東急（9005） – [Correction] Summary of Results for FY2021 Forecasts for FY2022

FOR IMMEDIATE RELEASE May 16, 2022 Company Name: Tokyu Corporation Representative: Kazuo Takahashi, President & Representative Director (Securities code: 9005 TSE Prime Market) Contact: Hiroaki Nishimura, General Manager and Senior Manager, Accounting and IR Group (Telephone: +81-3-3477-6168) [Correction] Summary of Results for FY2021 Forecasts for FY2022 This is to announce a correction to the announcement made on May 13, 2022, “Summary of Results for FY2021 Forecasts for FY2022” as it was found to contain some information requiring correction, as follows. Please note that the corrected portion is underlined. [Correction] P.36 Statements of Cash Flow (Before the correction) (After the correction) * The revised“Summary of Results for FY2021 Forecasts for FY2022,” is posted on our website (https://www.tokyu.co.jp/). FY2022FY2021ForecastResults1,195.7+ 78.5 　Interest-bearing Debt / TOKYU EBITDA Multiple: 9.0times (-0.3) Interest-bearing Debt at End of Period1,274.3Free Cash Flow- 66.16.7- 72.8 　Dividend Payment, etc.- 9.4- 16.2+ 6.8 Interest-bearing Debt Net Increase/Decrease78.512.6+ 65.8 – 1.3+ 67.4 CF from Financing Activities66.1Gain on Sale of Assets2.234.0- 31.8 5.4- 0.4 Subsidies Received for Construction5.0Capital Expenditure- 155.3- 110.3- 44.9 – 155.6- 78.8- 76.7 CF from Investing ActivitiesCF from Operating Activities89.585.5+ 3.9 ChangeRemarks(Unit:Billion yen)FY2022FY2021ForecastResults1,275.01,195.7+ 79.2 　Interest-bearing Debt / TOKYU EBITDA Multiple: 9.0times (-0.3) Interest-bearing Debt at End of PeriodFree Cash Flow- 66.86.7- 73.5 　Dividend Payment, etc.- 9.4- 16.2+ 6.8 79.212.6+ 66.5 Interest-bearing Debt Net Increase/DecreaseCF from Financing Activities66.8- 1.3+ 68.1 5.05.4- 0.4 Gain on Sale of AssetsSubsidies Received for Construction2.234.0- 31.8 Capital Expenditure- 156.0- 110.3- 45.6 CF from Investing ActivitiesCF from Operating Activities89.585.5+ 3.9 – 156.3- 78.8- 77.4 (Unit:Billion yen)ChangeRemarksSummary of Results for FY2021Forecasts for FY2022May 13, 2022Tokyu Corporation(9005)https://www.tokyu.co.jp/ContentsⅠ． Executive SummaryⅡ．Key Performance Indicators for Each BusinessⅢ． Details of Financial Results for FY2021Ⅳ． Details of Financial Forecasts for FY20222713261Ⅰ．Executive Summary2Main Points in the Results for FY2021[Year-on-year comparison]・ Profit attributable to owners of parent increased 65.0 billion yen year on year, due to the posting of a gain on sale of fixed assets as well as Increase in operating income and improvements in losses in all segments including the Real Estate Business segment in which the sale of a large-scale property contributed.[Compared with forecast as of February]・ Operating profit exceeded the forecast mainly in the Transportation Business and Hotel and Resort Business, reflecting the weaker-than-expected impact of the COVID-19 pandemic.・ Profit attributable to owners of parent decreased 1.2 billion yen from the February forecast primarily due to the posting of impairment loss.＊A year-on-year increase of 97.5 billion yen in revenue before the application of the Standard for Revenue RecognitionOperating Revenue by Segment(Year-on-year Comparison)Operating Profit by Segment(Year-on-year Comparison)(Unit: Billion yen)1,050.0 +40.6+37.7+97.5-154.3950.0 935.9 +14.6+6.3Sales increasein each segmentYoY Comparison-56.8850.0 FY2020ResortHotel andReal EstateLife ServiceTransportation879.1FY2021accounting standardChange in (Unit: Billion yen)37.5 25.0 12.5 0.0 -12.5 -25.0 +16.2Real Estate+14.4ResortHotel and+10.4Life Service-31.6FY2020+22.031.5FY2021Transportation3(Unit:Billion yen) Results Operating Revenue879.1- 56.8 (- 6.1%)+ 18.3 (+ 2.1%) Operating Profit31.5+ 63.2 －+ 3.5 (+ 12.7%) Recurring Profit34.9+ 61.8 －+ 4.1 (+ 13.6%) Profit attributable to owners of parent8.7+ 65.0 －- 1.2 (- 12.2%)YoY ComparisonComparison withForecasts as of Feb.(Reference) Impact of the “Accounting Standard for Revenue Recognition”4①➁①－➁➂➁－➂FY2021FY2021FY2020ResultsPrior to accountingstandard revisionResults- 154.3 ＋ 97.5 （- 14.9%）（＋ 10.4%）（Unit : Billion yen）ChangeImpact of accounting standard revisionChangeTotal Operating Revenue879.11,033.4935.9151.9＋ 14.6 Real EstateOperating Revenue223.2235.4- 12.1 Tokyu GEOX -11.9197.6＋ 37.7 TransportationOperating Revenue166.5166.6- 0.0 Life ServiceOperatingRevenueTotal Life Service502.7644.2603.5＋ 40.6 Retail330.8425.1- 94.3 Tokyu Department Store -75.7Tokyu Store Chain -11.2413.2＋ 11.9 – 141.4 ICT and Media171.9219.0- 47.1 Tokyu Agency -42.2Tokyu power supply -3.5190.3＋ 28.6 37.8＋ 6.3 Eliminationetc.Operating Revenue- 56.9- 56.9- – 55.1- 1.8 Hotel and ResortOperating Revenue43.544.1- 0.6 Assumptions for FY2022 ForecastsAssumptions for forecasts• The direct impact of the COVID-19 pandemic will continue up until the end of the first half of the fiscal year, after which no new spread is expected.• With regard to inbound tourism, demand is not expected• Changes in the external environment, such as soaring energy prices, have been reflected in individual businesses. If there is additional impact, measures including cost control will be taken within the expected scope.• With regard to cost reductions, we will continue to make reductions for businesses that carry out structural reforms, and increase the ratio of constant necessary reductions.Assumptions in the financial forecasts for each segmentAssumptions for forecastsSegmentTransportation・ Tokyu Railways: Number of passengers carried by Tokyu Railways will decrease by approx. -21.0% from FY2019 (+4.5% year on year comparison)・ Real estate leasing: Vacancy rates and rent levels are the same as at the end of the previous fiscal year, and there is no expected vacancy riskReal Estate・ Real estate sales: Although a certain amount of sales are expected in the current fiscal year, this is a reactionary decline from the previous fiscal year, when there were sales of large properties.Life ServiceChain will increase approx. +2.2% year on year.・ Sales at Tokyu Department Store will increase approx. +3.5% year on year and sales at Tokyu StoreHotel and Resort2Q: 73%, 3Q :77%, 4Q:74%).・ The full-year occupancy rate for Tokyu Hotels is expected to be around the 69% range (1Q: 54%, 5Main Points in Forecasts for FY2022[Operating revenue]・ Increased 57.8 billion yen year on year due to rises in sales in all segments.[Operating profit]・ Increased 8.4 billion yen because a decline in profitability in the Real Estate Business due to the absence of the sale of a large-scale property recorded in the previous year was more than offset by increases in profit and improvement in losses in the other segments.[Profit attributable to owners of parent]・ Increased mainly due to decreased impairment loss and increased operating profit, more than offsetting a reactionary decline in profitability due to the absence of a gain on sale of fixed assets recorded in the previous year(Unit: Billion yen)950.0 900.0 879.1850.0 Operating Revenue by Segment(Year-on-year Comparison)(Unit: Billion yen)Operating Profit by Segment(Year-on-year Comparison)+10.2+4.4937.0+21.5+26.231.5+5.4+10.7+5.040.040.0 35.0 30.0 25.0 20.0 15.0 FY2021Life ServiceResortHotel andTransportationReal EstateFY2022Forecast-12.9Real EstateFY2021ResortHotel andLife ServiceTransportationFY2022Forecast6(Unit:Billion yen)Full YearForecast Operating Revenue937.0+ 57.8 (+ 6.6%) Operating Profit40.0+ 8.4 (+ 26.8%) Recurring Profit35.5+ 0.5 (+ 1.4%) Profit attributable to owners of parent22.0+ 13.2 (+ 150.5%)YoY ComparisonⅡ．Key Performance Indicators for Each Business7Railway Operations Business (1)[Conditions in 4Q (January – March)] The number of users, which dropped due to the implementation of COVID-19 quasi-emergency [Conditions in April] The number of uses remained approximately 21% lower than in 2019.Tokyu Railways: Passengers Carried and Passenger Revenue measures, started to rise gradually after the lifting of the measures.140.0105.070.035.00.0Tokyu Railways: Passengers Carried (Year-on-year Comparison / FY2019 Comparison)YoY Comparison CommuterYoY Comparison Non-Commuter158.7 The state of emergency(Unit: %)100.7 -35.0-39.3 -42.9 -32.3 -33.4 -29.5 -32.0 -28.4 -28.8 -70.0-69.4 -64.7 17.8 22.7 18.0 16.1 4.1 5.7 12.2 0.1 -2.9 -3.0 -3.7 3.2 1.6 9.1 2.2 -10.3 -21.2 -18.1 -20.9 -29.4 -30.7 -30.6 -41.7 -25.1 -34.9 -35.0 -34.7 -21.6 ▲ 20.9▲ 29.1 ▲ 20.1 ▲ 18.1 ▲ 28.4▲ 7.5 ▲ 10.6▲ 28.5 ▲ 30.0 ▲ 30.7▲ 28.2 ▲ 30.9 ▲ 43.5▲ 28.3▲ 29.2▲ 19.1▲ 30.1 ▲ 35.2▲ 24.116.6 16.1 25.4 7.6 4.1 -0.9 ▲ 8.2 ▲ 18.3▲ 22.021.17.9 5.8 ▲ 17.18 (Thousand people, Million yen)FY2021FY2020FY2022ResultsResultsFull Year Forecast. Total897,002805,783+ 11.3%937,463+ 4.5% 　　Non-commuter389,396327,165+ 19.0%423,013+ 8.6% 　　Commuter507,606478,618+ 6.1%514,450+ 1.3% Total107,74397,278+ 10.8%113,719+ 5.5% 　　Non-commuter63,26652,781+ 19.9%68,728+ 8.6% 　　Commuter44,47744,497- 0.0%44,991+ 1.2%ChangeNumber ofPassengers CarriedPassengerRevenueChangeRailway Operations Business (2)Tokyu Railways: Number of Passengers CarriedCommuterNon-CommuterGrand TotalThe state of emergency(Unit: Thousand people)68,596 70,332 70,748 72,638 75,755 71,128 77,278 64,538 71,439 73,129 77,310 79,053 74,875 75,093 69,543 70,228 64,357 79,680 73,920 76,272 82,768 65,131 48,460 50,514 Tokyu Railways: Passenger Revenue8,221 8,489 8,486 5,542 5,835 CommuterNon-CommuterGrand TotalThe state of emergency（Unit: Million yen）8,799 9,427 9,209 8,850 9,013 9,035 8,854 9,228 8,459 8,252 7,622 7,779 9,515 9,631 10,110 9,564 8,806 7,901 8,382 100,00080,00060,00040,00020,000012,00010,0008,0006,0004,0002,00009Real Estate Business[Vacancy rate] The vacancy rate remained low, reflecting the Company’s advantage of owning many properties connected directly to stations inhub station areas.[Rents] Rent decreases are slowing, mainly reflecting strong demand from IT companies located in Shibuya.Office Building Market Data: Average Rents / Vacancy Rates (Results) Tokyu Total floors owned Average Rent Tokyu Total floors owned Vacancy rate Tokyu Shibuya Property Vacancy Rate 5 central wards of Tokyo Vacancy Rate※ 5 central wards of Tokyo: Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-kuThe state of emergency4201.6 1.6 1.8 1.5 1.1 1.2 1.2 1.4 1.4 1.7 1.7 2.0 1.6 2.0 1.9 0.7 0.5 1.1 1.1 1.1 0.8 0.9 0.8 0.8 1.0 1.2 1.4 1.4 2.7 2.6 2.7 2.4 2.7 2.4 2.0 2.0 2.0 1.8 2.0 2.1 2.1 1.8 1.4 1.5 1.5 1.6 Our real estate Leasable area（ Unit: ㎡）Number of units sold（Unit: Residences / sections）※ Source for 5 central wards of Tokyo: Sanko Estate Office “Market Vacancy Rate Report”FY2021FY2020ChangeFY2021FY2020ChangeOfficeRetail PropertiesHotels・OthersTotal358,050809,661277,388362,979- 4,929813,279- 3,618277,388-Condominium Detached house・Land 1,445,0991,453,646- 8,547Total29410304（Unit: %, yen）27,00026,50026,00025,5001.5 1.5 25,00024,50021831249+76- 21+5510Retail Businessinfections.[Tokyu Department Store Co., Ltd.] The number of customers has recently been trending toward recovery due to a decrease in new COVID-19 [Tokyu Store Chain Co., Ltd.] Stay-at-home demand appears to be subsiding recently partly due to the lifting of restrictions on restaurant operations.Tokyu Department Store: Sales (Results / Year-on-year Comparison / FY2019 Comparison)(Unit: %)Tokyu Department Store Total SalesFY2019 Comparison Tokyu Department Store (existing Stores)YoY Comparison Tokyu Department Store（Unit: Million yen）116.3 117.2 The state of emergency-23.9 -23.7 -23.0 -17.5 -23.0 -29.3 -67.7 -72.0 -40.6 -38.2 1.6 5.5 10.0 6.6 19.4 -0.8 1.9 10,000-0.9 -7.4 -12.8 -11.0 -21.2 -28.0 -30.5 -28.2 -33.0 -22.2 -20.9 -18.7 -15.1 -23.3 -22.3 5,000-3.8 -10.2 Tokyu Store Chain: Sales (Results / Year-on-year Comparison / FY2019 Comparison) (Unit: %)Existing Stores Total SalesFY2019 Comparison Tokyu Store Chain(all stores)YoY Comparison Tokyu Store Chain(existing stores)The state of emergency（Unit: Million yen）4.9 3.3 2.8 0.6 -0.6 -0.6 -2.0 -3.1 6.0 4.2 3.2 1.4 1.0 1.6 4.9 0.8 3.5 2.5 -3.0 3.3 1.7 -4.6 -6.4 2.7 0.2 0.1 -0.4 -1.2 -0.1 -1.0 -1.2 -1.8 -2.9 -3.6 -3.2 5,000-5.2 20,00015,000020,00015,00010,000012080400-40-80100-10＊Sales at Tokyu Department Store and Tokyu Store are based on data before the application of “Accounting Standard for Revenue Recognition”.11Sales by categoryRate of YoYchangeMenswear/furnishings-0.42.5%Womenswear/furnishings2.910.1%Other clothing items0.23.8%Personal items11.29.1%Miscellaneous goods4.715.7%Household articles-0.63.0%Food6.554.0%Others40.41.8%Total6.1100.0%2022/1Share Sales by categoryRate of YoYchangeFood-0.890.7%Clothing0.41.0%Livingware-7.54.5%Others-0.63.8%Total-1.1100.0%Share 2022/2Hotel Businesscoronavirus.in the 60% approx.[Conditions in 4Q (January – March)] The challenging business environment continued due to the spread of the Omicron variant of the COVID-19 [Conditions in April] A moderate recovery continued following the lifting of COVID-19 quasi-emergency measures and the operating rate remained Hotel Business: Average daily rate(ADR)・RevPAR・Occupancy Rates (Results)Average daily rate(ADR)RevPAROccupancy RateThe state of emergency（Unit: yen , %）55.448.743.434.925.822.716.310.411.136.231.525.824.918.746.047.934.039.3 34.764.959.653.241.338.8Hotel Business: Total Hotel Income and Occupancy Rates (Year-on-year Comparison / FY2019 Comparison) YoY Comparison Total Hotel IncomeFY2019 Comparison Total Hotel IncomeYoY Comparison Occupancy RateFY2019 Comparison Occupancy RateThe state of emergency224.7347.591.0 21.1 14.7 23.3 32.6 79.4 17.7 -50-75.4 -71.7 -66.7 -62.6 -100-91.9 -94.0 -72.8 -81.8 -58.8 -48.0 -35.1 -29.7 -36.3 -41.9 -54.5 -66.3 -58.7 -49.7 -42.8 -51.9 12.9 8.0 -54.3 -57.0 -49.0 -39.3 -17.9 -45.3 -48.2 -13.6 -35.9 -0.8 -0.2 13.5 28.5 4.2 21.5 -14.8 -9.1 -25.5 -77.4 -72.5 -71.3 -73.6 -67.5 -48.2 -55.3 -66.2 -56.6 -48.0 -38.2 -56.8 -58.6 ※ The above figures includes directly operated hotels and managed hotels for other companies(Cerulean Tower Tokyu Hotel and The Capitol Hotel Tokyu)12706050403020100（Unit: %, P）91.7 22.6 51.0 13.9 -31.9 -28.0 45.1 28.5 25.0 17.0 25,00020,00015,00010,0005,0000100500Ⅲ．Details of Financial Results for FY202113FY2021ResultsSummary of Consolidated Financial Statements*TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets +Interest and dividend income + Investment gains (loss) from equity method14FY2021FY2020Forecast Results Resultsas of Feb.- 56.8 + 18.3 （- 6.1%）（+ 2.1%）+ 63.2 + 3.5 (－)（+ 12.7%）- 0.9 + 0.7 （- 5.2%）（+ 4.8%）+ 0.4 + 0.1 （+ 3.2%）（+ 1.0%）+ 61.8 + 4.1 (－)（+ 13.6%）+ 4.0 – 0.4 （+ 20.7%）（- 1.7%）- 16.9 + 3.9 （- 35.0%）（+ 14.4%）+ 82.7 – 0.1 (－)（- 0.6%）+ 14.2 + 0.2 （+ 557.2%）（+ 1.4%）+ 68.4 – 0.3 (－)（- 3.7%）+ 3.4 + 0.8 (－)（+ 136.8%）+ 65.0 – 1.2 (－)（- 12.2%）- 3.4 （- 26.1%）+ 65.0 (－)+ 53.6 + 1.7 （+ 71.8%）（+ 1.4%）126.6TOKYU EBITDA128.374.7　Transportation: +15.0; Real Estate: +16.5; Life Service: +8.7;　Hotel and Resort: +12.9; Headquarters: +0.319.9- 45.0Other Comprehensive Income9.713.2- – 8.7- 56.210.0Profit attributable to owners of parentTotal Comprehensive Income- 58.210.6Profit attributable to non-controlling interests1.427.2Corporate Income Taxes16.8- 2.00.62.5　Income Taxes: 16.6 (+7.0) ; Tax Adjustment: 0.2 (+7.1)16.6Net Income10.2Income before Income Taxes andMinority Interests27.019.4　Gain on Sale of Fixed Assets: 14.4 (+14.1)Extraordinary Losses31.4- 55.713.7Recurring Profit34.948.3　Impairment Loss: 25.1 (-1.6); Loss on COVID19: 0.4 (-3.2)27.523.9- 26.830.8Extraordinary Gains23.4Non-operating Revenue17.213.4　Interest Paid: 8.3 (-0.2)Operating Profit31.5ChangeRemarksNon-operating Expenses13.8- 31.6　Transportation: +22.0; Real Estate: +16.2;　Life Service: +10.4; Hotel and Resort: +14.4- – (Unit:Billion yen)935.9　Transportation: +14.5; Real Estate: +25.6;　Life Service: -100.8; Hotel and Resort: +5.6860.8ChangeOperating Revenue879.118.2　Investment Gains from Equity Method: 5.0 (+0.4) ;　Interest and Dividend Income: 1.2 (-0.0)16.528.0FY2021ResultsConsolidated Operating Revenue and Profit15FY2021FY2020Forecast Results Resultsas of Feb.- 56.8 + 18.3 （- 6.1%）（+ 2.1%）+ 63.2 + 3.5 (－)（+ 12.7%）+ 14.5 + 1.6 （+ 9.6%）（+ 1.0%）+ 22.0 + 2.3 (－)(－)+ 25.6 – 3.8 （+ 13.0%）（- 1.7%）+ 16.2 – 0.7 （+ 56.1%）（- 1.7%）- 100.8 + 18.5 （- 16.7%）（+ 3.8%）- 82.4 + 9.0 （- 19.9%）（+ 2.8%）- 18.4 + 9.5 （- 9.7%）（+ 5.9%）+ 10.4 + 0.5 (－)（+ 8.2%）+ 5.0 + 0.5 (－)（+ 75.7%）+ 5.4 – 0.0 (－)（- 0.5%）+ 5.6 + 1.4 （+ 14.9%）（+ 3.4%）+ 14.4 + 1.7 (－)(－)- 0.0 0.7+ 0.5 Elimination etc.Operating Revenue- 56.9- 55.1Operating Profit0.30.4- 0.3 Operating Profit- 16.7- 31.2　Tokyu Hotels, etc: +12.5- 18.5- 1.8 – 57.5ICT and Media5.3- 0.0　Tokyu Recreation: +0.5　its communications: -0.0; Tokyu Agency: +1.75.4 Hotel and ResortOperating Revenue43.537.8　Tokyu Hotels, etc: +4.742.1162.4Operating ProfitTotal Life Service6.1Retail1.2- 3.8　Tokyu Department Store, etc.: +3.4; Tokyu Store Chain: -0.60.7ICT and Media171.9190.3　Tokyu Recreation: +0.7　its communications: -0.6; Tokyu Agency: -22.6484.2Retail330.8413.2 Life ServiceOperating RevenueTotal Life Service502.7603.56.6- 3.8　Tokyu Department Store, etc.: -73.4; Tokyu Store Chain: -11.4321.8Operating Profit45.228.9　Tokyu Corp. Sales: +12.6; Tokyu Corp. Leasing: +2.246.0 Real EstateOperating Revenue223.2197.6　Tokyu Corp. Sales: +20.4; Tokyu Corp. Leasing: +3.4227.1164.9- 3.9- 26.0　Tokyu Railways: +15.1- 6.331.5- 31.628.0166.5879.1935.9151.9　Tokyu Railways: +9.9Operating Profit TransportationOperating RevenueTotal Operating Profit(Unit:Billion yen)ChangeRemarksChangeTotal Operating Revenue860.8FY2021ResultsNon-Operating and Extraordinary Gain/Loss16FY2021FY2020Forecast Results Resultsas of Feb.+ 63.2 + 3.5 (－)（+ 12.7%）- 0.9 + 0.7 （- 5.2%）（+ 4.8%）　Interest and Dividend Income1.21.3- 0.0 1.9- 0.6 　Investment Gain from Equity Method5.04.6+ 0.4 　Tokyu Fudosan Holdings: 5.6 (+2.1) ; Tokyu Construction: -0.9 (-1.3)4.5+ 0.5 　Others10.912.2- 1.3 10.1+ 0.8 + 0.4 + 0.1 （+ 3.2%）（+ 1.0%）　Interest8.38.6- 0.2 8.4- 0.0 　Others5.44.8+ 0.6 5.3+ 0.1 + 61.8 + 4.1 (－)（+ 13.6%）+ 4.0 – 0.4 （+ 20.7%）（- 1.7%）　Gain on Sale of Fixed Assets14.40.3+ 14.1 14.6- 0.1 　Gain on Subsidies Received for Construction1.313.3- 11.9 1.4- 0.0 　Gain on Reversal of Urban Railways Improvement Reserve2.52.5- 2.5+ 0.0 　Others5.13.3+ 1.8 5.4- 0.2 – 16.9 + 3.9 （- 35.0%）（+ 14.4%）　Loss on Reduction of Subsidies Received for Construction1.17.4- 6.2 1.2- 0.0 　Others30.240.9- 10.6 　Impairment Loss: 25.1 (-1.6); Loss on COVID19: 0.4 (-3.2)26.3+ 3.9 + 82.7 – 0.1 (－)（- 0.6%）Extraordinary Losses31.448.327.227.5 Income before Income Taxes and Minority Interests27.0- 55.730.8Extraordinary Gains23.419.423.916.5Non-operating Expenses13.813.413.7RemarksChangeOperating Profit31.5- 31.6(Unit:Billion yen)Change28.0Non-operating RevenueRecurring Profit17.218.234.9- 26.8FY2021ResultsConsolidated TOKYU EBITDA*TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets +Interest and dividend income + Investment gains (loss) from equity method.17FY2021FY2020Forecast Results Resultsas of Feb.+ 15.0 + 2.0 （+ 57.1%）（+ 5.3%）Tokyu Railways40.231.3+ 8.9 39.3+ 0.9 Tokyu Bus – Tokyu Transses0.6- 2.8+ 3.5 0.6- 0.0 Others0.5- 2.0+ 2.6 – 0.6+ 1.1 + 16.5 – 1.1 （+ 30.3%）（- 1.6%）Real Estate Sales of the Company20.27.2+ 13.0 20.2- 0.0 Real Estate Leasing of the Company39.137.6+ 1.5 39.8- 0.6 Others11.49.5+ 1.8 11.9- 0.4 + 8.7 + 0.1 （+ 62.6%）（+ 0.7%）Retail8.44.5+ 3.8 8.0+ 0.4 Tokyu Department Store, etc.0.7- 1.5+ 2.3 0.7- 0.0 Tokyu Store Chain6.47.0- 0.5 6.0+ 0.3 Others1.2- 0.8+ 2.1 1.1+ 0.0 ICT and Media14.29.3+ 4.8 14.5- 0.2 Tokyu Recreation0.80.3+ 0.5 0.8+ 0.0 its communications7.87.8+ 0.0 8.0- 0.1 Tokyu Agency1.60.0+ 1.5 1.3+ 0.3 Others3.81.0+ 2.7 4.3- 0.4 + 12.9 + 1.1 (－)－Tokyu Hotels, etc.- 12.5- 24.1+ 11.5 – 14.1+ 1.5 Others- 0.7- 2.1+ 1.3 – 0.3- 0.4 + 0.4 – 0.0 （+ 6.7%）（- 0.7%）Interest and dividend income1.21.3- 0.0 1.9- 0.6 Investment (gain) loss from the equity method5.04.6+ 0.4 4.5+ 0.5 + 53.6 + 1.7 （+ 71.8%）（+ 1.4%）74.7126.6- 26.30.3- 0.0 0.7- 0.4 6.4Elimination, etc.0.2Total128.3Real Estate70.954.4- 14.5Headquarters6.35.922.5Hotel and Resort- 13.3ChangeTransportation41.426.4(Unit:Billion yen)ChangeRemarks72.1Life Service22.613.939.4FY2021ResultsSegment Information (1) Transportation18FY2021FY2020Forecast Results Resultsas of Feb.+ 14.5 + 1.6 （+ 9.6%）（+ 1.0%）+ 9.9 + 0.5 （+ 8.9%）（+ 0.5%）+ 2.8 + 0.0 （+ 14.1%）（+ 0.3%）+ 1.7 + 1.0 （+ 8.9%）（+ 5.0%）+ 22.0 + 2.3 （－）(－)+ 15.1 + 1.1 （－）(－)+ 4.2 – 0.0 （－）(－)+ 2.7 + 1.2 （－）(－)ChangeRemarksChangeOperating Revenue166.5(Unit:Billion yen)151.9 Passengers Carried: +11.3% (Non-commuter: +19.0%; Commuter: +6.1%) ┌ Passenger Revenue: +10.8% (Non-commuter: +19.9%; Commuter: -0.0%)164.9121.1Tokyu Bus・Tokyu Transses23.220.3 Passenger Revenue: +14.4%23.1Tokyu Railways121.7111.8 Passenger Revenue: 107.7 (+10.4)20.5Operating Profit- 3.9- 26.0- 6.3Others21.519.7- 2.0Tokyu Bus・Tokyu Transses- 1.1- 5.3- 1.1Tokyu Railways- 0.8- 15.9 [Operating Expense] Depreciation and amortization: 34.3 (+0.0) ; Repair Costs: 10.0 (+0.7) ; 　　　 Power Costs: 5.4 (+0.0) ; Expensess: 21.1 (-6.5)- 3.1Others- 2.0- 4.7FY2021ResultsSegment Information (2) Real Estate19FY2021FY2020Forecast Results Resultsas of Feb.+ 25.6 – 3.8 （+ 13.0%）（- 1.7%）+ 20.4 – 0.1 （+ 71.3%）（- 0.4%）+ 3.4 + 0.7 （+ 3.7%）（+ 0.7%）+ 1.6 – 4.3 （+ 2.2%）（- 5.4%）+ 16.2 – 0.7 （+ 56.1%）（- 1.7%）+ 12.6 – 0.0 （+ 184.4%）（- 0.1%）+ 2.2 – 0.6 （+ 14.2%）（- 3.2%）+ 1.2 – 0.1 （+ 21.5%）（- 1.8%）7.4Others7.25.9 Hotel business of the Company: -2.7 , Housing sales business in Vietnam: +1.3 Tokyu Asset Management: +1.719.5Real Estate Leasing of theCompany18.416.119.0Real Estate Sales of theCompany19.56.8 Increase due to Asset recycling building business81.6Operating Profit45.228.946.0Others77.275.6 Impact of the “Accounting Standard for Revenue Recognition”(Tokyu GEOX): -11.9 Hotel business of the Company: +7.2 , Housing sales business in Vietnam: +2.449.4Real Estate Leasing of theCompany96.793.296.0Real Estate Sales of theCompany49.228.7 Increase due to Asset recycling building businessChangeOperating Revenue223.2197.6227.1(Unit:Billion yen)ChangeRemarksFY2021ResultsSegment Information (3) Retail（※） “Tokyu Department Store, etc.” includes not only Tokyu Department Store Co., Ltd. but also Tokyu Corp., NAGANO Tokyu Department Store Co., Ltd. And KITANAGANO Shopping Center Co., Ltd. 20FY2021FY2020Forecast Results Resultsas of Feb.- 82.4 + 9.0 （- 19.9%）（+ 2.8%）- 73.4 + 2.9 （- 48.1%）（+ 3.9%）- 11.4 + 5.5 （- 5.3%）（+ 2.8%）+ 2.4 + 0.4 （+ 5.6%）（+ 0.9%）+ 5.0 + 0.5 （－）（+ 75.7%）+ 3.4 – 0.0 （－）(－)- 0.6 + 0.3 （- 13.3%）（+ 9.7%）+ 2.2 + 0.2 （－）(－)ChangeOperating Revenue330.8413.2321.876.2 Tokyu Department Store, etc.（※）79.2152.7 Rate of Change in Sales: All Stores: +6.1% Impact of the “Accounting Standard for Revenue Recognition”: -82.6(Unit:Billion yen)ChangeRemarks198.5 Others47.344.846.9 Tokyu Store Chain204.1215.6 Rate of Change in Sales: All Stores: +0.2% Existing Stores: -1.0% Impact of the “Accounting Standard for Revenue Recognition”: -11.2 Tokyu Department Store, etc.（※）- 2.9- 6.3- 2.8Operating Profit1.2- 3.80.73.8 Others- 0.0- 2.3- 0.2 Tokyu Store Chain4.24.8FY2021ResultsSegment Information (4) ICT and Media21FY2021FY2020Forecast Results Resultsas of Feb.- 18.4 + 9.5 （- 9.7%）（+ 5.9%）+ 0.7 – 0.0 （+ 3.2%）（- 0.0%）- 0.6 + 0.0 （- 2.5%）（+ 0.2%）- 22.6 + 8.7 （- 30.0%）（+ 19.8%）+ 4.2 + 0.7 （+ 6.4%）（+ 1.1%）+ 5.4 – 0.0 （－）（- 0.5%）+ 0.5 + 0.0 （－）(－)- 0.0 + 0.0 （- 1.4%）（+ 1.1%）+ 1.7 + 0.3 （－）（+ 35.6%）+ 3.1 – 0.4 （－）（- 24.3%） Tokyu Agency1.3- 0.31.0 Others1.4- 1.71.8 Tokyu Recreation- 0.6- 1.2- 0.6 its communications3.23.23.2Operating Profit5.3- 0.05.4 Others69.865.669.1 its communications26.727.426.7 Tokyu Agency52.975.6 Impact of the “Accounting Standard for Revenue Recognition”: -42.244.2 Tokyu Recreation22.321.622.3(Unit:Billion yen)ChangeRemarksChangeOperating Revenue171.9190.3162.4FY2021ResultsSegment Information (5) Hotel and Resort（※） “Tokyu Hotels, etc.” includes not only Tokyu Hotels Co., Ltd. but also Tokyu Corp., GK New Perspective One and T.H. Properties, Inc. that have held assets.22FY2021FY2020Forecast Results Resultsas of Feb.+ 5.6 + 1.4 （+ 14.9%）（+ 3.4%）+ 4.7 + 1.2 （+ 17.1%）（+ 3.9%）+ 0.9 + 0.2 （+ 9.1%）（+ 2.0%）+ 14.4 + 1.7 （－）(－)+ 12.5 + 2.1 （－）(－)+ 1.9 – 0.3 （－）(－)Remarks31.1- 18.5ChangeOperating Revenue43.537.8(Unit:Billion yen)Change42.1Others11.110.210.9Tokyu Hotels, etc. （※）32.327.6Tokyu Hotels, etc. （※）- 15.4- 28.0- 17.6Operating Profit- 16.7- 31.2- 0.8Others- 1.2- 3.1Key IndicatorsFY2021FY2020ResultsResultsOccupancy Rates (%)44.1%31.0%+13.1PADR (Yen)10,44112,794-2,353RevPAR (Yen)4,6063,968+638ChangeFY2021ResultsBalance Sheets23FY2021FY2020ResultsResults+ 3.1 （+ 0.1%）+ 26.7 （+ 8.2%）- 23.6 （- 1.1%）+ 2.7 （+ 0.2%）- 20.1 （- 2.9%）+ 25.3 （+ 2.5%）- 2.5 （- 25.0%）+ 0.4 （+ 0.1%）+ 0.6 （+ 0.1%）+ 13.5 （+ 1.1%）(Unit:Billion yen)ChangeRemarks2,476.0Current Assets353.0326.2Total Assets2,479.12,149.8Total Liabilities1,726.21,723.5Fixed Assets2,126.1688.4　Interest-bearing Debt: -21.0Fixed Liabilities1,050.31,025.0　Interest-bearing Debt: +34.6Current Liabilities668.310.0Total Net Assets752.9752.5　Equity Capital: -3.5;　Other Cumulative Comprehensive Income: +4.2; non-controlling shareholders equity: -0.2Reserves under Special Law7.5702.3　Profit attributable to owners of parent: +8.7;　Dividends: -7.5; Cumulative effects of changes in accounting policies: -5.4Interest-bearing Debt at End of Period1,195.71,182.1Equity702.928.4%28.4%- D/E Ratio (Times)Equity Ratio1.71.7- FY2021ResultsStatements of Cash Flow24FY2021FY2020Forecast Results Resultsas of Feb.+ 0.5 　Dividend Payment: -7.5 (+5.1) 、 Introduce of ESOP Trust: -4.5 (-4.5)1,189.3　8.5- 1.7 Free Cash Flow6.7- 29.3+ 36.0 + 6.4 Interest-bearing Debt at End of Period1,195.7- 8.5- 12.6+ 7.1 17.17.1+ 5.5 Interest-bearing Debt Net Increase/Decrease12.631.1- 18.5 CF from Financing Activities- 1.3- 0.6 Gain on Sale of Assets34.02.5+ 31.5 34.7- 123.0Capital Expenditure- 110.3- 113.25.0+ 0.4 Subsidies Received for Construction5.48.3- 2.9 – 92.6+ 13.7 CF from Investing Activities- 78.8- 115.1+ 36.3 + 12.6 + 2.8 101.1- 15.5 RemarksChangeCF from Operating Activities(Unit:Billion yen)Change- 18.5 + 0.6 1,182.1+ 13.5 　Interest-bearing Debt / TOKYU EBITDA Multiple: 9.3times (-6.5) – 12.0- 12.785.585.8- 0.3 Dividend Payment, etc.FY2021ResultsCapital Expenditure / Depreciation* Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year.25FY2021FY2020Forecast Results Resultsas of Feb.+ 11.0 – 11.1 （+ 10.4%）（- 8.7%）+ 13.7 + 3.5 （+ 38.8%）（+ 7.8%）- 14.9 – 13.3 （- 29.9%）（- 27.6%）+ 7.9 + 2.2 （+ 32.4%）（+ 7.5%）+ 3.1 + 0.7 （+ 22.8%）（+ 4.5%）+ 4.7 + 1.5 （+ 45.1%）（+ 11.0%）- 4.2 – 0.6 （- 67.5%）（- 24.8%）+ 14.7 – 10.3 （+ 118.0%）（- 27.4%）- 3.0 – 1.2 （- 3.5%）（- 1.4%）ChangeTotal Capital Expenditure117.4106.3(Unit:Billion yen)ChangeRemarks128.6Transportation49.235.4 Tokyu Railways, etc: +13.645.724.530.3Real Estate35.050.0 Tokyu Corp. Leasing: -18.516.4 ICT and Media15.410.613.9 Retail17.113.92.7Headquarters2.31.5+ 0.7 3.0Hotel and Resort2.06.2Elimination- 3.7- 0.6 – 1.5- 2.2 – 11.4+ 7.7 12.537.6Total Depreciation and Amortization83.986.9 Transportation: 40.0 (-0.6) 、 Real Estate: 24.8 (+0.5) 、 Life Service: 15.8 (-1.6) 、 Hotel and Resort: 3.3 (-1.2)85.2Expenses on Sale of Houses and Lots27.248.4Total Life Service32.5Ⅳ．Details of Financial Forecasts for FY202226FY2022ForecastsSummary of Consolidated Financial Statements*TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets +Interest and dividend income + Investment gains (loss) from equity method.27FY2022FY2021ForcastResults+ 57.8 （+ 6.6%）+ 8.4 （+ 26.8%）- 7.5 （- 43.9%）+ 0.3 （+ 2.6%）+ 0.5 （+ 1.4%）- 13.1 （- 56.2%）- 21.5 （- 68.5%）+ 8.8 （+ 32.8%）- 3.9 （- 23.3%）+ 12.7 （+ 125.4%）- 0.4 （- 29.6%）+ 13.2 （+ 150.5%）+ 12.5 （+ 9.8%）TOKYU EBITDA140.9128.3　Transportation: +6.3; Real Estate: -12.0; Life Service: +6.3;　Hotel and Resort: +10.9; Headquarters: +0.9Profit attributable to owners of parent22.08.7Profit attributable to non-controlling interests1.01.4Net Income23.010.2Corporate Income Taxes12.916.8　Income Taxes: 11.7 (-4.9) ; Tax Adjustment: 1.2 (+0.9)Income before Income Taxes andMinority Interests35.927.0Extraordinary Losses9.931.4 　[FY2021]Impairment Loss: 25.1Extraordinary Gains10.323.4 　[FY2021]Gain on Sale of Fixed Assets: 14.4Recurring Profit35.534.9Non-operating Expenses14.213.8　Interest Paid: 8.5 (+0.1) Non-operating Revenue9.717.2　Investment Gains from Equity Method: 5.8 (+0.7)Operating Profit40.031.5　Transportation: +5.0; Real Estate: -12.9;　Life Service: +5.4; Hotel and Resort: +10.7Operating Revenue937.0879.1　Transportation: +10.2; Real Estate: +4.4;　Life Service: +26.2; Hotel and Resort: +21.5(Unit:Billion yen)ChangeRemarksFY2022ForecastsConsolidated Operating Revenue and Profit28FY2022FY2021ForecastResults+ 57.8 （+ 6.6%）+ 8.4 （+ 26.8%）+ 10.2 （+ 6.1%）+ 5.0 (－)+ 4.4 （+ 2.0%）- 12.9 （- 28.6%）+ 26.2 （+ 5.2%）+ 14.2 （+ 4.3%）+ 11.9 （+ 7.0%）+ 5.4 （+ 83.3%）+ 4.1 （+ 339.1%）+ 1.3 （+ 24.7%）+ 21.5 （+ 49.6%）+ 10.7 (－)(Unit:Billion yen)ChangeRemarksTotal Operating ProfitTotal Operating Revenue937.0879.1166.5　Tokyu Railways: +6.4Operating Profit TransportationOperating Revenue1.1- 3.9　Tokyu Railways: +1.540.031.5176.8Operating Profit32.345.2　Tokyu Corp. Sales: -10.9; Tokyu Corp. Leasing: -0.5 Real EstateOperating Revenue227.7223.2　Tokyu Corp. Sales: -3.5; Tokyu Corp. Leasing: +2.1Retail345.1330.8 Life ServiceOperating RevenueTotal Life Service529.0502.712.16.6　Tokyu Department Store, etc.: +8.1; Tokyu Store Chain: +14.9ICT and Media183.9171.9　its communications: -0.0; Tokyu Agency: -3.1Operating ProfitTotal Life ServiceRetail5.41.2　Tokyu Department Store, etc.: +3.2; Tokyu Store Chain: +0.0ICT and Media6.75.3　its communications: +0.0; Tokyu Agency: -0.1 Hotel and ResortOperating Revenue65.143.5　Tokyu Hotels, etc: +18.4Operating Profit- 6.0- 16.7　Tokyu Hotels, etc: +9.4- 4.6 Elimination etc.Operating Revenue- 61.6- 56.9Operating Profit0.50.3+ 0.1 FY2022ForecastsNon-Operating and Extraordinary Gain/Loss29FY2022FY2021ForecastResults+ 8.4 （+ 26.8%）- 7.5 （- 43.9%）　Interest and Dividend Income1.31.2+ 0.0 　Investment Gain from Equity Method5.85.0+ 0.7 　Others2.610.9- 8.3 + 0.3 （+ 2.6%）　Interest8.58.3+ 0.1 　Others5.75.4+ 0.2 + 0.5 （+ 1.4%）- 13.1 （- 56.2%）　Gain on Subsidies Received for Construction5.51.3+ 4.1 　Gain on Reversal of Urban Railways Improvement Reserve2.52.5- 0.0 　Others2.319.6- 17.3 　[FY2021]Gain on Sale of Fixed Assets: 14.4- 21.5 （- 68.5%）　Loss on Reduction of Subsidies Received for Construction3.11.1+ 1.9 　Others6.830.2- 23.4 　[FY2021]Impairment Loss: 25.1; Loss on COVID19: 0.4+ 8.8 （+ 32.8%）(Unit:Billion yen)ChangeRemarks31.5Non-operating Revenue9.717.2Operating Profit40.013.8Recurring Profit35.534.9Non-operating Expenses14.2Extraordinary Losses9.9Extraordinary Gains10.323.431.4 Income before Income Taxes and Minority Interests35.927.0FY2022ForecastsConsolidated TOKYU EBITDA*TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets +Interest and dividend income + Investment gains (loss) from equity method.30FY2022FY2021ForecastResults+ 6.3 （+ 15.2%）Tokyu Railways43.440.2+ 3.1 Tokyu Bus – Tokyu Transses1.00.6+ 0.3 Others3.30.5+ 2.7 – 12.0 （- 17.0%）Real Estate Sales of the Company9.520.2- 10.7 Real Estate Leasing of the Company38.839.1- 0.3 Others10.511.4- 0.9 + 6.3 （+ 28.0%）Retail12.98.4+ 4.4 Tokyu Department Store, etc.4.20.7+ 3.4 Tokyu Store Chain6.46.4+ 0.0 Others2.11.2+ 0.9 ICT and Media16.114.2+ 1.8 its communications8.17.8+ 0.2 Tokyu Agency1.41.6- 0.2 Others6.54.6+ 1.9 + 10.9 (－)Tokyu Hotels, etc.- 2.8- 12.5+ 9.7 Others0.4- 0.7+ 1.2 + 0.7 （+ 11.7%）Interest and dividend income1.31.2+ 0.0 Investment (gain) loss from the equity method5.85.0+ 0.7 + 12.5 （+ 9.8%）Total140.9128.3Elimination, etc.0.50.2+ 0.2 Headquarters7.16.3Hotel and Resort- 2.4- 13.3Life Service29.022.6Real Estate58.970.9Transportation47.841.4(Unit:Billion yen)ChangeRemarksFY2022ForecastsSegment Information (1) Transportation31FY2022FY2021ForecastResults+ 10.2 （+ 6.1%）+ 6.4 （+ 5.3%）+ 0.7 （+ 3.4%）+ 2.9 （+ 13.8%）+ 5.0 (－)+ 1.5 (－)+ 0.6 (－)+ 2.8 (－)- 2.0Others0.8- 1.1- 0.8 [Operating Expense] Depreciation and amortization: 34.0 (-0.3) ; Repair Costs: 10.5 (+0.4) ; 　 Power Costs: 7.0 (+1.5) ; Expensess: 23.7 (+2.5)Tokyu Bus・Tokyu Transses- 0.4- 3.9Tokyu Railways0.721.5Operating Profit1.1Others24.5Operating Revenue176.823.2121.7 Passenger Revenue: 113.7 (+5.9)Tokyu Bus・Tokyu Transses24.0(Unit:Billion yen)166.5 Passengers Carried: +4.5% (Non-commuter: +8.6%; Commuter: +1.3%) ┌ Passenger Revenue: +5.5% (Non-commuter: +8.6%; Commuter: +1.2%)Tokyu Railways128.2ChangeRemarksFY2022ForecastsSegment Information (2) Real Estate32FY2022FY2021ForecastResults+ 4.4 （+ 2.0%）- 3.5 （- 7.2%）+ 2.1 （+ 2.2%）+ 5.8 （+ 7.6%）- 12.9 （- 28.6%）- 10.9 （- 56.2%）- 0.5 （- 3.1%）- 1.3 （- 18.8%）(Unit:Billion yen)ChangeRemarksReal Estate Sales of the Company45.749.2Operating Revenue227.7223.2Others83.177.2 Hotel business of the Company: +3.6Real Estate Leasing of the Company98.896.7Real Estate Sales of the Company8.519.5 Decrease in reaction to large scale properties sales in the previous yearOperating Profit32.345.2Others5.97.2 Hotel business of the Company: +0.8 , Tokyu Asset Management: -1.6Real Estate Leasing of the Company17.818.4 Asset recycling building business : Transferred some properties to the Real Estate Sales of the Company -0.5FY2022ForecastsSegment Information (3) Retail（※） “Tokyu Department Store, etc.” includes not only Tokyu Department Store Co., Ltd. but also Tokyu Corp., NAGANO Tokyu Department Store Co., Ltd. And KITANAGANO Shopping Center Co., Ltd. 33FY2022FY2021ForecastResults+ 14.2 （+ 4.3%）+ 8.1 （+ 10.2%）+ 14.9 （+ 7.3%）- 8.7 （- 18.6%）+ 4.1 （+ 339.1%）+ 3.2 (－)+ 0.0 （+ 2.3%）+ 0.8 (－)219.1 Tokyu Department Store, etc.（※）87.3(Unit:Billion yen)1.2 Tokyu Department Store, etc.（※）0.2330.8ChangeRemarksOperating Revenue345.179.2 Rate of Change in Sales: All Stores: +3.5% Tokyu Store Chain Others47.3204.1 Rate of Change in Sales: All Stores: +2.2% Existing Stores -0.1% Effect of merger with Tokyu Station Retail Service Co., Ltd. +9.7 Others38.5 Tokyu Store Chain4.34.2Operating Profit5.4- 2.90.8- 0.0FY2022ForecastsSegment Information (4) ICT and Media34FY2022FY2021ForecastResults+ 11.9 （+ 7.0%）- 0.0 （- 0.2%）- 3.1 （- 5.9%）+ 15.1 （+ 16.4%）+ 1.3 （+ 24.7%）+ 0.0 （+ 2.0%）- 0.1 （- 13.5%）+ 1.4 （+ 193.8%） Tokyu Agency1.21.3 Others2.20.7 Tokyu Agency49.8 Others107.392.2Operating Profit6.75.3 its communications3.33.2Operating Revenue183.9171.952.9 its communications26.726.7(Unit:Billion yen)ChangeRemarksFY2022ForecastsSegment Information (5) Hotel and Resort（※） “Tokyu Hotels, etc.” includes not only Tokyu Hotels Co., Ltd. but also Tokyu Corp., GK New Perspective One and T.H. Properties, Inc. that have held assets.35FY2022FY2021ForecastResults+ 21.5 （+ 49.6%）+ 18.4 （+ 57.0%）+ 3.1 （+ 28.0%）+ 10.7 (－)+ 9.4 (－)+ 1.2 (－)Others- 0.0- 1.2Tokyu Hotels, etc. （※）- 5.9- 15.4Operating Profit- 6.0- 16.7Others14.211.1Tokyu Hotels, etc. （※）50.832.3Operating Revenue65.143.5(Unit:Billion yen)ChangeRemarksKey IndicatorsFY2022FY2021Full Year ForecastResultsOccupancy Rates (%)69.4%44.1%+25.3PADR (Yen)11,81910,441+1,378RevPAR (Yen)8,2004,606+3,594ChangeFY2022ForecastsStatements of Cash Flow36FY2022FY2021ForecastResults(Unit:Billion yen)ChangeRemarksCF from Investing ActivitiesCF from Operating Activities89.585.5+ 3.9 – 156.3- 78.8- 77.4 Capital Expenditure- 156.0- 110.3- 45.6 2.234.0- 31.8 5.05.4- 0.4 Gain on Sale of AssetsSubsidies Received for ConstructionInterest-bearing Debt Net Increase/DecreaseCF from Financing Activities66.8- 1.3+ 68.1 79.212.6+ 66.5 Dividend Payment, etc.- 9.4- 12.0+ 2.6 Interest-bearing Debt at End of PeriodFree Cash Flow- 66.86.7- 73.5 　1,275.01,195.7+ 79.2 　Interest-bearing Debt / TOKYU EBITDA Multiple: 9.0times (-0.3) FY2022ForecastsCapital Expenditure / Depreciation* Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year.37FY2022FY2021ForecastResults+ 41.3 （+ 35.2%）- 0.1 （- 0.3%）+ 34.8 （+ 99.5%）- 3.4 （- 10.6%）- 7.0 （- 41.1%）+ 3.5 （+ 23.2%）+ 6.5 （+ 323.7%）+ 17.9 （+ 65.6%）+ 1.2 （+ 1.5%）Total Depreciation and Amortization- 3.7+ 2.2 Expenses on Sale of Houses and Lots85.283.9 Transportation: 39.4 (△0.6) ; Real Estate: 25.5 (+0.6) ; Life Service: 16.8 (+0.9) ; Hotel and Resort: 3.5 (+0.2)3.62.3+ 1.2 45.227.2Elimination- 1.5HeadquartersHotel and Resort8.62.0 ICT and Media19.015.4 Retail10.117.1Total Life Service29.132.5Real Estate69.935.0　Tokyu Corp. Leasing: +24.2Transportation49.149.2　Tokyu Railways, etc: -1.9Total Capital Expenditure158.8117.4(Unit:Billion yen)ChangeRemarksThe related documents are also available at the following URL.https://www.tokyu.co.jp/global/InvestorIR LibraryLatest Materials(Quarterly)Forward-looking statementsAll statements contained in this document other than historical facts are forward-looking statements that reflect the judgments of the management of Tokyu Corporation based on information currently available. Actual results may differ materially from the statements. Tokyu CorporationFinance & Accounting Strategy HeadquartersAccounting & IR Group