Odakyu Electric Railway : Results for the First Quarter of FY2020 ending March 31, 2021

Business Circumstances of Businesses Affected by the Coronavirus

Estate Real

Businesses Other

Circumstances of each business（Apr～Jun）

• Sales

Temporary closure of sales centers and brokerage offices, mainly during the emergency declaration period

• Leasing

Commercial facilities

Temporary closing, mainly in the Shinjuku area, from April 8 to May 31

Resumption of operation with reduced business hours beginning June 1

• Hotels

	City hotels（Hyatt Regency Tokyo、Hotel Century Southern Tower）	（％）	Occupancy rate of Hyatt Regency Tokyo
	Normal operation of lodging services	100.0	84.0
	Resort hotels in Hakone	80.0
	（Hotel de Yama、Hakone Highland Hotel、Hotel Hatsuhana）
	Temporary closing from April 26 to May 31	60.0		51.0
	Normal operation of lodging services beginning June 1
		40.0
					19.5
	Restaurants	20.0				4.2	4.3	6.4
	Temporary closure, mainly during the emergency declaration period
	0.0
			Apr-Jan	Feb	Mar	Apr	May	Jun

3	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Consolidated Statement of Income

	Millions of yen	First Quarter of FY2019	First Quarter of FY2020	Change
		129,150	70,366	△58,783
Revenue from operations	(△45.5％)
	Transportation	45,660	22,583	△23,077
	Merchandising	52,207	29,588	△22,618
	Real Estate	13,601	11,619	△1,982
	Other Businesses	26,270	13,116	△13,154
	Adjustments	△8,590	△6,540	+2,049
		13,766	△14,482	△28,249
Operating income	(－)
	Transportation	9,767	△10,932	△20,699
	Merchandising	819	△1,393	△2,213
	Real Estate	2,110	2,775	＋664
	Other Businesses	1,053	△4,944	△5,998
	Adjustments	15	12	△2
		14,011	△15,664	△29,676
Ordinary income	(－)
		9,015	△16,319	△25,335
Net income attributable to owners of parent	(－)

4	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Non-operating and extraordinary profit / loss

• Non-operatingand extraordinary profit / loss ＞

Millions of yen	First Quarter of FY2019	First Quarter of FY2020		Change and major factors
Non-operating income	2,208	1,745	△462
Non-operating expenses	1,963	2,927	＋964
Extraordinary profit	865	855	△9	Construction costs allotted to and received from others
362（△468）
				Loss on deduction of property and equipment
	1,396	2,995	＋1,599
Extraordinary loss	301（△520）
				Loss on temporary closure 2,475 (+2,475)*

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

(Reference) Breakdown of loss on temporary closure (millions of yen)

Transportation	243
Merchandising	1,194
Real Estate	460
Other Businesses	576
Total	2,475

5	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Consolidated Balance Sheets

＜Consolidated Balance Sheets＞

	Millions of yen	FY2019	First Quarter of FY2020		Change and major factors
	Current assets	131,791	164,779	＋32,988
	Noncurrent assets	1,196,512	1,198,249	＋1,737
Total assets	1,328,303	1,363,029	＋34,725	Cash and time deposits	＋45,458
					Notes and accounts receivable △8,734
	Current liabilities	377,494	376,480	△1,014
	Long-term liabilities	560,626	615,480	＋54,854
Total liabilities	938,120	991,960	＋53,840	Interest-bearing debt	＋80,369
Notes and accounts receivable △12,009
Net assets	390,183	371,068	△19,114	Retained earnings △19,975
Total liabilities and net assets	1,328,303	1,363,029	＋34,725

• Reference ） Other financial information

Millions of yen	FY2019	First Quarter of	Change
		FY2020
Cash and time deposits	28,594	74,053	+45,458
Interest-bearing debt	741,027	821,396	+80,369
Shareholders' equity ratio	29.1%	27.0%	△2.1P

6	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Transportation)

	Millions of yen	First Quarter of FY2019	First Quarter of FY2020		Change and major factors
Revenue from operations	45,660	22,583	△23,077
(△50.5％)
		34,699	17,169	△17,530	(△) Decrease in the number of users due to people staying at home
	Railways	(△) Partial suspension of service on Hakone Tozan Railway due to
				Typhoon No. 19
					(△) Decrease in the number of users due to people staying at home
	Busses	9,743	5,618	△4,125
	(△) Partial diagram revision/suspension of service
	Others	2,153	708	△1,444	(△) Shutdown of Hakone Ropeway from April 10 to May 29
				(△) Shutdown of Hakone Sightseeing Cruise from April 10 to May 31
	Adjustments	△935	△913	＋22
Operating income	9,767	△10,932	△20,699
(－)
	Railways	8,828	△7,696	△16,525
	Busses	779	△2,757	△3,537
	Others	187	△752	△939
	Adjustments	△27	274	＋302	(＋) Fixed costs during temporary closure transferred to extraordinary loss

• Freepass unit sales

(Change from First Quarter of FY2019) ＞

Hakone Freepass	△92.9％
Enoshima-Kamakura	△97.1％
Freepass

• Odakyu Sightseeing Service Center (Change from First Quarter of FY2019) ＞

Ticket purchasers	△99.8％

• Number of users carried by Group companies in Hakone area (Change from First Quarter of FY2019) ＞

Hakone Tozan Railway (Railway)	△70.5％
Hakone Tozan Railway (Cable car)	△85.6％
Hakone Ropeway	△88.4％
Hakone Sightseeing Cruise	△92.0％
Hakone Tozan Bus	△54.1％

• Hakone Area Revenue from Operations (Change from First Quarter of FY2019) ＞

Millions of yen	First Quarter	First Quarter	Change
		of FY2019	of FY2020
Hakone area*	5,341	1,145	△4,196
	Hakone Tozan	822	182	△640
	Railway
	(Railway)

(Reference)

• Suspension of service on Hakone Ropeway beginning May 19, 2019 due to raising of the eruption warning level in the vicinity of Hakone Owakudani (resumption of service beginning October 26, 2019)
• 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 (resumption of service beginning July 23, 2020)

*In addition to Transportation revenue,

a portion of Hotels revenue is also included.

7	Copyright 2020 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	First Quarter	First Quarter	Change
		of FY2019	of FY2020
Commuter	125,221	79,717	△45,504	(△36.3%)
	Work commuters	87,415	71,230	△16,185	(△18.5%)
	School commuters	37,806	8,487	△29,319	(△77.6%)
Non-commuter	75,100	31,949	△43,151	(△57.5%)
Total	200,321	111,666	△88,655	(△44.3%)
■ Revenue
	Millions of yen	First Quarter	First Quarter	Change
		of FY2019	of FY2020
Commuter	12,424	8,347	△4,076	(△32.8%)
	Work commuters	10,465	7,996	△2,468	(△23.6%)
	School commuters	1,958	350	△1,607	(△82.1%)
Non-commuter	18,156	6,907	△11,249	(△62.0%)
Revenues from	30,580	15,254	△15,325	(△50.1%)
passenger
transportation
Miscellaneous	973	802	△170	(△17.6%)
revenues
Total revenues from	31,553	16,056	△15,496	(△49.1%)
transportation

• Operating expenses

	Millions of yen	First Quarter	First Quarter	Change
		of FY2019	of FY2020
Operating expenses	23,272	22,636	△636
	Personnel expenses	7,087	6,645	△441
	Repair expenses	1,148	1,280	＋132
	Power costs	1,450	1,311	△139
	Property and	242	225	△16
	equipment disposal
	expenses
	Depreciation	5,999	6,081	＋81
	Others	7,343	7,092	△251

8	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Merchandising)

	Millions of yen	First Quarter of FY2019	First Quarter of FY2020		Change and major factors
Revenue from operations	52,207	29,588	△22,618
(△43.3％)
	Department Stores	34,949	15,450	△19,498	(△) Temporary closure from April 8 to May 25 (excluding food floors)
	(△) Decrease in the number of users due to people staying at home
					(△) Decrease in the number of users of in-station convenience stores,
	Stores and retail	16,923	15,061	△1,862	temporary closure
					(＋) Increase in the number of store users accompanying an increase in
					demand for at-home meals
	Others	1,950	1,727	△223
	Adjustments	△1,616	△2,651	△1,034
Operating income	819	△1,393	△2,213
(－)
	Department Stores	1,528	△2,275	△3,804
	Stores and retail	69	△248	△317
	Others	△40	△78	△38
					(＋) Fixed costs during temporary closure transferred to extraordinary loss
	Adjustments	△737	1,209	＋1,947
				(＋) Repercussion of additional amortization of goodwill of Shirohato

• Department stores: Department store sales by store (Change from First Quarter of FY2019) ＞

• Department stores: duty-free sales (Change from First Quarter of FY2019) ＞

• Stores and retail: Odakyu Shoji store division sales (Change from First Quarter of FY2019) ＞

Department	Shinjuku Store
	Over-the-counter
Store	Machida Store
Fujisawa*2

Others

Total

9

8,412	(△64.8％)	Shinjuku Store	△91.6％		Total	＋5.5％
7,175
(△68.5％)					Existing stores	＋4.5％
3,295	(△55.9％)

851 (△42.3％)

2,890 (＋39.9%)

15,450 (△55.8％)

Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Real Estate)

	Millions of yen	First Quarter of FY2019	First Quarter of FY2020		Change and major factors
Revenue from operations	13,601	11,619	△1,982
(△14.6%)
	Sales	3,650	2,816	△833	(△) Decrease in the number of units sold
					(△) Rent concessions in connection with temporary closing of commercial facilities
	Leasing	10,669	13,506	＋2,837
					(＋) Impact of corporate separation*
	Adjustments	△718	△4,704	△3,986	(△) Impact of corporate separation*
Operating income	2,110	2,775	＋664
(+31.5％)
	Sales	△991	39	＋1,031	(＋) Sale of subdivision sites
	Leasing	3,101	2,268	△832
	Adjustments	0	467	＋466	(＋) Fixed costs during temporary closure transferred to extraordinary loss

*Spinoff of Odakyu Electric Railway's commercial facilities operation business and establishment of Odakyu SC Development in April 2020

＜ Sales: Odakyu Real Estate unit sales ＞		＜ Impact of corporate separation ＞
						Leasing	13,506
		First Quarter	First Quarter
	Residences/sections	Change
			Odakyu Electric Railway Co., Ltd.	3,989
		of FY2019	of FY2020
							(Of which, rental income from Odakyu SC Development)
	Detached house	9	7	△2
			Odakyu SC Development Co., Ltd.	5,063		Eliminated as an
	Condominium	12	4	△8			(Rental income from tenants)
						intra-group
			Others	4,454
								transaction
	Land	5	8	＋3
		Adjustments	△4,704
	Total	26	19	△7			Odakyu Electric Railway Co., Ltd.	△3,989
							(Rental income from Odakyu SC Development)
							Others	△715
10
					Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Segment Information (Other Businesses)

	Millions of yen	First Quarter of FY2019	First Quarter of FY2020		Change and major factors
Revenue from operations	26,270	13,116	△13,154
(△50.1％)
	Hotels	7,899	1,790	△6,108	(△) Temporary closing of Hakone resort hotels from April 26 to May 31
					(△) Decrease in the number of users due to people staying at home
					(△) Temporary closure
	Restaurants	5,114	1,578	△3,536
					(△) Decrease in the number of users due to people staying at home
	Others	14,847	10,322	△4,524	(△) Decrease in the number of users and demand decrease due to people
	staying home (travel business and other businesses)
					(△) Decrease in resort temporary staffing demand
	Adjustments	△1,591	△575	＋1,015
Operating income	1,053	△4,944	△5,998
(ー)
	Hotels	209	△3,484	△3,693
	Restaurants	100	△1,441	△1,542
	Others	908	△477	△1,385
	Adjustments	△164	458	＋623	(＋) Fixed costs during temporary closure transferred to extraordinary loss

• Hotels: Ratio of foreign guests at city hotels ＞

	First Quarter	First Quarter	Change
	of FY2019	of FY2020
Hyatt Regency Tokyo	79.2％	19.7％	△59.5P
Hotel Century Southern Tower	74.1％	0.6％	△73.5P

11

• Hotels: Occupancy rate ＞

	First Quarter	First Quarter	Change
	of FY2019	of FY2020
Hyatt Regency Tokyo	86.1％	5.0％	△81.1P
Hotel Century Southern Tower	92.5％	4.3％	△88.2P
Hotel de Yama	80.4％	26.7％	△53.7P
Hakone Highland Hotel	74.4％	25.2％	△49.2P
Hotel Hatsuhana	82.9％	31.5％	△51.4P

Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Financial Results Forecast Assumptions

• The forecast assumes that a second emergency declaration will not be issued because of a second wave of coronavirus and that continuation of the current business environment will be possible due to measures to prevent the spread of infection.
• For reference, the prospect for recovery compared with the initial assumption for each business segment is shown below.

（Reference）

Transportation		 Railways:Results of Railway Business of Odakyu Electric Railway
		Revenue from operations to remain at the June level until September, subsequently follow a recovery trend, and recover to about 90%
		of the initial assumption as of March 2021
		Busses
		Recovery to about 90% of the initial assumption as of March 2021
		Hakone(Transportation companies)
			Recovery to about 70% of the initial assumption as of March 2021
Merchandis ing			Department Stores
		Revenue from operations to remain at about 80% of the initial assumption
		Stores and retail
		Recovery to the initial assumption as of February 2021
from operations	Revenue		Leasing
	Revenue from operations to remain at about 80% of the initial assumption
Other Businesses		■	Hotels
		Recovery to about 60% of the initial assumption as of March 2021
	■ Restaurants
		Recovery to about 80% of the initial assumption as of March 2021

*This financial results forecast may change substantially due to the actual impact of the coronavirus, consumption trends, and other factors. If further revision of this forecast becomes necessary, the Company will promptly disclose a revised forecast.

12	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations

		Millions of yen	FY2019	FY2020	Change
	Revenue from operations	534,132	400,600	△133,532
	(△25.0％)
		Transportation	173,174	127,600	△45,574
		Merchandising
		206,563	164,000	△42,563
		Real Estate	80,478	67,800	△12,678
		Other Businesses
		112,256	70,200	△42,056
		Adjustments
		△38,340	△29,000	＋9,340
	Operating income	41,103	△28,400	△69,503
	(ー)
		Transportation	21,641	△20,900	△42,541
		Merchandising	4,373	△4,200	△8,573
		Real Estate
		12,940	13,200	+259
		Other Businesses
		2,090	△16,600	△18,690
		Adjustments	58	100	+41
	Ordinary income	38,299	△33,100	△71,399
	(ー)
	Net income attributable to owners of parent	19,923	△32,100	△52,023
	(ー)
	Depreciation	49,628	51,900	+2,271
	Capital investments	91,599	78,800	△12,799
	Interest-bearing debt	741,027	814,600	+73,572
					13
13
			Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Transportation)

	Millions of yen	FY2019	FY2020		Change and major factors
Revenue from operations	173,174	127,600	△45,574
(△26.3％)
	Railways	132,083	97,700	△34,383	(△) Decrease in the number of users due to people staying at home
	Busses	37,787	28,800	△8,987	(△) Decrease in the number of users due to people staying at home
	Others	7,677	5,100	△2,577
	Adjustments	△4,373	△4,000	＋373
Operating income	21,641	△20,900	△42,541
		(ー)
	Railways	22,043	△11,100	△33,143
	Busses	32	△8,000	△8,032
	Others	△450	△2,100	△1,649
	Adjustments	16	300	＋283	(＋) Fixed costs during temporary closure transferred to extraordinary loss
Depreciation	32,392	33,500	+1,107
Capital investments	40,940	38,500	△2,440

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

	Millions of yen	FY2019	FY2020	Change
Hakone Area ※	17,708	10,823	△6,884
	Hakone Tozan	2,670	1,761	△909
	Railway (Railway)
14

*In addition to Transportation revenue, a portion of Hotels
revenue is also included in the Hakone area figures.	1

Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Transportation)

• Railways: Forecast of Railway Business of Odakyu Electric Railway Co., Ltd. ＞
• Number of passengers carried

	Thousands	FY2019	FY2020	Change
	First Half	Second Half
Commuter	477,738	374,147	△103,591 (△21.7％)	(△32.9％)	(△9.0％)
	Work commuters	349,361	309,039	△40,322 (△11.5％)	(△18.1％)	(△4.6％)
	School commuters	128,377	65,108	△63,269 (△49.3％)	(△68.9％)	(△22.7％)
Non-commuter	287,589	211,588	△76,001 (△26.4％)	(△44.1％)	(△6.9％)
Total	765,327	585,735	△179,592	(△23.5％)	(△37.1％)	(△8.2％)
■ Revenue
	Millions of yen	FY2019	FY2020	Change
	First Half	Second Half
Commuter	48,354	38,696	△9,658	(△20.0％)	(△30.5％)	(△8.5％)
	Work commuters	41,755	35,645	△6,109	(△14.6％)	(△22.7％)	(△6.1％)
	School commuters	6,599	3,050	△3,549	(△53.8％)	(△74.3％)	(△25.8％)
Non-commuter	68,951	48,465	△20,486 (△29.7％)	(△48.6％)	(△8.6％)
Revenues from passenger	117,306	87,161	△30,145	(△25.7％)	(△41.2％)	(△8.5％)
transportation
Miscellaneous revenues	3,798	3,196	△602	(△15.9％)	(△16.7％)	(△15.1％)
Total revenues from	121,105	90,357	△30,747	(△25.4％)
transportation	(△40.4％)	(△8.8％)

• Operating expenses

	Millions of yen	FY2019	FY2020	Change
Operating	98,801	98,172	△629
expenses
	Personnel	28,393	28,690	＋297
	expenses
	Repair	8,603	7,571	△1,031
	expenses
	Power costs	5,879	5,541	△337
	Property and	1,391	1,007	△383
	equipment disposal
	expenses
	Depreciation	24,628	25,234	＋605
	Others	29,906	30,126	＋220

15

15	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Merchandising)

	Millions of yen	FY2019	FY2020		Change and major factors
Revenue from operations	206,563	164,000	△42,563
(△20.6％)
	Department Stores	136,775	100,900	△35,875	(△) Temporary closure (excluding food floors)
					(△) Decrease in the number of users due to people staying at home
	Stores and retail	68,258	64,400	△3,858	(△) Decrease in the number of users of in-station convenience stores, temporary closure
	Others	8,022	7,900	△122
	Adjustments	△6,492	△9,200	△2,707
Operating income	4,373	△4,200	△8,573
		(ー)
	Department Stores	4,391	△3,800	△8,191
	Stores and retail	154	△1,000	△1,154
	Others	△134	△300	△165
	Adjustments	△37	900	＋937	(＋) Fixed costs during temporary closure transferred to extraordinary loss
Depreciation	3,791	4,100	+308
Capital investments	5,498	6,800	+1,301

16

16	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Real Estate)

	Millions of yen			FY2019		FY2020		Change and major factors
Revenue from operations			80,478		67,800	△12,678
			(△15.8％)
	Sales				40,902		30,000	△10,902	(△) Decrease in the number of units sold
	Leasing				44,044		55,400	+11,355	(△) Rent concessions in connection with temporary closing of commercial facilities
										(＋) Impact of corporate separation*
	Adjustments				△4,468		△17,600	△13,131	(△) Impact of corporate separation*
Operating income				12,940		13,200	+259
						(+2.0％)
	Sales				866		600	△266
	Leasing				11,315		11,800	+484
	Adjustments				758		800	＋41
Depreciation				9,374		9,900	＋525
Capital investments				29,547		28,100	△1,447
＜ Sales: Odakyu Real Estate unit sales ＞			*Spinoff of Odakyu Electric Railway's commercial facilities operation business and establishment of Odakyu SC
								Development in April 2020
Residences/sections		FY2019	FY2020	Change
Detached house		125	95	△30
Condominium		268	182	△86
Land		22	39	+17
Total		415	316	△99

17	1
Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

Forecast of Consolidated Operations by Segment (Other Businesses)

Millions of yen

FY2019

FY2020

Change and major factors

Revenue from operations	122,256	70,200	△42,056
(△37.5％)
	Hotels	31,839	14,200	△17,639	(△) Decrease in the number of users due to people staying at home
	Restaurants	19,458	12,900	△6,558	(△) Temporary closure
					(△) Decrease in the number of users due to people staying at home
					(△) Decrease in the number of users due to people staying at home (travel business and
	Others	67,784	46,200	△21,584
	other businesses)
					(△) Decrease in resort temporary staffing demand
	Adjustments	△6,826	△3,100	+3,726
		2,090	△16,600	△18,690
Operating income	(ー)
	Hotels	△2,070	△12,000	△9,929
	Restaurants	△136	△2,800	△2,663
	Others	4,954	△1,900	△6,854
	Adjustments	△657	100	+757
Depreciation	4,151	4,500	＋348
Capital investments	15,612	5,400	△10,212

18

18	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

(Reference) Forecast for First Half Consolidated Operations (by Segment)

	Millions of yen	FY2019	FY2020	Change
			（First Half）	（First Half）
Revenue from operations	261,766	168,700	△93,066
					(△35.6％)
	Transportation	91,364	53,400	△37,964
		Railways	69,738	40,600	△29,138
		Busses	19,613	12,800	△6,813
		Others	3,951	2,000	△1,951
		Adjustments	△1,938	△2,000	△61
	Merchandising	103,270	72,900	△30,370
		Department Stores	68,450	41,700	△26,750
		Stores and retail	33,973	31,000	△2,973
		Others	4,081	3,800	△281
		Adjustments	△3,234	△3,600	△365
	Real Estate	30,775	25,400	△5,375
		Sales	11,074	7,500	△3,574
		Leasing	21,598	25,100	＋3,501
		Adjustments	△1,897	△7,200	△5,302
	Other Businesses	54,109	29,300	△24,809
		Hotels	15,917	4,600	△11,317
		Restaurants	10,176	4,900	△5,276
		Others	31,081	21,100	△9,981
		Adjustments	△3,066	△1,300	+1,766
	Adjustments	△17,753	△12,300	+5,453

	Millions of yen	FY2019	FY2020	Change
			（First Half）	（First Half）
Operating income	25,657	△25,800	△51,457
					（ー)
	Transportation	17,564	△17,600	△35,164
		Railways	16,635	△11,400	△28,035
		Busses	1,166	△5,100	△6,266
		Others	△137	△1,400	△1,262
		Adjustments	△99	300	+399
	Merchandising	1,797	△3,900	△5,697
		Department Stores	2,599	△3,800	△6,399
			7
		Stores and retail	△700	△707
		Others	△82	△200	△117
		Adjustments	△727	800	+1,527
	Real Estate	4,500	5,000	+499
		Sales	△1,576	△900	+676
		Leasing	6,075	5,700	△375
		Adjustments	1	200	＋198
	Other Businesses	1,764	△9,400	△11,164
		Hotels	△287	△6,700	△6,412
		Restaurants	128	△1,900	△2,028
		Others	2,250	△1,200	△3,450
		Adjustments	△326	400	+726
	Adjustments	30	100	+69

19

19	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.

■Notice

In addition to this financial results briefing document, the Company plans to post

the following document 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 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.

20	Copyright 2020 Odakyu Electric Railway Co.,Ltd. All Rights Reserved.