Odakyu Electric Railway : Results for the FY2020 ended March 31, 2021

Results for the FY2020 (Ended March 31, 2021)

April 28, 2021

Circumstances of each business (monthly trends)

（％）

Number of Passengers on Odakyu 0.0 Electric Railway (Year-on-Year)

△ 20.0

Work commuters

Non-commuters	△ 40.0
Total	△ 60.0

* In September and October, rebound from the impact of the advanced purchasing of commuter passes in the same period of the previous .0 fiscal year that accompanied the consumption tax hike

10.7

△5.0

△16.9

Apr-Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

（％） 20.0

24.7

Transactions of Odakyu Department

0.0

18.9

Store Sales (Year-on-Year)

10.3

Shinjuku Store

△ 20.0

Over-the-counter

Machida Store

△ 40.0

Fujisawa

△ 60.0

*Implemented renewal of Machida and Fujisawa stores in March

△ 80.0

2019

*In September and October, rebound from the impact of the rush

△ 100.0

in demand in the same period of the previous fiscal year that

accompanied the consumption tax hike

Mar-Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

（％） 100.0

Occupancy rate of

75.0

Hyatt Regency Tokyo

50.0

12.8

25.0

* Target of the Go To Travel Campaign between October 1

to December 27, 2020

0.0

Apr-Jan Feb

Mar

Apr May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2

Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Consolidated Statement of Income

	Millions of yen	FY2019	FY2020	Change
Revenue from operations	534,132	385,978	△148,154
(△27.7%)
	Transportation	173,174	116,230	△56,944
	Merchandising	206,563	157,685	△48,878
	Real Estate	80,478	72,872	△7,606
	Other Businesses	112,256	68,131	△44,124
	Adjustments	△38,340	△28,941	+9,399
Operating income	41,103	△24,190	△65,294
(－)
	Transportation	21,641	△25,937	△47,578
	Merchandising	4,373	△1,741	△6,115
	Real Estate	12,940	16,459	+3,519
	Other Businesses	2,090	△13,020	△15,111
	Adjustments	58	49	△8
Ordinary income	38,299	△31,223	△69,523
(－)
Net income attributable to owners of	19,923	△39,804	△59,728
parent			(－)

Forecast	Change
at Mar. 2021
384,100	+1,878
(+0.5%)
116,500	△269
157,500	+185
71,900	+972
66,600	+1,531
△28,400	△541
△28,900	+4,709
(－)
△27,700	+1,762
△1,800	+58
14,900	+1,559
△14,400	+1,379
100	△50
△35,800	+4,576
(－)
△42,600	+2,795
(－)

	Capital investments	91,599	62,943	△28,655
	Depreciation	49,628	51,258	+1,630
	Interest-bearing debt	741,027	782,822	+41,795
3
			Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Non-operating and extraordinary profit / loss

Extent of Consolidated Accounting

＜Non-operating and extraordinary profit / loss＞

Millions of yen	FY2019	FY2020		Change and major factors
Non-operating	4,523	4,111	△412
income
Non-operating
7,327	11,144	+3,816
expenses
Extraordinary profit	6,315	14,153	+7,837	Proceeds from sales of investment securities 6,304（＋6,298）
Subsidy income 3,609（＋3,609）
Extraordinary loss	8,616	24,191	+15,575	Loss on impairment of fixed assets 15,751（＋13,400）*1
Loss on temporary closure 2,587（+2,587）*2

*1: Including calculations for construction plans for the Shinjuku West Gate redevelopment

*2: Depreciation, rent, and other fixed costs incurred during temporary closure in connection with emergency declarations recorded as "Loss on temporary closure" under extraordinary loss

(millions of yen)

(Reference) Breakdown of loss on temporary closure
Transportation	213
	Merchandising	1,287
	Real Estate	409
	Other Businesses	677
	Total	2,587

＜Number of subsidiaries and affiliated companies (Change from the end of the previous fiscal year)＞

Number of consolidated subsidiaries :39 （+1, △5）

(Increase)

Odakyu SC Development Co., Ltd.

： Established through spinoff (April 2020)

Minami Izu Tokai Bus Company

(Decrease) Nishi Izu Tokai Bus Company： Reorganization of Tokai Bus, Inc. (Previously Izu Tokai Bus, Inc.) (April 2020) Shin-Tokai Bus Company

Tokai Bus Orange Shuttle Company

Odakyu Department Service Co., Ltd

： Absorption-type merger with Odakyu Building Service Co., Ltd. (April 2020)

Number of affiliated companies accounted for by the equity method: 1 (no change)

4	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Consolidated Balance Sheets, Consolidated Statements of Cash Flows

＜Consolidated Balance Sheets＞

		Millions of yen		FY2019	FY2020		Change and major factors
		Current assets		131,791	146,692	+14,900
		Noncurrent assets		1,196,512	1,180,304	△16,208
					1,328,303	1,326,996	△1,307	Cash and time deposits	＋20,803
	Total assets		Property and equipment	△11,271
								Investment securities	△3,768
		Current liabilities		377,494	339,704	△37,789
		Long-term liabilities		560,626	634,835	+74,208
	Total liabilities		938,120	974,539	+36,418	Interest-bearing debt	＋41,795
								Retirement benefit debt	△6,351
	Net assets		390,183	352,456	△37,726	Retained earnings △43,460
	Total liabilities and net assets		1,328,303	1,326,996	△1,307
(Reference) Other financial
	Millions of yen	FY2019	FY2020	Change
information
			Cash and time	28,594	49,397	+20,803
			deposits
			Interest-bearing debt	741,027	782,822	+41,795
			Equity ratio	29.1%	26.4%	△2.7P
＜Consolidated Statements of Cash Flows＞
		Millions of yen		FY2019	FY2020		Change and major factors
	Cash flows from operating activities		74,897	27,178	△47,718
	Cash flows from investing activities		△85,454	△43,582	+41,872	Decrease in capital investments
	Cash flows from financing activities		17,171	37,207	+20,035 Increase in borrowings and proceeds from issuance of bonds
	Net change in cash and cash equivalents	6,613	20,803	+14,189
	Cash and cash equivalents end of half year	28,464	49,267	+20,803
5						Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Transportation)

• Starting from this presentation material, "Adjustments" now includes the revenue from operations and operating income of each subsegment.

	Millions of yen	FY2019	FY2020		Change and major factors
Revenue from	173,174	116,230	△56,944
operations			(△32.9%)
					(-) Decline in number of users due to people
		131,528	87,868	△43,659	staying at home
	Railways				(-) Suspension of operation on a section of the
				Hakone Tozan Railway up to July 22*1
		35,262	24,491	△10,771	(-) Decline in number of users due to people
	Busses	staying at home
				(-)Partial timetable revision/suspension of service
					(-) Shutdown of Hakone Ropeway from April 10 to
		6,384	3,870	△2,514	May 29
	Others				(-) Shutdown of Hakone Sightseeing Cruise from
				April 10 to May 31
Operating income	21,641	△25,937	△47,578
				(－)
	Railways	22,013	△16,710	△38,723
	Busses	78	△7,494	△7,573
	Others	△450	△1,733	△1,282

Forecast	Change and major factors
at Mar. 2021

116,500 △269

(△0.2%)

88,400	△531	(-) Decrease in number of customers due to the
continued spread of COVID-19 and people staying
		at home
24,200	+291

3,900	△29
△27,700	+1,762
(－)
△17,500	+789	(+) Decrease in costs
△8,300	+805	(+) Decrease in costs
△1,900	+166

Assets

682,223

671,599

△10,623

*1 Suspension of service on Hakone Tozan Railway between Hakone-Yumoto Station and Gora Station beginning

October 12, 2019, due to the impact of Typhoon No. 19 (service resumed on July 23, 2020)

Capital investments

40,940

35,155

△5,785

Depreciation

32,392

33,309

+917

＜Freepass unit sales (Change from FY2019)＞

＜Hakone Area Revenue from Operations (Change from FY2019)＞

Hakone Freepass

△61.8％

Millions of yen

FY2019

FY2020

Change

Enoshima-Kamakura

△87.6％

Freepass

Hakone area*2

17,708

10,757

△6,951

*2 In addition to Transportation revenue, a portion of

Hotels revenue is also included.

＜Odakyu Sightseeing Service Center (Change from FY2019)＞

Ticket purchasers

△99.0％

(Reference) Passengers of Hakone transportation companies

-40.5% (Change from FY2019)

(Reference) Due to an increase in the volcanic alert level for Mt. Hakone, operation of the Hakone Ropeway was suspended from May 19 2019 (operation recommenced, along the entire route on October 26 2019)

6	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Transportation)

＜Railways: Results of Railway Business of Odakyu Electric Railway Co., Ltd＞ ■Number of passengers carried

	Thousands	FY2019	FY2020	Change
Commuters	477,738	331,963	△ 145,775	(△ 30.5%)
	Work commuters	349,361	274,678	△ 74,683	(△ 21.4%)
	School	128,377	57,285	△ 71,092	(△ 55.4%)
	commuters
Non-commuters	287,589	193,262	△ 94,327	(△ 32.8%)
Total	765,327	525,225	△ 240,102	(△ 31.4%)
■Revenue
	Millions of yen	FY2019	FY2020	Change
Commuters	48,354	34,290	△ 14,063	(△ 29.1%)
	Work commuters	41,755	31,638	△ 10,116	(△ 24.2%)
	School
	6,599	2,652	△ 3,947	(△ 59.8%)
	commuters
Non-commuters	68,951	43,575	△ 25,376	(△ 36.8%)
Revenues from	117,306	77,866	△ 39,439	(△ 33.6%)
passenger
transportation
Miscellaneous	3,798	3,191	△ 607	(△ 16.0%)
revenues
Total revenues from	121,105	81,057	△ 40,047	(△ 33.1%)
transportation

7

■ Operating expenses

	Millions of yen	FY2019	FY2020	Change
Operating expenses	98,801	94,934	△ 3,867
	Personnel expenses	28,393	27,231	△ 1,161
	Repair expenses	8,603	7,508	△ 1,094
	Power costs	5,879	5,143	△ 735
	Property and	1,391	1,401	+ 10
	equipment disposal
	expenses
	Depreciation	24,628	25,175	+ 546
	Others	29,906	28,473	△ 1,433

Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Merchandising)

Millions of yen

FY2019

FY2020

Change and major factors

Forecast

Change and major factors

at Mar. 2021

Revenue from

206,563

157,685

△48,878

157,500

+185

operations

(△23.7%)

(+0.1%)

(-) Temporary closure from April 8 to May

Department

131,342

86,371

△44,970

25 (excluding food floors)

86,300

+71

(-) Decline in number of users due to people

Stores

staying at home

(-) Decrease in the number of users of in-

station convenience stores, temporary

Stores and retail

68,008

64,428

△3,579

closure

64,300

+128

(+) Increase in the number of store users

accompanying an increase in demand for at-

home meals

Others

7,212

6,884

△328

6,900

△15

Operating income

4,373

△1,741

△6,115

△1,800

+58

(－)

(－)

Department

4,403

△1,514

△5,917

△1,500

△14

Stores

Stores and retail

186

57

△129

0

+57

Others

△216

△284

△67

△300

+15

＜Department stores: Department store sales by store

Assets

72,653

59,146

△13,506

(Change from FY2019)＞

＜Department stores: duty-free sales

Capital investments

5,498

3,091

△2,406

Millions of yen

FY2020

Change

(Change from FY2019)＞

Shinjuku Store

55,782

△39.2％

Shinjuku Store

△84.8％

Depreciation

3,791

3,557

△234

Over-the-

50,455

△42.0％

counter

＜Stores and retail: Odakyu Shoji store

Machida Store

23,358

△23.2％

division sales (Change from FY2019)＞

Fujisawa

5,114

△18.3％

Total

＋4.4％

Others

2,116

△25.9%

Existing stores

＋4.2％

8

Total

86,371

△34.2％

Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Real Estate)

	Millions of yen	FY2019	FY2020		Change and major factors
Revenue from	80,478	72,872	△7,606
operations			(△9.5%)
	Sales	38,981	32,044	△6,937		(-) Decrease in real estate unit
						sales/unit price
		41,496	40,828	△668		(-) Rent concessions in connection with
	Leasing		temporary closing of commercial
					facilities
Operating income	12,940	16,459	+3,519
(+27.2%)
	Sales	1,621	2,067	+445		(+) Sales of subdivision sites
	Leasing	11,318	14,392	+3,073		(+) Decrease in costs
Assets	396,030	407,252	+11,222
Capital investments	29,547	19,265	△10,282
Depreciation	9,374	10,052	+677

＜Sales: Odakyu Real Estate unit sales ＞

Residences/sections	FY2019	FY2020	Change
Detached house	125	128	＋3
Condominium	268	196	△72
Land	22	52	＋30
Total	415	376	△39

Forecast	Change and major factors
at Mar. 2021
71,900	+972
(+1.4%)
31,900	+144

40,000	+828
14,900	+1,559
(+10.5%)
2,100	△32
12,800	+1,592 (+) Decrease in costs

9	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Other Businesses)

	Millions of yen	FY2019	FY2020		Change and major factors
Revenue from	112,256	68,131	△44,124
operations			(△39.3%)
						(-) Temporary closing of hotels in Hakone from
		27,948	10,891	△17,056		April 26 to May 31
			(-) Decrease in number of users due to people
						staying at home and restrictions on tourists
	Hotels					entering the country
						(-) Temporary closing
		19,415	11,160	△8,254
	Restaurants		(-) Decrease in number of users due to people
					staying at home
						(-) Decrease in number of users due to people
		64,892	46,079	△18,812		staying at home (travel business and other
			businesses)
	Others					(-) Decrease in resort temporary staffing demand
					and advertising demand
Operating income	2,090	△13,020	△15,111
				(－)
	Hotels	△2,070	△10,429	△8,359
	Restaurants	△130	△2,008	△1,878
	Others	4,290	△582	△4,872

Forecast	Change and major factors
at Mar. 2021

66,600 +1,531

(+2.3%)

10,500	+391
11,000	+160
45,100	+979	(+) Increase in building maintenance management
		and advertising orders
△14,400	+1,379
(－)
△11,200	+770	(+) Decrease in costs
△2,000	△8
△1,200	+617

Assets	137,514	125,166	△12,347
Capital investments	15,612	5,431	△10,180
Depreciation	4,151	4,422	+271

＜Hotels: Ratio of foreign guests at city hotels＞

	FY2019	FY2020	Change
Hyatt Regency Tokyo	77.8％	13.7％	△64.1P
Hotel Century Southern Tower	71.7％	1.0％	△70.7P

10

＜Hotels: Occupancy rate＞

	FY2019	FY2020	Change
Hyatt Regency Tokyo	75.9％	11.7％	△64.2P
Hotel Century Southern Tower	80.3％	11.2％	△69.1P
Hotel de Yama	69.1％	53.3％	△15.8P
Hakone Highland Hotel	67.4％	50.0％	△17.4P
Hotel Hatsuhana	80.4％	64.8％	△15.6P

Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations

■Forecasts for the recovery of revenue from operations in each business segment are shown below.

【The trend of recovery compared with the normal level 】

Transportation
Merchandising
Estate	Real
Businesses	Other

■ Results of Railway Business of Odakyu Electric Railway

Gradual recovery in revenue from operations in the first half to 80% of the normal level, and around 85% in the second half ■ Busses

Revenue from operations at 80% of the normal level for the full year ■ Hakone (Transportation Companies)

Revenue from operations at 80% of the normal level for the full year

■ Department Stores

Revenue from operations at 90% of the normal level for the full year ■ Stores and Retail

Revenue from operations at normal level for the full year

■ Leasing

Revenue from operations at normal level for the full year

■ Hotels

Revenue from operations at 50% of the normal level for the full year ■ Restaurants

Revenue from operations at 80% of the normal level for the full year

• Forecasts do not account for the impact of the state of emergency declared April 25, 2021.
• Comparisons made after deducting the impact of accounting standard revision
• These financial results forecasts may change substantially due to the actual impact of the COVID-19 pandemic, consumption trends, and other factors. If revisions to these forecasts become necessary, the Company will promptly disclose a revised forecast.

11	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

	*Since the Company has adopted standards, such as "Accounting Standard
Forecast of Consolidated Operations	for Revenue Recognition" (ASBJ Statement No.29), from FY2021, the
application of said standards.
	business performance forecasts are based on the amount after the
	Furthermore, the impact of adopting these new accounting standards is
	stated in "Impact of accounting standard revision".

	Millions of yen		FY2020	FY2021	Change
Revenue from	385,978	395,200	+9,221
operations				(+2.4%)
	Transportation	116,230	150,000	+33,769
	Merchandising	157,685	112,000	△45,685
	Real Estate	72,872	74,900	+2,027
	Other Businesses	68,131	87,200	+19,068
	Adjustments		△28,941	△28,900	+41
Operating income		△24,190	19,500	+43,690
					(－)
	Transportation		△25,937	5,800	+31,737
	Merchandising		△1,741	4,200	+5,941
	Real Estate	16,459	15,600	△859
	Other Businesses		△13,020	△6,100	+6,920
	Adjustments	49	0	△49
Ordinary income		△31,223	17,200	+48,423
					(－)
Net income attributable		△39,804	13,500	+53,304
	(－)
to owners of parent
Capital investments		62,943	79,300	+16,356
Depreciation		51,258	49,800	△1,458
Interest-bearing debt		782,822	768,200	△14,622

FY2021	Impact of
Prior to	accounting
accounting	standard
standard revision	revision*
475,200	△80,000
(△16.8%)
150,900	△900
195,300	△83,300
74,900	－
83,400	+3,800
△29,300	+400
19,500	－
(－)
5,800	－
4,200	－
15,600	－
△6,100	－
0	－
17,200	－
(－)
13,500	－
(－0)

	Trend in Revenue from Operations/Operating income
	(Unit: billions of yen)
			475*
526	534	385	395
52
41		19
		▲ 24
2018	2019	2020	2021(forecast)
	Revenue from Operations	Operating income
			* Prior to accounting
			standard revision

Trend in Capital Investments

(Unit: billions of yen)

82	91	62	79
2018	2019	2020	2021(forecast)
	Trend in Interest-Bearing Debt
	(Unit: billions of yen)
715	741	782	768

29.7

7.2	8.2		11.1
2018	2019	2020	2021(forecast)
	Interest-Bearing Debt	D/E Ratio

12	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Transportation)

	Millions of yen	FY2020	FY2021		Change and major factors
Revenue from	116,230	150,000	+33,769
(+29.1%)
operations
	Railways	87,868	113,000	+25,131		(+) Recovery in number of users due to
					easing of stay-at-home restrictions
	Busses	24,491	31,100	+6,608		(+) Recovery in number of users due to
					easing of stay-at-home restrictions
	Others	3,870	5,900	+2,029
Operating income	△25,937	5,800	+31,737
				(－)
	Railways	△16,710	7,900	+24,610
	Busses	△7,494	△1,700	+5,794
	Others	△1,733	△400	+1,333

FY2021
Prior to	Impact of accounting standard revision
accounting
standard revision
150,900	△900
(△0.6%)
113,900	△900	Revision of calculation method for
		commissions
31,100	－
5,900	－
5,800	－
(－)
7,900	－
△1,700	－
△400	－

	Capital	35,155	33,300	△1,855		179	Trend in Revenue from Operations
	investments						173	(Unit: billions of yen)
	Depreciation	33,309	33,200	△109		7	6		150		150
								36	35	116		5		5			Others
												31		31
			3					Busses
	Millions of yen									24
		FY2020	FY2021	Change			135	131	113		113			Railways
										87
	Hakone area*		10,757	16,853	＋6,096
	*In addition to Transportation revenue, a portion of Hotels revenue is
	2018	2019	2020	2021		2021
	also included in the Hakone area figures.
								*Prior to accounting

standard revision

13	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Transportation)

＜Railways: Results of Railway Business of Odakyu Electric Railway Co., Ltd＞

■ Number of passengers carried

■ Operating expenses

	Thousands	FY2020	FY2021	Change
		First	Second
						half	half
Commuters	331,963	392,842	＋60,879	(＋18.3％)	(＋15.4％)	(＋21.4％)
	Work	274,678	291,443	＋16,765	(＋6.1％)	(△0.2％)	(＋12.9％)
	commuters
	School	57,285	101,399	＋44,114	(＋77.0％)	(＋101.6％)	(＋56.8％)
	commuters
Non-commuters	193,262	249,152	＋55,890	(＋28.9％)	(＋45.1％)	(＋16.6％)
Total	525,225	641,994	＋116,769	(＋22.2％)	(＋25.2％)	(＋19.5％)
■ Revenue
Millions of yen	FY2020	FY2021	Change
	First	Second
						half	half
Commuters	34,290	40,233	＋5,942	(＋17.3％)	(＋14.5％)	(＋20.2％)
	Work	31,638	34,998	＋3,359	(＋10.6％)	(＋5.8％)	(＋15.6％)
	commuters
	School	2,652	5,235	＋2,583	(＋97.4％)	(＋137.8％)	(＋67.5％)
	commuters
Non-commuters	43,575	59,768	＋16,192	(＋37.2％)	(＋55.4％)	(＋23.5％)
Revenues from	77,866	100,001	＋22,135
passenger
transportation				(＋28.4％)	(＋35.7％)	(＋22.2％)
Miscellaneous	3,191	3,811	＋620	(＋19.4％)	(＋13.9％)	(＋24.9％)
revenues
Total revenues from	81,057	103,813	＋22,755	(＋28.1％)	(＋34.8％)	(＋22.3％)
transportation

Millions of yen	FY2020	FY2021	Change

Operating	94,934	95,280	+346
expenses
	Personnel	27,231	26,466	△765
	expenses
	Repair	7,508	8,310	＋801
	expenses
	Power costs	5,143	4,493	△650
	Property and
	equipment	1,401	1,515	＋113
	disposal
	expenses
	Depreciation	25,175	25,686	＋511
	Others	28,473	28,808	＋335

14	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Merchandising)

	Millions of yen	FY2020	FY2021		Change and major factors
Revenue from	157,685	112,000	△45,685
(△29.0%)
operations
	Department	86,371	40,400	△45,971		(-) Impact of accounting standard revision
		(+) Rebound from temporary closures in
	Stores					previous period and people staying at home
		64,428	64,000	△428		(-) Impact of accounting standard revision
	Stores and retail		(+) Recovery in number of users at in-
					station convenience stores
	Others	6,884	7,600	+715
Operating income	△1,741	4,200	+5,941
(－)
	Department	△1,514	3,400	+4,914		(+) Rebound from temporary closures in
	Stores					previous period
	Stores and retail	57	900	+842		(+) Recovery in number of users at in-
					station convenience stores
	Others	△284	△100	+184

FY2021
Prior to	Impact of accounting standard revision
accounting
standard revision
195,300	△83,300
	(△42.7%)
117,700	△77,300	Revision of calculation method for
		consignment purchase transactions, etc.
69,900	△5,900	Revision of calculation method for
		consignment purchase transactions, etc.
7,700	△100
4,200	－
(－)
3,400	－

900 －

△100 －

					Trend in Revenue from Operations
				210	206	(Unit: billions of yen)	195
				6	7	157		7
Capital	3,091	2,700	△391
66	68
investments				6		69	112		Others
	3,557	2,800	△757
Depreciation			64			7		Stores and retail
				137	131	86		117	64		Department Stores
									40

15	2018	2019	2020	2021	2021
				* Prior to accounting

standard revision

15	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Real Estate)

	Millions of yen	FY2020	FY2021		Change and major factors
Revenue from	72,872	74,900	+2,027
(+2.8%)
operations
	Sales	32,044	32,100	+55
	Leasing	40,828	42,800	+1,971		(+) Rebound from rent concessions at
					commercial facilities in previous period
Operating income	16,459	15,600	△859
(△5.2%)
	Sales	2,067	1,000	△1,067
	Leasing	14,392	14,600	+207

FY2021
Prior to	Impact of accounting standard revision
accounting
standard revision
74,900	－
(－)
32,100	－
42,800	－
15,600	－
(－)
1,000	－
14,600	－

	Capital	19,265	38,300	+19,034
	investments
	Depreciation	10,052	9,600	△452			Trend in Revenue from Operations
							80	(Unit: billions of yen)
	(Reference)						74
				69		72
	＜Sales: Odakyu Real Estate planned unit sales＞
	Residences	FY2020	FY2021	Change			41	40	42				Leasing
	/sections	40				Sales
		128	68	△60
	Detached house
	Condominium	196	350	154	28	38	32	32
	Land	52	31	△21
	2018	2019	2020	2021
	Total	376	449	＋73

16	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Other Businesses)

	Millions of yen	FY2020	FY2021		Change and major factors
Revenue from	68,131	87,200	+19,068
(+28.0%)
operations
	Hotels	10,891	16,900	+6,008		(+) Recovery in number of users due to easing of
					stay-at-home restrictions
						(+) Rebound from temporary closures in previous
		11,160	16,100	+4,939		period
	Restaurants					(+) Recovery in number of users due to easing of
					stay-at-home restrictions
		46,079	54,200	+8,120		(+) Impact of accounting standard revision
	Others		(+) Recovery in resort temporary staffing demand
					and advertising demand
Operating income	△13,020	△6,100	+6,920
(－)
	Hotels	△10,429	△6,100	+4,329
	Restaurants	△2,008	0	+2,008
	Others	△582	0	+582

FY2021
Prior to accounting	Impact of accounting standard revision
standard revision
83,400	+3,800
(+4.6%)
16,900	０
16,100	－
50,400	+3,800	Revision of calculation method for commissions
△6,100	－
(－)
△6,100	－
0	－
0	－

						Trend in Revenue from Operations
				106	112	(Unit: billions of yen)
Capital	5,431	5,000	△431						83		87
investments
Depreciation	4,422	4,200	△222	58	64	68	50		54			Others
				20		46				Restaurants
				19							Hotels
				27	27	11		16		16
				16		16
							10
				2018	2019	2020	2021		2021
									* Prior to accounting

standard revision

17	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

(Reference) Forecast of Consolidated Operations for the First Half of the Fiscal Year

	Millions of yen	First half of	First half of	Change
	FY2020	FY2021
Revenue from	167,645	191,900	+24,254
operations	(+14.5%)
	Transportation	53,490	72,700	+19,209
		Railways	40,381	54,900	+14,518
		Busses	11,505	14,900	+3,394
		Others	1,603	2,900	+1,296
	Merchandising	70,705	54,900	△15,805
		Department	36,216	19,300	△16,916
		Stores
		Stores and retail	31,268	31,900	+631
		Others	3,220	3,700	+479
	Real Estate	27,352	37,400	+10,047
		Sales	7,982	15,700	+7,717
		Leasing	19,370	21,700	+2,329
	Other Businesses	29,676	41,100	+11,423
		Hotels	3,896	8,100	+4,203
		Restaurants	4,752	8,100	+3,347
		Others	21,027	24,900	+3,872
	Adjustments	△13,578	△14,200	△621

Millions of yen	First half of	First half of	Change
FY2020	FY2021

Operating income	△19,193	9,800	+28,993
(－)
	Transportation	△15,361	3,100	+18,461
		Railways	△9,779	4,500	+14,279
		Busses	△4,608	△1,200	+3,408
		Others	△974	△200	+774
	Merchandising	△1,619	1,700	+3,319
		Department Stores	△1,390	1,400	+2,790
		Stores and retail	△56	400	+456
		Others	△172	△100	+72
	Real Estate	6,148	8,500	+2,351
		Sales	△354	900	+1,254
		Leasing	6,502	7,600	+1,097
	Other Businesses	△8,386	△3,500	+4,886
		Hotels	△6,310	△3,200	+3,110
		Restaurants	△1,225	0	+1,225
		Others	△850	△300	+550
	Adjustments	25	0	△25
Ordinary income	△22,049	8,500	+30,549
Net income attributable	△21,280	7,500	+28,780
to owners of
parent

18	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

(Reference) Forecast of Consolidated Operations for the Second Half of the Fiscal Year

	Millions of yen	Second half of	Second half of	Change
	FY2020	FY2021
Revenue from	218,332	203,300	△15,032
operations	(△6.9%)
	Transportation	62,739	77,300	+14,560
		Railways	47,487	58,100	+10,612
		Busses	12,985	16,200	+3,214
		Others	2,266	3,000	+733
	Merchandising	86,979	57,100	△29,879
		Department	50,155	21,100	△29,055
		Stores
		Stores and retail	33,160	32,100	△1,060
		Others	3,663	3,900	+236
	Real Estate	45,520	37,500	△8,020
		Sales	24,062	16,400	△7,662
		Leasing	21,458	21,100	△358
	Other Businesses	38,455	46,100	+7,644
		Hotels	6,994	8,800	+1,805
		Restaurants	6,407	8,000	+1,592
		Others	25,052	29,300	+4,247
	Adjustments	△15,362	△14,700	+662

Millions of yen	Second half of	Second half of	Change
FY2020	FY2021

Operating income	△4,996	9,700	+14,696
(－)
	Transportation	△10,576	2,700	+13,276
		Railways	△6,931	3,400	+10,331
		Busses	△2,886	△500	+2,386
		Others	△758	△200	+558
	Merchandising	△122	2,500	+2,622
		Department Stores	△123	2,000	+2,123
		Stores and retail	113	500	+386
		Others	△111	0	+111
	Real Estate	10,311	7,100	△3,211
		Sales	2,421	100	△2,321
		Leasing	7,889	7,000	△889
	Other Businesses	△4,634	△2,600	+2,034
		Hotels	△4,119	△2,900	+1,219
		Restaurants	△783	0	+783
		Others	268	300	+31
	Adjustments	24	0	△24
Ordinary income	△9,173	8,700	+17,873
Net income attributable	△18,524	6,000	+24,524
to owners of
parent

19	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Dividend Policy

Basic policy

FY2021 Dividend

The Company's basic policy for returning profits to shareholders is to maintain stable dividend payment as a result of improved performance with a dividend payout ratio of approx.30%.

Despite the decision to forego payment of the interim dividend due to unclear external conditions, year-end dividends are planned to be set at ¥10.0 per share,the same amount as the previous year, from the perspective of providing stable dividends.

＜Dividend per share (including forecast)＞

Dividend per share figures for FY2016 and prior years reflect the impact of a reverse stock split.

（Unit: yen）

10.0 12.0 12.0 13.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 21.0 10.0 10.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

20	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

■Notice

In addition to this financial results briefing document, the Company plans to post the following documents as financial results information on the Summary of Financial Results ("決算短信") section of the Odakyu corporate website (https://www.odakyu.jp/ir/financial/settle/).

・Financial Results

・Financial Results Briefing (with Explanatory Notes)

・Financial Results FAQ

■Remarks

Figures about business plans, future forecasts and strategies other than historical facts are forward-looking statements reflecting management's view.

Since the forward-looking statements are based on information available at the time of disclosure, the actual results may differ from these forecasts.

Odakyu Electric Railway Co., Ltd.

21	Copyright 2021 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.