Seibu : Annual Securities Report (Fiscal year ended March 31, 2022)

[Translation for reference only]

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT

This is an English translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall prevail.

Annual Securities Report

(Pursuant to Article 24, paragraph 1 of the Financial Instruments and Exchange Act)

For the 17th fiscal year

From April 1, 2021 to March 31, 2022

Seibu Holdings Inc.

(E04154)

	Table of Contents
[Cover]
Part I. Company Information ..........................................................................................................................	1
I. Overview of the Company ...........................................................................................................................	1
1.	Summary of business results ...............................................................................................................	1
2.	Company history .................................................................................................................................	3
3.	Description of business .......................................................................................................................	6
4.	Overview of subsidiaries and associates ...........................................................................................	10
5.	Information about employees............................................................................................................	13
II Overview of Business................................................................................................................................	14
1.	Management policy, management environment, issues to be addressed, etc. ...................................	14
2.	Business risks ....................................................................................................................................	21
3.	Management analysis of financial position, operating results and cash flows ..................................	31
4.	Critical contracts for operation..........................................................................................................	47
5.	Research and development activities.................................................................................................	51
III. Information about Facilities ....................................................................................................................	52
1.	Overview of capital investments, etc. ...............................................................................................	52
2.	Major facilities ..................................................................................................................................	53
3.	Planned additions, retirements, etc. of facilities................................................................................	66
IV. Information about Reporting Company...................................................................................................	69
1.	Information about shares, etc. ...........................................................................................................	69
2.	Acquisition, etc. of treasury shares ...................................................................................................	79
3.	Dividend policy.................................................................................................................................	80
4.	Corporate governance .......................................................................................................................	81
Ⅴ. Financial Information .............................................................................................................................	127
1.	Consolidated financial statements, etc. ...........................................................................................	128
2.	Non-consolidated financial statements, etc. ....................................................................................	192
VI. Overview of Operational Procedures for Shares of the Company ........................................................	210
VII. Reference Information of the Company ..............................................................................................	212
1.	Information about Parent Company, etc. of the Company ..............................................................	212
2.	Other Reference Information...........................................................................................................	212
Part II Information About Company Which Provides Guarantee to the Company, Etc. .............................	213
Independent Auditor's Audit Report
Internal Control Report
Written Confirmation

[Cover]
[Document title]	Annual securities report
[Clause of stipulation]	Article 24, paragraph 1 of the Financial Instruments and Exchange
	Act
[Place of filing]	Director-General of the Kanto Local Finance Bureau
[Filing date]	June 22, 2022
[Fiscal year]	The 17th fiscal year (from April 1, 2021 to March 31, 2022)
[Company name]	株式会社西武ホールディングス
	(Kabushiki-kaisha Seibu Holdings)
[Company name in English]	Seibu Holdings Inc.
[Title and name of representative]	GOTO Takashi, President and CEO
[Address of registered headquarters]	1-16-15Minami-Ikebukuro,Toshima-ku, Tokyo
[Telephone number]	[phone]
[Name of contact person]	TATARA Yoshihiro, General Manager of Corporate
	Communication
[Nearest place of contact]	1-16-15Minami-Ikebukuro,Toshima-ku, Tokyo
[Telephone number]	[phone]
[Name of contact person]	TATARA Yoshihiro, General Manager of Corporate
	Communication
[Place for public inspection]	Tokyo Stock Exchange, Inc.
	(2-1Nihonbashi-Kabutocho,Chuo-ku, Tokyo)

Part I. Company Information

I. Overview of the Company

1. Summary of business results

1. Business results of the Group

	Term		13th fiscal year	14th fiscal year	15th fiscal year	16th fiscal year	17th fiscal year
	Fiscal year-end		March 31, 2018	March 31, 2019	March 31, 2020	March 31, 2021	March 31, 2022
Operating revenue	(Millions of	530,631	565,939	554,590	337,061	396,856
yen)
Ordinary profit (loss)	(Millions of	55,490	65,415	48,770	(58,785)	(17,440)
yen)
Profit (loss) attributable to	(Millions of	42,908	45,457	4,670	(72,301)	10,623
owners of parent	yen)
Comprehensive income	(Millions of	42,852	44,110	(22,850)	(64,161)	13,286
yen)
Net assets		(Millions of	394,947	422,715	373,427	385,687	387,217
	yen)
Total assets		(Millions of	1,669,223	1,728,929	1,707,784	1,698,497	1,703,442
	yen)
Net assets per share	(Yen)	1,240.09	1,346.05	1,227.03	999.50	1,035.57
Basic earnings (loss) per	(Yen)	136.67	145.21	15.18	(241.32)	35.39
share
Diluted earnings per share	(Yen)	136.57	145.09	15.16	-	35.37
Equity-to-asset ratio	(%)	23.3	24.1	21.5	17.6	18.3
Return on equity (ROE)	(%)	11.5	11.3	1.2	(21.7)	3.5
Price earnings ratio (PER)	(Times)	13.55	13.34	78.26	-	35.94
Net cash provided by (used	(Millions of	103,772	88,104	101,458	(24,264)	58,563
in) operating activities	yen)
Net cash provided by (used	(Millions of	(88,083)	(73,069)	(96,655)	(47,537)	18,647
in) investing activities	yen)
Net cash provided by (used	(Millions of	(13,549)	(17,898)	(3,025)	72,394	(19,070)
in) financing activities	yen)
Cash and cash equivalents at	(Millions of	29,628	26,269	28,056	28,538	87,210
end of period		yen)
Number of employees		23,564	23,677	23,504	22,844	21,367
[Separately, average number		[6,647]	[6,395]	[6,040]	[4,397]	[3,800]
of temporary employees]
(Notes)	1. The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29,
	March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and the business
	results for the current fiscal year are those after applying the accounting standard and relevant ASBJ regulations.

1. Diluted earnings per share for the 16th fiscal year is not noted even though the Company has issued potential shares, because the per share data is a loss per share.
2. The price earnings ratio (PER) for the 16th fiscal year is not presented because basic loss per share was recorded.
3. The number of employees represents individuals working within the Group, excluding employees seconded outside the Group from the Group but including employees seconded to the Group from outside the Group. In addition, employees retired as of March 31, 2022 are included therein.
4. The average number of temporary employees for the fiscal years is shown in brackets. Temporary employees are not included in the figure indicating the number of employees described in Note 4.

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(2) Business results of the reporting company

	Term		13th fiscal year	14th fiscal year	15th fiscal year	16th fiscal year	17th fiscal year
	Fiscal year-end		March 31, 2018	March 31, 2019	March 31, 2020	March 31, 2021	March 31, 2022
Operating revenue	(Millions of	14,021	18,908	23,944	12,443	13,871
yen)
Ordinary profit		(Millions of	6,376	11,003	14,354	2,983	2,508
	yen)
Profit		(Millions of	5,894	9,755	13,415	2,376	1,444
	yen)
Share capital		(Millions of	50,000	50,000	50,000	50,000	50,000
	yen)
Total number of shares	(Shares)	342,124,820	332,462,920	332,462,920	323,462,920	323,462,920
issued
Net assets		(Millions of	365,667	358,315	344,303	342,809	345,148
	yen)
Total assets		(Millions of	1,160,815	1,158,574	1,174,055	1,168,174	1,172,518
	yen)
Net assets per share	(Yen)	1,085.74	1,078.46	1,070.05	1,063.72	1,069.46
Dividends per share	(Yen)	23.00	30.00	30.00	-	5.00
(Interim dividends per share)	(11.50)	(11.50)	(15.00)	(-)	(-)
Basic earnings per share	(Yen)	17.53	29.10	40.68	7.39	4.48
Diluted earnings per share	(Yen)	17.52	29.08	40.64	7.38	4.48
Equity-to-asset ratio	(%)	31.5	30.9	29.3	29.3	29.4
Return on equity (ROE)	(%)	1.6	2.7	3.8	0.7	0.4
Price earnings ratio (PER)	(Times)	110.57	66.56	29.20	165.09	283.93
Dividend payout ratio	(%)	137.3	103.1	73.7	-	111.6
Number of employees		311	305	305	306	352
Total shareholder return	(%)	102.1	108.3	69.2	70.9	74.0
(Benchmark index: TOPIX)	(%)	(113.5)	(105.2)	(92.8)	(129.2)	(128.7)
Highest share price	(Yen)	2,261	2,259	1,993	1,517	1,480
Lowest share price	(Yen)	1,777	1,769	1,131	901	1,041
(Notes)	1. The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29,
	March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and the business
	results for the current fiscal year are those after applying the accounting standard and relevant ASBJ regulations.

1. Dividends per share and dividend payout ratio for the 16th fiscal year are not shown since no dividend was paid.
2. The highest and lowest share prices were those recorded on the first section of the Tokyo Stock Exchange.

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