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Odakyu electric railway co., ltd.management'S diSCUSSion & analYSiS
Years ended March 31, 2010 and 2009
results of operations
Currently, one of the Group’s immediate priorities is to realize During the fiscal year under review, the Japanese economy as a competitive advantages through the early completion of multiple whole remained subdued. Although some sectors registered an double tracks construction, and as such, capital expenditures have upturn, as seen in a gradual increase in exports and the bottoming exceeded depreciation in recent years.
out of private-sector capital spending, corporate earnings had not The Group takes a comprehensive view of the market environ- yet reached the stage of a full-fledged recovery. In addition, the ment and interest rate movements before selectively determining bleak situation for employment and income continued and private fundraising methods for capital investment in its railway business. These include the use of funding schemes from the Development In this operating environment, the Odakyu Group undertook Bank of Japan as well as the issuance of corporate bonds and borrowing aggressive marketing efforts and cost-cutting measures in all business from private-sector financial institutions. For the construction of areas and posted consolidated revenue from operations of ¥530,405 multiple double tracks currently in progress, the Company utilizes million. A year-on-year decrease of ¥24,355 million, or 4.4%, was public subsidy programs, such as the Special Reserve for the Expansion mainly due to the the economic downturn in all business areas. of Railway Transport Facilities Infrastructure in Designated Cities and Operating income fell ¥1,549 million (or 4.6%) from the previous the “Private Railway Method” from the Japan Railway Construction, consolidated fiscal year, to ¥32,188 million. Net income rose ¥1,890 million (or 18.3%) year on year to ¥12,231 million, as other income To boost the efficiency of fundraising across the board, the improved thanks to proceeds from sales of property and equipment, Group has introduced a cash management system (CMS). When namely, the sale of Odakyu’s stock in the Tokyo Opera City Building.
there is a need for funds over the short term due to cash flow fluctuations, the Group uses its internal CMS funds to the greatest Cash Flows
extent possible and also issues commercial paper.
As the Group generates daily revenue, primarily in its railway The Odakyu Group makes continuous capital expenditures in its and merchandising businesses, it is possible to maintain a sufficient railway business and each of its other businesses. These expendi- level of liquidity. This capital is utilized effectively within the tures are mainly aimed at providing comfortable and speedy railway Group thanks to centralized management based on the CMS.
services and realizing respective area strategies to raise the value of areas surrounding railway lines.
A proactive approach is also taken to implement appropriate Financial Position
safety measures to prevent accidents. In the fiscal year under review, Total assets at March 31, 2010 stood at ¥1,299,290 million, repre- capital expenditures for the year totaled ¥82,511 million. senting a decrease of ¥10,449 million from a year ago. The decline Capital expenditures in the Transportation segment amounted was attributable primarily to a decrease in real estate developments to ¥41,568 million, which was used primarily for railway opera- for sale reflecting the progress made in sales of real estate develop- tions. To maximize the effects of the augmented passenger carrying ments. Liabilities also fell ¥20,393 million, to ¥1,086,072 million, capacity, the construction of multiple double tracks between Higashi-Kitazawa and Izumi-Tamagawa stations was launched, in Net assets including minority interests increased ¥9,944 million addition to the improvement project between Izumi-Tamagawa and from the end of the previous consolidated fiscal year, to ¥213,218 Mukougaoka-Yuen stations. The two projects combined received million due to an increase in retained earnings after the posting of ¥9,826 million (including ¥6,041 million for a Japan Railway Construction, Transport and Technology Agency project). In the Merchandising segment, the Group invested ¥7,501 million, Critical accounting Policies and estimates
primarily for the renovation of existing stores and the launch of new The Odakyu Group’s consolidated financial statements are prepared locations. Key investments included ¥3,619 million for the full renova- in conformity with accounting practices generally accepted in tion of the Shinjuku store of Odakyu Department Store Co., Ltd. and Japan. The preparation of these financial statements requires the use ¥875 million for the construction of new Odakyu OX supermarket of estimates by management, which affects the reported amounts locations at Isehara and others operated by Odakyu Shoji Co., Ltd.
of assets and liabilities as of the date of the consolidated financial The Real Estate segment spent ¥26,160 million mainly for the statements and the reported amounts of revenues and expenses construction of new buildings for lease and refurbishing of existing for the period presented. These estimates are based on rational ones. Major projects included the acquisition by the Company of judgments taking the historical results and circumstances into a stake in the Shinjuku Sanei Building (¥11,378 million) and the consideration. Because such estimates involve particular uncertain- acquisition by Odakyu Real Estate Co., Ltd. of the Shinjuku Kifuu ties, the actual results may differ. Critical accounting policies and estimates are included in the following paragraphs. Forward-looking The Other Businesses segment was allocated ¥7,347 million. Key statements contained in this section are based on determinations investments included ¥1,752 million for upgrades and renovations at made by the Group at the date of this report.
the Hyatt Regency Tokyo operated by Odakyu Hotels Co., Ltd. | OdakyU annUal RepORT 2010 | 17
(1) valuation of inventories
as well as the sources of its corporate value as well as an ability to The Odakyu Group retains a large volume of inventory and has adopted safeguard and enhance the corporate value and common interests “Accounting Standard for Measurement of Inventories” (Accounting of shareholders on a continuing and sustainable basis.
Standards Board of Japan (ASBJ) Statement No. 9 issued on July For more details on the plan, please read the press release issued on 5, 2006). Additionally, the Company records land acquired for the May 20, 2009 titled “Continuation of Takeover Defense Policy Regarding construction of multiple double tracks as fixed assets. If it is determined Mass Purchases of Company Shares (Takeover Defense Plan).” that this land can be used for subdivided housing after completion of (Odakyu’s URL: http://www.odakyu.jp/ir/shared/pdf/h20/200905202.pdf, the multiple double tracks, the land is reclassified as inventory and the valuation is determined in the same manner as explained above. dividend Policy
(2) impairment of Securities
Internal reserves will be invested in important and growing fields to The Odakyu Group holds securities issued by various financial raise the value of areas along the Odakyu lines. At the same time, to institutions and business partners. The Group records an impairment return continuously the gains to shareholders obtained by invest- on marketable securities if their market value declines by 50% or more ments, the Company has changed its dividend policy. The new below their respective carrying value. For securities whose market policy states that a maximum of 2.5% of consolidated shareholders’ value has declined by more than 30% but less than 50% below the equity would be returned to shareholders. However, if net income carrying value, the Group considers the possibility of recovery and decreases from the previous year, dividends per share would remain records the amount expected to be unrecoverable as an impairment. unchanged. Moreover, if the Company records a large loss caused There is a risk that market prices of these securities could fluctuate and by natural disasters or others, dividends would be determined after the Group could thus incur a loss on these securities.
considering the financial statements.
The Company intends to continue its policy of making two (3) impairment of Fixed assets
dividend payments each year, at the end of the first half of the fiscal The Odakyu Group owns numerous fixed assets. The recoverable year and at the end of the fiscal year. The dividend from capital value of these assets is calculated based on numerous assumptions surplus for shareholders in a fiscal year is stipulated in the articles such as future cash flows, the discount rate, and the residual net sale of incorporation, according to which the Company can provide the value. Therefore, changes to any of these assumptions could result interim dividend by a resolution of the Board of Directors in addition in a loss on impairment of fixed assets.
to the dividend by resolution at the general meeting of shareholders.
Based on this policy, the Company paid a year-end of ¥3.5 per (4) deferred tax assets
share for the fiscal year ended March 31, 2010, resulting in an annual The Odakyu Group records a valuation allowance to reduce deferred payout of ¥6.5, of which ¥3.0 was paid as the interim dividend.
tax assets to their highly probable realizable value. Taxable income for future fiscal years is considered in determining the appropriate Business and other risks
valuation allowance. However, in the event that the anticipated A risk management structure for the entire Odakyu Group has future taxable income declines or increases due to a change in been in place based on the Odakyu Group Risk Management Policy. future business results, it could become necessary to revise the Risks are identified and evaluated first by each Group company using uniform techniques, and risks with potentially material impact on corporate management are referred to the Group, which in turn (5) retirement Benefit obligations and Costs
conducts further reviews and creates and undertakes measures to Calculation of obligations and costs arising from retirement benefits is circumvent such risks. The following risks have been identified by based on actuarial assumptions. These assumptions include the discount the Group as major risk factors that could significantly impact the rate, retirement ratio, mortality rate, and rate of return on pension plan assets. However, any difference between the actual results and the Forward-looking statements contained below are based on the assumptions or a change in those assumptions could have an impact on information available to the Odakyu Group at the time of submis- the stated obligations and costs arising from retirement benefits.
sion of this report. Please note that the following does not cover all the risks with potential impact on the Group. takeover defense measure
The Company has adopted a policy regarding mass purchases of
(1) earthquakes and other natural disasters
the Company’s shares (a takeover defense plan), based on the belief The Odakyu Group’s businesses are concentrated in Tokyo and that the party that controls the Company’s financial and business Kanagawa prefectures primarily along the Odakyu lines. In the policy decisions must be one that has a thorough understanding of event of a large-scale earthquake or other natural calamities causing the Company’s financial and business conditions and undertakings damages on the Group’s business operations, the Group’s business 18 | OdakyU annUal RepORT 2010 |
results could be adversely affected. It should be noted that a part of (7) Significant litigation
the geographical territory where the Group operates is located in the A civil lawsuit has been filed against the Company in relation to zone designated as an area requiring the implementation of enhanced noise and vibration caused by its railway operations. Outcome of earthquake preparatory measures with respect to the Tokai region.
the lawsuit could affect business performance and operations of the railway business.
(2) accidents and System Failures
In addition, administrative lawsuits are pending in connection A large-scale accident and a system failure triggered by a human with the Company’s multiple double tracks project. They are the error, malfunctioning equipment, and illegal acts such as terrorism, administrative lawsuit against the Kanto Transport Bureau Chief among others, in any of the Group’s business segments could hinder as defendant, in which the revocation of the acceptance of the the Group’s business operations, tarnish its reputation and give rise successful passing of the completion inspection and operation to additional expenses to be shouldered in conjunction with the plans with respect to the construction project enabling a switch to restoration of facilities and equipment and damage compensations. new railway facilities in the segment between Setagaya-Daita and The Group’s operating results could suffer as a result. Kitami stations and the revocation of all decisions allowing railway service on other elevated multiple double tracks are sought, and (3) Population decline and accelerated aging of the
the administrative lawsuit against the Kanto Regional Development Population with Fewer Children
Bureau Chief as defendant, in which the annulment of the approval The Odakyu Group operates railway service and a variety of other given to the urban planning project for the segment between businesses that are closely tied to daily lives of people who live Yoyogi-Uehara and Umegaoka stations is sought.
along the Odakyu lines in particular. A decline in population or a change in demographics caused by an aging population with fewer (8) legal restrictions
children in the target market where Odakyu operates could be The Group’s operations are subject to various laws and ordinances, translated into fewer passengers to be carried by the Company’s including the Railway Business Act, the Road Transportation railway business and impact other businesses, with adverse conse- Act, the Act on the Measures by Large-Scale Retail Stores quences on the Group’s operating results.
for Preservation of Living Environment and the Construction Standards Act, and regulations including the Emission Standards, (4) interest rate Fluctuations
among others. A change in these laws, ordinances and regulations in The Group undertakes continuous capital investments centered on its general or changes applicable to Tokyo and Kanagawa prefectures railway business, which are largely funded by debt financing and the in particular could affect the Group’s operating results. issuance of corporate bonds. Interest rate fluctuations and changes in the The Group’s railway operations are governed by fare restrictions Company’s ratings could affect financial conditions of the Company.
A railway business operator is required by law to obtain approval (5) management of Personal information
of the Minister of Land, Infrastructure, Transport and Tourism when The Group operates credit card business and holds customer- it wishes to set forth or change the upper limits of its passenger fares related and other personal information in conjunction with the (Article 16, Section 1 of the Railway Business Act).
credit card and other operations. Although stringent control A railway business operator may set forth or change passenger fares over personal information is in place, any improper disclosure of within such approved upper limits or add-on charges for express trains personal information for whatever reason could result in compensa- and others, provided that advance filing is made to the said Minister tion claims and tarnish its reputation with potential impact on the (Article 16, Sections 3 and 4 of the Railway Business Act).
(9) outbreaks of infectious diseases
(6) defects and Faults of assets owned and merchandise
The Group has managed a large number of facilities for customers of its railway, bus and commercial institutions centering on the If defects or faults with regard to the assets held by the Group area around the Odakyu railway line. If a massive infectious disease are discovered and the Group is consequently held liable for epidemic such as swine influenza should occur in the Group’s adverse effects of such assets on the health of residents and on the business area, it is feared that this would cause customers to refrain surrounding environment, the Group could incur expenses for from utilizing its facilities, or even result in its operations being improvement and restorative works, damage compensations and unable to continue, particularly its railway operations. Such a others. Similarly, if the merchandise sold by the Group is found to situation may have an impact on the Group’s results of operations.
be defective or otherwise faulty, the Group could incur expenses for improvements and damage compensations and suffer reputation damage. As a result, the Group’s operating results could be impacted.
| OdakyU annUal RepORT 2010 | 19
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