| Assets | — | — |
| Current assets | — | — |
| Cash | 233,465a | 290,138a |
| Notes and accounts receivable-trade | 58,437a | 43,886a |
| Railway fares receivable | 52,676a | 41,472a |
| Accounts receivable | 114,129a | 115,535a |
| Securities | 0a | 36a |
| Inventories | 160,631a | 153,234a |
| Other current assets | 82,161a | 73,844a |
| Less allowance for doubtful accounts | -537a | -1,616a |
| Total current assets | 700,963a | 716,532a |
| Non-current assets | — | — |
| Property, plant, and equipment | — | — |
| Buildings and structures | 1,236,295a | 1,230,595a |
| Machinery and transport equipment | 414,075a | 399,001a |
| Land | 806,288a | 782,965a |
| Construction in progress | 122,667a | 117,193a |
| Other property, plant, and equipment | 54,097a | 51,447a |
| Total property, plant, and equipment | 2,633,423a | 2,581,205a |
| Intangible assets | 46,490a | 49,254a |
| Investments and other assets | — | — |
| Investments in securities | 127,931a | 101,980a |
| Net defined benefit asset | 4,564a | 3,173a |
| Deferred tax assets | 207,161a | 232,895a |
| Other investments and assets | 60,497a | 53,558a |
| Less allowance for doubtful accounts | -3,306a | -3,761a |
| Total investments and other assets | 396,848a | 387,846a |
| Total non-current assets | 3,076,763a | 3,018,306a |
| Deferred assets | — | — |
| Share issuance cost | 196a | 668a |
| Total deferred assets | 196a | 668a |
| Total assets | 3,777,923a | 3,735,507a |
| Liabilities | — | — |
| Current liabilities | — | — |
| Notes and accounts payable-trade | 59,894a | 66,020a |
| Short-term loans payable | 19,298a | 17,483a |
| Current portion of bonds | 60,000a | 100,000a |
| Current portion of long-term loans payable | 77,130a | 39,553a |
| Current portion of long-term payables for acquisition of railway properties | 1,327a | 1,245a |
| Accounts payable | 163,458a | 122,108a |
| Accrued consumption tax | 25,326a | 23,451a |
| Accrued income tax | 13,422a | 13,600a |
| Inter-line fares received | 4,147a | 2,240a |
| Deposits received | 131,092a | 119,536a |
| Prepaid railway fares received | 38,339a | 37,244a |
| Advances received | 37,512a | 44,052a |
| Allowance for bonuses | 36,251a | 29,540a |
| Allowance for loss on disaster | 2,575a | 396a |
| Allowance for point program | 143a | 706a |
| Other current liabilities | 40,254a | 41,283a |
| Total current liabilities | 710,175a | 658,464a |
| Non-current liabilities | — | — |
| Bonds | 799,994a | 859,992a |
| Long-term loans payable | 519,855a | 557,482a |
| Long-term payables for acquisition of railway properties | 96,108a | 97,436a |
| Deferred tax liabilities | 1,807a | 1,474a |
| Allowance for large scale renovation of Shinkansen infrastructure | 33,333a | 29,166a |
| Allowance for environmental safety measures | 2,255a | 3,414a |
| Allowance for loss on liquidation of railway belts | 30,292a | 15,794a |
| Net defined benefit liability | 211,647a | 223,318a |
| Other long-term liabilities | 147,491a | 144,653a |
| Total non-current liabilities | 1,842,786a | 1,932,733a |
| Total liabilities | 2,552,961a | 2,591,198a |
| Net assets | — | — |
| Total shareholders’ equity | — | — |
| Common stock | 226,136a | 226,136a |
| Capital surplus | 183,939a | 183,904a |
| Retained earnings | 692,468a | 626,108a |
| Treasury stock, at cost | -1,262a | -1,378a |
| Total shareholders’ equity | 1,101,282a | 1,034,772a |
| Valuation and translation adjustments | — | — |
| Net unrealized holding gain on securities | 6,569a | 1,061a |
| Deferred gains or losses on hedges | 130a | -9a |
| Remeasurements of defined benefit plans | -2,087a | -1,347a |
| Total valuation and translation adjustments | 4,613a | -295a |
| Non-controlling interests | 119,064a | 109,832a |
| Total net assets | 1,224,961a | 1,144,309a |
| Total liabilities and net assets | 3,777,923a | 3,735,507a |