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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: Code: Representative: Contact: Nippon Express Co., Ltd. 9062 President, CEO Officer and General Manager Finance & Accounting Division Kenji Watanabe Masahiko Hata TEL: (03) 6251-1111 Listed stock exchanges: Tokyo, Osaka (URL http://www.nipponexpress.com (English)) (URL http://www.nittsu.co.jp (Japanese))

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

Scheduled date of dividend payment: June 29, 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) (%: compared with the previous period) (1) Consolidated Business Results
Revenues
million %

Operating income
million %

Ordinary income
million %

Net income
million %

Fiscal Year Ended 0.7 1,628,027 37,497 Mar. 31, 2012 Fiscal Year Ended 3.0 1,617,185 31,629 Mar. 31, 2011 (Note) Comprehensive income: Fiscal Year Ended Mar. 31, 2012: 24,974 million (%) Net income per share

18.6
(15.7)

47,441 40,688

16.6 7.8

26,949 8,541

215.5
(32.0)

Fiscal Year Ended Mar. 31, 2011: (5,423 million) (%) Net income on equity
%

Diluted net income per share

Ordinary income on assets


%

Operating margin to sales


%

Fiscal Year Ended 25.85 Mar. 31, 2012 Fiscal Year Ended 8.19 Mar. 31, 2011 (Note) Investment gain or loss on equity method: Fiscal Year Ended Mar. 31, 2012: 455 million

5.7 1.8

4.0 3.5

2.3 2.0

Fiscal Year Ended Mar. 31, 2011: 541 million

(2) Consolidated Financial Position


Total assets
million

Net assets
million

Equity ratio % 39.1 40.7

Net assets per share

Fiscal Year Ended 1,230,964 Mar. 31, 2012 Fiscal Year Ended 1,147,539 Mar. 31, 2011 (Note) Equity: Fiscal Year Ended Mar. 31, 2012: 481,347 million

494,205 479,898

461.63 448.29

Fiscal Year Ended Mar. 31, 2011: 467,451 million

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(3) Consolidated Cash Flows


Cash flows from operating activities
million

Cash flows from Investment activities


million

Cash flow from financing activities


million

Cash and cash equivalents at end of year


million

Fiscal Year Ended Mar. 31, 2012 Fiscal Year Ended Mar. 31, 2011

97,806 64,394

(31,563) (48,086)

10,129 (26,225)

181,614 107,062

2.

Dividends Information
Annual dividend per share First Quarter

Second Quarter

Third Quarter

Year End

Yearly

Total dividend (Annual)


million

Dividend payout ratio (Consolidated)


%

Dividend payout ratio on net assets (Consolidated)


%

Fiscal Year Ended Mar. 31, 2011 Fiscal Year Ended Mar. 31, 2012 Fiscal Year Ending Mar. 31, 2013 (Forecast)

5.00 5.00 5.00

5.00 5.00 5.00

10.00 10.00 10.00

10,427 10,427

122.1 38.7 34.8

2.2 2.2

3.

Forecast of Consolidated Financial Results for FY2012 (from April 1, 2012 to March 31, 2013)
Revenues
million %

Operating income
million %

Ordinary income
million %

(%: compared with the previous period) Net income Net income per share
million %

Interim of year Full year

810,000 1,650,000

1.0 1.3

18,000 42,000

29.2 12.0

22,000 50,000

15.3 5.4

14,000 30,000

40.2 11.3

13.43 28.77

*Notes (1) (2) Significant changes of subsidiaries during the period under review (affecting specific subsidiaries due to changes in scope of consolidation): Not applicable 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 Total number of issued shares (common stock) 1) Total number of issued shares at end As of of period (including treasury stock) Mar. 31, 2012 2) Total number of treasury stocks at As of end of period Mar. 31, 2012 3) Average number of shares during Fiscal Year Ended period Mar. 31, 2012 1,062,299,281 shares 19,588,014 shares 1,042,724,442 shares As of 1,062,299,281 Mar. 31, 2011 shares As of 19,559,139 Mar. 31, 2011 shares Fiscal Year Ended 1,042,770,621 Mar. 31, 2011 shares

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(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
Revenues
million %

(%: compared with the previous period) Operating income


million %

Ordinary income
million %

Net income
million %

Fiscal Year Ended Mar. 31, 2012 Fiscal Year Ended Mar. 31, 2011

1,059,708 1,053,106 Net income per share

0.6 0.5

20,948 15,780

32.7 (32.1)

27,813 21,861

27.2 (24.2)

13,804 692

(88.3)

Diluted net income per share


Fiscal Year Ended Mar. 31, 2012 Fiscal Year Ended Mar. 31, 2011

13.24 0.66

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(2) Non-consolidated Financial Position


Total assets
million

Net assets
million

Equity ratio
%

Net assets per share

Fiscal Year Ended 849,190 Mar. 31, 2012 Fiscal Year Ended 777,445 Mar. 31, 2011 (Note) Equity: Fiscal Year Ended Mar. 31, 2012: 339,186 million

339,186 334,426

39.9 43.0

325.29 320.72

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)
Revenues
million %

Ordinary income
million %

(%: compared with the previous period) Net income Net income per share
million %

Interim of year Full year

529,000 1,062,000

0.3 0.2

13,500 30,000

34.7 7.9

7,000 14,500

55.4 5.0

6.71 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 Companys 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 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 overseasrelated 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 Groups 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, -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, 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 -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 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 Operating income Ordinary income Net income 1,650 billion (up 1.3% year on year) 42 billion (up 12.0% year on year) 50 billion (up 5.4% year on year) 30 billion (up 11.3% year on year)

Performance Forecasts of Non-consolidated Financial Results (Full year) Revenues Operating income Ordinary income Net income 1,062 billion (up 0.2% year on year) 23 billion (up 9.8% year on year) 30 billion (up 7.9% year on year) 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. -6-

(Reference) Trends in the Groups cash flow indicators are as follows. FY2007 39.3 46.1 3.9 20.7 FY2008 40.4 27.4 5.3 14.8 FY2009 40.3 34.9 4.2 23.4 FY2010 40.7 29.0 5.2 17.9 FY2011 39.1 27.4 3.6 30.3

Equity ratio (%) Marked-to-market equity ratio (%) Ratio of cash flow to interest-bearing liabilities (years) Interest coverage ratio (times) (Notes) Equity ratio: Marked-to-market equity ratio: Ratio of cash flow to interest-bearing liabilities: Interest coverage ratio:

Equity / Total assets Market capitalization / Total assets Interest-bearing liabilities / Operating cash flow 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) ASSETS Current assets Cash and cash in banks Notes receivable-trade Accounts receivable-trade Inventories Advanced money Prepaid expenses Deferred tax assets Lease investment assets Other Less: allowance for doubtful accounts Total current assets Noncurrent assets Property and equipment Vehicles Less: accumulated depreciation Vehicles, net Buildings Less: accumulated depreciation Buildings, net Structures Less: accumulated depreciation Structures, net Machinery Less: accumulated depreciation Machinery, net Tools, furniture and fixtures Less: accumulated depreciation Tools, furniture and fixtures, net Vessels Less: accumulated depreciation Vessels, net Land Leased assets Less: accumulated depreciation Leased assets, net Construction in progress Net property and equipment Intangible assets
Leasehold right

FY2011 (as of March 31, 2012)

113,149 11,934 221,814 4,806 2,056 7,921 12,863 87,989 28,990 (1,046) 490,481

187,797 15,880 241,822 5,119 1,705 8,405 11,371 89,851 27,101 (843) 588,212

171,293 (151,339) 19,953 538,495 (287,429) 251,066 64,501 (49,383) 15,117 64,459 (50,889) 13,570 90,128 (68,062) 22,066 16,870 (12,483) 4,387 171,977 5,146 (1,776) 3,369 2,631 504,140 7,133 20,227 27,360 87,795 1,335 1,305 2,976 14,250 19,813 (1,919) 125,557 657,058 1,147,539

166,605 (147,808) 18,796 536,869 (294,444) 242,424 64,098 (50,279) 13,818 65,086 (50,963) 14,122 89,567 (69,354) 20,213 15,791 (12,261) 3,529 169,870 4,913 (1,998) 2,914 5,511 491,203 6,923 18,193 25,117 86,764 3,522 990 3,773 14,369 18,796 (1,785) 126,431 642,752 1,230,964

Other Total Intangible assets Investments and other assets Investment securities Long-term loans receivable Long-term loan to employees Long-term prepaid expense Security deposit Other Less: allowance for doubtful accounts Total investments and other assets Total noncurrent assets Total assets

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FY2010 (as of March 31, 2011) LIABILITIES Current liabilities Notes payable-trade Accounts payable-trade Short-term loans payable Other Payables Income taxes payable Consumer tax payable Unpaid expenses Advance receipt Deposits Deposits from employees Provision for bonus Provision for directors' bonus Allowance for warranty and repair Provision for loss on disaster Other Total current liabilities Noncurrent liabilities Bonds payable Long-term loans payable Provision for retirement benefits Provision for directors' retirement benefits Provision for special repairment Deferred tax liabilities Other Total noncurrent liabilities Total liabilities NET ASSETS Shareholders equity Common stock Additional paid-in capital Retained earnings Less: treasury stock Total shareholders equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains on hedges Foreign currency translation adjustment Total accumulated other comprehensive income Minority interests Total net assets Total liabilities and net assets

(Unit: Millions of yen) FY2011 (as of March 31, 2012)

6,991 119,899 49,925 24,616 5,297 4,899 17,010 10,140 40,302 29,670 19,139 137 360 4,035 7,980 340,408 50,000 199,494 37,540 418 208 17,510 22,060 327,232 667,641

11,104 135,158 78,556 29,987 15,449 5,162 17,083 10,475 58,201 29,486 19,532 139 119 487 10,656 421,601 80,000 160,541 38,870 394 190 14,054 21,107 315,158 736,759

70,175 26,908 375,785 (11,542) 461,326 26,370 9 (20,255) 6,125 12,446 479,898 1,147,539

70,175 26,908 392,305 (11,549) 477,839 27,756 8 (24,256) 3,508 12,858 494,205 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) 1,617,185 1,510,590 106,595 41,018 4,706 4,088 352 24,800 74,965 31,629 434 2,223 306 541 1,888 8,261 13,655 3,456 107 1,032 4,596 40,688 5,233 46 139 179 5,598 4,432 47 5,892 7,505
*14,847

Revenues Operating costs Gross profit Selling, general and administrative expenses Salaries, compensation, and welfare expenses Depreciation and amortization Advertising expenses
Provision for allowance for doubtful accounts

(Unit: Millions of yen) FY2011 (from April 1, 2011 to March 31, 2012) 1,628,027 1,519,353 108,674 41,030 3,953 3,910 22,283 71,177 37,497 554 3,037 399 455 2,217 7,815 14,480 3,224 55 1,255 4,536 47,441 7,586 146 571 8,304 3,223 374 196 169 269 1,614 410 6,258 49,487 20,092 1,635 21,727 27,759 809 26,949

Other Total selling, general and administrative expenses Operating income Non-operating income Interest income Dividends income Gain on sales of vehicles Equity in earnings of affiliates Income from foreign exchange Other Total non-operating income Non-operating expenses Interest expenses Loss on sale and retirement of vehicles Other Total non-operating expenses Ordinary income Extraordinary income Gain on sales of noncurrent assets Gain on sales of investment securities Change in profit for previous term Other Total extraordinary income Extraordinary loss Loss on disposal of noncurrent assets Loss on sales of investment securities Loss on valuation of investment securities Impairment loss Loss on adjustment for changes of Accounting Standard for Asset Retirement Obligations Loss on disaster Change in loss for previous term Settlement package with the United States Department of Justice Other Total extraordinary loss Income before income taxes and minority interests Income taxes-current Income taxes-deferred Total income taxes etc. Income before minority interests Minority interests Net income

34 535 23,296 22,991 9,799 3,576 13,376 9,615 1,073 8,541

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Consolidated Statements of Comprehensive Income FY2010 (from April 1, 2010 to March 31, 2011) 9,615 (6,886) (2) (7,971) (178) (15,038) (5,423) (6,353) 929 (Unit: Millions of yen) FY2011 (from April 1, 2011 to March 31, 2012) 27,759 1,393 (2) (4,071) (104) (2,784) 24,974 24,332 642

Income before minority interests Other comprehensive income Valuation difference on available-for-sale securities Deferred gains (losses) on hedges Foreign currency translation adjustment Share of other comprehensive income of associates accounted for using equity method Other comprehensive income Comprehensive income (Comprehensive income attributable to) Comprehensive income attributable to owners of the parent Comprehensive income attributable to minority interests

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(3) Consolidated Statements of Changes in Net Assets FY2010 (from April 1, 2010 to March 31, 2011) Shareholders' equity Common stock Balance at beginning of the year Changes during the year Total changes during the year Balance at end of the year Additional paid-in capital Balance at beginning of the year Changes during the year Total changes during the year Balance at end of the year Retained earnings Balance at beginning of the year Changes during the year Cash dividends Net income Decrease in treasury stock Total changes during the year Balance at end of the year Treasury stock Balance at beginning of the year Changes during the year Increase in treasury stock Decrease in treasury stock Total changes during the year Balance at end of the year Total shareholders equity Balance at beginning of the year Changes during the year Cash dividends Net income Increase in treasury stock Decrease in treasury stock Total changes during the year Balance at end of the year (Unit: Millions of yen) FY2011 (from April 1, 2011 to March 31, 2012)

70,175 70,175 26,908 26,908 377,675 (10,427) 8,541 (3) (1,889) 375,785 (11,524) (26) 8 (17) (11,542) 463,234 (10,427) 8,541 (26) 4 (1,907) 461,326

70,175 70,175 26,908 26,908 375,785 (10,427) 26,949 (1) 16,519 392,305 (11,542) (11) 4 (7) (11,549) 461,326 (10,427) 26,949 (11) 2 16,512 477,839

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FY2010 (from April 1, 2010 to March 31, 2011) Accumulated other comprehensive income Valuation difference on available-for-sale securities Balance at beginning of the year Changes during the year Net changes in items other than shareholders equity Total changes during the year Balance at end of the year Deferred gains (losses) on hedges Balance at beginning of the year Changes during the year Net changes in items other than shareholders' equity Total changes during the year Balance at end of the year Foreign currency translation adjustments Balance at beginning of the year Changes during the year Net changes in items other than shareholders equity Total changes during the year Balance at end of the year Total accumulated other comprehensive income Balance at beginning of the year Changes during the year Net changes in items other than shareholders equity Total changes during the year Balance at end of the year Minority interests Balance at beginning of the year Changes during the year Net changes in items other than shareholders' equity Total changes during the year Balance at end of the year Total net assets Balance at beginning of the year Changes during the year Cash dividends Net income Increase in treasury stock Decrease in treasury stock Net changes in items other than shareholders' equity Total changes during the year Balance at end of the year

(Unit: Millions of yen) FY2011 (from April 1, 2011 to March 31, 2012)

33,248 (6,877) (6,877) 26,370 12 (2) (2) 9 (12,241) (8,014) (8,014) (20,255) 21,019 (14,894) (14,894) 6,125 11,629 817 817 12,446 495,883 (10,427) 8,541 (26) 4 (14,077) (15,985) 479,898

26,370 1,386 1,386 27,756 9 (1) (1) 8 (20,255) (4,001) (4,001) (24,256) 6,125 (2,616) (2,616) 3,508 12,446 411 411 12,858 479,898 (10,427) 26,949 (11) 2 (2,205) 14,307 494,205

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(4) Consolidated Statements of Cash Flows FY2010 (from April 1, 2010 to March 31, 2011) Cash flows from operating activities Income before income taxes and minority interests Depreciation and amortization Impairment loss Loss on adjustment for changes of accounting standard for asset retirement obligations Loss on disaster Settlement package with the United States Department of Justice Loss on sale or write-down of securities, net Gain on sale or disposal of property and equipment, net Increase in provision for bonus Increase (decrease) in provision for retirement benefits Interest and dividend income Interest expense Equity in earnings of unconsolidated subsidiaries and affiliates (Increase) decrease in trade receivables (Increase) decrease in inventories Increase (decrease) in accounts payable Increase (decrease) in consumption taxes etc. payable Other Sub-total Interest and dividends received Interest paid Cash paid for the shifting to DC (Defined Contribution) pension plan Payment for loss on disaster Income taxes paid Net cash provided by operating activities Cash flows from investment activities Payment for purchase of securities Proceeds from sale of securities Payment for purchase of property and equipment Proceeds from sales of property and equipment Other Net cash used in investment activities Cash flows from financing activities Change in short-term loans payable Change in commercial paper Proceeds from long-term loans payable Payment of long-term loans payable Proceeds from issuance of bonds Proceeds from stock issuance to minority shareholders Cash dividends Other Net cash used in financing activities Effect of exchange rate changes on cash Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 22,991 52,470 7,505 4,847 5,894 (998) 54 (1,483) (2,657) 3,456 (541) 2,999 162 (4,670) 141 (9,017) 81,152 2,964 (3,604) (3,908) (12,209) 64,394 (517) 326 (58,008) 8,511 1,601 (48,086) (3,395) (7,000) 101,106 (104,857) 99 (10,427) (1,750) (26,225) (4,207) (14,124) 121,187 107,062 (Unit: Millions of yen) FY2011 (from April 1, 2011 to March 31, 2012) 49,487 48,390 169 269 1,614 425 (4,706) 428 1,466 (3,592) 3,224 (455) (26,807) (317) 19,362 311 20,225 109,494 3,881 (3,230) (2,458) (9,881) 97,806 (1,570) 581 (42,592) 14,465 (2,447) (31,563) (115) 2,000 36,575 (46,988) 30,000 19 (10,427) (935) 10,129 (1,821) 74,551 107,062 181,614

- 14 -

7. Reference Materials (1) Consolidated Reference Materials Financial Results of Reportable Segment for FY2011 (Unit: Millions of yen, %) FY 2011 Combined Business 704,717 Security 58,764 Transportation Heavy Haulage & 40,048 Construction Air Freight 205,407 Forwarding & Travel Marine & Harbor 125,654 Transportation Subtotal 1,134,593 The Americas 42,963 Europe 46,453 East Asia 72,967 South Asia & 44,811 Oceania Subtotal 207,196 Total 1,341,789 Goods Sales 374,076 Other 40,368 Subtotal 1,756,234 Adjustment (128,206) Total 1,628,027 Combined Business [1.0] 6,941 Security [3.2] 1,899 Transportation Heavy Haulage & [9.5] 3,817 Construction Air Freight [3.2] 6,579 Forwarding & Travel Marine & Harbor [4.1] 5,100 Transportation Subtotal [2.1] 24,339 The Americas [3.9] 1,682 Europe [4.1] 1,895 East Asia [3.2] 2,344 South Asia & [3.7] 1,651 Oceania Subtotal [3.7] 7,573 Total [2.4] 31,913 Goods Sales [1.9] 6,961 Other [4.8] 1,942 Subtotal [2.3] 40,817 Adjustment (3,320) Total [2.3] 37,497 Figures in brackets indicate Operating Margins. Domestic Companies
Overseas Companies

FY 2010 717,439 59,542 34,356 203,408 124,216 1,138,963 42,806 45,069 76,955 45,564 210,396 1,349,359 352,507 35,980 1,737,847 (120,662) 1,617,185 8,381 1,806 2,685 952 5,439 19,265 1,584 1,784 2,098 1,391 6,859 26,124 7,053 1,509 34,687 (3,057) 31,629

Change Amount Ratio

(12,722) (777) 5,691 1,999 1,438 (4,369) 157 1,383 (3,988) (752) (3,200) (7,570) 21,568 4,388 18,386 (7,544) 10,842 (1,439) 93 1,132 5,627 (339) 5,074 97 110 246 259 714 5,788 (91) 432 6,129 (262) 5,867

(1.8) (1.3) 16.6 1.0 1.2 (0.4) 0.4 3.1 (5.2) (1.7) (1.5) (0.6) 6.1 12.2 1.1 0.7 (17.2) 5.2 42.2 590.7 (6.2) 26.3 6.2 6.2 11.7 18.7 10.4 22.2 (1.3) 28.7 17.7 18.6

Reportable Segment

Distribution & Transportation

Revenues

[1.2] [3.0] [7.8] [0.5] [4.4] [1.7] [3.7] [4.0] [2.7] [3.1] [3.3] [1.9] [2.0] [4.2] [2.0] [2.0]

Segment Income (Operating Income)

Reportable Segment

Distribution & Transportation

(Note)

Overseas Companies

Domestic Companies

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Projection of Consolidated Financial Results for FY 2012 (Unit: Millions of yen, %) Projection for FY 2012 Combined Business 708,500 Security 59,600 Transportation Heavy Haulage & 37,400 Construction Air Freight 200,500 Forwarding & Travel Marine & Harbor 129,300 Transportation Subtotal 1,135,300 The Americas 55,500 Europe 47,700 East Asia 77,200 South Asia & 48,600 Oceania Subtotal 229,000 Total 1,364,300 Goods Sales 374,900 Other 42,000 Subtotal 1,781,200 Adjustment (131,200) Total 1,650,000 Combined Business [1.2] 8,740 Security [3.2] 1,920 Transportation Heavy Haulage & [9.5] 3,540 Construction Air Freight [3.2] 6,350 Forwarding & Travel Marine & Harbor [4.7] 6,090 Transportation Subtotal [2.3] 26,640 The Americas [4.0] 2,230 Europe [4.5] 2,170 East Asia [3.8] 2,920 South Asia & [4.2] 2,020 Oceania Subtotal [4.1] 9,340 Total [2.6] 35,980 Goods Sales [1.8] 6,630 Other [4.7] 1,960 Subtotal [2.5] 44,570 Adjustment (2,570) Total [2.5] 42,000 Figures in brackets indicate Operating Margins. Domestic Companies
Overseas Companies

Results of FY 2011 704,717 58,764 40,048 205,407 125,654 1,134,593 42,963 46,453 72,967 44,811 207,196 1,341,789 374,076 40,368 1,756,234 (128,206) 1,628,027 6,941 1,899 3,817 6,579 5,100 24,339 1,682 1,895 2,344 1,651 7,573 31,913 6,961 1,942 40,817 (3,320) 37,497

Change Amount Ratio

3,782 835 (2,648) (4,907) 3,645 706 12,536 1,246 4,232 3,788 21,803 22,510 823 1,631 24,965 (2,993) 21,972 1,798 20 (277) (229) 989 2,300 547 274 575 368 1,766 4,066 (331) 17 3,752 750 4,502

0.5 1.4 (6.6) (2.4) 2.9 0.1 29.2 2.7 5.8 8.5 10.5 1.7 0.2 4.0 1.4 1.3 25.9 1.1 (7.3) (3.5) 19.4 9.5 32.6 14.5 24.6 22.3 23.3 12.7 (4.8) 0.9 9.2 12.0

Reportable Segment

Distribution & Transportation

Revenues

[1.0] [3.2] [9.5] [3.2] [4.1] [2.1] [3.9] [4.1] [3.2] [3.7] [3.7] [2.4] [1.9] [4.8] [2.3] [2.3]

Segment Income (Operating Income)

Reportable Segment

Distribution & Transportation

(Note)

Overseas Companies

Domestic Companies

- 16 -

Projection for 1H of the year for FY 2012 (Reportable Segment) (Unit: Millions of yen, %) Projection for FY 2012 Combined Business 351,800 Security 29,700 Transportation Heavy Haulage & 17,800 Construction Air Freight 100,300 Forwarding & Travel Marine & Harbor 66,400 Transportation Subtotal 566,000 The Americas 24,700 Europe 23,300 East Asia 37,100 South Asia & 23,100 Oceania Subtotal 108,200 Total 674,200 Goods Sales 178,800 Other 20,300 Subtotal 873,300 Adjustment (63,300) Total 810,000 Combined Business [0.8] 2,850 Security [3.3] 990 Transportation Heavy Haulage & [8.9] 1,580 Construction Air Freight [2.5] 2,520 Forwarding & Travel Marine & Harbor [5.3] 3,550 Transportation Subtotal [2.0] 11,490 The Americas [2.8] 690 Europe [5.0] 1,160 East Asia [2.7] 1,010 South Asia & [3.2] 740 Oceania Subtotal [3.3] 3,600 Total [2.2] 15,090 Goods Sales [1.8] 3,130 Other [3.8] 770 Subtotal [2.2] 18,990 Adjustment (990) Total [2.2] 18,000 Figures in brackets indicate Operating Margins. Domestic Companies
Overseas Companies

Results of FY 2011 350,021 29,394 19,362 101,521 63,894 564,195 21,457 23,269 36,008 21,319 102,055 666,251 177,241 19,564 863,056 (61,133) 801,923 1,766 1,122 1,777 1,225 3,155 9,046 432 932 783 564 2,713 11,760 3,080 543 15,384 (1,456) 13,927

Change Amount Ratio

1,778 305 (1,562) (1,221) 2,505 1,804 3,242 30 1,091 1,780 6,144 7,949 1,558 735 10,243 (2,166) 8,076 1,083 (132) (197) 1,294 394 2,443 257 227 226 175 886 3,329 49 226 3,605 466 4,072

0.5 1.0 (8.1) (1.2) 3.9 0.3 15.1 0.1 3.0 8.4 6.0 1.2 0.9 3.8 1.2 1.0 61.4 (11.8) (11.1) 105.5 12.5 27.0 59.6 24.4 28.8 31.0 32.7 28.3 1.6 41.7 23.4 29.2

Reportable Segment

Distribution & Transportation

Revenues

[0.5] [3.8] [9.2] [1.2] [4.9] [1.6] [2.0] [4.0] [2.2] [2.6] [2.7] [1.8] [1.7] [2.8] [1.8] [1.7]

Segment Income (Operating Income)

Reportable Segment

Distribution & Transportation

(Note)

Overseas Companies

Domestic Companies

- 17 -

Changes in number of employees as of year end (Unit: Persons, %) Mar. end 2012 Distribution & Transportation Goods Sales Other Eliminations Total Capital expenditures (Unit: Millions of yen) Actual amount in FY 2011 Vehicles Buildings Land Leased assets Other Total 9,143 14,689 2,197 8,239 11,619 45,890 Major investment Company Nippon Express Nittsu Shoji Co., Ltd. Amount 26,196 1,876 (Unit: Millions of yen) Note Nittsu Sapporo Building 1,358 million, etc. New headquarters building (under construction) 62,421 2,599 717 22 65,759 Sep. end 2011 63,403 2,656 716 21 66,796 Mar. end 2011 63,490 2,677 736 21 66,924 Change (vs Mar. end 2011) Amount (1,069) (78) (19) 1 (1,165) Ratio (1.7) (2.9) (2.6) 4.8 (1.7)

* Amount for Nippon Express does not include leased assets.

(Unit: Millions of yen) Forecast for FY 2012 Vehicles Buildings Land Leased assets Other Total 10,810 20,407 1,957 10,623 19,019 62,817 Major plans Company Nippon Express Nittsu Shoji Co., Ltd. Amount 30,000 3,884 (Unit: Millions of yen) Note Reconstruction of Baraki Air Cargo Distribution Center 1,465 million, etc. Coastal shipping system vessel

* Amount for Nippon Express does not include leased assets.

- 18 -

(2) Non-consolidated Reference Materials Details of revenues and operating income for FY 2011 (Unit: Millions of yen, %) Change % in Sales 8.0 8.2 26.4 34.6 5.8 5.7 11.5 9.2 11.3 ] ] 3.8 15.1 0.5 15.6 4.2 16.9 100.0 ] ] 77.2 22.8 11.2 13.3 24.5 4.2 2.1 6.5 12.8 38.8 3.3 7.2 11.9 98.5 1.5 [ [ [ [ Amount 951 (4,027) (2,303) (6,330) 215 (1,238) (1,023) (1,943) ] [ 610 ] [ 310 ] [ 7,208 3,559 4,355 ] [ (795) ] [ (769) 2,790 (675) 2,114 5,632 (1,950) 6,602 2,992 3,609 510 2,614 3,124 145 (1,873) (1,990) (3,717) 5,420 (2,194) (2,677) 1,479 1,434 5,167 ] [ ] [ Ratio 1.1 (4.6) (0.8) (1.7) 0.4 (2.1) (0.8) (3.3) 1.6 1.3 7.4 3.0 4.4 (3.7) (1.9) 1.8 (12.9) 1.3 12.8 (1.1) 0.6 0.4 1.5 0.4 1.9 1.2 0.3 (8.5) (2.9) (2.8) 1.3 (6.2) (3.5) 1.2 0.1 32.7 ] ] ] ]

FY 2011 Railway utilization transportation Combined delivery services Chartered truck services
Motor transportation

% in Sales 8.1 7.8 26.0 33.8 5.8 5.5 11.3 9.8 11.6 ] ] 3.7 15.3 0.4 15.7 4.7 16.6 100.0 ] ] 77.0 23.0 11.2 13.5 24.7 4.2 1.9 6.2 12.3 39.0 3.1 6.9 12.0 98.0 2.0 [ [ [ [

FY 2010 84,390 86,625 277,926 364,552 61,287 60,029 121,316 58,945 37,717 24,653 96,777 119,536 97,948 21,588 39,805 159,342 5,224 164,566 44,065 177,437 1,053,106 813,190 239,915 117,920 140,234 258,154 44,260 22,072 68,025 134,358 408,196 35,211 76,040 125,363 1,037,325 15,780

85,341 82,598 275,623 358,221 61,503 58,790 120,293 57,002 38,327 24,964 103,985 123,096 [ [ 102,303 20,792 39,036 162,132 4,548 166,681 49,697 175,486 1,059,708 816,183 243,525 118,431 142,848 261,279 44,406 20,199 66,035 130,641 413,616 33,016 73,363 126,842 1,038,760 20,948

Subtotal

Marine transportation Harbor transportation Subtotal (Exports) (Imports) (Domestic) Warehousing International air freight (Exports) (Imports) Domestic air freight Subtotal Travel Subtotal Heavy haulage & construction Incidental operations and others
Marine and harbor transportation

[ [ [

] ] ]

[ [ [

] ] ]

[ [ [

] ] ]

Revenues

Air transportation

Operating expenses

Forwarding Employment costs costs

Total (Domestic operation-related [ revenues) (International operation-related [ revenues) Drivers/workers Office personnel Subtotal Railway Marine Air Subtotal Vehicle chartering and subcontracting costs Depreciation and amortization Facility usage charges Other Total Operating income

Air freight forwarding

- 19 -

Details of revenues for the first and second half of FY 2011 (Unit: Millions of yen, %) Change % in Sales 8.1 8.2 26.3 34.5 5.9 5.8 11.7 [ [ [ 8.9 11.2 ] ] 3.8 15.0 0.5 15.5 4.5 16.8 100.0 ] ] 77.2 [ 22.8 [ 8.0 8.2 26.5 34.7 5.7 5.7 11.4 [ [ [ 9.5 11.5 ] ] 3.8 15.3 0.4 15.7 3.8 16.9 100.0 ] ] 77.2 [ 22.8 [ [ [ [ [ Amount (1,964) (2,821) 226 (2,595) (213) (462) (675) (731) ] [ 246 ] [ (190) ] [ 5,988 1,979 2,631 ] [ (652) ] [ (435) 1,544 (812) 731 280 (2,340) (575) (2,423) ] [ 1,847 ] [ 2,916 (1,205) (2,530) (3,735) 428 (776) (347) (1,211) ] [ 363 ] [ 501 ] [ 1,219 1,580 1,723 ] [ (142) ] [ (334) 1,245 137 1,383 5,352 390 7,178 5,416 ] [ 1,761 ] [ Ratio (4.6) (6.5) 0.2 (1.4) (0.7) (1.5) (1.1) (2.5) 1.3 (1.5) 12.8 3.3 5.4 (6.0) (2.2) 2.0 (28.5) 0.9 1.2 (2.6) (0.1) (0.6) 1.5 7.0 (2.8) (1.8) (2.0) 1.4 (2.6) (0.6) (4.2) 2.0 4.1 2.4 2.6 3.5 (1.3) (1.7) 1.6 5.8 1.7 26.5 0.4 1.4 1.3 1.5 ] ] ] ] ] ] ] ]

FY 2011 Railway utilization transportation Combined delivery services Chartered truck services
Motor transportation

% in Sales 7.7 7.7 26.3 34.0 5.9 5.7 11.6 10.0 11.6 ] ] 3.7 15.3 0.4 15.7 4.6 16.4 100.0 ] ] 76.9 23.1 8.4 7.9 25.7 33.6 5.7 5.4 11.1 9.6 11.6 ] ] 3.7 15.3 0.5 15.8 4.8 16.7 100.0 ] ] 77.2 22.8 - 20 [ [ [ [ [ [ [ [

FY 2010 42,498 43,599 138,631 182,230 31,240 30,398 61,638 29,790 19,403 12,444 46,794 59,344 48,443 10,900 19,792 79,137 2,854 81,991 23,880 88,893 527,927 407,752 120,174 41,892 43,026 139,295 182,321 30,047 29,630 59,678 29,155 18,313 12,209 49,983 60,192 49,505 10,687 20,013 80,205 2,369 82,574 20,184 88,544 525,178 405,437 119,741

40,533 40,777 138,857 179,635 31,027 29,935 60,962 29,059 19,650 12,253 52,782 61,323
[ [

Subtotal

Marine transportation Harbor transportation Subtotal (Exports) (Imports) (Domestic) Warehousing International air freight (Exports) (Imports) Domestic air freight Subtotal Travel Subtotal Heavy haulage and construction Incidental operations and others
Marine and harbor transportation

[ [ [

1H of revenues

] ] ]

[ [ [

] ] ]

] ] ]

Air transportation

Air freight forwarding

51,075 10,248 19,357 80,681 2,041 82,723 24,161 86,552 527,351 405,329 122,021 44,808 41,820 136,765 178,586 30,476 28,854 59,330 27,943 18,677 12,710 51,202 61,772 51,228 10,544 19,678 81,451 2,506 83,958 25,536 88,934 532,356 410,853 121,503

Motor transportation

Total (Domestic operation-related [ revenues) (International operation-related [ revenues) Railway utilization transportation Combined delivery services Chartered truck services Subtotal

Marine transportation Harbor transportation Subtotal (Exports) (Imports) (Domestic) Warehousing International air freight (Exports) (Imports) Domestic air freight Subtotal Travel Subtotal Heavy haulage and construction Incidental operations and others
Marine and harbor transportation

[ [ [

] ] ]

[ [ [

] ] ]

] ] ]

2H of sales

Air transportation

Air freight forwarding

[ [

Total (Domestic operation-related revenues) (International operation-related revenues)

[ [

Changes in number of employees as of year end (Unit: Person, %) Change (vs Mar. end 2011) Change Ratio (179) (368) (547) (287) (195) (482) (1,029) (13.6) (2.1) (2.9) (2.2) (4.1) (2.7) (2.8)

Mar. end 2012 Nationwide employees Other employees Subtotal Nationwide employees Other employees Subtotal Total Cash flows Drivers /workers 1,138 17,236 18,374 12,827 4,516 17,343 35,717

Sep. end 2011 1,224 17,668 18,892 13,077 4,712 17,789 36,681

Mar. end 2011 1,317 17,604 18,921 13,114 4,711 17,825 36,746

Office personnel

Cash and cash equivalents at beginning of the year Cash flows from operating activities Cash flows from investment activities Cash flows from financing activities Cash and cash equivalents at end of the year Capital expenditures (Unit: Millions of yen) Actual amount in FY 2011 6,680 10,764 909 2,525 5,316 26,196

FY 2011 56,903 70,601 (51,643) 13,039 88,900

(Unit: Millions of yen) FY 2010 Change 81,227 (24,324) 35,874 34,727 (31,532) (20,110) (28,665) 41,704 56,903 31,996

Vehicle Buildings Land Software Other Total

* Major investment Type Building Building Description Nittsu Sapporo Building Facilities related to reconstruction from the Great East Japan Earthquake (Unit: Millions of yen) Vehicle Buildings Land Software Other Total * Major investment (Unit: Millions of yen) Type Building Description Reconstruction of Baraki Air Cargo Distribution Center Facilities related to reconstruction from the Great East Japan Earthquake (Semboku branch office, warehouse, etc.) - 21 (Planned to complete) (January 2014) m2 36,500 Amount 1,465 Forecasted amount in FY 2012 6,500 12,500 1,200 5,100 4,700 30,000 (Unit: Millions of yen) m2 Amount 10,261 1,358 1,032

Building

1,199

Projection for FY2012 (Unit: Millions of yen, %) Change % in Sales 8.1 7.8 26.0 33.8 5.8 5.5 11.3 9.8 11.6 3.7 15.3 0.4 15.7 4.7 16.6 100.0 11.2 13.5 24.7 4.2 1.9 6.2 12.3 39.0 3.1 6.9 12.0 98.0 2.0 1.0 0.4 2.6 0.6 0.8 2.4 1.1 1.3 Amount 2,358 (398) 1,476 1,078 1,896 609 2,506 1,814 (5,496) 1,263 (4,232) 51 (4,181) (2,197) 913 2,291 (731) (1,048) (1,779) 1,093 900 1,435 558 1,683 483 (563) (142) 239 2,051 (3) (138) 2,186 (2,496) (2,182) 1,872 1,177 695 Ratio 2.8 (0.5) 0.5 0.3 3.1 1.0 2.1 1.7 (4.5) 3.2 (2.6) 1.1 (2.5) (4.4) 0.5 0.2 (0.6) (0.7) (0.7) 2.5 4.5 (2.2) 0.4 0.4 1.5 (0.8) (0.1) 0.0 9.8 (0.0) (3.5) 7.9 (40.3) (27.0) 7.2 9.7 5.0

FY2012 Railway utilization transportation Combined delivery services Chartered truck services
Motor transportation

% in Sales 8.2 7.7 26.1 33.8 6.0 5.6 11.6 10.0 11.1 3.8 14.9 0.4 15.3 4.5 16.6 100.0 11.1 13.3 24.4 4.3 2.0 6.1 12.4 39.1 3.1 6.9 11.9 97.8 2.2 1.0 0.4 2.8 0.4 0.6 2.6 1.2 1.4

FY2011 85,341 82,598 275,623 358,221 61,503 58,790 120,293 103,985 123,096 39,036 162,132 4,548 166,681 49,697 175,486 1,059,708 118,431 142,848 261,279 44,406 20,199 66,035 130,641 413,616 33,016 73,363 126,842 1,038,760 20,948 10,803 3,938 27,813 6,196 8,082 25,927 12,122 13,804

87,700 82,200 277,100 359,300 63,400 59,400 122,800 105,800 117,600 40,300 157,900 4,600 162,500 47,500 176,400 1,062,000 117,700 141,800 259,500 45,500 21,100 64,600 131,200 415,300 33,500 72,800 126,700 1,039,000 23,000 10,800 3,800 30,000 3,700 5,900 27,800 13,300 14,500

Subtotal

Marine transportation Harbor transportation Subtotal Warehousing International air freight Domestic air freight Subtotal Travel Subtotal Heavy haulage and construction Incidental operations and others Air transportation
Air freight forwarding

Revenues

Marine and harbor transportation

Total Drivers/workers Office personnel Subtotal Railway Marine Air Subtotal Vehicle chartering and subcontracting costs Depreciation and amortization Facility usage charges Other Total Operating income Non-operating income Non-operating expenses Ordinary income Extraordinary income Extraordinary loss Income before income taxes Income taxes Net income
Employme nt costs

Operating expenses

Forwarding costs

- 22 -

Projection for the 1H FY2012 First half of FY2012 Railway utilization transportation Combined delivery services Chartered truck services
Motor transportation

42,100 40,500 139,700 180,200 31,700 30,100 61,800 53,200 59,000 20,300 79,300 2,200 81,500 22,900 87,300 529,000 58,500 71,000 129,500 21,800 10,500 33,700 66,000 208,200 16,500 36,200 62,600 519,000 10,000 5,400 1,900 13,500 1,500 1,600 13,400 6,400 7,000

% in Sales 8.0 7.7 26.4 34.1 6.0 5.7 11.7 10.0 11.2 3.8 15.0 0.4 15.4 4.3 16.5 100.0 11.1 13.4 24.5 4.1 2.0 6.4 12.5 39.4 3.1 6.8 11.8 98.1 1.9 1.0 0.4 2.5 0.3 0.3 2.5 1.2 1.3

First half of FY2011 40,533 40,777 138,857 179,635 31,027 29,935 60,962 52,782 61,323 19,357 80,681 2,041 82,723 24,161 86,552 527,351 58,955 71,694 130,649 21,052 9,977 34,756 65,786 207,561 15,904 37,062 62,450 519,414 7,937 5,416 3,327 10,025 1,794 3,886 7,934 3,429 4,504

(Unit: Millions of yen, %) Change % in Sales 7.7 7.7 26.3 34.0 5.9 5.7 11.6 10.0 11.6 3.7 15.3 0.4 15.7 4.6 16.4 100.0 11.2 13.6 24.8 4.0 1.9 6.6 12.5 39.4 3.0 7.0 11.8 98.5 1.5 1.0 0.6 1.9 0.3 0.7 1.5 0.7 0.8 Amount 1,566 (277) 842 564 672 164 837 417 (2,323) 942 (1,381) 158 (1,223) (1,261) 747 1,648 (455) (694) (1,149) 747 522 (1,056) 213 638 595 (862) 149 (414) 2,062 (16) (1,427) 3,474 (294) (2,286) 5,465 2,970 2,495 Ratio 3.9 (0.7) 0.6 0.3 2.2 0.5 1.4 0.8 (3.8) 4.9 (1.7) 7.7 (1.5) (5.2) 0.9 0.3 (0.8) (1.0) (0.9) 3.6 5.2 (3.0) 0.3 0.3 3.7 (2.3) 0.2 (0.1) 26.0 (0.3) (42.9) 34.7 (16.4) (58.8) 68.9 86.6 55.4

Subtotal

Marine transportation Harbor transportation Subtotal Warehousing International air freight Domestic air freight Subtotal Travel Subtotal Heavy haulage and construction Incidental operations and others Air transportation
Air freight forwarding

Revenues

Marine and harbor transportation

Total Drivers/workers Office personnel Subtotal Railway Marine Air Subtotal Vehicle chartering and subcontracting costs Depreciation and amortization Facility usage charges Other Total Operating income Non-operating income Non-operating expenses Ordinary income Extraordinary income Extraordinary loss Income before income taxes Income taxes Net income
Employme nt costs

Operating expenses

Forwarding costs

- 23 -