Nittsu fy2011-final
Upcoming SlideShare
Loading in...5
×
 

Nittsu fy2011-final

on

  • 240 views

 

Statistics

Views

Total Views
240
Views on SlideShare
240
Embed Views
0

Actions

Likes
0
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Nittsu fy2011-final Nittsu fy2011-final Document Transcript

  • May 8, 2012 Summary of Consolidated Earnings Report for the Fiscal Year Ended March 31, 2012 (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 Officer and General ManagerContact: Masahiko Hata TEL: (03) 6251-1111 Finance & Accounting DivisionScheduled date for General Shareholders’ Meeting: June 28, 2012 Scheduled date of dividend payment: June 29, 2012Scheduled date for release of Securities Report: June 28, 2012Availability of supplementary briefing material on annual financial results: AvailableBriefing session on annual financial results to be held: Scheduled (for institutional investors and analysts) (Millions of yen, rounded down)1. Consolidated Financial Results for Fiscal Year Ended March 31, 2012 (from April 1, 2011 to March 31, 2012)(1) Consolidated Business Results (%: compared with the previous period) Revenues Operating income Ordinary income Net income ¥ million % ¥ million % ¥ million % ¥ million % Fiscal Year Ended Mar. 31, 2012 1,628,027 0.7 37,497 18.6 47,441 16.6 26,949 215.5 Fiscal Year Ended Mar. 31, 2011 1,617,185 3.0 31,629 (15.7) 40,688 7.8 8,541 (32.0) (Note) Comprehensive income: Fiscal Year Ended Mar. 31, 2012: ¥24,974 million (―%) Fiscal Year Ended Mar. 31, 2011: (¥5,423 million) (―%) Net income Diluted net income Net income Ordinary income Operating margin per share per share on equity on assets to sales ¥ ¥ % % % Fiscal Year Ended 25.85 ― 5.7 4.0 2.3 Mar. 31, 2012 Fiscal Year Ended 8.19 ― 1.8 3.5 2.0 Mar. 31, 2011 (Note) Investment gain or loss on equity method: Fiscal Year Ended Mar. 31, 2012: ¥455 million Fiscal Year Ended Mar. 31, 2011: ¥541 million(2) Consolidated Financial Position Total assets Net assets Equity ratio Net assets per share ¥ million ¥ million % ¥ Fiscal Year Ended 1,230,964 494,205 39.1 461.63 Mar. 31, 2012 Fiscal Year Ended 1,147,539 479,898 40.7 448.29 Mar. 31, 2011 (Note) Equity: Fiscal Year Ended Mar. 31, 2012: ¥481,347 million Fiscal Year Ended Mar. 31, 2011: ¥467,451 million -1-
  • (3) Consolidated Cash Flows Cash flows from Cash flows from Cash flow from Cash and cash equivalents operating activities Investment activities financing activities at end of year ¥ million ¥ million ¥ million ¥ million Fiscal Year Ended 97,806 (31,563) 10,129 181,614 Mar. 31, 2012 Fiscal Year Ended 64,394 (48,086) (26,225) 107,062 Mar. 31, 20112. Dividends Information Annual dividend per share Dividend payout Total Dividend ratio on net First Second Third Year dividend payout ratio Yearly assets Quarter Quarter Quarter End (Annual) (Consolidated) (Consolidated) ¥ ¥ ¥ ¥ ¥ ¥ million % % Fiscal Year Ended ― 5.00 ― 5.00 10.00 10,427 122.1 2.2 Mar. 31, 2011 Fiscal Year Ended ― 5.00 ― 5.00 10.00 10,427 38.7 2.2 Mar. 31, 2012 Fiscal Year Ending Mar. 31, 2013 ― 5.00 ― 5.00 10.00 34.8 (Forecast)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*Notes(1) Significant changes of subsidiaries during the period under review (affecting specific subsidiaries due to changes in scope of consolidation): Not applicable(2) 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.: No 2) Any changes in accounting policies other than 1) above: No 3) Changes in accounting estimates: No 4) Corrections of errors: No(3) Total number of issued shares (common stock) 1) Total number of issued shares at end As of 1,062,299,281 As of 1,062,299,281 of period (including treasury stock) Mar. 31, 2012 shares Mar. 31, 2011 shares 2) Total number of treasury stocks at As of 19,588,014 As of 19,559,139 end of period Mar. 31, 2012 shares Mar. 31, 2011 shares 3) Average number of shares during Fiscal Year Ended 1,042,724,442 Fiscal Year Ended 1,042,770,621 period Mar. 31, 2012 shares Mar. 31, 2011 shares(Notes) Non-consolidated Financial Results1. Non-consolidated Financial Results for the Fiscal Year ended March 31, 2012 (from April 1, 2011 to March 31, 2012)(1) Non-consolidated Business Results (%: compared with the previous period) Revenues Operating income Ordinary income Net income ¥ million % ¥ million % ¥ million % ¥ million % Fiscal Year Ended 1,059,708 0.6 20,948 32.7 27,813 27.2 13,804 ― Mar. 31, 2012 Fiscal Year Ended 1,053,106 0.5 15,780 (32.1) 21,861 (24.2) 692 (88.3) Mar. 31, 2011 Net income Diluted net income per per share share ¥ ¥ Fiscal Year Ended 13.24 ― Mar. 31, 2012 Fiscal Year Ended 0.66 ― Mar. 31, 2011 -2-
  • (2) Non-consolidated Financial Position Total assets Net assets Equity ratio Net assets per share ¥ million ¥ million % ¥ Fiscal Year Ended 849,190 339,186 39.9 325.29 Mar. 31, 2012 Fiscal Year Ended 777,445 334,426 43.0 320.72 Mar. 31, 2011(Note) Equity: Fiscal Year Ended Mar. 31, 2012: ¥339,186 million Fiscal Year Ended Mar. 31, 2011: ¥334,426 million2. Forecast of Non-consolidated Financial Results for FY2012 (from April 1, 2012 to March 31, 2013) (%: compared with the previous period) Revenues Ordinary income Net income Net income per share ¥ million % ¥ million % ¥ million % ¥ Interim of year 529,000 0.3 13,500 34.7 7,000 55.4 6.71 Full year 1,062,000 0.2 30,000 7.9 14,500 5.0 13.91*Status of execution of the audit of financial statementsBecause this Consolidated Earnings Report is not subject to the audit of the annual financial statements under theFinancial Instruments and Exchange Act, the procedures for said audit 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 briefing session for institutional investors and analysts on May 8, 2012.Materials provided shall be posted on the Company’s website immediately after the session. 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 May 8, 2012. -3-
  • 1. Business Results(1) Analysis of Business ResultsDuring the consolidated fiscal year under review, despite a temporary drop in corporate production and exports due to theeffect of the Great East Japan Earthquake that struck in March of last year, the Japanese economy experienced amoderate turnaround as supply chains were restored after the disaster. Nevertheless, the situation remained extremelyunstable due to the effect of factors such as the rapidly rising yen, as well as the slowdown in overseas economiesresulting from the European debt crisis.In the field of logistics, against the backdrop of these economic conditions, the overall situation was challenging, due to apartial decrease in export freight which had been performing well, and a persisting tendency toward decline in demand fordomestic freight transportation.In this business environment, the Nippon Express Group made collective efforts to accomplish the medium-termmanagement plan “Nippon Express Group Corporate Strategy 2012 – Towards New Growth,” by achieving the four basicstrategies of “Growth as a Global Logistics Company,” “Promotion of Strategic Environmental Management,”“Enhancement of Management Infrastructure,” and “Promotion of Corporate Social Responsibility (CSR) Management.”Specifically, to ensure its “Growth as a Global Logistics Company,” the Group is enhancing multi-functional logisticsfacilities at its overseas bases and building a new distribution and transportation network in order to develop its overseas-related businesses, while pressing ahead with business collaboration and capital tie-ups with local companies, as well asstrengthening the overseas network, with the aim of ensuring the Group’s ability to swiftly and flexibly respond to theincreasingly diverse and sophisticated global business needs of our customers.With regard to the “Promotion of Strategic Environmental Management,” the Group has steadily engaged in efforts toreduce its environmental burden by working proactively to develop and provide environmentally-friendly products andservices using greener modes of transportation such as rail and sea, while promoting initiatives such as eco-driving,increased energy-efficiency at business bases, and taking advantage of our overseas network to develop projects to cutCO2 emissions, in order to create a recycling-oriented society.Toward the “Enhancement of Management Infrastructure” and “Promotion of Corporate Social Responsibility (CSR)Management,” we worked to build a stronger crisis management system by revising the Business Continuity Plan (BCP)in an effort to reinforce governance, while also striving to beef up our corporate competitive power by further enhancingthe capital investment that is the foundation of growth, and stepping up training and education for human resources.Furthermore, we were proactively engaged in the promotion of CSR activities such as social contribution activitiescentered on the environment, and thorough implementation of compliance measures.As a result, revenues increased by ¥10.8 billion, or 0.7% year on year, to ¥1,628.0 billion, while ordinary incomeincreased by ¥6.7 billion, or 16.6% year on year, to ¥47.4 billion. Net income increased by ¥18.4 billion, or 215.5% yearon year, to ¥26.9 billion, mainly due to extraordinary losses for loss on adjustment for changes of accounting standard forasset retirement obligations posted for the previous fiscal year.Financial results by reportable segment are summarized below.1. Combined Business (Distribution & Transportation, domestic companies)This segment suffered a decline in transactions due to a fall in demand for domestic freight transportation, in addition tothe ongoing impact of the Great East Japan Earthquake, and other factors. Consequently, segment sales were ¥704.7billion, a year-on-year decrease of ¥12.7 billion, or 1.8%, while operating income was ¥6.9 billion, a year-on-yeardecrease of ¥1.4 billion, or 17.2%.2. Security Transportation (Distribution & Transportation, domestic companies)As a result of a decline in demand for domestic freight transportation and a decrease in the unit prices of services, as wellas other factors, segment sales were down ¥0.7 billion, or 1.3% year on year, to ¥58.7 billion, while operating income wasup by ¥0.09 billion, or 5.2% year on year, to ¥1.8 billion.3. Heavy Haulage & Construction (Distribution & Transportation, domestic companies)Backed mainly by an increase in demand for the construction of heavy electrical equipment and overseas construction, -4-
  • segment sales increased by ¥5.6 billion, or 16.6% year on year, to ¥40.0 billion, and operating income rose ¥1.1 billion, or42.2% year on year, to ¥3.8 billion.4. Air Freight Forwarding & Travel (Distribution & Transportation, domestic companies)Mainly owing to an increase in transactions in air freight export cargo, segment sales were up ¥1.9 billion, or 1.0% yearon year, to ¥205.4 billion, while operating income increased by ¥5.6 billion, or 590.7% year on year, to ¥6.5 billion.5. Marine & Harbor Transportation (Distribution & Transportation, domestic companies)As a result of robust demand for freight transportation to the Americas, in addition to an increase in transactions mainlyfor import cargo, segment sales were ¥125.6 billion, a year-on-year increase of ¥1.4 billion, or 1.2%, although operatingincome was ¥5.1 billion, a year-on-year decrease of ¥0.3 billion, or 6.2%.6. The Americas (Distribution & Transportation, overseas companies)Mainly due to an increase in transactions for air freight export cargoes such as electronics components, segment salesincreased by ¥0.1 billion, or 0.4% year on year, to ¥42.9 billion, while operating income rose by ¥0.09 billion, or 6.2% yearon year, to ¥1.6 billion.7. Europe (Distribution & Transportation, overseas companies)Thanks mainly to an increase in transactions for automotive and medical-related air freight export cargoes, as well as ahike in transactions for home appliance-related import cargoes, segment sales grew by ¥1.3 billion, or 3.1% year on year,to ¥46.4 billion, and operating income was up by ¥0.1 billion, or 6.2% year on year, to ¥1.8 billion.8. East Asia (Distribution & Transportation, overseas companies)Although demand for domestic freight transportation in China was solid, segment sales decreased by ¥3.9 billion, or 5.2%year on year, to ¥72.9 billion, while operating income rose ¥0.2 billion, or 11.7% year on year, to ¥2.3 billion, mainly dueto the effect of the exchange rate.9. South Asia & Oceania (Distribution & Transportation, overseas companies)Although warehousing and other transactions were strong, segment sales declined by ¥0.7 billion, or 1.7% year on year,to ¥44.8 billion, while operating income was up by ¥0.2 billion, or 18.7%, to ¥1.6 billion, mainly due to the effect of theexchange rate.10. Goods SalesAlthough segment sales increased by ¥21.5 billion, or 6.1% year on year, to ¥374.0 billion, operating income was downby ¥0.09 billion, or 1.3% year on year, to ¥6.9 billion, mainly due to a hike in the unit selling price for oil.11. OtherMainly due to healthy performance in construction of real estate, mediation transactions, and the logistics financebusiness, segment sales increased by ¥4.3 billion, or 12.2% year on year, to ¥40.3 billion, while operating income was upby ¥0.4 billion, or 28.7% year on year, to ¥1.9 billion.(2) Performance forecasts for fiscal 2012Performance forecasts for the next fiscal year have been made in consideration of trends in crude oil prices, risks ofexchange rate fluctuations and other such factors.As stated in “1. Business Results (1) Analysis of Business Results,” although the economy experienced a mild recoverytrend after the temporary downturn resulting from the Great East Japan Earthquake, there is a growing sense ofuncertainty over the outlook of the economy due to factors including the slowdown in overseas economies caused by theEuropean debt crisis, the impact of yen appreciation, and destabilization in crude oil prices.As for freight movement, international freight transportation is expected continue to enjoy brisk demand, largely supportedby domestic freight transportation in China and other emerging economies in South Asia, as well as freight transportation -5-
  • to emerging countries. Demand for domestic freight transportation, however, is predicted to remain stagnant.In the consolidated second quarter, the Nippon Express Group expects to see recovery from the downturn that followedthe Great East Japan Earthquake, and predicts growth in revenues, operating income, ordinary income, and net incomefor the full year amid the anticipated expansion in the global logistics business backed by proactive overseas investmentcontinuing from the previous fiscal year, including capital partnerships with local companies mainly in the Americas andAsia, establishment of new Group companies, and construction of warehousing and other new bases.Performance forecasts for the fiscal year ending March 31, 2013 as of the release date of this report are as follows.Performance Forecasts of Consolidated Financial Results (Full year)Revenues ¥1,650 billion (up 1.3% year on year)Operating income ¥42 billion (up 12.0% year on year)Ordinary income ¥50 billion (up 5.4% year on year)Net income ¥30 billion (up 11.3% year on year)Performance Forecasts of Non-consolidated Financial Results (Full year)Revenues ¥1,062 billion (up 0.2% year on year)Operating income ¥23 billion (up 9.8% year on year)Ordinary income ¥30 billion (up 7.9% year on year)Net income ¥14.5 billion (up 5.0% year on year)* The above performance forecasts were deemed reasonable by the Company based on data currently available to theCompany and actual business performance may differ from the performance forecasts.(3) Analysis of Financial PositionTotal assets as at the end of the fiscal year under review amounted to ¥1,230.9 billion, a year-on-year increase of ¥83.4billion or 7.3%.Current assets amounted to ¥588.2 billion, a year-on-year increase of ¥97.7 billion or 19.9%, while noncurrent assetstotaled ¥642.7 billion, down ¥14.3 billion or 2.2% year on year.The primary factors behind the increase in current assets were increase in cash and cash in banks, etc.The primary factors behind the decrease in noncurrent assets were decrease in property and equipment such as buildings.Total liabilities as at the end of the fiscal year were ¥736.7 billion, a year-on-year increase of ¥69.1 billion or 10.4%.Current liabilities increased by ¥81.1 billion or 23.9% year on year to ¥421.6 billion, while noncurrent liabilities decreased¥12 billion or 3.7% to ¥315.1 billion.The increase in current liabilities was primarily due to the increase in short-term loans payable, deposits, and accountspayable-trade, etc.The decrease in noncurrent liabilities was mainly attributable to the decrease in long-term loans payable, etc.Net assets amounted to ¥494.2 billion at the end of the fiscal year, a year-on-year increase of ¥14.3 billion or 3.0%.The main contributor to the increase in net assets was the increase in retained earnings, etc.Net cash provided by operating activities amounted to ¥97.8 billion, a year-on-year increase of ¥33.4 billion in proceeds.This was primarily due to the increase in income before income taxes and minority interests, etc.Net cash used in investment activities totaled ¥31.5 billion, a decrease of ¥16.5 billion in expenditures year on year. Thiswas mainly due to the decrease in payment for purchase of property and equipment, etc.Net cash provided by financing activities amounted to ¥10.1 billion, a year-on-year increase of ¥36.3 billion in proceeds.This was largely due to the increase in proceeds from issuance of bonds, etc.As a result of the above, cash and cash equivalents at the end of the fiscal year increased ¥74.5 billion year on year to¥181.6 billion. -6-
  • (Reference) Trends in the Group’s cash flow indicators are as follows. FY2007 FY2008 FY2009 FY2010 FY2011 Equity ratio (%) 39.3 40.4 40.3 40.7 39.1 Marked-to-market equity ratio (%) 46.1 27.4 34.9 29.0 27.4 Ratio of cash flow to interest-bearing liabilities 3.9 5.3 4.2 5.2 3.6 (years) Interest coverage ratio (times) 20.7 14.8 23.4 17.9 30.3 (Notes) Equity ratio: Equity / Total assets Marked-to-market equity ratio: Market capitalization / Total assets Ratio of cash flow to interest-bearing liabilities: Interest-bearing liabilities / Operating cash flow Interest coverage ratio: Operating cash flow / Interest payment * All indicators have been calculated based on consolidated financial data. * Market capitalization is calculated by multiplying the closing share price as at the end of the fiscal year by the number of issued shares as at the end of the fiscal year (after deducting treasury stock). * For operating cash flow, cash flow from operating activities in the consolidated cash flow statement has been used. Interest-bearing liabilities include all liabilities declared in the consolidated balance sheet for which interest is paid. For interest payment, the amount of interest paid according to the consolidated cash flow statement is used. (4) Basic Policy for Profit Sharing and Dividends for the fiscal year ended March 31, 2012 and the fiscal year ending March 31, 2013 The Company regards the return of profits to shareholders as one of its most important priorities. We aim to maximize returns and maintain dividend stability, while also expanding our business operations, strengthening our financial position, increasing shareholders’ equity and improving profit ratios. The earnings retained by Nippon Express will be used for investments mainly in the development of logistics bases and the replacement of vehicles, to expand sales of our distribution and transportation services and improve our transportation efficiency. We will also utilize retained earnings to strengthen our financial position as well as our corporate foundation. For this fiscal year, the Company plans to pay an annual dividend of ¥10, consisting of an interim dividend and a year-end dividend of ¥5 each (consolidated dividend payout ratio of 38.7%). For the fiscal year ending March 31, 2013, we plan to pay an annual dividend of ¥10, consisting of an interim dividend and a year-end dividend of ¥5 each (forecast consolidated dividend payout ratio of 34.8%). -7-
  • 4. Consolidated Financial Statements (1) Consolidated Balance Sheets (Unit: Millions of yen) FY2010 FY2011 (as of March 31, 2011) (as of March 31, 2012) ASSETS Current assets Cash and cash in banks 113,149 187,797 Notes receivable-trade 11,934 15,880 Accounts receivable-trade 221,814 241,822 Inventories 4,806 5,119 Advanced money 2,056 1,705 Prepaid expenses 7,921 8,405 Deferred tax assets 12,863 11,371 Lease investment assets 87,989 89,851 Other 28,990 27,101 Less: allowance for doubtful accounts (1,046) (843) Total current assets 490,481 588,212 Noncurrent assets Property and equipment Vehicles 171,293 166,605 Less: accumulated depreciation (151,339) (147,808) Vehicles, net 19,953 18,796 Buildings 538,495 536,869 Less: accumulated depreciation (287,429) (294,444) Buildings, net 251,066 242,424 Structures 64,501 64,098 Less: accumulated depreciation (49,383) (50,279) Structures, net 15,117 13,818 Machinery 64,459 65,086 Less: accumulated depreciation (50,889) (50,963) Machinery, net 13,570 14,122 Tools, furniture and fixtures 90,128 89,567 Less: accumulated depreciation (68,062) (69,354) Tools, furniture and fixtures, net 22,066 20,213 Vessels 16,870 15,791 Less: accumulated depreciation (12,483) (12,261) Vessels, net 4,387 3,529 Land 171,977 169,870 Leased assets 5,146 4,913 Less: accumulated depreciation (1,776) (1,998) Leased assets, net 3,369 2,914 Construction in progress 2,631 5,511 Net property and equipment 504,140 491,203 Intangible assets Leasehold right 7,133 6,923 Other 20,227 18,193 Total Intangible assets 27,360 25,117 Investments and other assets Investment securities 87,795 86,764 Long-term loans receivable 1,335 3,522 Long-term loan to employees 1,305 990 Long-term prepaid expense 2,976 3,773 Security deposit 14,250 14,369 Other 19,813 18,796 Less: allowance for doubtful accounts (1,919) (1,785) Total investments and other assets 125,557 126,431 Total noncurrent assets 657,058 642,752 Total assets 1,147,539 1,230,964 -8-
  • (Unit: Millions of yen) FY2010 FY2011 (as of March 31, 2011) (as of March 31, 2012)LIABILITIES Current liabilities Notes payable-trade 6,991 11,104 Accounts payable-trade 119,899 135,158 Short-term loans payable 49,925 78,556 Other Payables 24,616 29,987 Income taxes payable 5,297 15,449 Consumer tax payable 4,899 5,162 Unpaid expenses 17,010 17,083 Advance receipt 10,140 10,475 Deposits 40,302 58,201 Deposits from employees 29,670 29,486 Provision for bonus 19,139 19,532 Provision for directors bonus 137 139 Allowance for warranty and repair 360 119 Provision for loss on disaster 4,035 487 Other 7,980 10,656 Total current liabilities 340,408 421,601 Noncurrent liabilities Bonds payable 50,000 80,000 Long-term loans payable 199,494 160,541 Provision for retirement benefits 37,540 38,870 Provision for directors retirement benefits 418 394 Provision for special repairment 208 190 Deferred tax liabilities 17,510 14,054 Other 22,060 21,107 Total noncurrent liabilities 327,232 315,158 Total liabilities 667,641 736,759NET ASSETS Shareholders’ equity Common stock 70,175 70,175 Additional paid-in capital 26,908 26,908 Retained earnings 375,785 392,305 Less: treasury stock (11,542) (11,549) Total shareholders’ equity 461,326 477,839 Accumulated other comprehensive income Valuation difference on available-for-sale 26,370 27,756 securities Deferred gains on hedges 9 8 Foreign currency translation adjustment (20,255) (24,256) Total accumulated other comprehensive 6,125 3,508 income Minority interests 12,446 12,858 Total net assets 479,898 494,205Total liabilities and net assets 1,147,539 1,230,964 -9-
  • (2) Consolidated Statements of Operations and Comprehensive Income Consolidated Statements of Operations (Unit: Millions of yen) FY2010 FY2011 (from April 1, 2010 to (from April 1, 2011 to March 31, 2011) March 31, 2012) Revenues 1,617,185 1,628,027 Operating costs 1,510,590 1,519,353 Gross profit 106,595 108,674 Selling, general and administrative expenses Salaries, compensation, and welfare 41,018 41,030 expenses Depreciation and amortization 4,706 3,953 Advertising expenses 4,088 3,910 Provision for allowance for doubtful accounts 352 ― Other 24,800 22,283 Total selling, general and administrative 74,965 71,177 expenses Operating income 31,629 37,497 Non-operating income Interest income 434 554 Dividends income 2,223 3,037 Gain on sales of vehicles 306 399 Equity in earnings of affiliates 541 455 Income from foreign exchange 1,888 2,217 Other 8,261 7,815 Total non-operating income 13,655 14,480 Non-operating expenses Interest expenses 3,456 3,224 Loss on sale and retirement of vehicles 107 55 Other 1,032 1,255 Total non-operating expenses 4,596 4,536 Ordinary income 40,688 47,441 Extraordinary income Gain on sales of noncurrent assets 5,233 7,586 Gain on sales of investment securities 46 146 Change in profit for previous term 139 ― Other 179 571 Total extraordinary income 5,598 8,304 Extraordinary loss Loss on disposal of noncurrent assets 4,432 3,223 Loss on sales of investment securities 47 374 Loss on valuation of investment securities 5,892 196 Impairment loss ― 169 Loss on adjustment for changes of Accounting Standard for Asset Retirement 7,505 ― Obligations Loss on disaster *14,847 269 Change in loss for previous term 34 ― Settlement package with the United States ― 1,614 Department of Justice Other 535 410 Total extraordinary loss 23,296 6,258 Income before income taxes and minority 22,991 49,487 interests Income taxes-current 9,799 20,092 Income taxes-deferred 3,576 1,635 Total income taxes etc. 13,376 21,727 Income before minority interests 9,615 27,759 Minority interests 1,073 809 Net income 8,541 26,949 - 10 -
  • Consolidated Statements of Comprehensive Income (Unit: Millions of yen) FY2010 FY2011 (from April 1, 2010 to (from April 1, 2011 to March 31, 2011) March 31, 2012)Income before minority interests 9,615 27,759Other comprehensive income Valuation difference on available-for-sale (6,886) 1,393 securities Deferred gains (losses) on hedges (2) (2) Foreign currency translation adjustment (7,971) (4,071) Share of other comprehensive income of associates accounted for using equity (178) (104) method Other comprehensive income (15,038) (2,784)Comprehensive income (5,423) 24,974 (Comprehensive income attributable to) Comprehensive income attributable to (6,353) 24,332 owners of the parent Comprehensive income attributable to 929 642 minority interests - 11 -
  • (3) Consolidated Statements of Changes in Net Assets (Unit: Millions of yen) FY2010 FY2011 (from April 1, 2010 to (from April 1, 2011 to March 31, 2011) March 31, 2012) Shareholders equity Common stock Balance at beginning of the year 70,175 70,175 Changes during the year Total changes during the year ― ― Balance at end of the year 70,175 70,175 Additional paid-in capital Balance at beginning of the year 26,908 26,908 Changes during the year Total changes during the year ― ― Balance at end of the year 26,908 26,908 Retained earnings Balance at beginning of the year 377,675 375,785 Changes during the year Cash dividends (10,427) (10,427) Net income 8,541 26,949 Decrease in treasury stock (3) (1) Total changes during the year (1,889) 16,519 Balance at end of the year 375,785 392,305 Treasury stock Balance at beginning of the year (11,524) (11,542) Changes during the year Increase in treasury stock (26) (11) Decrease in treasury stock 8 4 Total changes during the year (17) (7) Balance at end of the year (11,542) (11,549) Total shareholders’ equity Balance at beginning of the year 463,234 461,326 Changes during the year Cash dividends (10,427) (10,427) Net income 8,541 26,949 Increase in treasury stock (26) (11) Decrease in treasury stock 4 2 Total changes during the year (1,907) 16,512 Balance at end of the year 461,326 477,839 - 12 -
  • (Unit: Millions of yen) FY2010 FY2011 (from April 1, 2010 to (from April 1, 2011 to March 31, 2011) March 31, 2012)Accumulated other comprehensive income Valuation difference on available-for-sale securities Balance at beginning of the year 33,248 26,370 Changes during the year Net changes in items other than shareholders’ (6,877) 1,386 equity Total changes during the year (6,877) 1,386 Balance at end of the year 26,370 27,756 Deferred gains (losses) on hedges Balance at beginning of the year 12 9 Changes during the year Net changes in items other than shareholders (2) (1) equity Total changes during the year (2) (1) Balance at end of the year 9 8 Foreign currency translation adjustments Balance at beginning of the year (12,241) (20,255) Changes during the year Net changes in items other than shareholders’ (8,014) (4,001) equity Total changes during the year (8,014) (4,001) Balance at end of the year (20,255) (24,256) Total accumulated other comprehensive income Balance at beginning of the year 21,019 6,125 Changes during the year Net changes in items other than shareholders’ (14,894) (2,616) equity Total changes during the year (14,894) (2,616) Balance at end of the year 6,125 3,508Minority interests Balance at beginning of the year 11,629 12,446 Changes during the year Net changes in items other than shareholders equity 817 411 Total changes during the year 817 411 Balance at end of the year 12,446 12,858Total net assets Balance at beginning of the year 495,883 479,898 Changes during the year Cash dividends (10,427) (10,427) Net income 8,541 26,949 Increase in treasury stock (26) (11) Decrease in treasury stock 4 2 Net changes in items other than shareholders equity (14,077) (2,205) Total changes during the year (15,985) 14,307 Balance at end of the year 479,898 494,205 - 13 -
  • (4) Consolidated Statements of Cash Flows (Unit: Millions of yen) FY2010 FY2011 (from April 1, 2010 to (from April 1, 2011 to March 31, 2011) March 31, 2012) Cash flows from operating activities Income before income taxes and minority interests 22,991 49,487 Depreciation and amortization 52,470 48,390 Impairment loss ― 169 Loss on adjustment for changes of accounting standard 7,505 ― for asset retirement obligations Loss on disaster 4,847 269 Settlement package with the United States Department of ― 1,614 Justice Loss on sale or write-down of securities, net 5,894 425 Gain on sale or disposal of property and equipment, net (998) (4,706) Increase in provision for bonus 54 428 Increase (decrease) in provision for retirement benefits (1,483) 1,466 Interest and dividend income (2,657) (3,592) Interest expense 3,456 3,224 Equity in earnings of unconsolidated subsidiaries and (541) (455) affiliates (Increase) decrease in trade receivables 2,999 (26,807) (Increase) decrease in inventories 162 (317) Increase (decrease) in accounts payable (4,670) 19,362 Increase (decrease) in consumption taxes etc. payable 141 311 Other (9,017) 20,225 Sub-total 81,152 109,494 Interest and dividends received 2,964 3,881 Interest paid (3,604) (3,230) Cash paid for the shifting to DC (“Defined Contribution”) (3,908) ― pension plan Payment for loss on disaster ― (2,458) Income taxes paid (12,209) (9,881) Net cash provided by operating activities 64,394 97,806 Cash flows from investment activities Payment for purchase of securities (517) (1,570) Proceeds from sale of securities 326 581 Payment for purchase of property and equipment (58,008) (42,592) Proceeds from sales of property and equipment 8,511 14,465 Other 1,601 (2,447) Net cash used in investment activities (48,086) (31,563) Cash flows from financing activities Change in short-term loans payable (3,395) (115) Change in commercial paper (7,000) 2,000 Proceeds from long-term loans payable 101,106 36,575 Payment of long-term loans payable (104,857) (46,988) Proceeds from issuance of bonds ― 30,000 Proceeds from stock issuance to minority shareholders 99 19 Cash dividends (10,427) (10,427) Other (1,750) (935) Net cash used in financing activities (26,225) 10,129 Effect of exchange rate changes on cash (4,207) (1,821) Net increase in cash and cash equivalents (14,124) 74,551 Cash and cash equivalents at beginning of year 121,187 107,062 Cash and cash equivalents at end of year 107,062 181,614 - 14 -
  • 7. Reference Materials (1) Consolidated Reference Materials ○ Financial Results of Reportable Segment for FY2011 (Unit: Millions of yen, %) Change FY 2011 FY 2010 Amount Ratio Combined Business 704,717 717,439 (12,722) (1.8) Domestic Companies Security 58,764 59,542 (777) (1.3) Transportation Heavy Haulage & Distribution & Transportation 40,048 34,356 5,691 16.6 Construction Air Freight 205,407 203,408 1,999 1.0 Forwarding & Travel Reportable Segment Marine & Harbor 125,654 124,216 1,438 1.2 Transportation Subtotal 1,134,593 1,138,963 (4,369) (0.4) Revenues The Americas 42,963 42,806 157 0.4 Europe 46,453 45,069 1,383 3.1 Companies Overseas East Asia 72,967 76,955 (3,988) (5.2) South Asia & 44,811 45,564 (752) (1.7) Oceania Subtotal 207,196 210,396 (3,200) (1.5) Total 1,341,789 1,349,359 (7,570) (0.6) Goods Sales 374,076 352,507 21,568 6.1 Other 40,368 35,980 4,388 12.2 Subtotal 1,756,234 1,737,847 18,386 1.1 Adjustment (128,206) (120,662) (7,544) ― Total 1,628,027 1,617,185 10,842 0.7 Combined Business [1.0] 6,941 [1.2] 8,381 (1,439) (17.2) Security Domestic Companies [3.2] 1,899 [3.0] 1,806 93 5.2 Transportation Heavy Haulage & Distribution & Transportation [9.5] 3,817 [7.8] 2,685 1,132 42.2 Construction Segment Income (Operating Income) Air Freight [3.2] 6,579 [0.5] 952 5,627 590.7 Forwarding & Travel Reportable Segment Marine & Harbor [4.1] 5,100 [4.4] 5,439 (339) (6.2) Transportation Subtotal [2.1] 24,339 [1.7] 19,265 5,074 26.3 The Americas [3.9] 1,682 [3.7] 1,584 97 6.2 Europe [4.1] 1,895 [4.0] 1,784 110 6.2 Companies Overseas East Asia [3.2] 2,344 [2.7] 2,098 246 11.7 South Asia & [3.7] 1,651 [3.1] 1,391 259 18.7 Oceania Subtotal [3.7] 7,573 [3.3] 6,859 714 10.4 Total [2.4] 31,913 [1.9] 26,124 5,788 22.2 Goods Sales [1.9] 6,961 [2.0] 7,053 (91) (1.3) Other [4.8] 1,942 [4.2] 1,509 432 28.7 Subtotal [2.3] 40,817 [2.0] 34,687 6,129 17.7 Adjustment (3,320) (3,057) (262) ― Total [2.3] 37,497 [2.0] 31,629 5,867 18.6 (Note) Figures in brackets indicate Operating Margins. - 15 -
  • ○ Projection of Consolidated Financial Results for FY 2012 (Unit: Millions of yen, %) Projection for Change Results of FY 2011 FY 2012 Amount Ratio Combined Business Domestic Companies 708,500 704,717 3,782 0.5 Security 59,600 58,764 835 1.4 Transportation Heavy Haulage & Distribution & Transportation 37,400 40,048 (2,648) (6.6) Construction Air Freight 200,500 205,407 (4,907) (2.4) Forwarding & Travel Reportable Segment Marine & Harbor 129,300 125,654 3,645 2.9 Transportation Subtotal 1,135,300 1,134,593 706 0.1Revenues The Americas 55,500 42,963 12,536 29.2 Europe 47,700 46,453 1,246 2.7 Companies Overseas East Asia 77,200 72,967 4,232 5.8 South Asia & 48,600 44,811 3,788 8.5 Oceania Subtotal 229,000 207,196 21,803 10.5 Total 1,364,300 1,341,789 22,510 1.7 Goods Sales 374,900 374,076 823 0.2 Other 42,000 40,368 1,631 4.0 Subtotal 1,781,200 1,756,234 24,965 1.4 Adjustment (131,200) (128,206) (2,993) ― Total 1,650,000 1,628,027 21,972 1.3 Combined Business [1.2] 8,740 [1.0] 6,941 1,798 25.9 Security Domestic Companies [3.2] 1,920 [3.2] 1,899 20 1.1 Transportation Heavy Haulage & Distribution & Transportation [9.5] 3,540 [9.5] 3,817 (277) (7.3) ConstructionSegment Income (Operating Income) Air Freight [3.2] 6,350 [3.2] 6,579 (229) (3.5) Forwarding & Travel Reportable Segment Marine & Harbor [4.7] 6,090 [4.1] 5,100 989 19.4 Transportation Subtotal [2.3] 26,640 [2.1] 24,339 2,300 9.5 The Americas [4.0] 2,230 [3.9] 1,682 547 32.6 Europe [4.5] 2,170 [4.1] 1,895 274 14.5 Companies Overseas East Asia [3.8] 2,920 [3.2] 2,344 575 24.6 South Asia & [4.2] 2,020 [3.7] 1,651 368 22.3 Oceania Subtotal [4.1] 9,340 [3.7] 7,573 1,766 23.3 Total [2.6] 35,980 [2.4] 31,913 4,066 12.7 Goods Sales [1.8] 6,630 [1.9] 6,961 (331) (4.8) Other [4.7] 1,960 [4.8] 1,942 17 0.9 Subtotal [2.5] 44,570 [2.3] 40,817 3,752 9.2 Adjustment (2,570) (3,320) 750 ― Total [2.5] 42,000 [2.3] 37,497 4,502 12.0 (Note) Figures in brackets indicate Operating Margins. - 16 -
  • ○ Projection for 1H of the year for FY 2012(Reportable Segment) (Unit: Millions of yen, %) Projection for Change Results of FY 2011 FY 2012 Amount Ratio Combined Business 351,800 350,021 1,778 0.5 Domestic Companies Security 29,700 29,394 305 1.0 Transportation Heavy Haulage & Distribution & Transportation 17,800 19,362 (1,562) (8.1) Construction Air Freight 100,300 101,521 (1,221) (1.2) Forwarding & Travel Reportable Segment Marine & Harbor 66,400 63,894 2,505 3.9 Transportation Subtotal 566,000 564,195 1,804 0.3Revenues The Americas 24,700 21,457 3,242 15.1 Europe 23,300 23,269 30 0.1 Companies Overseas East Asia 37,100 36,008 1,091 3.0 South Asia & 23,100 21,319 1,780 8.4 Oceania Subtotal 108,200 102,055 6,144 6.0 Total 674,200 666,251 7,949 1.2 Goods Sales 178,800 177,241 1,558 0.9 Other 20,300 19,564 735 3.8 Subtotal 873,300 863,056 10,243 1.2 Adjustment (63,300) (61,133) (2,166) ― Total 810,000 801,923 8,076 1.0 Combined Business [0.8] 2,850 [0.5] 1,766 1,083 61.4 Security Domestic Companies [3.3] 990 [3.8] 1,122 (132) (11.8) Transportation Heavy Haulage & Distribution & Transportation [8.9] 1,580 [9.2] 1,777 (197) (11.1) ConstructionSegment Income (Operating Income) Air Freight [2.5] 2,520 [1.2] 1,225 1,294 105.5 Forwarding & Travel Reportable Segment Marine & Harbor [5.3] 3,550 [4.9] 3,155 394 12.5 Transportation Subtotal [2.0] 11,490 [1.6] 9,046 2,443 27.0 The Americas [2.8] 690 [2.0] 432 257 59.6 Europe [5.0] 1,160 [4.0] 932 227 24.4 Companies Overseas East Asia [2.7] 1,010 [2.2] 783 226 28.8 South Asia & [3.2] 740 [2.6] 564 175 31.0 Oceania Subtotal [3.3] 3,600 [2.7] 2,713 886 32.7 Total [2.2] 15,090 [1.8] 11,760 3,329 28.3 Goods Sales [1.8] 3,130 [1.7] 3,080 49 1.6 Other [3.8] 770 [2.8] 543 226 41.7 Subtotal [2.2] 18,990 [1.8] 15,384 3,605 23.4 Adjustment (990) (1,456) 466 ― Total [2.2] 18,000 [1.7] 13,927 4,072 29.2 (Note) Figures in brackets indicate Operating Margins. - 17 -
  • ○ Changes in number of employees as of year end (Unit: Persons, %) Mar. end Sep. end Mar. end Change (vs Mar. end 2011) 2012 2011 2011 Amount Ratio Distribution & 62,421 63,403 63,490 (1,069) (1.7) Transportation Goods Sales 2,599 2,656 2,677 (78) (2.9) Other 717 716 736 (19) (2.6) Eliminations 22 21 21 1 4.8 Total 65,759 66,796 66,924 (1,165) (1.7)○ Capital expenditures (Unit: Millions of yen) Actual amount in FY 2011 Major investment (Unit: Millions of yen) Vehicles 9,143 Company Amount Note Nippon Nittsu Sapporo Building Buildings 14,689 26,196 Express ¥1,358 million, etc. Nittsu Shoji New headquarters building (under Land 2,197 1,876 Co., Ltd. construction) Leased assets 8,239 * Amount for Nippon Express does not include leased assets. Other 11,619 Total 45,890 (Unit: Millions of yen) Forecast for FY 2012 Major plans (Unit: Millions of yen) Vehicles 10,810 Company Amount Note Nippon Reconstruction of Baraki Air Cargo Buildings 20,407 30,000 Express Distribution Center ¥1,465 million, etc. Nittsu Shoji Land 1,957 3,884 Coastal shipping system vessel Co., Ltd. Leased assets 10,623 * Amount for Nippon Express does not include leased assets. Other 19,019 Total 62,817 - 18 -
  • (2) Non-consolidated Reference Materials ○ Details of revenues and operating income for FY 2011 (Unit: Millions of yen, %) Change FY 2011 % in FY 2010 % in Sales Sales Amount Ratio Railway utilization transportation 85,341 8.1 84,390 8.0 951 1.1 Combined delivery transportation services 82,598 7.8 86,625 8.2 (4,027) (4.6) Motor Chartered truck services 275,623 26.0 277,926 26.4 (2,303) (0.8) Subtotal 358,221 33.8 364,552 34.6 (6,330) (1.7) Marine transportation 61,503 5.8 61,287 5.8 215 0.4 Harbor transportation 58,790 5.5 60,029 5.7 (1,238) (2.1) Marine and harbor transportation Subtotal 120,293 11.3 121,316 11.5 (1,023) (0.8) (Exports) [ 57,002 ] ― [ 58,945 ] ― [ (1,943) ] [ (3.3) ] (Imports) [ 38,327 ] ― [ 37,717 ] ― [ 610 ] [ 1.6 ] (Domestic) [ 24,964 ] ― [ 24,653 ] ― [ 310 ] [ 1.3 ] Warehousing 103,985 9.8 96,777 9.2 7,208 7.4Revenues International air freight 123,096 11.6 119,536 11.3 3,559 3.0 Air transportation forwarding (Exports) [ 102,303 ] ― [ 97,948 ] ― [ 4,355 ] [ 4.4 ] Air freight (Imports) [ 20,792 ] ― [ 21,588 ] ― [ (795) ] [ (3.7) ] Domestic air freight 39,036 3.7 39,805 3.8 (769) (1.9) Subtotal 162,132 15.3 159,342 15.1 2,790 1.8 Travel 4,548 0.4 5,224 0.5 (675) (12.9) Subtotal 166,681 15.7 164,566 15.6 2,114 1.3 Heavy haulage & construction 49,697 4.7 44,065 4.2 5,632 12.8 Incidental operations and others 175,486 16.6 177,437 16.9 (1,950) (1.1) Total 1,059,708 100.0 1,053,106 100.0 6,602 0.6 (Domestic operation-related ] ] ] [ ] revenues) [ 816,183 77.0 [ 813,190 77.2 [ 2,992 0.4 (International operation-related ] ] ] [ ] revenues) [ 243,525 23.0 [ 239,915 22.8 [ 3,609 1.5 Drivers/workers 118,431 11.2 117,920 11.2 510 0.4 Forwarding Employment costs Office personnel 142,848 13.5 140,234 13.3 2,614 1.9 Subtotal 261,279 24.7 258,154 24.5 3,124 1.2 Railway 44,406 4.2 44,260 4.2 145 0.3Operating expenses Marine 20,199 1.9 22,072 2.1 (1,873) (8.5) costs Air 66,035 6.2 68,025 6.5 (1,990) (2.9) Subtotal 130,641 12.3 134,358 12.8 (3,717) (2.8) Vehicle chartering and subcontracting costs 413,616 39.0 408,196 38.8 5,420 1.3 Depreciation and amortization 33,016 3.1 35,211 3.3 (2,194) (6.2) Facility usage charges 73,363 6.9 76,040 7.2 (2,677) (3.5) Other 126,842 12.0 125,363 11.9 1,479 1.2 Total 1,038,760 98.0 1,037,325 98.5 1,434 0.1 Operating income 20,948 2.0 15,780 1.5 5,167 32.7 - 19 -
  • ○ Details of revenues for the first and second half of FY 2011 (Unit: Millions of yen, %) Change FY 2011 % in FY 2010 % in Sales Sales Amount Ratio Railway utilization transportation 40,533 7.7 42,498 8.1 (1,964) (4.6) Combined delivery transportation services 40,777 7.7 43,599 8.2 (2,821) (6.5) Motor Chartered truck services 138,857 26.3 138,631 26.3 226 0.2 Subtotal 179,635 34.0 182,230 34.5 (2,595) (1.4) Marine transportation 31,027 5.9 31,240 5.9 (213) (0.7) Harbor transportation 29,935 5.7 30,398 5.8 (462) (1.5) Marine and harbor transportation Subtotal 60,962 11.6 61,638 11.7 (675) (1.1) (Exports) [ 29,059 ] ― [ 29,790 ] ― [ (731) ] [ (2.5) ] (Imports) [ 19,650 ] ― [ 19,403 ] ― [ 246 ] [ 1.3 ] (Domestic) [ 12,253 ] ― [ 12,444 ] ― [ (190) ] [ (1.5) ]1H of revenues Warehousing 52,782 10.0 46,794 8.9 5,988 12.8 International air freight 61,323 11.6 59,344 11.2 1,979 3.3 Air transportation forwarding (Exports) 51,075 ] ― [ 48,443 ] ― [ 2,631 ] [ 5.4 ] Air freight [ (Imports) [ 10,248 ] ― [ 10,900 ] ― [ (652) ] [ (6.0) ] Domestic air freight 19,357 3.7 19,792 3.8 (435) (2.2) Subtotal 80,681 15.3 79,137 15.0 1,544 2.0 Travel 2,041 0.4 2,854 0.5 (812) (28.5) Subtotal 82,723 15.7 81,991 15.5 731 0.9 Heavy haulage and construction 24,161 4.6 23,880 4.5 280 1.2 Incidental operations and others 86,552 16.4 88,893 16.8 (2,340) (2.6) Total 527,351 100.0 527,927 100.0 (575) (0.1) (Domestic operation-related ] ] revenues) [ 405,329 76.9 [ 407,752 77.2 [ (2,423) ] [ (0.6) ] (International operation-related [ ] ] revenues) 122,021 23.1 [ 120,174 22.8 [ 1,847 ] [ 1.5 ] Railway utilization transportation 44,808 8.4 41,892 8.0 2,916 7.0 Combined delivery transportation services 41,820 7.9 43,026 8.2 (1,205) (2.8) Motor Chartered truck services 136,765 25.7 139,295 26.5 (2,530) (1.8) Subtotal 178,586 33.6 182,321 34.7 (3,735) (2.0) Marine transportation 30,476 5.7 30,047 5.7 428 1.4 Harbor transportation 28,854 5.4 29,630 5.7 (776) (2.6) Marine and harbor transportation Subtotal 59,330 11.1 59,678 11.4 (347) (0.6) (Exports) [ 27,943 ] ― [ 29,155 ] ― [ (1,211) ] [ (4.2) ] (Imports) [ 18,677 ] ― [ 18,313 ] ― [ 363 ] [ 2.0 ] (Domestic) [ 12,710 ] ― [ 12,209 ] ― [ 501 ] [ 4.1 ]2H of sales Warehousing 51,202 9.6 49,983 9.5 1,219 2.4 International air freight 61,772 11.6 60,192 11.5 1,580 2.6 Air transportation forwarding (Exports) 51,228 ] ― [ 49,505 ] ― [ 1,723 ] [ 3.5 ] Air freight [ (Imports) [ 10,544 ] ― [ 10,687 ] ― [ (142) ] [ (1.3) ] Domestic air freight 19,678 3.7 20,013 3.8 (334) (1.7) Subtotal 81,451 15.3 80,205 15.3 1,245 1.6 Travel 2,506 0.5 2,369 0.4 137 5.8 Subtotal 83,958 15.8 82,574 15.7 1,383 1.7 Heavy haulage and construction 25,536 4.8 20,184 3.8 5,352 26.5 Incidental operations and others 88,934 16.7 88,544 16.9 390 0.4 Total 532,356 100.0 525,178 100.0 7,178 1.4 (Domestic operation-related ] ] revenues) [ 410,853 77.2 [ 405,437 77.2 [ 5,416 ] [ 1.3 ] (International operation-related ] ] revenues) [ 121,503 22.8 [ 119,741 22.8 [ 1,761 ] [ 1.5 ] - 20 -
  • ○ Changes in number of employees as of year end (Unit: Person, %) Change Mar. end Sep. end Mar. end (vs Mar. end 2011) 2012 2011 2011 Change Ratio Nationwide 1,138 1,224 1,317 (179) (13.6) /workers employees Drivers Other 17,236 17,668 17,604 (368) (2.1) employees Subtotal 18,374 18,892 18,921 (547) (2.9) Nationwide 12,827 13,077 13,114 (287) (2.2) personnel employees Office Other 4,516 4,712 4,711 (195) (4.1) employees Subtotal 17,343 17,789 17,825 (482) (2.7) Total 35,717 36,681 36,746 (1,029) (2.8)○ Cash flows (Unit: Millions of yen) FY 2011 FY 2010 ChangeCash and cash equivalents at beginning of the year 56,903 81,227 (24,324)Cash flows from operating activities 70,601 35,874 34,727Cash flows from investment activities (51,643) (31,532) (20,110)Cash flows from financing activities 13,039 (28,665) 41,704Cash and cash equivalents at end of the year 88,900 56,903 31,996○ Capital expenditures (Unit: Millions of yen) Actual amount in FY 2011 Vehicle 6,680 Buildings 10,764 Land 909 Software 2,525 Other 5,316 Total 26,196* Major investment (Unit: Millions of yen) Type Description m2 Amount Building Nittsu Sapporo Building 10,261 1,358 Facilities related to reconstruction from the Building ― 1,032 Great East Japan Earthquake (Unit: Millions of yen) Forecasted amount in FY 2012 Vehicle 6,500 Buildings 12,500 Land 1,200 Software 5,100 Other 4,700 Total 30,000* Major investment (Unit: Millions of yen) Type Description (Planned to m2 Amount complete) Reconstruction of Baraki Air Building (January 2014) 36,500 1,465 Cargo Distribution Center Facilities related to reconstruction from the Great East Japan Building ― 1,199 Earthquake (Semboku branch office, warehouse, etc.) - 21 -
  • ○ Projection for FY2012 (Unit: Millions of yen, %) Change FY2012 % in FY2011 % in Sales Sales Amount Ratio Railway utilization transportation 87,700 8.2 85,341 8.1 2,358 2.8 Combined delivery transportation services 82,200 7.7 82,598 7.8 (398) (0.5) Motor Chartered truck services 277,100 26.1 275,623 26.0 1,476 0.5 Subtotal 359,300 33.8 358,221 33.8 1,078 0.3 Marine transportation 63,400 6.0 61,503 5.8 1,896 3.1 transportation Marine and harbor Harbor transportation 59,400 5.6 58,790 5.5 609 1.0 Subtotal 122,800 11.6 120,293 11.3 2,506 2.1Revenues Warehousing 105,800 10.0 103,985 9.8 1,814 1.7 International air Air transportation 117,600 11.1 123,096 11.6 (5,496) (4.5) forwarding Air freight freight Domestic air freight 40,300 3.8 39,036 3.7 1,263 3.2 Subtotal 157,900 14.9 162,132 15.3 (4,232) (2.6) Travel 4,600 0.4 4,548 0.4 51 1.1 Subtotal 162,500 15.3 166,681 15.7 (4,181) (2.5) Heavy haulage and construction 47,500 4.5 49,697 4.7 (2,197) (4.4) Incidental operations and others 176,400 16.6 175,486 16.6 913 0.5 Total 1,062,000 100.0 1,059,708 100.0 2,291 0.2 Drivers/workers 117,700 11.1 118,431 11.2 (731) (0.6) Employme nt costs Office personnel 141,800 13.3 142,848 13.5 (1,048) (0.7) Subtotal 259,500 24.4 261,279 24.7 (1,779) (0.7) Railway 45,500 4.3 44,406 4.2 1,093 2.5Operating expenses Forwarding Marine 21,100 2.0 20,199 1.9 900 4.5 costs Air 64,600 6.1 66,035 6.2 1,435 (2.2) Subtotal 131,200 12.4 130,641 12.3 558 0.4 Vehicle chartering and subcontracting costs 415,300 39.1 413,616 39.0 1,683 0.4 Depreciation and amortization 33,500 3.1 33,016 3.1 483 1.5 Facility usage charges 72,800 6.9 73,363 6.9 (563) (0.8) Other 126,700 11.9 126,842 12.0 (142) (0.1) Total 1,039,000 97.8 1,038,760 98.0 239 0.0 Operating income 23,000 2.2 20,948 2.0 2,051 9.8 Non-operating income 10,800 1.0 10,803 1.0 (3) (0.0) Non-operating expenses 3,800 0.4 3,938 0.4 (138) (3.5) Ordinary income 30,000 2.8 27,813 2.6 2,186 7.9 Extraordinary income 3,700 0.4 6,196 0.6 (2,496) (40.3) Extraordinary loss 5,900 0.6 8,082 0.8 (2,182) (27.0) Income before income taxes 27,800 2.6 25,927 2.4 1,872 7.2 Income taxes 13,300 1.2 12,122 1.1 1,177 9.7 Net income 14,500 1.4 13,804 1.3 695 5.0 - 22 -
  • ○ Projection for the 1H FY2012 (Unit: Millions of yen, %) Change First half of First half of FY2012 % in FY2011 % in Amount Ratio Sales Sales Railway utilization transportation 42,100 8.0 40,533 7.7 1,566 3.9 Combined delivery transportation services 40,500 7.7 40,777 7.7 (277) (0.7) Motor Chartered truck services 139,700 26.4 138,857 26.3 842 0.6 Subtotal 180,200 34.1 179,635 34.0 564 0.3 Marine transportation 31,700 6.0 31,027 5.9 672 2.2 transportation Marine and harbor Harbor transportation 30,100 5.7 29,935 5.7 164 0.5 Subtotal 61,800 11.7 60,962 11.6 837 1.4Revenues Warehousing 53,200 10.0 52,782 10.0 417 0.8 International air Air transportation 59,000 11.2 61,323 11.6 (2,323) (3.8) forwarding Air freight freight Domestic air freight 20,300 3.8 19,357 3.7 942 4.9 Subtotal 79,300 15.0 80,681 15.3 (1,381) (1.7) Travel 2,200 0.4 2,041 0.4 158 7.7 Subtotal 81,500 15.4 82,723 15.7 (1,223) (1.5) Heavy haulage and construction 22,900 4.3 24,161 4.6 (1,261) (5.2) Incidental operations and others 87,300 16.5 86,552 16.4 747 0.9 Total 529,000 100.0 527,351 100.0 1,648 0.3 Drivers/workers 58,500 11.1 58,955 11.2 (455) (0.8) Employme nt costs Office personnel 71,000 13.4 71,694 13.6 (694) (1.0) Subtotal 129,500 24.5 130,649 24.8 (1,149) (0.9) Railway 21,800 4.1 21,052 4.0 747 3.6Operating expenses Forwarding Marine 10,500 2.0 9,977 1.9 522 5.2 costs Air 33,700 6.4 34,756 6.6 (1,056) (3.0) Subtotal 66,000 12.5 65,786 12.5 213 0.3 Vehicle chartering and subcontracting costs 208,200 39.4 207,561 39.4 638 0.3 Depreciation and amortization 16,500 3.1 15,904 3.0 595 3.7 Facility usage charges 36,200 6.8 37,062 7.0 (862) (2.3) Other 62,600 11.8 62,450 11.8 149 0.2 Total 519,000 98.1 519,414 98.5 (414) (0.1) Operating income 10,000 1.9 7,937 1.5 2,062 26.0 Non-operating income 5,400 1.0 5,416 1.0 (16) (0.3) Non-operating expenses 1,900 0.4 3,327 0.6 (1,427) (42.9) Ordinary income 13,500 2.5 10,025 1.9 3,474 34.7 Extraordinary income 1,500 0.3 1,794 0.3 (294) (16.4) Extraordinary loss 1,600 0.3 3,886 0.7 (2,286) (58.8) Income before income taxes 13,400 2.5 7,934 1.5 5,465 68.9 Income taxes 6,400 1.2 3,429 0.7 2,970 86.6 Net income 7,000 1.3 4,504 0.8 2,495 55.4 - 23 -