Nittsu fy2011-final

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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, Osaka

Code: 9062 (URL http://www.nipponexpress.com (English))

(URL http://www.nittsu.co.jp (Japanese))

Representative: President, CEO Kenji Watanabe

Contact:

Officer and General Manager Finance & Accounting Division

Masahiko Hata TEL: (03) 6251-1111

Scheduled date for General Shareholders’ Meeting: June 28, 2012 Scheduled date of dividend payment: June 29, 2012

Scheduled date for release of Securities Report: June 28, 2012

Availability of supplementary briefing material on annual financial results: Available

Briefing 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

per share Diluted net income

per share Net income on equity

Ordinary income on assets

Operating margin to sales

¥ ¥ % % %Fiscal Year Ended Mar. 31, 2012

25.85 ― 5.7 4.0 2.3

Fiscal Year Ended Mar. 31, 2011

8.19 ― 1.8 3.5 2.0

(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 Mar. 31, 2012

1,230,964 494,205 39.1 461.63


1,147,539 479,898 40.7 448.29

(Note) Equity: Fiscal Year Ended Mar. 31, 2012: ¥481,347 million Fiscal Year Ended Mar. 31, 2011: ¥467,451 million

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(3) Consolidated Cash Flows Cash flows from

operating activities Cash flows from

Investment activities Cash flow from

financing activities Cash and cash equivalents

at end of year ¥ million ¥ million ¥ million ¥ millionFiscal Year Ended Mar. 31, 2012

97,806 (31,563) 10,129 181,614


64,394 (48,086) (26,225) 107,062

2. Dividends Information

Annual dividend per share First

QuarterSecond Quarter

Third Quarter

Year End

Yearly

Total dividend (Annual)

Dividend payout ratio

(Consolidated)

Dividend payout ratio on net

assets (Consolidated)

¥ ¥ ¥ ¥ ¥ ¥ million % %Fiscal Year Ended Mar. 31, 2011

― 5.00 ― 5.00 10.00 10,427 122.1 2.2


― 5.00 ― 5.00 10.00 10,427 38.7 2.2

Fiscal Year Ending Mar. 31, 2013 (Forecast)

― 5.00 ― 5.00 10.00 34.8

3. Forecast of Consolidated Financial Results for FY2012 (from April 1, 2012 to March 31, 2013)

(%: compared with the previous period)

Revenues Operating income Ordinary income Net 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 13.43Full 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 of period (including treasury stock)

As of Mar. 31, 2012

1,062,299,281shares

As of Mar. 31, 2011

1,062,299,281shares

2) Total number of treasury stocks at end of period

As of Mar. 31, 2012

19,588,014 shares

As of Mar. 31, 2011

19,559,139 shares

3) Average number of shares during period

Fiscal Year EndedMar. 31, 2012

1,042,724,442shares


1,042,770,621shares

(Notes) Non-consolidated Financial Results

1. 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 Mar. 31, 2012

1,059,708 0.6 20,948 32.7 27,813 27.2 13,804 ―


1,053,106 0.5 15,780 (32.1) 21,861 (24.2) 692 (88.3)

Net income

per share Diluted net income per

share ¥ ¥Fiscal Year Ended Mar. 31, 2012

13.24 ―


0.66 ―

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(2) Non-consolidated Financial Position Total assets Net assets Equity ratio Net assets per share

¥ million ¥ million % ¥Fiscal Year Ended Mar. 31, 2012

849,190 339,186 39.9 325.29


777,445 334,426 43.0 320.72

(Note) Equity: Fiscal Year Ended Mar. 31, 2012: ¥339,186 million Fiscal Year Ended Mar. 31, 2011: ¥334,426 million 2. 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 statements Because this Consolidated Earnings Report is not subject to the audit of the annual financial statements under the Financial Instruments and Exchange Act, the procedures for said audit were not completed at the time of disclosing this report.

*Explanation for the appropriate use of financial forecasts and other special notes The forward-looking statements and other results forecasts stated herein are based on the information available at the time this report was prepared and on certain assumptions considered to be reasonable. Accordingly, actual business performance 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.

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1. Business Results

(1) Analysis of Business Results

During the consolidated fiscal year under review, despite a temporary drop in corporate production and exports due to the

effect of the Great East Japan Earthquake that struck in March of last year, the Japanese economy experienced a

moderate turnaround as supply chains were restored after the disaster. Nevertheless, the situation remained extremely

unstable due to the effect of factors such as the rapidly rising yen, as well as the slowdown in overseas economies

resulting from the European debt crisis.

In the field of logistics, against the backdrop of these economic conditions, the overall situation was challenging, due to a

partial decrease in export freight which had been performing well, and a persisting tendency toward decline in demand for

domestic freight transportation.

In this business environment, the Nippon Express Group made collective efforts to accomplish the medium-term

management plan “Nippon Express Group Corporate Strategy 2012 – Towards New Growth,” by achieving the four basic

strategies 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 logistics

facilities 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 as

strengthening the overseas network, with the aim of ensuring the Group’s ability to swiftly and flexibly respond to the

increasingly 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 to

reduce its environmental burden by working proactively to develop and provide environmentally-friendly products and

services 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 cut

CO2 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 enhancing

the 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 activities

centered 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 income

increased by ¥6.7 billion, or 16.6% year on year, to ¥47.4 billion. Net income increased by ¥18.4 billion, or 215.5% year

on year, to ¥26.9 billion, mainly due to extraordinary losses for loss on adjustment for changes of accounting standard for

asset 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 to

the ongoing impact of the Great East Japan Earthquake, and other factors. Consequently, segment sales were ¥704.7

billion, a year-on-year decrease of ¥12.7 billion, or 1.8%, while operating income was ¥6.9 billion, a year-on-year

decrease 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 well

as other factors, segment sales were down ¥0.7 billion, or 1.3% year on year, to ¥58.7 billion, while operating income was

up 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,

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segment sales increased by ¥5.6 billion, or 16.6% year on year, to ¥40.0 billion, and operating income rose ¥1.1 billion, or

42.2% 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% year

on 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 mainly

for import cargo, segment sales were ¥125.6 billion, a year-on-year increase of ¥1.4 billion, or 1.2%, although operating

income 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 sales

increased 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% year

on 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 a

hike 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 due

to 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 the

exchange rate.

10. Goods Sales

Although segment sales increased by ¥21.5 billion, or 6.1% year on year, to ¥374.0 billion, operating income was down

by ¥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. Other

Mainly due to healthy performance in construction of real estate, mediation transactions, and the logistics finance

business, segment sales increased by ¥4.3 billion, or 12.2% year on year, to ¥40.3 billion, while operating income was up

by ¥0.4 billion, or 28.7% year on year, to ¥1.9 billion.

(2) Performance forecasts for fiscal 2012

Performance forecasts for the next fiscal year have been made in consideration of trends in crude oil prices, risks of

exchange rate fluctuations and other such factors.

As stated in “1. Business Results (1) Analysis of Business Results,” although the economy experienced a mild recovery

trend after the temporary downturn resulting from the Great East Japan Earthquake, there is a growing sense of

uncertainty over the outlook of the economy due to factors including the slowdown in overseas economies caused by the

European 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 supported

by domestic freight transportation in China and other emerging economies in South Asia, as well as freight transportation

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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 followed

the Great East Japan Earthquake, and predicts growth in revenues, operating income, ordinary income, and net income

for the full year amid the anticipated expansion in the global logistics business backed by proactive overseas investment

continuing from the previous fiscal year, including capital partnerships with local companies mainly in the Americas and

Asia, 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 the

Company and actual business performance may differ from the performance forecasts.

(3) Analysis of Financial Position

Total assets as at the end of the fiscal year under review amounted to ¥1,230.9 billion, a year-on-year increase of ¥83.4

billion or 7.3%.

Current assets amounted to ¥588.2 billion, a year-on-year increase of ¥97.7 billion or 19.9%, while noncurrent assets

totaled ¥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 accounts

payable-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. This

was 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.

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(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 (years)

3.9 5.3 4.2 5.2 3.6

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%).

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4. Consolidated Financial Statements

(1) Consolidated Balance Sheets

(Unit: Millions of yen)

FY2010 (as of March 31, 2011)

FY2011 (as of March 31, 2012)

ASSETS Current assets

Cash and cash in banks 113,149 187,797Notes receivable-trade 11,934 15,880Accounts receivable-trade 221,814 241,822Inventories 4,806 5,119Advanced money 2,056 1,705Prepaid expenses 7,921 8,405Deferred tax assets 12,863 11,371Lease investment assets 87,989 89,851Other 28,990 27,101Less: allowance for doubtful accounts (1,046) (843)Total current assets 490,481 588,212

Noncurrent assets Property and equipment

Vehicles 171,293 166,605Less: accumulated depreciation (151,339) (147,808)Vehicles, net 19,953 18,796

Buildings 538,495 536,869Less: accumulated depreciation (287,429) (294,444)Buildings, net 251,066 242,424

Structures 64,501 64,098Less: accumulated depreciation (49,383) (50,279)Structures, net 15,117 13,818

Machinery 64,459 65,086Less: accumulated depreciation (50,889) (50,963)Machinery, net 13,570 14,122

Tools, furniture and fixtures 90,128 89,567Less: accumulated depreciation (68,062) (69,354)Tools, furniture and fixtures, net 22,066 20,213

Vessels 16,870 15,791Less: accumulated depreciation (12,483) (12,261)Vessels, net 4,387 3,529

Land 171,977 169,870Leased assets 5,146 4,913

Less: accumulated depreciation (1,776) (1,998)Leased assets, net 3,369 2,914

Construction in progress 2,631 5,511Net property and equipment 504,140 491,203

Intangible assets Leasehold right 7,133 6,923Other 20,227 18,193Total Intangible assets 27,360 25,117

Investments and other assets Investment securities 87,795 86,764Long-term loans receivable 1,335 3,522Long-term loan to employees 1,305 990Long-term prepaid expense 2,976 3,773Security deposit 14,250 14,369Other 19,813 18,796Less: allowance for doubtful accounts (1,919) (1,785)Total investments and other assets 125,557 126,431

Total noncurrent assets 657,058 642,752Total assets 1,147,539 1,230,964

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FY2010 (as of March 31, 2011)

FY2011 (as of March 31, 2012)

LIABILITIES Current liabilities

Notes payable-trade 6,991 11,104Accounts payable-trade 119,899 135,158Short-term loans payable 49,925 78,556Other Payables 24,616 29,987Income taxes payable 5,297 15,449Consumer tax payable 4,899 5,162Unpaid expenses 17,010 17,083Advance receipt 10,140 10,475Deposits 40,302 58,201Deposits from employees 29,670 29,486Provision for bonus 19,139 19,532Provision for directors' bonus 137 139Allowance for warranty and repair 360 119Provision for loss on disaster 4,035 487Other 7,980 10,656Total current liabilities 340,408 421,601

Noncurrent liabilities Bonds payable 50,000 80,000Long-term loans payable 199,494 160,541Provision for retirement benefits 37,540 38,870Provision for directors' retirement benefits 418 394Provision for special repairment 208 190Deferred tax liabilities 17,510 14,054Other 22,060 21,107Total noncurrent liabilities 327,232 315,158

Total liabilities 667,641 736,759NET ASSETS Shareholders’ equity

Common stock 70,175 70,175Additional paid-in capital 26,908 26,908Retained earnings 375,785 392,305Less: treasury stock (11,542) (11,549)Total shareholders’ equity 461,326 477,839

Accumulated other comprehensive income Valuation difference on available-for-sale securities

26,370 27,756

Deferred gains on hedges 9 8Foreign currency translation adjustment (20,255) (24,256)Total accumulated other comprehensive income

6,125 3,508

Minority interests 12,446 12,858Total net assets 479,898 494,205

Total liabilities and net assets 1,147,539 1,230,964

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(2) Consolidated Statements of Operations and Comprehensive Income

Consolidated Statements of Operations


FY2010 (from April 1, 2010 to

March 31, 2011)


March 31, 2012) Revenues 1,617,185 1,628,027Operating costs 1,510,590 1,519,353Gross profit 106,595 108,674Selling, general and administrative expenses

Salaries, compensation, and welfare expenses

41,018 41,030

Depreciation and amortization 4,706 3,953Advertising expenses 4,088 3,910Provision for allowance for doubtful accounts 352 ―Other 24,800 22,283Total selling, general and administrative expenses

74,965 71,177

Operating income 31,629 37,497Non-operating income

Interest income 434 554Dividends income 2,223 3,037Gain on sales of vehicles 306 399Equity in earnings of affiliates 541 455Income from foreign exchange 1,888 2,217Other 8,261 7,815Total non-operating income 13,655 14,480

Non-operating expenses Interest expenses 3,456 3,224Loss on sale and retirement of vehicles 107 55Other 1,032 1,255Total non-operating expenses 4,596 4,536

Ordinary income 40,688 47,441Extraordinary income

Gain on sales of noncurrent assets 5,233 7,586Gain on sales of investment securities 46 146Change in profit for previous term 139 ―Other 179 571Total extraordinary income 5,598 8,304

Extraordinary loss Loss on disposal of noncurrent assets 4,432 3,223Loss on sales of investment securities 47 374Loss on valuation of investment securities 5,892 196Impairment loss ― 169Loss on adjustment for changes of Accounting Standard for Asset Retirement Obligations

7,505 ―

Loss on disaster *14,847 269Change in loss for previous term 34 ―Settlement package with the United States Department of Justice

― 1,614

Other 535 410Total extraordinary loss 23,296 6,258

Income before income taxes and minority interests

22,991 49,487

Income taxes-current 9,799 20,092Income taxes-deferred 3,576 1,635Total income taxes etc. 13,376 21,727Income before minority interests 9,615 27,759Minority interests 1,073 809Net income 8,541 26,949

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Consolidated Statements of Comprehensive Income



March 31, 2011)


March 31, 2012) Income before minority interests 9,615 27,759Other comprehensive income

Valuation difference on available-for-sale securities

(6,886) 1,393

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 method

(178) (104)

Other comprehensive income (15,038) (2,784)Comprehensive income (5,423) 24,974

(Comprehensive income attributable to) Comprehensive income attributable to owners of the parent

(6,353) 24,332

Comprehensive income attributable to minority interests

929 642

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(3) Consolidated Statements of Changes in Net Assets



March 31, 2011)


March 31, 2012) Shareholders' equity

Common stock Balance at beginning of the year 70,175 70,175Changes 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 26,908Changes 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 377,675 375,785Changes during the year

Cash dividends (10,427) (10,427)Net income 8,541 26,949Decrease in treasury stock (3) (1)Total changes during the year (1,889) 16,519

Balance at end of the year 375,785 392,305Treasury 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 4Total 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 463,234 461,326Changes during the year

Cash dividends (10,427) (10,427)Net income 8,541 26,949Increase 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

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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 26,370Changes during the year

Net changes in items other than shareholders’ equity

(6,877) 1,386

Total changes during the year (6,877) 1,386Balance at end of the year 26,370 27,756

Deferred gains (losses) on hedges Balance at beginning of the year 12 9Changes during the year

Net changes in items other than shareholders' equity

(2) (1)

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


(8,014) (4,001)

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 6,125Changes during the year


(14,894) (2,616)

Total changes during the year (14,894) (2,616)Balance at end of the year 6,125 3,508

Minority interests Balance at beginning of the year 11,629 12,446Changes during the year

Net changes in items other than shareholders' equity 817 411Total changes during the year 817 411

Balance at end of the year 12,446 12,858Total net assets

Balance at beginning of the year 495,883 479,898Changes during the year

Cash dividends (10,427) (10,427)Net income 8,541 26,949Increase in treasury stock (26) (11)Decrease in treasury stock 4 2Net 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

- 14 -

(4) Consolidated Statements of Cash Flows



March 31, 2011)


March 31, 2012) Cash flows from operating activities

Income before income taxes and minority interests 22,991 49,487Depreciation and amortization 52,470 48,390Impairment loss ― 169Loss on adjustment for changes of accounting standard for asset retirement obligations

7,505 ―

Loss on disaster 4,847 269Settlement package with the United States Department of Justice

― 1,614

Loss on sale or write-down of securities, net 5,894 425Gain on sale or disposal of property and equipment, net (998) (4,706)Increase in provision for bonus 54 428Increase (decrease) in provision for retirement benefits (1,483) 1,466Interest and dividend income (2,657) (3,592)Interest expense 3,456 3,224Equity in earnings of unconsolidated subsidiaries and affiliates

(541) (455)

(Increase) decrease in trade receivables 2,999 (26,807)(Increase) decrease in inventories 162 (317)Increase (decrease) in accounts payable (4,670) 19,362Increase (decrease) in consumption taxes etc. payable 141 311Other (9,017) 20,225Sub-total 81,152 109,494Interest and dividends received 2,964 3,881Interest paid (3,604) (3,230)Cash paid for the shifting to DC (“Defined Contribution”) pension plan

(3,908) ―

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 581Payment for purchase of property and equipment (58,008) (42,592)Proceeds from sales of property and equipment 8,511 14,465Other 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) 2,000Proceeds from long-term loans payable 101,106 36,575Payment of long-term loans payable (104,857) (46,988)Proceeds from issuance of bonds ― 30,000Proceeds from stock issuance to minority shareholders 99 19Cash 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) 74,551Cash and cash equivalents at beginning of year 121,187 107,062Cash and cash equivalents at end of year 107,062 181,614

- 15 -

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)Security

Transportation 58,764 59,542 (777) (1.3)

Heavy Haulage & Construction

40,048 34,356 5,691 16.6

Air Freight Forwarding & Travel

205,407 203,408 1,999 1.0

Marine & Harbor Transportation

125,654 124,216 1,438 1.2Dom

estic

Com

pani

es

Subtotal 1,134,593 1,138,963 (4,369) (0.4)The Americas 42,963 42,806 157 0.4

Europe 46,453 45,069 1,383 3.1East Asia 72,967 76,955 (3,988) (5.2)

South Asia & Oceania

44,811 45,564 (752) (1.7)Ove

rsea

s C

ompa

nies

Subtotal 207,196 210,396 (3,200) (1.5)

Dis

trib

utio

n &

Tra

nspo

rtat

ion

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

Rep

orta

ble

Seg

men

t

Subtotal 1,756,234 1,737,847 18,386 1.1Adjustment (128,206) (120,662) (7,544) ―

Rev

enue

s

Total 1,628,027 1,617,185 10,842 0.7Combined Business [1.0] 6,941 [1.2] 8,381 (1,439) (17.2)

Security Transportation

[3.2] 1,899 [3.0] 1,806 93 5.2


[9.5] 3,817 [7.8] 2,685 1,132 42.2


[3.2] 6,579 [0.5] 952 5,627 590.7


[4.1] 5,100 [4.4] 5,439 (339) (6.2)

Dom

estic

Com

pani

es

Subtotal [2.1] 24,339 [1.7] 19,265 5,074 26.3The Americas [3.9] 1,682 [3.7] 1,584 97 6.2

Europe [4.1] 1,895 [4.0] 1,784 110 6.2East Asia [3.2] 2,344 [2.7] 2,098 246 11.7


[3.7] 1,651 [3.1] 1,391 259 18.7Ove

rsea

s C

ompa

nies

Subtotal [3.7] 7,573 [3.3] 6,859 714 10.4

Dis

trib

utio

n &

Tra

nspo

rtat

ion

Total [2.4] 31,913 [1.9] 26,124 5,788 22.2Goods Sales [1.9] 6,961 [2.0] 7,053 (91) (1.3)

Other [4.8] 1,942 [4.2] 1,509 432 28.7

Rep

orta

ble

Seg

men

t

Subtotal [2.3] 40,817 [2.0] 34,687 6,129 17.7Adjustment (3,320) (3,057) (262) ―

Seg

men

t Inc

ome

(Ope

ratin

g In

com

e)

Total [2.3] 37,497 [2.0] 31,629 5,867 18.6(Note) Figures in brackets indicate Operating Margins.

- 16 -

○ Projection of Consolidated Financial Results for FY 2012


Change

Projection for FY 2012 Results of FY 2011

Amount Ratio

Combined Business 708,500 704,717 3,782 0.5Security

Transportation 59,600 58,764 835 1.4


37,400 40,048 (2,648) (6.6)


200,500 205,407 (4,907) (2.4)


129,300 125,654 3,645 2.9Dom

estic

Com

pani

es

Subtotal 1,135,300 1,134,593 706 0.1The Americas 55,500 42,963 12,536 29.2

Europe 47,700 46,453 1,246 2.7East Asia 77,200 72,967 4,232 5.8


48,600 44,811 3,788 8.5Ove

rsea

s C

ompa

nies

Subtotal 229,000 207,196 21,803 10.5

Dis

trib

utio

n &

Tra

nspo

rtat

ion

Total 1,364,300 1,341,789 22,510 1.7Goods Sales 374,900 374,076 823 0.2

Other 42,000 40,368 1,631 4.0

Rep

orta

ble

Seg

men

t

Subtotal 1,781,200 1,756,234 24,965 1.4Adjustment (131,200) (128,206) (2,993) ―

Rev

enue

s

Total 1,650,000 1,628,027 21,972 1.3Combined Business [1.2] 8,740 [1.0] 6,941 1,798 25.9


[3.2] 1,920 [3.2] 1,899 20 1.1


[9.5] 3,540 [9.5] 3,817 (277) (7.3)


[3.2] 6,350 [3.2] 6,579 (229) (3.5)


[4.7] 6,090 [4.1] 5,100 989 19.4

Dom

estic

Com

pani

es

Subtotal [2.3] 26,640 [2.1] 24,339 2,300 9.5The Americas [4.0] 2,230 [3.9] 1,682 547 32.6

Europe [4.5] 2,170 [4.1] 1,895 274 14.5East Asia [3.8] 2,920 [3.2] 2,344 575 24.6


[4.2] 2,020 [3.7] 1,651 368 22.3Ove

rsea

s C

ompa

nies

Subtotal [4.1] 9,340 [3.7] 7,573 1,766 23.3

Dis

trib

utio

n &

Tra

nspo

rtat

ion

Total [2.6] 35,980 [2.4] 31,913 4,066 12.7Goods Sales [1.8] 6,630 [1.9] 6,961 (331) (4.8)

Other [4.7] 1,960 [4.8] 1,942 17 0.9

Rep

orta

ble

Seg

men

t

Subtotal [2.5] 44,570 [2.3] 40,817 3,752 9.2Adjustment (2,570) (3,320) 750 ―

Seg

men

t Inc

ome

(Ope

ratin

g In

com

e)


- 17 -

○ Projection for 1H of the year for FY 2012

(Reportable Segment)


Change

Projection for FY 2012 Results of FY 2011

Amount Ratio

Combined Business 351,800 350,021 1,778 0.5Security

Transportation 29,700 29,394 305 1.0


17,800 19,362 (1,562) (8.1)


100,300 101,521 (1,221) (1.2)


66,400 63,894 2,505 3.9Dom

estic

Com

pani

es

Subtotal 566,000 564,195 1,804 0.3The Americas 24,700 21,457 3,242 15.1

Europe 23,300 23,269 30 0.1East Asia 37,100 36,008 1,091 3.0


23,100 21,319 1,780 8.4Ove

rsea

s C

ompa

nies

Subtotal 108,200 102,055 6,144 6.0

Dis

trib

utio

n &

Tra

nspo

rtat

ion

Total 674,200 666,251 7,949 1.2Goods Sales 178,800 177,241 1,558 0.9

Other 20,300 19,564 735 3.8

Rep

orta

ble

Seg

men

t

Subtotal 873,300 863,056 10,243 1.2Adjustment (63,300) (61,133) (2,166) ―

Rev

enue

s

Total 810,000 801,923 8,076 1.0Combined Business [0.8] 2,850 [0.5] 1,766 1,083 61.4


[3.3] 990 [3.8] 1,122 (132) (11.8)


[8.9] 1,580 [9.2] 1,777 (197) (11.1)


[2.5] 2,520 [1.2] 1,225 1,294 105.5


[5.3] 3,550 [4.9] 3,155 394 12.5

Dom

estic

Com

pani

es

Subtotal [2.0] 11,490 [1.6] 9,046 2,443 27.0The Americas [2.8] 690 [2.0] 432 257 59.6

Europe [5.0] 1,160 [4.0] 932 227 24.4East Asia [2.7] 1,010 [2.2] 783 226 28.8


[3.2] 740 [2.6] 564 175 31.0Ove

rsea

s C

ompa

nies

Subtotal [3.3] 3,600 [2.7] 2,713 886 32.7

Dis

trib

utio

n &

Tra

nspo

rtat

ion

Total [2.2] 15,090 [1.8] 11,760 3,329 28.3Goods Sales [1.8] 3,130 [1.7] 3,080 49 1.6

Other [3.8] 770 [2.8] 543 226 41.7

Rep

orta

ble

Seg

men

t

Subtotal [2.2] 18,990 [1.8] 15,384 3,605 23.4Adjustment (990) (1,456) 466 ―

Seg

men

t Inc

ome

(Ope

ratin

g In

com

e)


- 18 -

○ Changes in number of employees as of year end

(Unit: Persons, %)

Change (vs Mar. end 2011) Mar. end

2012 Sep. end

2011 Mar. end

2011 Amount Ratio

Distribution & Transportation

62,421 63,403 63,490 (1,069) (1.7)

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


Actual amount in

FY 2011 Major investment (Unit: Millions of yen)

Vehicles 9,143 Company Amount Note

Buildings 14,689 Nippon Express

26,196Nittsu Sapporo Building ¥1,358 million, etc.

Land 2,197 Nittsu Shoji Co., Ltd.

1,876New headquarters building (under construction)

Leased assets 8,239

Other 11,619

Total 45,890

* Amount for Nippon Express does not include leased assets.


Forecast for

FY 2012 Major plans (Unit: Millions of yen)

Vehicles 10,810 Company Amount Note

Buildings 20,407 Nippon Express 30,000

Reconstruction of Baraki Air Cargo Distribution Center ¥1,465 million, etc.

Land 1,957 Nittsu Shoji Co., Ltd. 3,884 Coastal shipping system vessel

Leased assets 10,623

Other 19,019

Total 62,817

* Amount for Nippon Express does not include leased assets.

- 19 -

(2) Non-consolidated Reference Materials

○ Details of revenues and operating income for FY 2011


Change FY 2011 % in

SalesFY 2010 % in

Sales Amount Ratio

Railway utilization transportation 85,341 8.1 84,390 8.0 951 1.1Combined delivery

services 82,598 7.8 86,625 8.2 (4,027) (4.6)

Chartered truck services 275,623 26.0 277,926 26.4 (2,303) (0.8)

Mot

or

tran

spor

tatio

n

Subtotal 358,221 33.8 364,552 34.6 (6,330) (1.7)

Marine transportation 61,503 5.8 61,287 5.8 215 0.4Harbor transportation 58,790 5.5 60,029 5.7 (1,238) (2.1)

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 ]M

arin

e an

d ha

rbor

tr

ansp

orta

tion

(Domestic) [ 24,964 ] ― [ 24,653 ] ― [ 310 ] [ 1.3 ]Warehousing 103,985 9.8 96,777 9.2 7,208 7.4

International air freight 123,096 11.6 119,536 11.3 3,559 3.0

(Exports) [ 102,303 ] ― [ 97,948 ] ― [ 4,355 ] [ 4.4 ]

(Imports) [ 20,792 ] ― [ 21,588 ] ― [ (795) ] [ (3.7) ]Domestic air freight 39,036 3.7 39,805 3.8 (769) (1.9)A

ir fr

eigh

t fo

rwar

ding

Subtotal 162,132 15.3 159,342 15.1 2,790 1.8Travel 4,548 0.4 5,224 0.5 (675) (12.9)A

ir tr

ansp

orta

tion

Subtotal 166,681 15.7 164,566 15.6 2,114 1.3Heavy 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 ]

Rev

enue

s

(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

Office personnel 142,848 13.5 140,234 13.3 2,614 1.9

Em

ploy

men

t co

sts

Subtotal 261,279 24.7 258,154 24.5 3,124 1.2

Railway 44,406 4.2 44,260 4.2 145 0.3Marine 20,199 1.9 22,072 2.1 (1,873) (8.5)

Air 66,035 6.2 68,025 6.5 (1,990) (2.9)

For

war

ding

co

sts

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

Ope

ratin

g ex

pens

es

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

- 20 -

○ Details of revenues for the first and second half of FY 2011


Change FY 2011 % in

SalesFY 2010 % in

Sales Amount Ratio

Railway utilization transportation 40,533 7.7 42,498 8.1 (1,964) (4.6)Combined delivery

services 40,777 7.7 43,599 8.2 (2,821) (6.5)

Chartered truck services 138,857 26.3 138,631 26.3 226 0.2

Mot

or

tran

spor

tatio

n

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)

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 ]M

arin

e an

d ha

rbor

tr

ansp

orta

tion

(Domestic) [ 12,253 ] ― [ 12,444 ] ― [ (190) ] [ (1.5) ]

Warehousing 52,782 10.0 46,794 8.9 5,988 12.8International air

freight 61,323 11.6 59,344 11.2 1,979 3.3

(Exports) [ 51,075 ] ― [ 48,443 ] ― [ 2,631 ] [ 5.4 ](Imports) [ 10,248 ] ― [ 10,900 ] ― [ (652) ] [ (6.0) ]

Domestic air freight 19,357 3.7 19,792 3.8 (435) (2.2)Air

frei

ght

forw

ardi

ng

Subtotal 80,681 15.3 79,137 15.0 1,544 2.0Travel 2,041 0.4 2,854 0.5 (812) (28.5)A

ir tr

ansp

orta

tion

Subtotal 82,723 15.7 81,991 15.5 731 0.9Heavy haulage and construction 24,161 4.6 23,880 4.5 280 1.2Incidental 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) ]

1H o

f rev

enue

s


Railway utilization transportation 44,808 8.4 41,892 8.0 2,916 7.0Combined delivery

services 41,820 7.9 43,026 8.2 (1,205) (2.8)

Chartered truck services 136,765 25.7 139,295 26.5 (2,530) (1.8)

Mot

or

tran

spor

tatio

n

Subtotal 178,586 33.6 182,321 34.7 (3,735) (2.0)

Marine transportation 30,476 5.7 30,047 5.7 428 1.4Harbor transportation 28,854 5.4 29,630 5.7 (776) (2.6)

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 ]Mar

ine

and

harb

or

tran

spor

tatio

n

(Domestic) [ 12,710 ] ― [ 12,209 ] ― [ 501 ] [ 4.1 ]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

(Exports) [ 51,228 ] ― [ 49,505 ] ― [ 1,723 ] [ 3.5 ](Imports) [ 10,544 ] ― [ 10,687 ] ― [ (142) ] [ (1.3) ]

Domestic air freight 19,678 3.7 20,013 3.8 (334) (1.7)Air

frei

ght

forw

ardi

ng

Subtotal 81,451 15.3 80,205 15.3 1,245 1.6Travel 2,506 0.5 2,369 0.4 137 5.8A

ir tr

ansp

orta

tion

Subtotal 83,958 15.8 82,574 15.7 1,383 1.7Heavy haulage and construction 25,536 4.8 20,184 3.8 5,352 26.5Incidental 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 ]

2H o

f sal

es


- 21 -

○ Changes in number of employees as of year end

(Unit: Person, %)

Change (vs Mar. end 2011)

Mar. end

2012 Sep. end

2011 Mar. end

2011 Change Ratio

Nationwide employees

1,138 1,224 1,317 (179) (13.6)

Other employees

17,236 17,668 17,604 (368) (2.1)

Driv

ers

/wor

kers

Subtotal 18,374 18,892 18,921 (547) (2.9) Nationwide employees

12,827 13,077 13,114 (287) (2.2)

Other employees

4,516 4,712 4,711 (195) (4.1) Offi

ce

pers

onne

l

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 Change

Cash and cash equivalents at beginning of the year 56,903 81,227 (24,324) Cash flows from operating activities 70,601 35,874 34,727 Cash flows from investment activities (51,643) (31,532) (20,110) Cash flows from financing activities 13,039 (28,665) 41,704 Cash and cash equivalents at end of the year 88,900 56,903 31,996

○ Capital expenditures


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

Building Facilities related to reconstruction from the Great East Japan Earthquake

― 1,032


Forecasted amount in FY 2012

Vehicle 6,500Buildings 12,500

Land 1,200Software 5,100

Other 4,700Total 30,000

* Major investment


Type Description (Planned to complete) m2 Amount

Building Reconstruction of Baraki Air Cargo Distribution Center (January 2014) 36,500 1,465

Building

Facilities related to reconstruction from the Great East Japan Earthquake (Semboku branch office, warehouse, etc.)

― 1,199

- 22 -

○ Projection for FY2012


Change FY2012 % in

SalesFY2011 % in

Sales Amount Ratio


services 82,200 7.7 82,598 7.8 (398) (0.5)

Chartered truck services 277,100 26.1 275,623 26.0 1,476 0.5

Mot

or

tran

spor

tatio

n

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 3.1Harbor transportation 59,400 5.6 58,790 5.5 609 1.0

Mar

ine

and

harb

or

tran

spor

tatio

n

Subtotal 122,800 11.6 120,293 11.3 2,506 2.1Warehousing 105,800 10.0 103,985 9.8 1,814 1.7

International air freight 117,600 11.1 123,096 11.6 (5,496) (4.5)

Domestic air freight 40,300 3.8 39,036 3.7 1,263 3.2

Air

frei

ght

forw

ardi

ng

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

Air

tran

spor

tatio

n

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

Rev

enue

s

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)Office personnel 141,800 13.3 142,848 13.5 (1,048) (0.7)

Em

ploy

me

nt c

osts

Subtotal 259,500 24.4 261,279 24.7 (1,779) (0.7)Railway 45,500 4.3 44,406 4.2 1,093 2.5Marine 21,100 2.0 20,199 1.9 900 4.5

Air 64,600 6.1 66,035 6.2 1,435 (2.2)

For

war

ding

co

sts

Subtotal 131,200 12.4 130,641 12.3 558 0.4Vehicle 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 1.5Facility 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)

Ope

ratin

g ex

pens

es

Total 1,039,000 97.8 1,038,760 98.0 239 0.0


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

- 23 -

○ Projection for the 1H FY2012 (Unit: Millions of yen, %)

Change First half of

FY2012 % in Sales

First half of FY2011 % in

Sales Amount Ratio


services 40,500 7.7 40,777 7.7 (277) (0.7)

Chartered truck services 139,700 26.4 138,857 26.3 842 0.6

Mot

or

tran

spor

tatio

n

Subtotal 180,200 34.1 179,635 34.0 564 0.3

Marine transportation 31,700 6.0 31,027 5.9 672 2.2Harbor transportation 30,100 5.7 29,935 5.7 164 0.5

Mar

ine

and

harb

or

tran

spor

tatio

n

Subtotal 61,800 11.7 60,962 11.6 837 1.4Warehousing 53,200 10.0 52,782 10.0 417 0.8

International air freight 59,000 11.2 61,323 11.6 (2,323) (3.8)

Domestic air freight 20,300 3.8 19,357 3.7 942 4.9

Air

frei

ght

forw

ardi

ng

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

Air

tran

spor

tatio

n

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

Rev

enue

s

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)Office personnel 71,000 13.4 71,694 13.6 (694) (1.0)

Em

ploy

me

nt c

osts

Subtotal 129,500 24.5 130,649 24.8 (1,149) (0.9)Railway 21,800 4.1 21,052 4.0 747 3.6Marine 10,500 2.0 9,977 1.9 522 5.2

Air 33,700 6.4 34,756 6.6 (1,056) (3.0)

For

war

ding

co

sts

Subtotal 66,000 12.5 65,786 12.5 213 0.3Vehicle 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 3.7Facility 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

Ope

ratin

g ex

pens

es

Total 519,000 98.1 519,414 98.5 (414) (0.1)


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

Nittsu fy2011-final

Economy & Finance

Transcript of Nittsu fy2011-final