706050403020100999897969594939291908988

4372

Consumption tax

Commuter

Other

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Commuter

Other

Total

Total

20

4412

3075

1081

P20

1

2

3

4

5

6

7

8

9

10

11

12

13

14

A

B

C

D

E

F

G

Transportation Revenues

Years ended March 31

88

89

90

Shinkansen

Commuter

10

14

18

Other

2829

3197

3255

Total

2839

3211

3274

Conventional Lines

Commuter

848

845

898

Other

1385

1465

1531

Total

2233

2310

2430

Commuter

269

266

276

Other

1448

1485

1499

Total

1718

1751

1775

Railway

Kyoto-Osaka-Kobe

Area ldquoUrban

Networkrdquo

Other conventional

lines

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 21

Data

Transportation Data Years ended March 31

Passenger-Kilometers (Millions)1

Shinkansen Commuter

Other

Total

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Commuter

Other

Total

Other Lines Commuter

Other

Total

Subtotal Commuter

Other

Total

Total Commuter

Other

Total

Number of Railway Passengers (Millions)

Shinkansen

Conventional Lines

Total2

Train-Kilometers (Millions)3

Shinkansen

Conventional Lines

Total

Passenger Car-Kilometers (Millions)4

Shinkansen

Conventional Lines

Total

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

9992

71

13081

13152

12399

7934

20333

4222

8073

12295

16621

16007

32628

16693

29088

45781

100

14691

14792

12956

8340

21297

4373

7764

12137

17329

16105

33435

17430

30796

48227

137

14865

15002

13428

8412

21841

4423

7618

12041

17851

16031

33882

17988

30896

48884

193

15871

16064

14333

9225

23558

4613

7901

12514

18946

17127

36073

19139

32998

52137

268

16009

16277

15199

9537

24737

4715

7959

12674

19915

17497

37412

20183

33506

53690

333

15827

16160

16007

9730

25738

4777

7746

12523

20784

17476

38261

21118

33303

54422

385

15639

16025

16347

9694

26041

5026

7552

12579

21373

17247

38621

21759

32887

54646

392

12918

13310

16658

9836

26495

5061

7120

12181

21719

16956

38676

22112

29875

51987

423

14335

14758

17730

10820

28550

5002

7171

12174

22733

17991

40725

23157

32326

55484

475

14980

15455

17821

10715

28537

4964

7013

11978

22786

17729

40515

23261

32709

55971

493

14482

14976

17909

10526

28436

4789

6661

11450

22699

17187

39886

23193

31669

54863

513

13643

14156

18045

10391

28436

4732

6200

10932

22777

16591

39369

23290

30235

53526

513

13109

13623

17975

10331

28306

4654

6004

10658

22629

16335

38964

23143

29444

52588

521

13283

13805

17995

10335

28331

4578

5836

10414

22574

16171

38746

23095

29455

52551

540

13462

14002

18031

10426

28457

4485

5701

10186

22516

16128

38644

23056

29590

52647

554

13117

13672

17922

10160

28082

4410

5508

9919

22332

15669

38002

22887

28787

51674

587

13324

13911

18139

10197

28336

4425

5468

9893

22564

15666

38230

23151

28990

52142

620

13691

14312

18326

10110

28437

4430

5363

9794

22757

15474

38231

23377

29166

52544

630

14218

14848

18280

28272

4428

5278

9706

22708

15270

37979

23339

29488

52828

650

14514

15164

18536

10265

28801

4385

5327

9712

22922

15592

38514

23572

30106

53678

679

15252

15931

18659

10303

28962

4393

5296

9690

23052

15600

38653

23731

30853

54585

697

15189

15887

18648

10285

28933

4396

5225

9621

23044

15510

38555

23742

30700

54442

708

14109

14818

18391

9722

28114

4326

4752

9078

22718

14474

37192

23427

28583

52011

718

14828

15546

18352

9694

28047

4340

4680

9020

22692

14374

37067

23411

29203

52614

722

16155

16878

18440

9778

28218

4348

4672

9020

22788

14450

37239

23511

30605

54117

736

16434

17171

18398

10091

28490

4330

4778

9108

22728

14869

37598

23465

31304

54769

743

17366

18109

18356

10473

28830

4201

4937

9138

22557

15411

37969

23301

32777

56078

16

804

19644

20449

18714

10808

29522

4050

4319

8369

22764

15127

37891

23569

34771

58341

1817

846

20176

21022

18787

11084

29872

4043

4353

8397

22831

15437

38269

23677

35613

59291

815

19532

20348

18689

10903

29592

4033

4297

8330

22723

15200

37923

23539

34732

58271

762

16854

17617

18724

10288

29012

4433

4830

9264

23157

15119

38276

23920

31973

55894

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

54

1454

1496

23

127

150

295

743

1038

61

1520

1566

25

139

165

309

763

1073

62

1553

1600

28

151

179

336

795

1131

66

1641

1690

29

157

186

355

813

1168

68

1691

1742

30

154

184

363

808

1172

68

1728

1779

31

153

184

365

843

1209

67

1754

1805

32

154

186

386

826

1212

57

1762

1805

30

154

185

352

818

1170

63

1837

1884

32

157

190

381

852

1234

64

1839

1887

32

158

191

380

860

1240

62

1821

1867

33

163

196

385

884

1270

60

1798

1843

33

164

197

384

883

1267

58

1779

1823

33

164

198

383

874

1258

58

1769

1812

35

162

198

375

864

1239

58

1768

1811

36

164

201

384

861

1246

56

1730

1772

37

161

198

383

853

1236

57

1746

1789

36

163

199

380

859

1240

58

1744

1788

36

161

198

381

854

1235

60

1746

1792

37

159

196

395

846

1241

61

1757

1803

37

162

200

416

847

1264

63

1770

1818

38

162

201

428

852

1280

62

1778

1826

39

161

200

449

853

1303

58

1731

1776

39

158

198

461

843

1305

60

1732

1778

37

156

193

458

830

1288

64

1749

1798

39

150

190

487

833

1320

65

1763

1813

39

152

192

484

824

1308

67

1806

1858

39

151

191

487

820

1308

69

1784

1837

40

152

193

495

818

1313

16

83

1816

1880

44

145

189

549

788

1338

1817

85

1847

1913

45

141

187

556

793

1349

19

880

20457

21338

18766

11031

29797

3985

4257

8243

22751

15289

38040

23632

35746

59379

19

87

1845

1911

45

139

184

556

779

1335

20

892

19717

20610

18827

10866

29693

3967

4316

8284

22794

15183

37977

23687

34900

58588

20

82

1848

1911

45

143

189

560

803

1364

83

1826

1890

44

143

187

552

787

1339

1

2

3

4

Passenger-Kilometers the total of the number of passengers times the number of kilometers each traveled

Passengers using both Shinkansen and conventional lines during one journey are counted as one passenger in the row marked ldquoTotalrdquo

Train-Kilometers the total distance traveled by all trains

Passenger Car-Kilometers the total of the numbers of cars in the train times the number of kilometers each train traveled

P21

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

D

E

F

Transportation Data

Years ended March 31

Passenger-Kilometers

1

88

89

90

Commuter

71

100

137

Other

13081

14691

14865

Total

13152

14792

15002

Commuter

12399

12956

13428

Other

7934

8340

8412

Total

20333

21297

21841

Commuter

4222

4373

4423

Conventional Lines

Shinkansen

Kyoto-Osaka-

Kobe Area ldquoUrban

Networkrdquo

Other

conventional lines

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 22Fact Sheets 2020

Other

Outline of Governmentrsquos Regulations on Railway Fares and Charges

THE PRICE-CAP METHOD UNDER THE TOTAL-COST METHOD

bull Railway companies are required to obtain approval from the Minister of the Ministry of Land

Infrastructure Transport and Tourism (MLIT) prior to establishing or adjusting the upper limit on

basic railway fares or express charges for Shinkansen services

bull Prior notification is only required to be submitted to the Minister of the MLIT when newly establish-

ing or adjusting basic railway fares or express charges for Shinkansen services other express train

services or other train services if the amount of the fare or charge after its establishment or after its

adjustment is below the upper limit

bull Prior to giving approval for establishing or adjusting the upper limit on basic railway fares the

Minister of the MLIT must confirm that the new upper limit does not exceed ldquototal costrdquo which is

the sum of the proper operating costs incurred by the relevant railway companies if it were to carry

out efficient management and the proper profit calculated pursuant to specified methods

bull The calculation of total cost is as follows

Total cost = Operating costs etc + Operational return

Operating costs etc = Optimal cost calculated by ldquoYard-stick formulardquo + Taxes depreciation etc

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)

Taxes depreciation etc

Revenues

Increased revenues from revised fares

Revenues from current fares

Revenues from express charges

Transportation incidentals

Scope toincreaseprice cap

No scope toincreaseprice cap

Revenues from current fares

Revenues from express charges

Transportation incidentals

ProfitOperational

return

Total cost

WEST JAPAN RAILWAY COMPANY

4-24 Shibata 2-chome Kita-ku Osaka 530-8341 Japan

Cautionary Statement Regarding Forward-Looking Statements

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
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  • 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
Management Indicators Years ended March 31
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15 16 17 1810 19 20
Consolidated
Operating Income Ratio () 123 136 127 93 125 113 96 98 90 94 99 105 104 109 109 107 107 96 64 79 85 100 101 104 125 122 128 129 107
Recurring Profit Ratio () 66 55 53 22 52 51 39 43 40 47 59 68 71 79 82 82 84 74 40 57 64 81 85 90 112 112 118 120 98
Return on Operating Revenues () 35 30 28 08 23 29 16 (07) 21 26 38 36 39 48 38 45 45 43 21 29 23 46 49 49 59 63 74 67 59
Return on Total Assets (ROA) ()1 71 62 59 41 57 52 45 45 42 44 47 51 52 56 57 57 56 50 31 37 41 49 51 51 64 60 63 62 49
Return on Equity (ROE) ()2 164 130 113 29 94 115 61 (28) 76 81 110 98 102 118 85 97 93 84 37 52 42 83 86 84 102 100 113 98 81
Current Ratio () 574 634 691 697 549 585 485 474 494 530 425 413 371 431 384 428 382 409 521 538 441 477 553 690 651 645 753 748 618
Equity Ratio () 102 111 119 110 116 121 126 121 136 161 170 181 199 222 239 253 259 267 263 258 266 285 292 288 309 313 332 333 341
Debt-Equity Ratio (times)3 66 58 52 55 50 47 47 50 43 33 31 27 24 21 18 16 15 15 16 16 15 13 13 13 11 11 10 10 09
Interest-coverage Ratio (times) 19 16 16 13 18 18 16 17 16 18 22 25 28 31 34 36 39 36 22 29 33 43 48 54 75 79 92 99 83
EBITDA ( billions)4 mdash mdash mdash mdash 2695 2608 2442 2429 2304 2319 2328 2357 2423 2469 2471 2481 2654 2595 2184 2468 2791 2903 2885 2893 3381 3391 3561 3613 3322
Earnings (Net Income) per Share (EPS) () 18948 16454 15593 4102 13699 17819 9966 (4507) 12546 15481 22769 20740 23423 29463 23282 28415 28954 27729 12837 18066 15229 31087 33898 34458 44353 47152 57072 53331 46688
Book-value (Net Assets) per Share(BPS) ()5 121322 132724 143242 141496 149118 162133 165917 156309 174424 206823 205740 220285 239876 262233 282245 303906 322294 339113 345568 355712 363241 385082 404831 413865 453429 485750 527342 561263 584727
Dividend per Share () 5000 5000 5000 5000 5000 6000 5000 5000 5000 5000 5000 5000 6500 6000 6000 6000 6000 7000 7000 8000 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
Total Return Ratio()6 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 425 503
Dividend on Equity (DOE) ()7 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 22 20 19 21 20 23 25 29 29 31 31 30 32 32 32
Rate of total distribution on net assets ()8 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash 29 31 31 30 32 42 41
Consolidated Non-Consolidated Ratio(Operating Revenues) (times) 118 118 118 125 mdash 126 130 133 135 136 137 137 144 144 146 146 147 146 146 146 149 150 152 152 152 151 154 156 157
ConsolidatedNon-Consolidated Ratio(Net Income) (times) 104 103 104 108 106 106 085 mdash 098 119 140 124 126 123 132 127 128 123 121 123 133 144 135 141 140 129 137 127 121
Non-Consolidated
Operating Income Ratio () 139 156 146 116 150 136 121 124 112 110 114 122 125 130 128 126 125 117 72 91 104 118 116 126 144 142 148 154 124
Recurring Profit Ratio () 72 60 58 23 59 59 51 56 48 49 62 72 77 88 89 90 91 84 36 59 73 89 92 103 122 124 132 139 111
Return on Operating Revenues () 40 35 32 09 28 35 25 (06) 29 29 37 39 44 57 41 52 51 51 25 34 26 48 56 53 64 74 83 82 77
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
Page 4: Fact Sheets 2020

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)

Safety capexyen500 billion(-yen30 billion)

TransportationOperationsyen860 billion(-yen80 billion)

Retail business yen30 billion(+yen10 billion)

Real estate businessyen310 billion(+yen50 billion)

(Billions of yen)

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

bull Opening Completion planned for March 2024

bull Total floor space approx 227000 m2

bull Scale Above ground 39 floors below ground 3 floors

bull Uses Offices commercial facilities hotels theater etc

New ticket gates at Osaka Station

(announced December 2019)

(1) New ticket gates passageway located inside ticket gates

(3) New station building development

(2) Development under elevated tracks

Umekita (Osaka)underground station

(planned opening in spring 2023)

Development plan forthe area west ofOsaka Station

YodobashiCamera

Daimaru Umeda

LUCUA

LUCUA1100

North GateBuilding

HanshinDepartment store

HankyuDepartment

store

Hilton Osaka

Herbis Plaza ENT

OsakaStation Cityparking lot

promenade

Bus term

inalC

omm

ercial

facility zone

South GateBuilding

Hotel GranviaOsaka

Umekita Plaza

JR Osaka station

Um

eda subway station

Higashi-U

meda

subway station

Nishi-U

med

asub

way statio

n

Hanshin Osaka-Umeda statio

n

(4) Development of the area west of Osaka Station (Umeda 3-chome Project (provisional name))

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

Hyogo

Shiga

Kyoto

Osaka Wakayama Nara

Actual Projection Change

Japan Total Kansai Area TotalService Area Total

126285126285126285

127055127055127055

126231126231126231

128066128066128066

127444127444127444

125325

122544

119125

115216

110919

106421

848484878787909090939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

429864298642986

429664296642966

426654266542665

428274282742827

424214242142421

41736

40634

39328

37868

36296

34694

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

206002060020600

206642066420664

206322063220632

208632086320863

207222072220722

20400

19877

19235

18509

17735

16954

828282868686898989939393969696989898100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

256325632563

256625662566

254725472547

257525752575

255525552555

257425742574

251025102510

243124312431

233923392339

223822382238

213721372137

848484888888929292959595989898101101101100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

133513351335

136513651365139113911391

142014201420142014201420

140914091409139513951395

137213721372

134113411341

130413041304

126312631263

898989929292949494979797989898999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

144914491449143014301430

140714071407138813881388

136313631363

1320

1265

1202

1136

1066

998

737373787878838383888888939393979797100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

108810881088106210621062

102610261026

994994994

965965965

921

876

829

782

734

688

717171767676818181868686919191959595100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

862986298629

866486648664

868286828682

886688668866884988498849

873287328732

852685268526

826282628262

796379637963

764976497649

733573357335

838383868686909090939393969696999999100100100

2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 2045

553755375537

2000

557755775577

2005

558055805580

2010

562156215621

2015

557155715571

2018

543354335433

2020

530653065306

2025

513951395139

2030

494949494949

2035

474347434743

2040

453245324532

2045

818181858585898989929292959595989898100100100

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

Travel Time Fare (yen) Frequency

Shinkansen 3h 41m 22630 24

Airlines 3h 10m 30860 19 (6)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 2h 21m 15600 60

Airlines (Itami Airport) 2h 20m 25470 10

Airlines (Kansai Intl Airport) 3h 00m 25550 4 (3)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Aichi mdash Fukuoka

Travel Time Fare (yen) Frequency

Shinkansen 3h 12m 18890 34

Airlines (Chubu Intl Airport) 2h 30m 29550 12 (9)

Airlines (Komaki Airport) 2h 20m 29110 5

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Kyoto-Osaka-Kobe Metropolitan Area mdash Kumamoto

Travel Time Fare (yen) Frequency

Shinkansen 2h 57m 19200 25

Airlines 3h 00m 27060 11 (2)

Travel Time and Fare JAL or ANA

Frequency All airlines Numbers in parentheses are

frequency excluding those of JAL or ANA

Komaki AirportKomaki AirportKomaki Airport

ShizuokaShizuokaAirportAirport

ShizuokaAirport

NagoyaNagoyaNagoya

Itami AirportItami AirportItami AirportKobeKobeKobeSuitaSuitaSuita

Shin-OsakaShin-OsakaShin-Osaka

Kansai AirportKansai AirportKansai Airport

KurashikiKurashikiKurashiki

HiroshimaHiroshimaHiroshima

International Airport

Kagoshima Airport

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

(893)Debut of Grand Hikari

874

143

0

100

200

150

100

50

78

838880853824813809785764757743714660638624667706723713658

779775768748729722714835 852817

15 16141312111009080706050403020100999897969594939291908988 0

100

75

50

25

856 868

1817 19

0

100

200

150

100

50

0

100

75

50

25

14 151312111009080706050403020100999897

627 623619625618606591576528521506483514

660702

744769773776

1413121110090807060504030201009998970

100

200

150

100

50298

365413406396383364340326320291293

376408425437440463

0

100

75

50

25

0

100

346

200

150

100

50

141312111009080706050403020100999897

490

557568566533

472421

359315290297275271258254

308329

0

100

75

50

25

15

281

15

505

1716

623 628

18

169

629

17 1816

515 487 510

17 18

289 263260

159

16

100

533

200

150

100

50

141312111009080706050403020100999897

596581565538516501488458451424387381412420446486513

0 0

100

75

50

25

15

592

0

100

200

150

100

50

141312111009080706050403020100999897

73768081696965586763605766687086103119

0

100

75

50

25

15

69

0

100 100

299

200

150

100

50

1413121110090814131211100908

275

15

281

279

353

134

1039392

616

15

598

592

563

369317304

0

100

75

50

25

17 1816

627

122

17 18

583

122

17 1816 16

284 235 251

17 1816

75 73 74

619 617608 603

134

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 9Fact Sheets 2020

Business

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

FIVE NEW SHINKANSEN LINES PROPOSED IN 1973 UNDER THE NATIONWIDE SHINKANSEN RAILWAY DEVELOPMENT LAW

Note Hakusan Car Maintenance Center is located from Kanazawa station to the west about 12 kilometers

In Operation

Planned New Shinkansen Line (Under construction)

Planned New Shinkansen Line (To be determined)

PLANNING OF NEW SHINKANSEN LINES As of March 31 2020

TRAVEL TIME AND MARKET SHARE

JR

Airlines3

Before opening1 After opening2

JR market share4

Before opening(FY2014)

After opening(FY2018)

Tokyo mdash

IshikawaAbout 3h 50m 2h 28m About 3h 00m 312

Tokyo mdash

ToyamaAbout 3h 10m 2h 08m About 2h 30m 552

690

866

1 Using the Joetsu Shinkansen and Hakutaka limited express train

2 Time required for fastest ldquoKagayakirdquo

3 Includes airport access and egress time

4 Source Statistical survey of Ministry of Land Infrastructure Transport and Tourism

Hokuriku Shinkansen

NaganondashHakusan Car Maintenance Center

Opened on March 14 2015

Hakusan Car Maintenance CenterndashTsuruga

Scheduled to be completed by end of FY20233

Line Lines in Operation Approved Zone for Construction Implementation Plan

Expense Burden

Tohoku (MoriokandashAomori)Morioka mdash Shin-Aomori (opened in December 2010 178km)

bull Central government (existing Shinkansen transfer revenues public utilities expenses)

bull Local governments (one-half of the central government)

bull JR (usage fees with the upper limit to be determined by the range of expected benefits)

Hokuriku (TokyondashOsaka)

Takasaki mdash Nagano (opened in October 1997 117km) Nagano mdash Kanazawa (opened in March 2015 228km)

Kanazawa mdash Tsuruga (125km)

Hokkaido (AomorindashSapporo)Shin-Aomori mdash Shin-Hakodate-Hokuto

(opened in March 2016 149km)

Shin-Hakodate-Hokuto mdash Sapporo

(211km)

Kyushu (FukuokandashKagoshima)Hakata mdash Kagoshima-Chuo (opened in March 2011 289km)

Kyushu (FukuokandashNagasaki) Takeo-Onsen mdash Nagasaki (66km)

Oshamanbe

Shin-Hakodate-Hokuto

Shin-Aomori

Hachinohe

Morioka

Akita

SendaiYamagata

Shinjo

Fukushima

Niigata

Takasaki

JoetsuMyoko

Nagano

OmiyaTokyo

ToyamaKanazawa

JR-WestJR-West

Hakusan CarMaintenance Center

Fukui

Nagoya

Tsuruga

Shin-Osaka Kyoto

Okayama

HiroshimaShin-Shimonoseki

Hakata

Shin-Tosu

Takeo-Onsen

Nagasaki

KumamotoShin-Yatsushiro

Kagoshima-Chuo

Isahaya

Sapporo

Shin-Otaru

451km

169km125km

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 10Fact Sheets 2020

Business

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

TRAFFIC VOLUME (Years ended March 31)

Ten million passenger-kilometers

5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note Figures in parentheses are indexed at the fiscal year ended March 1988 = 100

MAJOR LINES IN KYOTO-OSAKA-KOBE AREA

COMPARISON WITH 5 PRIVATE RAILWAYS IN KYOTO-OSAKA-KOBE AREA MARKET SHARE Traffic Volume Base (Years ended March 31)

Other Railways5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note 5 private railways in Kyoto-Osaka-Kobe area Hankyu Hanshin Keihan Kintetsu and Nankai

Hankyu

JR-West

Hanshin

OsakaOsakaOsaka

Kyoto

JR-NambaJR-NambaJR-Namba

Sannomiya

Takarazuka

Tennoji

Kansai-Airport

Wakayama

Osaka-UmedaOsaka-UmedaOsaka-Umeda

YodoyabashiYodoyabashi

NambaNamba

Osaka-NambaOsaka-NambaOsaka-Namba

Kobe-Sannomiya

Kobe-Sannomiya

Takarazuka

Wakayamashi

Osaka-Umeda

Kyoto

Kyoto-Kawaramachi

Nara

Kintetsu-Nara

Sanjo

Yodoyabashi

Namba

Keihan

Kintetsu

Nankai

Route Railway Company Distance

(km)

Normal Fare

(yen)

Train Pass Charges (Business Commuters) Travel Time

(min)Monthly Pass (yen) Six-month Pass (yen)

OsakandashKyoto JR-West 428 16840 28

Hankyu (Osaka-UmedandashKyoto-Kawaramachi) 477 42

Keihan (YodoyabashindashSanjo) 493 47

Osaka

ndashSannomiyaJR-West 306 21

Hankyu (Osaka-UmedandashKobe-Sannomiya) 323 27

Hanshin (Osaka-UmedandashKobe-Sannomiya) 312 31

Osaka

ndashTakarazukaJR-West 255 25

Hankyu (Osaka-UmedandashTakarazuka) 233 30

TennojindashNara JR-West 375 33

Kintetsu (Osaka-NambandashKintetsu-Nara) 328 36[35]1

Tennoji

ndashWakayamaJR-West 613 60[42]2

Nankai (NambandashWakayamashi) 642 58

Tennoji

ndashKansai-airport

JR-West 460 47[30]3

Nankai (NambandashKansai-Airport) 428 43[36]1

Note Travel time assumes the fastest possible method in the daytime on a weekday

1 [ ] denotes the travel time by Limited Express Express charge (yen520) is required

2 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1520) is required

3 [ ] denotes the travel time by Limited Express Express charge (reserved seats in normal cars yen1190) is required

Source Annual Railway Statistical Bulletin

1500

4000

3500

3000

2500

2000

0

60

45

30

15

570

400

420

410

320

320

330

280

470

570

870

930

1080

930

15800

15620

12530

13080

13080

10230

11350

14520

19960

25930

26250

29630

32510

80780

85320

84350

60180

70640

70640

49100

61290

69690

107790

126720

141750

155380

175560

25742934

3369 33693435 3481 3439

3317

(100)3377

(102)3416

(103)

(96)

2819

(85)2893

(87)2946

(89)3010

(91)3314

(100)

3081

(93)3170

2893

(142)

2880

(142)

2827

(139)

2844

(140)2834

(139)2896

(142)

2811

(138)

2805

(138)

2822

(139)2849

(140)2901

(143)

2604

19872130

2033

(100)

2184

2356

24742808

(138)

2846

(140)

2833

(139)

2831

(139)

2855

(140)

2650

(130)

2854

(140)

2844

(140)

2844

(140) 2668

(81)2622

(79)2610

(79)2592

(78)

2608

(79)

2657

(80)

2883

(142)2952

(145)

2634

(80)

2704

(82)

2959

(146)

2715

(82)2684

(81)

2712

(82)

2718

(82)

2784

(84)2682

(81)

13 14 16 17

2987(147)

2738(83)

18151211100908070605040302010099989796959493929190898876

(100)

3311

143144147

103

145 146 147 146 147 145 149145

431436440461480484

535 524 518 506 499 488459

443449429

530

427424419413396

376369362

325 331 336 347 355 365

396 408402

148

413419419425 411 410 411 411 408 408 408 408

145145147149 145 144144143143 146 146 148 147 146 146 146

443437438432 443 444 441 441 445 446 446 446

408

147

445

408

148

445

13 14 16 17 18151211100908070605040302010099989796959493929190898876

407

148

445

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 11

Business

Railway-related projects in the Kansai Urban Area

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

Nara LineDouble trackII stageSpring 2023JR Soujiji

New stationOpened in March 2018

Yumeshima

CosmosquareCosmosquareCosmosquare

Universal-cityUniversal-cityUniversal-city

NakanoshimaNakanoshimaNakanoshima

Osaka

Keihan Nakanoshima Line

JR Osaka Loop Line

JR Yumesaki Line

Osaka Metro Chuo Line

N

SakurajimaSakurajimaSakurajima

Travel time from Osaka to Kansai Airport

Reference Location of Yumeshima

JR-Namba

Nishikujo

Sakurajima

Tennoji

Hineno

Kyuhoji

Nara

Kyobashi

HanatenOsaka

Kansai-airport

Transport accessunder consideration

Shin-Osaka

Kyoto

Shin-Kobe

Kobe

Amagasaki

Tokaido Shinkansen

Sanyo Shinkansen

Yumeshima(Candidate site for

World Expo 2025 andan integrated resort)

Naniwasuji Line(Planned forSpring 2031)

Access to Kansai Airport

Access to eastern partof Osaka and Nara

Access Method Travel Time

Current Kansai - Airport Rapid Service from Osaka

64 min1

After opening of underground station

ldquoHarukardquo from underground station 44 min2

1

2

March 2017 timetable basis

After opening of Naniwasuji Line

Timetable is under consideration

Relocate a portion of a branch line of the Tokaido Line

underground and Umekita (Osaka) Underground Station

(Planned for Spring 2023)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 12

461394 372

388

382

ndash13ndash16

0307 08

425

15141312111009

03

415

06

416

16

04

420

17

06

413

18

02

405

19

02

20

686 639

634

949 935

1608

ndash63

ndash40

02 03

ndash22

15141312111009

04

945782

16

791

ndash01

17

734

09

18

701

10

19

671

20

68 6982 87

7973

15141312111009

71

469 467 477543 550 535 506

93

16

578

96

17

605

87

18

596

96

19

615

20

30

20

31 33

39 39

15141312111009

28

1418

1317

1322 1334 1344 1351 1336

46

16

144951

17

1525

60

18

1617

49

19

1700

20

367418

277277277303303303 307307307 326326326 296296296

47

226

676767

31

225

676767

35

222

103103103

ndash29 ndash04

123123123

44

118118118

259 280277

15

251

156156156

53

327

224224224

969696 326326326

52

322

204204204

322322322

72

357

199199199

326326326

61

356

212212212

317317317

2153

711

132613261326

2019

709

119611961196

2013

757

121412141214

2335 2346

128412841284

2401

137113711371

935 909 1022

2201

872

174417441744

15141312111009

129912991299

330330330 335335335 348348348 350350350 360360360 357357357

2320

1088

181518151815

16

360360329329329

360

2339

1095

168816881688

17

355355355

2398

1396

170017001700

18

366366366

2455

1485

181318131813

19

376376376

20

Business

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

Transportation9334619

1651109

1836122

Other businesses

Real estate

2260150

Retail

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

Total

15082 billion

0

1000

2000

3000

4000

5000

6000

Billions of yen

0

10

20

30

40

50

60

minus15

0

15

30

45

60

ndash150

0

150

300

450

600

Billions of yen

Billions of yen Billions of yen

0

300

600

900

1200

1800

1500

0

10

20

30

40

60

50

Billions of yen Billions of yen

0

30

60

90

150

120

0

150

300

450

750

600

Billions of yen Billions of yen

1815 16

23202020 212121

15141312111009

15

344 330 324 321 334 348

272727

16

45

30

15

0

ndash15

450

300

150

0

ndash150

365365365

24

17

362362362

191919

18

356356356

101010

19

356356356

ndash12ndash12ndash12

20

373373373330330330

ndash60

ndash40

ndash20

0

20

40

ndash1500

ndash1000

ndash500

0

500

1000

Billions of yen Billions of yen Billions of yen

Billions

of yen

44 36

63

81

103

81

15141312111009

24222222222 227227227

264 376376376

0

200

150

100

50

1200

900

600

300

0

342342342 471471471347347347

125

16

492492492

lt195gtlt195gtlt195gt

116

17

472472472

lt161gtlt161gtlt161gt

173

18

781781781

lt350gtlt350gtlt350gt

182

19

849849849

lt394gtlt394gtlt394gt

198

20

102110211021

lt536gtlt536gtlt536gt

lt31gtlt31gtlt31gtlt25gtlt25gtlt25gtlt48gtlt48gtlt48gtlt107gtlt107gtlt107gtlt69gtlt69gtlt69gt

lt191gtlt191gtlt191gtlt58gtlt58gtlt58gt

ndash40

ndash30

ndash20

ndash10

0

10

20

ndash1000

ndash750

ndash500

ndash250

0

250

500

Billions of yen

Billions

of yen

15 16141312111009 17 18 19 20

2260

1651

183618361836

381381381

38

349

197197197

357357357

34

1542

75

611

02

632

42310

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 13

Eki Marcheacute details

Sales of Goods and Food ServicesBusiness Names of major stores No of stores

Sales of Goods Seven-Eleven

Eki Marcheacute

episode

Garland of Dew

DELI CAFE

ESTACIOacuteN CAFEacute

KARAFUNEYA COFFEE

Menya

Tabi Bento

Drip-X-Cafeacute

VIA INN

406

3

15

12

15

8

13

19

10

4

26

Seven-Eleven franchised stores

Commercial facilities inside stations

Variety and general goods stores inside stations

Selected accessory shops

Self-service cafeacutes

Full-service cafeacutes inside stations

Urban full-service cafeacutes

Fast food noodle shops

Shops specializing in train station boxed lunches

New type cafeacute located outside stations

Accommodation-oriented budget hotels

Food Services

Other

Overview

Department Store

Location of VIA INN

Major Store Opened Commercial floor space

JR Kyoto Isetan Sept 1997 Approx 44000 m2

Name Opened Floor space

Eki Marcheacute Takarazuka

Eki Marcheacute Osaka

Eki Marcheacute Shin-Osaka

Mar 2010

Oct 2012

Mar 2015

Approx 830 m2

Approx 4500 m2

Approx 1800 m2

Name Opened

15

16

17

18

19

20

21

22

23

24

25

26

27

Rooms

VIA INN Shinsaibashi Nagahoridori

VIA INN Asakusa2

VIA INN Hiroshima Kanayamacho2

VIA INN Abeno Tennoji

VIA INN Umeda

VIA INN SHIN-OSAKA SHOMENGUCHI

VIA INN NAGOYA EKIMAETSUBAKI-CHO

VIA INN Iidabashi Korakuen

VIA INN Kyoto Station Hachijoguchi

VIA INN Hakataguchi Ekimae

VIA INN Shinsaibashi Yotsubashi

VIA INN Nihonbashi Ningyocho

VIA INN Hiroshima Shinkansenguchi

June 2014

June 2014

June 2014

Apr 2017

Aug 2017

July 2018

Aug 2018

Sep 2018

Apr 2019

June 2019

July 2019

Aug 2019

June 20203

150

190

156

172

217

88

249

295

468

205

224

240

246

Name Opened

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Rooms

VIA INN Shimonoseki

VIA INN Shin-Osaka

VIA INN Shin-Osaka West

VIA INN Himeji

VIA INN Hiroshima 1

VIA INN Kyoto Shijo Muromachi

VIA INN Kanazawa

VIA INN Tokyo Oimachi

VIA INN Akihabara

VIA INN Shinsaibashi

VIA INN Shinjuku

VIA INN Higashi Ginza

VIA INN Okayama

VIA INN Nagoya Shinkansenguchi

Mar 1996

July 1998

Mar 2001

Oct 2002

Apr 2004

Apr 2007

June 2007

July 2009

Mar 2011

Apr 2011

Feb 2012

Mar 2012

Oct 2012

July 2013

195

226

433

211

256

239

206

509

283

205

226

297

251

2381 VIA INN Hiroshima closed in April 2020

2 Other Businesses segment

3 Not yet open as of March 31 2020

Business

Non-Transportation Operations (Retail Business) As of March 31 2020

Number of Seven-Eleven franchised stores

VIA INN details

1

24 17

5 27 13 4

3 220

1025

6

2314

21

18

7

8 12

1116

26

91519

22

0

200

400

600

70

193

335391365

FY20173 FY20193FY20183FY20163FY20153 FY20203

406

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 14

3279

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

83 86

130154

177 184218 221 225 230

295

FY20193

309

FY20203

313

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173

2287 2285 2180 21762442 2469 2462 2459

3017 3146

FY20193

3358

FY20203

3100

Shopping Center Operations

Business

Non-Transportation Operations (Real Estate Business) As of March 31 2020

List of major SC

EST

Tennoji MIO

Wakayama MIO

KOSHIENGUCHI GREEN PLACE

MONTetMER

Liv

PLiCO ROKKOMICHI

piole AKASHI

Shopping Centers (No of facilities 43)

SC tenant revenues

Real Estate Lease and Sale

List of major facilities

Commercial facilities Office buildings

Facility name Date opened

Floor space

VIERRA Tsukaguchi

VIERRA Otsu

VIERRA Senrioka

VIERRA Kishibe Kento

VIERRA Meimai

VIERRA Kaitaichi

VIERRA Ibaraki

Apr 2016

Oct 2016

Apr 2018

Nov 2018

Nov 2018

Feb 2019

May 2019

5400 m2

2200 m2

2200 m2

27000 m2

10600 m2

5600 m2

11000 m2

Facility name Date opened

Floor space

Hiroshima Inarimachi NK Building

Shin-Osaka Station Front Chuo Building

North Gate Building (Office)

May 1970

Feb 1975

Jan 2001

July 2009

May 2011

June 2014

Dec 2019

17300 m2

31000 m2

8400 m2

13600 m2

21000 m2

9600 m2

6100 m2

Condominiums and detached houses

Major recent condominium properties

Property name Date of delivery

Total units

PROUD CITY TSUKAGUCHI MARK SKY

JGRAN L RITTO

Urban Shimamoto City

MAYA CITY STATION GATE

June 2017-

Mar 2018-

Dec 2018-

Feb 2019-

Sept 2019-

99

366

63

264

118

Property name Date of delivery

Total units

JGRANDIA HIYOSHI

CIELIA Suma Takatori

DIA MAISON DANBARA MID GRACE

JGRAN CITY TSUKAMOTO

Diaesta Mio Yuhigaoka

Nov 2019-

Jan 2020-

Feb 2020-

Mar 2020-

Mar 2020-

86

323

27

312

22

Development of station buildings and surrounding areas of stations

Leasing space

Number of condominiums completed (cumulative)

Note Does not take into account business shares in joint ventures

Note Includes other segments and unconsolidated SC

MARIER Toyama

Kanazawa Hyakubangai

Prism Fukui

Shopping Mall Kyoto Porta

SUITA GREEN PLACE

arde SHIN-OSAKA

LUCUA osaka

Kyoto Station Building Shop Street The CUBE

piole HIMEJI

Okayama Ichi Ban Gai

SUN STATION TERRACE OKAYAMA

SUN STATION TERRACE FUKUYAMA

SHAMINE MATSUE

SHAMINE TOTTORI

ekie

ripie SHIMONOSEKI

JR Kanazawa Station West Gate No1 NK Building

JR Kanazawa Station West Gate No3NK Building

Port Side Dia Building

JR Amagasaki Station North Gate NK Building

SC name Date opened

Floor space

Sept 1987

Mar 1991

Apr 2005

Oct 1952

Nov 1980

June 2016

Feb 1965

May 2011

8700 m2

18100 m2

2800 m2

5700 m2

10200 m2

7400 m2

5300 m2

53000 m2

SC name Date opened

Floor space

Nov 1981

Sept 1995

Mar 1968

Nov 2019

Oct 1980

Mar 1989

Nov 1996

Dec 1964

6600 m2

39000 m2

7600 m2

1500 m2

12300 m2

15100 m2

5100 m2

9300 m2

SC name Date opened

Floor space

Dec 2008

Aug 1974

Oct 2006

Nov 2007

Oct 1978

Oct 1979

Oct 2017

Mar 2014

24800 m2

8100 m2

10300 m2

12000 m2

4200 m2

3300 m2

11700 m2

2500 m2

Retail Business Segment

10000 sq m

350

300

250

200

150

100

50

0

JGRAN THE HONOR SHIMOGAMO TADASU NO MORI

0

700

1400

2100

Billions of yen

3500

2800

domiciles

0

10000

15000

5000

FY20143FY20133FY20123FY20113FY20103FY20093FY20083 FY20153 FY20163 FY20183FY20173 FY20193 FY20203

2302 2783 2873 3092 3442 37744812 4979

6399

8390

11253

13463

9570

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 15Fact Sheets 2020

8730

1083

4455

8424

1583

4220

8105

2149

3966

7757

2149

3881

7426

2000

3252

6342

2150

3162

6001

2150

3010

5653

2100

2886

5284

2200

2657

4905

2200

2505

4550

2499

2460

4192

2799

2365

3852

2899

2591

3523

3849

2847

504 482 463 447 436410 402 386 381 374 365 357 350

319

3229

4449

3199

2971426814227

14221

13788

1267911654

1116110640

101429611

95109357 9343

10220

10879

2845

4549

3168

285

10563

2442

4499

2783

284

9725

2051

4599

3071

262

9722

15141312111009080706050403020100999897

1676

4799

3500

240

9977

16

225

1817

10461038

53495249

39183982

197 187

1031510270

19

1029

5699

3887

181

10616

1346

4949

3660

9956

2015141312111009080706050403020100999897

15391

504474 462 436 424 402 396 382 378 371 362 356 349

297319

1562915544

14989

13856

1257912007

1138510816

1024998679572 9532

11026

10389 1004298079830

10688

240

1817

10379

197 186

19

10640

181

263284286

16

10018

225

20

10322

170

851

484

1112

1371

718

1100

1190

547

1144

1378

596

1215

992

676

1333

970

515

1099

922

445

798

774

301

880

544

282

1127

468382

570

1102

940

388

1070

844

595

1044

1000

419

1018

718

500

971892

559

964

857

609

957

1023

467

945

928

568

925

1063

814

935

1172

998

1075

1596

772

1159

1284

1251

1291

2085

977

727

1347

1248

893 832

1293

1445

1407

1508

956

1199

1655

1050

1376

1598

18 19 2017141312111009080706050403020100999897969594939291908988

902

1260

1864

15

1260

1323

1987

16

1278

1368

1343

1909

1252

1514131211100908070605040302010099989796

1495

1539

1608

16931508

14191370

128011281119

1136

1153

1130

1151

1200

1226

1250

1261

1241

1219

2256

16

1566

2331

1817

16271635

1924

1694

19

2453

1667

1529

1954

2600

2101

1639

1879

1449

1253

1131

1208

1054

8838631006968

1550

2031

1715

20

Data

Uses of Cash Flows

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)

Billions of yen

2000

1500

1000

500

0

6

3

0

Results for acquisition of own shares

Oct-Nov 2007

Aug-Sep 2008

Dec 2008-Jan 2009

Nov 2012 Nov 2013 Jun-Jul 2018

Aug 2018Time period

Purchase amount

Shares bought

Shares retired

yen99bn

1743400

mdash

yen99bn

1991300

mdash

yen99bn

2530600

mdash

mdash

mdash

1743400

mdash

mdash

4521600

yen99bn

1253600

mdash

mdash

mdash

1253600

May-Jul 2019

Aug 2019

yen99bn

1146900

mdash

mdash

mdash

1146900

Billions of yen

0

500

1000

1500

2000

2500

3000

Billions of yen Yen

0

6

3

0

2000

1500

1000

500

Billions of yen

2500

2000

1500

1000

500

0

2545

1161

1382

1762

1413121110090807060504030201009998979695949392

339354

591

443

545

252207

211

258

204

278

241220323

399502

337365

1219

321304

264

16

304

135

1817

297

280

140

160

19

328

175

115110

90

80

7070

6060606065

505050505050

60

5050505050

0

20

40

60

80

100

120

160

140

200

180

160

140

120

100

80

60

40

20

0 15

363

125

20

391

1825

10189

179

1019

5449

3707

179

10176

1631

1704

P15

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Uses of Cash Flows

Capital Expenditures (Own Funds)

Years ended March 31

Consolidated

96

97

98

1715

2031

1550

1219

1241

1261

Non-Consolidated

88

89

90

382

468

544

170

282

301

Safety-related

Capital Expenditures

Depreciation and Amortization

Capital Expenditures

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 16

3580

2460

71980

123390

215740 19

5240

102740

41000

2670

225930

14492943

24439

48323

18551

25380

940

62027150

3580

33506 3211729875 28688 27581 26525 25830 25465 25466 25824 26443 26705

4779445995

4339445250 44080 43118 43093 43354 44021 45240 46104 45703

26778

45402

26889

45326

27300 26886

4600647565

15

26555

47456

16

2582125291

4738247869

18 19

24866

47842

17141312111009080706050403020100 20

800

17

820

1918

12050

160

290 300

440 470 490 480

700 710 680600 600

670760 770 760

113011601220

1310

1140

151413121110090807060504030201009998979695949392919089

730

870

20 21

770

9509701040

16

5133051540 50900

48630

48410

48190

48000

47980

47800

47260

46390

4501042570

40790

3926036490

34560

32850

31210

30350

29620

29610

29870 29900

29950

29850

29590

30230

30170

15

29150 27830

18 191714

29680 28380

16131211100908070605040302010099989796959493929190898887

160 220 300 230150 330280 450370 1320

2710

20

7901920

Data

Employees (Consolidated Non-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)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 17

Data

Management Indicators Years ended March 31

Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

Return on Total Assets (ROA) ()1

Return on Equity (ROE) ()2

Current Ratio ()

Equity Ratio ()

Debt-Equity Ratio (times)3

Interest-coverage Ratio (times)

EBITDA (yen billions)4

Earnings (Net Income) per Share (EPS) (yen)

Book-value (Net Assets) per Share (BPS) (yen)5

Dividend per Share (yen)

Payout Ratio ()

Dividend on Equity (DOE) ()7

Rate of total distribution on net assets ()8

ConsolidatedNon-Consolidated Ratio(Operating Revenues) (times)

ConsolidatedNon-Consolidated Ratio(Net Income) (times)

Non-Consolidated

Operating Income Ratio ()

Recurring Profit Ratio ()

Return on Operating Revenues ()

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

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 129 13 14 15

123

66

35

71

164

574

102

66

19

mdash

18948

121322

5000

264

mdash

mdash

118

104

139

72

40

136

55

30

62

130

634

111

58

16

mdash

16454

132724

5000

304

mdash

mdash

118

103

156

60

35

127

53

28

59

113

691

119

52

16

mdash

15593

143242

5000

321

mdash

mdash

118

104

146

58

32

93

22

08

41

29

697

110

55

13

mdash

4102

141496

5000

1219

mdash

mdash

125

108

116

23

09

125

52

23

57

94

549

116

50

18

2695

13699

149118

5000

365

mdash

mdash

126

106

150

59

28

113

51

29

52

115

585

121

47

18

2608

17819

162133

6000

337

mdash

mdash

126

106

136

59

35

96

39

16

45

61

485

126

47

16

2442

9966

165917

5000

502

mdash

mdash

130

085

121

51

25

98

43

(07)

45

(28)

474

121

50

17

2429

(4507)

156309

5000

mdash

mdash

mdash

133

mdash

124

56

(06)

90

40

21

42

76

494

136

43

16

2304

12546

174424

5000

399

mdash

mdash

135

098

112

48

29

94

47

26

44

81

530

161

33

18

2319

15481

206823

5000

323

mdash

mdash

136

119

110

49

29

99

59

38

47

110

425

170

31

22

2328

22769

205740

5000

220

mdash

mdash

137

140

114

62

37

105

68

36

51

98

413

181

27

25

2357

20740

220285

5000

241

mdash

mdash

137

124

122

72

39

104

71

39

52

102

371

199

24

28

2423

23423

239876

6500

278

mdash

mdash

144

126

125

77

44

109

79

48

56

118

431

222

21

31

2469

29463

262233

6000

204

mdash

mdash

144

123

130

88

57

109

82

38

57

85

384

239

18

34

2471

23282

282245

6000

258

22

mdash

146

132

128

89

41

107

82

45

57

97

428

253

16

36

2481

28415

303906

6000

211

20

mdash

146

127

126

90

52

107

84

45

56

93

382

259

15

39

2654

28954

322294

6000

207

19

mdash

147

128

125

91

51

96

74

43

50

84

409

267

15

36

2595

27729

339113

7000

252

21

mdash

146

123

117

84

51

64

40

21

31

37

521

263

16

22

2184

12837

345568

7000

545

20

mdash

146

121

72

36

25

79

57

29

37

52

538

258

16

29

2468

18066

355712

8000

443

23

mdash

146

123

91

59

34

85

64

23

41

42

441

266

15

33

2791

15229

363241

90

591

25

mdash

149

133

104

73

26

100

81

46

49

83

477

285

13

43

2903

31087

385082

110

354

29

mdash

150

144

118

89

48

101

85

49

51

86

553

292

13

48

2885

33898

404831

115

339

29

29

152

135

116

92

56

Total Return Ratio ()6 mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash mdash

104

90

49

51

84

690

288

13

54

2893

34458

413865

125

363

31

mdash

31

152

141

126

103

53

1716 1810

128

118

74

63

113

753

332

10

92

3561

57072

527342

160

280

mdash

32

32

154

137

148

132

83

19

129

120

67

62

98

748

333

10

99

3613

53331

561263

175

328

425

32

42

156

127

154

139

82

20

107

98

59

49

81

618

341

09

83

3322

46688

584727

1825

391

503

32

41

157

121

124

111

77

122

112

63

60

100

645

313

11

79

3391

47152

485750

140

297

mdash

30

30

151

129

142

124

74

125

112

59

64

102

651

309

11

75

3381

44353

453429

135

304

mdash

31

31

152

140

144

122

64

P17

1

2

3

4

5

6

7

8

9

10

11

12

A

B

C

Management Indicators

Years ended March 31

92

93

Consolidated

Operating Income Ratio ()

123

136

Recurring Profit Ratio ()

66

55

Return on Operating Revenues ()

35

30

Return on Total Assets (ROA) ()

1

71

62

Return on Equity (ROE) ()

2

164

130

Current Ratio ()

574

634

Equity Ratio ()

102

111

Debt-Equity Ratio (times)

3

66

58

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 18

Data

Consolidated Financial Data Years ended March 31

Total Assets

Total Liabilities

Total Shareholdersrsquo Equity

Non-Controlling Interests5

Net Assets6

Transportation

Retail

Sales of goods

Real estate

Other businesses

Operating Income

Transportation

Retail

Sales of goods

Real estate

Other businesses

Elimination and intergroup

Non-operating revenues

Non-operating expenses

Balance of financial expenses

Interest and dividend income

Interest expenses

Recurring Profit

Extraordinary profit (loss)

Extraordinary profit

Extraordinary loss

Cash Flows From Investing Activities

Free Cash Flows

Cash Flows From Financing Activities

Net increase (decrease) in cash equivalents

(Billions of yen)

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

92 93 94 951 96 98297 993 00 014 02 03 04 05 06 07 08 09 10 11 12 13 14 15

23719

21292

2426

[49]

mdash

10785

9013

mdash

1212

mdash

560

1326

1216

mdash

14

mdash

92

03

132

741

mdash

mdash

mdash

717

05

158

152

378

mdash

mdash

mdash

mdash

mdash

23845

21191

2654

[57]

mdash

10875

9044

mdash

1241

mdash

589

1479

1372

mdash

06

mdash

98

01

138

1017

mdash

mdash

mdash

600

07

304

297

329

mdash

mdash

mdash

mdash

mdash

24065

21200

2864

[57]

mdash

11094

9130

mdash

1253

mdash

710

1406

1289

mdash

08

mdash

108

(00)

158

975

mdash

mdash

mdash

589

10

297

287

311

mdash

mdash

mdash

mdash

mdash

25775

22945

2829

[139]

mdash

10928

8457

mdash

1318

mdash

1152

1019

923

mdash

(02)

mdash

106

(08)

137

914

mdash

mdash

mdash

242

(135)

450

586

82

mdash

mdash

mdash

mdash

mdash

25769

22787

2982

[149]

mdash

11793

9155

mdash

1375

375

887

1476

1299

mdash

07

89

77

01

122

983

(818)

25

843

615

02

630

628

273

mdash

mdash

mdash

mdash

mdash

26700

23458

3242

[156]

mdash

12092

9349

mdash

1355

405

982

1366

1202

mdash

03

87

86

(12)

109

859

(748)

16

765

616

29

459

430

356

mdash

mdash

mdash

mdash

mdash

26323

23004

3318

[134]

mdash

12291

9213

mdash

1627

416

1033

1181

1048

mdash

00

85

58

(10)

85

785

(717)

17

735

480

(07)

549

557

199

mdash

mdash

mdash

mdash

mdash

25741

22480

3126

135

mdash

12050

8893

mdash

1742

394

1020

1179

1016

mdash

04

104

65

(12)

91

753

(704)

15

720

517

(511)

447

959

(90)

mdash

mdash

mdash

mdash

mdash

25610

21970

3488

152

mdash

11910

8655

mdash

1746

489

1018

1077

867

mdash

20

133

64

(08)

99

700

(669)

10

680

476

(34)

518

553

250

1547

(992)

555

(665)

(80)

25763

21465

4136

161

mdash

11955

8632

1922

mdash

568

831

1118

866

38

mdash

133

81

(00)

93

651

(618)

13

631

560

(08)

1091

1099

309

1387

94

1481

(1332)

148

24167

19864

4114

188

mdash

11906

8521

1952

mdash

576

854

1176

884

47

mdash

153

98

(07)

82

558

(538)

05

543

700

132

1092

960

455

995

177

1173

(1671)

(497)

24327

19708

4405

213

mdash

11655

8315

1930

mdash

572

837

1226

932

43

mdash

161

94

(05)

63

502

(488)

02

491

787

(11)

445

456

416

1302

(633)

668

(715)

(47)

24103

19069

4797

235

mdash

12157

8276

1968

mdash

579

1332

1269

944

56

mdash

180

96

(08)

73

484

(453)

03

457

858

28

1109

1080

470

1402

(916)

485

(679)

(186)

23643

18144

5243

254

mdash

12208

8294

1966

mdash

588

1358

1331

993

52

mdash

189

101

(06)

62

434

(423)

03

426

959

94

792

697

589

1429

(849)

580

(664)

(84)

23559

17639

5642

277

mdash

12400

8345

2039

mdash

628

1387

1352

980

59

mdash

205

114

(07)

74

405

(394)

03

397

1021

(222)

785

1008

465

1640

(1017)

623

(693)

(68)

24016

17638

mdash

[303]

6378

12629

8485

2081

mdash

627

1434

1353

972

50

mdash

212

125

(07)

71

383

(369)

03

372

1041

(32)

473

506

567

1886

(1317)

568

(546)

21

24628

17919

mdash

[321]

6708

12901

8612

2128

mdash

767

1393

1374

974

52

mdash

246

110

(10)

79

364

(349)

04

354

1088

(72)

446

519

577

2221

(1792)

429

(558)

(129)

24618

17722

mdash

[329]

6896

12753

8561

2153

mdash

711

1326

1225

891

47

mdash

226

67

(07)

82

358

(340)

05

345

948

(01)

726

728

545

1788

(1726)

61

(101)

(34)

25463

18442

mdash

[329]

7021

11901

7974

2019

mdash

709

1196

765

452

31

mdash

225

67

(10)

76

360

(336)

06

343

481

(44)

544

588

248

1613

(2087)

(474)

546

99

26724

19511

mdash

[324]

7212

12135

8064

2013

mdash

757

1299

959

611

35

mdash

222

96

(06)

94

365

(333)

04

337

689

(79)

511

590

349

2232

(2462)

(230)

514

284

26429

19094

mdash

[301]

7335

12876

8390

2335

mdash

935

1214

1097

767

(29)

mdash

259

103

(03)

79

352

(324)

04

329

824

(22)

276

298

294

2062

(1991)

70

(368)

(291)

26137

18455

mdash

[224]

7681

12989

8449

2346

mdash

909

1284

1294

901

(04)

mdash

280

123

(04)

68

316

(300)

03

304

1046

(49)

415

465

601

2380

(1547)

832

(852)

(19)

26878

18805

mdash

[234]

8073

13310

8513

2401

mdash

1022

1371

1345

910

44

mdash

277

118

(05)

77

294

(275)

05

280

1129

(12)

263

276

656

2377

(1653)

723

(478)

245

27864

19397

mdash

[454]

8467

13503

8684

2201

mdash

872

1744

1397

1006

15

mdash

251

156

(33)

90

268

(249)

09

258

1219

07

695

687

667

2236

(2129)

107

16

123

16 17 187

30718

19555

mdash

[953]

11163

15004

9508

2398

mdash

1396

1700

1913

1303

72

mdash

357

199

(20)

90

226

(202)

07

209

1777

(71)

328

399

1104

2751

(1663)

1087

(714)

381

19

32375

20577

mdash

[1002]

11798

15293

9539

2455

mdash

1485

1813

1969

1362

61

mdash

356

212

(24)

94

230

(188)

11

200

1833

(261)

290

552

1027

2897

(2474)

423

(71)

351

20

32752

20521

mdash

[1050]

12231

15082

9334

2260

mdash

1651

1836

1606

1053

38

mdash

349

197

(31)

88

211

(182)

12

194

1483

(76)

230

307

893

2401

(2686)

(285)

(291)

(576)

30078

19752

mdash

[921]

10326

14414

9291

2339

mdash

1095

1688

1763

1217

52

mdash

322

204

(33)

80

237

(216)

06

223

1607

(230)

196

426

912

2341

(2958)

(616)

443

(173)

28431

19168

mdash

[485]

9263

14513

9287

2320

mdash

1088

1815

1815

1251

53

mdash

327

224

(41)

78

271

(233)

07

241

1622

(171)

215

386

858

2598

(2332)

266

(313)

(46)

Operating Revenues (Revenues from third parties)

Profit attributable to owners of parent

Cash Flows From Operating Activities

P18

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

Consolidated Financial Data

Years ended March 31

92

93

Total Assets

23719

23845

Total Liabilities

21292

21191

Total Shareholdersrsquo Equity

2426

2654

Non-Controlling Interests

5

[49]

[57]

Net Assets

6

mdash

mdash

10785

10875

Transportation

9013

9044

Sales of goods and food services

mdash

mdash

Sales of goods

1212

1241

Operating Revenues (Revenues from

third parties)

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 19

Data

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

(Billions of yen)

88 89 90 91 92 93 94 96 97 98 00 01 02 03 04951 992 053 06 07 08 09 10 11 12 13 14 15

14402

12832

1570

mdash

7631

6910

260

44

417

6923

2682

2561

120

2299

394

879

1025

943

55

91

16

18

04

52

851

708

89

717

80

11

83

71

20

13376

11759

1616

mdash

8071

7281

205

120

463

7277

2654

2487

167

2386

384

995

1006

943

56

109

31

19

04

53

1127

793

142

762

172

09

105

96

46

12751

10876

1874

mdash

8343

7488

236

107

510

7433

3006

2521

484

2598

404

1118

1076

740

58

149

41

93

10

03

880

909

100

607

402

19

182

163

257

13142

10969

2172

mdash

8923

8018

250

122

531

7698

2892

2676

215

3011

431

1399

1179

740

58

197

82

99

11

04

798

1224

129

479

875

(269)

192

462

298

22971

20584

2386

mdash

9172

8190

261

149

570

7894

3034

2821

212

3119

434

1432

1252

366

58

216

78

121

12

03

1099

1278

114

732

661

06

157

151

364

23065

20460

2604

mdash

9225

8204

268

160

592

7782

3183

2889

294

2947

436

1274

1236

mdash

58

258

67

154

14

21

1333

1443

124

1009

557

11

298

286

319

23279

20477

2801

mdash

9376

8249

262

228

636

8010

3298

3012

286

3172

438

1364

1369

mdash

59

264

72

158

15

18

1215

1365

148

967

547

11

296

284

298

23551

20775

2775

mdash

8741

7675

261

182

621

7730

3344

3047

297

2955

414

1248

1292

mdash

79

206

02

168

16

18

1144

1011

117

924

204

(115)

398

513

75

22979

20046

2932

mdash

9362

8239

255

185

681

7959

3418

3073

345

3057

433

1284

1340

mdash

90

291

85

174

17

14

1100

1403

106

954

556

04

620

616

258

23334

20167

3166

mdash

9560

8391

269

181

717

8259

3509

3060

448

3265

424

1467

1373

mdash

100

271

65

176

18

11

1112

1300

89

830

560

26

441

414

335

22772

19493

3278

mdash

9460

8300

273

213

671

8311

3585

3078

507

3012

438

1209

1365

mdash

230

380

65

267

26

19

1102

1148

71

736

483

05

499

494

234

22420

19299

3120

mdash

9094

7955

271

205

662

7967

3578

2974

603

2777

405

1080

1292

mdash

228

313

mdash

277

27

07

1070

1127

72

694

505

(505)

431

936

(56)

22326

18859

3466

mdash

8851

7739

261

199

650

7860

3501

2850

650

2765

393

1123

1249

mdash

238

310

mdash

277

27

05

1044

990

75

642

423

19

483

463

255

22478

18444

4033

mdash

8814

7731

246

186

650

7844

3456

2841

614

2750

382

1143

1224

mdash

315

303

mdash

273

26

04

1018

970

72

608

434

16

1074

1058

259

21357

17470

3886

mdash

8698

7702

246

183

566

7703

3305

2702

602

2812

392

1168

1251

mdash

313

300

mdash

269

25

05

971

995

62

517

540

54

1051

996

325

21168

17061

4107

mdash

8490

7523

238

184

544

7457

3016

2445

570

2882

384

1226

1271

mdash

310

293

mdash

263

24

05

954

1032

53

472

613

15

426

411

334

21268

16875

4393

mdash

8458

7508

230

185

534

7404

2945

2375

569

2910

366

1219

1324

mdash

308

282

mdash

254

22

05

957

1054

51

456

650

34

1090

1055

371

20980

16237

4743

mdash

8464

7509

228

177

548

7364

2868

2306

562

3005

369

1271

1364

mdash

246

297

20

251

21

05

945

1100

50

407

743

77

736

658

480

21021

15999

5022

mdash

8512

7565

225

177

544

7423

2761

2218

543

3200

348

1407

1444

mdash

247

287

19

244

20

02

925

1089

52

382

759

(189)

767

956

351

21518

16185

mdash

5333

8658

7658

225

182

591

7568

2725

2150

574

3379

343

1489

1545

mdash

246

281

18

237

19

06

935

1089

55

367

776

(18)

451

470

446

22229

16705

mdash

5524

8794

7817

222

196

557

7696

2699

2134

564

3388

344

1486

1558

mdash

246

286

18

243

20

03

1075

1098

62

360

799

(38)

409

448

451

22151

16543

mdash

5607

8750

7737

218

209

584

7729

2686

2123

562

3339

382

1358

1598

mdash

253

291

17

249

21

02

1159

1020

67

354

734

11

703

692

443

22869

17188

mdash

5681

8167

7200

201

211

554

7582

2652

2089

563

3186

335

1281

1569

mdash

250

293

15

253

21

03

1199

585

60

347

298

44

528

483

205

24057

18243

mdash

5813

8286

7280

195

218

592

7528

2353

2098

255

3334

337

1358

1638

mdash

251

298

15

258

21

03

1291

758

70

343

485

(04)

489

494

285

23817

17933

mdash

5883

8621

7587

195

232

605

7728

2379

2115

263

3395

362

1333

1699

mdash

236

309

15

264

21

07

1407

892

71

335

628

(17)

231

248

221

23333

17216

mdash

6116

8685

7691

191

236

565

7661

2333

2106

227

3427

371

1365

1691

mdash

234

317

16

271

21

07

1347

1023

64

311

775

01

399

397

419

23926

17531

mdash

6394

8736

7806

191

231

507

7718

2354

2137

217

3516

431

1390

1695

mdash

236

316

16

268

21

10

1293

1017

65

283

799

12

238

226

486

24444

18128

mdash

6315

8909

7970

184

236

517

7789

2330

2152

177

3690

453

1467

1769

mdash

187

320

15

273

21

09

1260

1120

65

264

921

(45)

606

651

473

16 18517

26593

18976

mdash

7617

9762

8678

178

284

621

8319

2214

2120

94

4076

440

1614

2021

mdash

302

357

43

283

22

07

1368

1443

62

219

1286

(92)

298

390

807

19

27823

19825

mdash

7997

9809

8734

176

293

604

8301

2158

2070

88

4166

452

1640

2073

mdash

272

360

43

286

23

07

1343

1507

75

217

1364

(206)

276

482

806

20

27939

19700

mdash

8239

9619

8568

171

300

577

8421

2146

2059

87

4243

454

1664

2124

mdash

284

364

39

292

24

07

1382

1197

75

203

1069

(11)

209

221

735

25989

18890

mdash

7099

9561

8496

180

272

611

8206

2233

2136

96

3943

405

1571

1966

mdash

302

349

42

276

22

08

1376

1354

61

231

1184

(165)

183

349

708

24998

18337

mdash

6660

9542

8500

183

260

598

8170

2333

2166

166

3924

441

1528

1954

mdash

269

319

26

263

21

08

1323

1372

63

268

1167

(155)

195

350

611

P19

1

2

3

4

5

6

7

8

9

10

11

12

13

A

B

C

D

E

F

Non-Consolidated Financial Data

Years ended March 31

88

89

90

Total Assets

14402

13376

12751

Total Liabilities

12832

11759

10876

Total Shareholdersrsquo Equity

1570

1616

1874

Total Net Assets

4

mdash

mdash

mdash

Operating Revenues

7631

8071

8343

Transportation

6910

7281

7488

Transportation incidentals

260

205

236

Other operations

44

120

107

Miscellaneous

417

463

510

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2020CORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 20

Data

Transportation Revenues Years ended March 31

Railway

Shinkansen

Conventional Lines

Kansai Urban Area

(Kyoto-Osaka-

Kobe Area)

Other Lines

Subtotal

Total

Luggage and Ferry

Grand Total

Revenues from Shinkansen

Revenues from Kansai Urban Area

(Kyoto-Osaka-Kobe Area)

Revenues from Other Lines

Billions of yen

0

200

300

400

(Billions of yen)

Record high figures

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 ne