July 31, 2012                         Summary of Consolidated Earnings Report        for the First Quarter of Fiscal Year ...
3. Forecast of Consolidated Financial Results for FY2012 (from April 1, 2012 to March 31, 2013)                           ...
3. Consolidated Financial Statements   (1) Consolidated Balance Sheets                                                    ...
(Unit: Millions of yen)                                                         FY2011               First Quarter of FY20...
(2) Consolidated Statements of Income and Comprehensive Income   Consolidated Statements of Income                        ...
Consolidated Statements of Comprehensive Income                                                                           ...
(3) Notes Regarding Going Concern Assumption   Not applicable.                                               -7-
4. Reference Materials  (1) Financial Results of Reportable Segment                                                       ...
(2) Summary of Non-consolidated Statements of Income                                                                      ...
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09 05-12 nipponexpress results-q1

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09 05-12 nipponexpress results-q1

  1. 1. July 31, 2012 Summary of Consolidated Earnings Report for the First Quarter of Fiscal Year Ending March 31, 2013 (Japanese GAAP)Name of listed company: Nippon Express Co., Ltd. Listed stock exchanges: Tokyo, OsakaCode: 9062 (URL http://www.nipponexpress.com (English)) (URL http://www.nittsu.co.jp (Japanese))Representative: President, CEO Kenji Watanabe Director, Officer and General ManagerContact: Masahiko Hata TEL: (03) 6251-1111 Finance & Accounting DivisionScheduled date for release of Quarterly Financial Report: August 14, 2012Scheduled date of dividend payment: ―Availability of supplementary briefing material on quarterly financial results: AvailableBriefing session on quarterly financial results to be held: Scheduled (for institutional investors and analysts) (Millions of yen, rounded down)1. Consolidated Financial Results for the Three Months Ended Jun. 30, 2012 (from April 1, 2012 to June 30, 2012)(1) Consolidated Business Results (Cumulative Total) (%: compared with the previous period) Revenues Operating income Ordinary income Net income ¥ million % ¥ million % ¥ million % ¥ million % Three Months Ended 399,034 0.2 8,342 13.5 11,266 6.2 5,102 (8.5) Jun. 30, 2012 Three Months Ended 398,375 (0.0) 7,347 28.1 10,605 25.1 5,573 ― Jun. 30, 2011 (Note) Comprehensive income: Three Months Ended Jun. 30, 2012: ¥7,348 million ((7.4)%) Three Months Ended Jun. 30, 2011: ¥7,939 million (―%) Net income Diluted net income per per share share ¥ ¥ Three Months Ended 4.89 ― Jun. 30, 2012 Three Months Ended 5.35 ― Jun. 30, 2011(2) Consolidated Financial Position Total assets Net assets Equity ratio ¥ million ¥ million % Three Months Ended 1,226,796 496,267 39.4 Jun. 30, 2012 Fiscal Year Ended 1,230,964 494,205 39.1 Mar. 31, 2012 (Note) Equity: Three Months Ended Jun. 30, 2012: ¥482,840 million Fiscal Year Ended Mar. 31, 2012: ¥481,347 million2. Dividends Information Annual dividend per share First Quarter Second Quarter Third Quarter Year End Yearly ¥ ¥ ¥ ¥ ¥ Fiscal Year Ended ― 5.00 ― 5.00 10.00 Mar. 31, 2012 Fiscal Year Ending ― Mar. 31, 2013 Fiscal Year Ending Mar. 31, 2013 5.00 ― 5.00 10.00 (Forecast) (Note) Revision of dividend projection from recently announced figures: No -1-
  2. 2. 3. Forecast of Consolidated Financial Results for FY2012 (from April 1, 2012 to March 31, 2013) (%: compared with the previous period) Net income Revenues Operating income Ordinary income Net income per share ¥ million % ¥ million % ¥ million % ¥ million % ¥ Interim of year 810,000 1.0 18,000 29.2 22,000 15.3 14,000 40.2 13.43 Full year 1,650,000 1.3 42,000 12.0 50,000 5.4 30,000 11.3 28.77 (Note) Revision of consolidated results forecast from recently announced figures: No*Notes(1) Significant changes of subsidiaries during the period under review (affecting specific subsidiaries due to changes in scope of consolidation): Not applicable(2) Adoption of special accounting treatment for preparing Quarterly Consolidated Financial Statements: Yes(3) Changes in accounting policies, changes in accounting estimates and corrections of errors 1) Changes in accounting policies due to the revision of accounting standards, etc.: Yes 2) Any changes in accounting policies other than 1) above: No 3) Changes in accounting estimates: Yes 4) Corrections of errors: No(4) Total number of issued shares (common stock) 1) Total number of issued shares at end As of Jun. 30, 1,062,299,281 As of 1,062,299,281 of period (including treasury stock) 2012 shares Mar. 31, 2012 shares 2) Total number of treasury stocks at As of Jun. 30, 19,592,191 As of 19,588,014 end of period 2012 shares Mar. 31, 2012 shares 3) Average number of shares during Three months Three months 1,042,707,898 1,042,737,046 period ended Jun. 30, ended Jun. 30, shares shares 2012 2011*Status of execution of the quarterly review of financial statementsBecause this Consolidated Earnings Report is not subject to the review of the quarterly financial statements under theFinancial Instruments and Exchange Act, the procedures for said review were not completed at the time of disclosing thisreport.*Explanation for the appropriate use of financial forecasts and other special notesThe forward-looking statements and other results forecasts stated herein are based on the information available at thetime this report was prepared and on certain assumptions considered to be reasonable. Accordingly, actual businessperformance may differ significantly from forecasts due to a number of factors.Nippon Express Co., Ltd. is planning to hold a conference call for institutional investors and analysts on August 1, 2012.Materials provided shall be posted on the Company’s website. Disclaimer: This English translation has been prepared for general reference purposes only. The Company shall not be responsible for any consequence resulting from the use of the English translation in place of the original Japanese text. In any legal matter, readers should refer to and rely upon the original Japanese text released July 31, 2012. -2-
  3. 3. 3. Consolidated Financial Statements (1) Consolidated Balance Sheets (Unit: Millions of yen) FY2011 First Quarter of FY2012 (as of March 31, 2012) (as of June 30, 2012) ASSETS Current assets: Cash and cash in banks 187,797 189,001 Notes receivable—trade 15,880 14,010 Accounts receivable—trade 241,822 228,358 Inventories 5,119 4,941 Other 138,436 148,247 Less: allowance for doubtful accounts (843) (698) Total current assets 588,212 583,859 Noncurrent assets: Property and equipment Vehicles, net 18,796 19,208 Buildings, net 242,424 243,705 Land 169,870 170,694 Others, net 60,111 59,122 Net property and equipment 491,203 492,731 Intangible assets 25,117 27,466 Investments and other assets Investment securities 86,764 80,703 Other 41,452 43,710 Less: allowance for doubtful accounts (1,785) (1,674) Total investments and other assets 126,431 122,739 Total noncurrent assets 642,752 642,937 Total assets 1,230,964 1,226,796 LIABILITIES Current liabilities: Notes payable—trade 11,104 11,003 Accounts payable—trade 135,158 114,768 Short-term loans payable 78,556 77,913 Income taxes payable 15,449 5,821 Provision for bonuses 19,532 7,654 Other provisions 746 481 Other 161,053 199,094 Total current liabilities 421,601 416,736 Noncurrent liabilities: Bonds payable 80,000 80,000 Long-term loans payable 160,541 158,363 Provision for retirement benefits 38,870 41,025 Other provisions 584 498 Other 35,162 33,905 Total noncurrent liabilities 315,158 313,793 Total liabilities 736,759 730,529 -3-
  4. 4. (Unit: Millions of yen) FY2011 First Quarter of FY2012 (as of March 31, 2012) (as of June 30, 2012)NET ASSETS Shareholders’ equity: Common stock 70,175 70,175 Additional paid-in capital 26,908 26,908 Retained earnings 392,305 392,192 Less: treasury stock (11,549) (11,549) Total shareholders’ equity 477,839 477,726 Accumulated other comprehensive income: Valuation differences on available-for-sale 27,756 24,057 securities Deferred gains (losses) on hedges 8 (11) Foreign currency translation adjustments (24,256) (18,931) Total accumulated other comprehensive 3,508 5,114 income Minority interests 12,858 13,426 Total net assets 494,205 496,267Total liabilities and net assets 1,230,964 1,226,796 -4-
  5. 5. (2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income (Unit: Millions of yen) Three months ended Jun. 30, Three months ended Jun. 30, 2011 2012 (from April 1, 2011 to (from April 1, 2012 to June 30, 2011) June 30, 2012) Revenues 398,375 399,034 Operating costs 373,798 372,783 Gross profit 24,577 26,251 Selling, general and administrative expenses 17,230 17,908 Operating income 7,347 8,342 Non-operating income: Interest income 107 152 Dividends income 2,065 1,698 Equity in earnings of affiliates 51 91 Other 2,027 1,922 Total non-operating income 4,250 3,865 Non-operating expenses: Interest expenses 798 816 Other 193 124 Total non-operating expenses 992 940 Ordinary income 10,605 11,266 Extraordinary income: Gain on sales of noncurrent assets 1,447 153 Other 186 47 Total extraordinary income 1,634 200 Extraordinary loss: Loss on disposal of noncurrent assets 1,337 630 Loss on valuation of investment securities 208 395 Other 47 11 Total extraordinary loss 1,592 1,037 Income before income taxes and minority 10,646 10,429 interests Income taxes 4,882 4,898 Income before minority interests 5,763 5,531 Minority interests 190 429 Net income 5,573 5,102 -5-
  6. 6. Consolidated Statements of Comprehensive Income (Unit: Millions of yen) Three months ended Jun. 30, Three months ended Jun. 30, 2011 2012 (from April 1, 2011 to (from April 1, 2012 to June 30, 2011) June 30, 2012)Income before minority interests 5,763 5,531Other comprehensive income: Valuation differences on available-for-sale (594) (3,719) securities Deferred gains (losses) on hedges (11) (19) Foreign currency translation adjustments 2,752 5,417 Share of other comprehensive income of affiliates accounted for using the equity 29 138 method Other comprehensive income 2,175 1,817Comprehensive income 7,939 7,348 (Comprehensive income attributable to) Shareholders of Nippon Express 7,658 6,708 Minority interests 281 640 -6-
  7. 7. (3) Notes Regarding Going Concern Assumption Not applicable. -7-
  8. 8. 4. Reference Materials (1) Financial Results of Reportable Segment (Unit: Millions of yen, %) Three months ended Three months ended Change Jun. 30, 2012 Jun. 30, 2011 Amount Ratio Combined Business 172,272 173,355 (1,083) (0.6) Domestic Companies Security 14,712 14,708 4 0.0 Transportation Heavy Haulage & Distribution & Transportation 10,448 9,874 573 5.8 Construction Air Freight 47,678 51,377 (3,699) (7.2) Forwarding Reportable Segment Marine & Harbor 32,051 32,344 (292) (0.9) Transportation Subtotal 277,163 281,660 (4,496) (1.6) Revenues The Americas 11,808 10,387 1,420 13.7 Europe 10,973 11,172 (199) (1.8) Companies Overseas East Asia 17,200 18,061 (860) (4.8) South Asia & 11,492 10,653 838 7.9 Oceania Subtotal 51,474 50,274 1,200 2.4 Total 328,638 331,935 (3,296) (1.0) Goods Sales 92,012 86,883 5,128 5.9 Other 8,538 9,077 (538) (5.9) Subtotal 429,189 427,896 1,293 0.3 Adjustment (30,154) (29,520) (634) ― Total 399,034 398,375 658 0.2 Combined Business [0.3] 485 [0.5] 824 (338) (41.1) Security Domestic Companies [4.3] 627 [5.4] 797 (169) (21.3) Transportation Heavy Haulage & Distribution & Transportation [9.5] 996 [10.4] 1,022 (25) (2.5) Construction Segment Income (Operating Income) Air Freight [2.3] 1,082 [0.4] 188 894 474.4 Forwarding Reportable Segment Marine & Harbor [5.3] 1,710 [6.1] 1,962 (252) (12.8) Transportation Subtotal [1.8] 4,903 [1.7] 4,795 107 2.2 The Americas [3.5] 408 [0.5] 47 360 766.3 Europe [1.9] 207 [3.3] 372 (164) (44.2) Companies Overseas East Asia [2.2] 377 [2.2] 399 (22) (5.6) South Asia & [4.9] 563 [2.2] 235 327 138.9 Oceania Subtotal [3.0] 1,556 [2.1] 1,055 501 47.6 Total [2.0] 6,460 [1.8] 5,850 609 10.4 Goods Sales [2.2] 2,053 [2.3] 2,000 52 2.6 Other [1.7] 146 [0.8] 76 69 91.8 Subtotal [2.0] 8,660 [1.9] 7,927 732 9.2 Adjustment (317) (580) 262 ― Total [2.1] 8,342 [1.8] 7,347 995 13.5 (Notes) 1. Figures in brackets indicate Operating Margins. 2. From the first quarter of FY2012, the name of the “Air Freight Forwarding & Travel” segment has been changed to “Air Freight Forwarding.” The change was made to the name only; the classification of the business segment remained unchanged. -8-
  9. 9. (2) Summary of Non-consolidated Statements of Income (Unit: Millions of yen, %) Three months Three months Change ended Jun. 30, % in ended Jun. 30, % in Sales Sales Amount Ratio 2012 2011 Railway utilization transportation 20,865 8.1 19,685 7.5 1,179 6.0 Combined delivery transportation services 19,186 7.4 20,152 7.6 (966) (4.8) Motor Chartered truck services 66,745 25.8 69,207 26.3 (2,462) (3.6) Subtotal 85,931 33.2 89,360 33.9 (3,428) (3.8) Marine transportation 16,444 6.3 15,530 5.9 914 5.9 Harbor transportation 14,728 5.7 15,334 5.8 (606) (4.0) Marine and harbor transportation Subtotal 31,172 12.0 30,865 11.7 307 1.0 (Exports) [ 15,052 ] - [ 14,624 ] - [ 427 ] [ 2.9 ] (Imports) [ 9,816 ] - [ 10,148 ] - [ (332) ] [ (3.3) ] (Domestic) [ 6,304 ] - [ 6,092 ] - [ 211 ] [ 3.5 ] Warehousing 26,456 10.2 26,025 9.9 430 1.7Revenues International air freight 27,959 10.8 32,218 12.2 (4,259) (13.2) Air transportation forwarding (Exports) ] ] (4,299) ] [ ] Air freight [ 22,903 - [ 27,202 - [ (15.8) (Imports) [ 5,056 ] - [ 5,016 ] - [ 40 ] [ 0.8 ] Domestic air freight 9,297 3.6 9,425 3.6 (128) (1.4) Subtotal 37,256 14.4 41,644 15.8 (4,387) (10.5) Travel 990 0.4 710 0.3 279 39.3 Subtotal 38,246 14.8 42,355 16.1 (4,108) (9.7) Heavy haulage & construction 13,047 5.0 12,480 4.7 566 4.5 Incidental operations and others 43,287 16.7 42,923 16.2 363 0.8 Total 259,007 100.0 263,696 100.0 (4,689) (1.8) (Domestic operation-related ] ] revenues) [ 200,509 77.4 [ 200,726 76.1 [ (216) ] [ (0.1) ] (International operation-related ] ] revenues) [ 58,497 22.6 [ 62,970 23.9 [ (4,472) ] [ (7.1) ] Drivers/workers 29,327 11.3 29,256 11.1 70 0.2 Forwarding Employment costs Office personnel 34,927 13.5 35,502 13.4 (574) (1.6) Subtotal 64,255 24.8 64,759 24.5 (504) (0.8) Railway 10,892 4.2 10,143 3.8 749 7.4Operating expenses Marine 5,335 2.1 4,963 1.9 371 7.5 costs Air 13,585 5.2 18,870 7.2 (5,284) (28.0) Subtotal 29,814 11.5 33,977 12.9 (4,162) (12.3) Vehicle chartering and subcontracting costs 103,617 40.0 103,278 39.2 339 0.3 Depreciation and amortization 7,518 2.9 7,871 3.0 (353) (4.5) Facility usage charges 17,984 7.0 18,518 7.0 (533) (2.9) Other 31,547 12.2 30,776 11.7 770 2.5 Total 254,737 98.4 259,182 98.3 (4,444) (1.7) Operating income 4,269 1.6 4,514 1.7 (244) (5.4) Non-operating income 3,761 1.5 3,863 1.4 (102) (2.6) Non-operating expenses 924 0.4 2,226 0.8 (1,302) (58.5) Ordinary income 7,106 2.7 6,151 2.3 955 15.5 Extraordinary income 115 0.1 1,503 0.6 (1,388) (92.3) Extraordinary loss 855 0.3 1,658 0.6 (803) (48.4) Income before income taxes 6,366 2.5 5,996 2.3 370 6.2 Income taxes 2,830 1.1 2,549 1.0 280 11.0 Net income 3,536 1.4 3,446 1.3 89 2.6 -9-

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