[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 18th fiscal year

From April 1, 2022 to March 31, 2023

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

16

1.

Management policy, management environment, issues to be addressed, etc

16

2.

Views and initiatives regarding sustainability

23

3.

Business risks

29

4.

Management analysis of financial position, operating results and cash flows

39

5.

Critical contracts for operation

53

6.

Research and development activities

58

III. Information about Facilities

59

1.

Overview of capital investments, etc

59

2.

Major facilities

60

3.

Planned additions, retirements, etc. of facilities

73

IV. Information about Reporting Company

74

1.

Information about shares, etc

74

2.

Acquisition, etc., of treasury shares

84

3.

Dividend policy

85

4.

Corporate governance

86

Ⅴ. Financial Information

130

1.

Consolidated financial statements, etc

131

2.

Non-consolidated financial statements, etc

194

VI. Overview of Operational Procedures for Shares of the Company

208

VII. Reference Information of the Company

210

1.

Information about Parent Company, etc. of the Company

210

2.

Other Reference Information

210

Part II Information About Company Which Provides Guarantee to the Company, Etc

211

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 21, 2023

[Fiscal year]

The 18th fiscal year (from April 1, 2022 to March 31, 2023)

[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]

NISHIYAMA Ryuichiro, President and Representative Director,

COO

[Address of registered headquarters]

1-16-15Minami-Ikebukuro,Toshima-ku, Tokyo

[Telephone number]

+81-3-6709-3112

[Name of contact person]

TATARA Yoshihiro, Managing Officer, General Manager of

Corporate Communication

[Nearest place of contact]

1-16-15Minami-Ikebukuro,Toshima-ku, Tokyo

[Telephone number]

+81-3-6709-3112

[Name of contact person]

TATARA Yoshihiro, Managing Officer, 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

14th fiscal year

15th fiscal year

16th fiscal year

17th fiscal year

18th fiscal year

Fiscal year-end

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

Operating revenue

(Millions of

565,939

554,590

337,061

396,856

428,487

yen)

Ordinary profit (loss)

(Millions of

65,415

48,770

(58,785)

(17,440)

20,133

yen)

Profit (loss) attributable to

(Millions of

45,457

4,670

(72,301)

10,623

56,753

owners of parent

yen)

Comprehensive income

(Millions of

44,110

(22,850)

(64,161)

13,286

64,964

yen)

Net assets

(Millions of

422,715

373,427

385,687

387,217

377,633

yen)

Total assets

(Millions of

1,728,929

1,707,784

1,698,497

1,703,442

1,587,834

yen)

Net assets per share

(Yen)

1,346.05

1,227.03

999.50

1,035.57

1,237.46

Basic earnings (loss) per

(Yen)

145.21

15.18

(241.32)

35.39

188.70

share

Diluted earnings per share

(Yen)

145.09

15.16

-

35.37

188.63

Equity-to-asset ratio

(%)

24.1

21.5

17.6

18.3

23.5

Return on equity (ROE)

(%)

11.3

1.2

(21.7)

3.5

16.6

Price earnings ratio (PER)

(Times)

13.34

78.26

-

35.94

7.20

Net cash provided by (used

(Millions of

88,104

101,458

(24,264)

58,563

67,167

in) operating activities

yen)

Net cash provided by (used

(Millions of

(73,069)

(96,655)

(47,537)

18,647

87,854

in) investing activities

yen)

Net cash provided by (used

(Millions of

(17,898)

(3,025)

72,394

(19,070)

(217,221)

in) financing activities

yen)

Cash and cash equivalents at

(Millions of

26,269

28,056

28,538

87,210

25,741

end of period

yen)

Number of employees

23,677

23,504

22,844

21,367

20,856

[Separately, average number

[6,395]

[6,040]

[4,397]

[3,800]

[4,159]

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 17th fiscal year, and the business

results for the 17th fiscal year and subsequent fiscal years 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, 2023 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.

- 1 -

(2) Business results of the reporting company

Term

14th fiscal year

15th fiscal year

16th fiscal year

17th fiscal year

18th fiscal year

Fiscal year-end

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

Operating revenue

(Millions of

18,908

23,944

12,443

13,871

44,224

yen)

Ordinary profit

(Millions of

11,003

14,354

2,983

2,508

32,387

yen)

Profit

(Millions of

9,755

13,415

2,376

1,444

31,036

yen)

Share capital

(Millions of

50,000

50,000

50,000

50,000

50,000

yen)

Total number of shares

(Shares)

332,462,920

332,462,920

323,462,920

323,462,920

323,462,920

issued

Net assets

(Millions of

358,315

344,303

342,809

345,148

373,788

yen)

Total assets

(Millions of

1,158,574

1,174,055

1,168,174

1,172,518

1,062,320

yen)

Net assets per share

(Yen)

1,078.46

1,070.05

1,063.72

1,069.46

1,156.72

Dividends per share

(Yen)

30.00

30.00

-

5.00

25.00

(Interim dividends per share)

(11.50)

(15.00)

(-)

(-)

(5.00)

Basic earnings per share

(Yen)

29.10

40.68

7.39

4.48

96.16

Diluted earnings per share

(Yen)

29.08

40.64

7.38

4.48

96.13

Equity-to-asset ratio

(%)

30.9

29.3

29.3

29.4

35.2

Return on equity (ROE)

(%)

2.7

3.8

0.7

0.4

8.6

Price earnings ratio (PER)

(Times)

66.56

29.20

165.09

283.93

14.13

Dividend payout ratio

(%)

103.1

73.7

-

111.6

26.0

Number of employees

305

305

306

352

378

Total shareholder return

(%)

106.2

67.4

69.1

72.2

78.2

(Benchmark index: TOPIX)

(%)

(92.7)

(81.7)

(113.8)

(113.4)

(116.7)

Highest share price

(Yen)

2,259

1,993

1,517

1,480

1,580

Lowest share price

(Yen)

1,769

1,131

901

1,041

1,226

(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 17th fiscal year, and the business

results for the 17th fiscal year and subsequent fiscal years 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 Prime Market of the Tokyo Stock Exchange from April 4, 2022, and those recorded on the First Section of the Tokyo Stock Exchange prior to that date.

- 2 -

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Seibu Holdings Inc. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 07:23:06 UTC.