- 1 - 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 Fiscal Year Ended Mar. 31, 2011 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
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
- 1 -
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
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
Fiscal Year Ended Mar. 31, 2011
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
- 2 -
(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
Fiscal Year Ended Mar. 31, 2011
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
Fiscal Year Ended Mar. 31, 2012
― 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
Fiscal Year Ended Mar. 31, 2011
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
(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
Fiscal Year Ended Mar. 31, 2011
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.
- 4 -
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
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
- 6 -
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.
- 7 -
(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
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
- 9 -
(Unit: Millions of yen)
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
- 10 -
(2) Consolidated Statements of Operations and Comprehensive Income
Consolidated Statements of Operations
(Unit: Millions of yen)
FY2010 (from April 1, 2010 to
March 31, 2011)
FY2011 (from April 1, 2011 to
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
- 11 -
Consolidated Statements of Comprehensive Income
(Unit: Millions of yen)
FY2010 (from April 1, 2010 to
March 31, 2011)
FY2011 (from April 1, 2011 to
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
- 12 -
(3) Consolidated Statements of Changes in Net Assets
(Unit: Millions of yen)
FY2010 (from April 1, 2010 to
March 31, 2011)
FY2011 (from April 1, 2011 to
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
- 13 -
(Unit: Millions of yen)
FY2010 (from April 1, 2010 to
March 31, 2011)
FY2011 (from April 1, 2011 to
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
Net changes in items other than shareholders’ equity
(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
Net changes in items other than shareholders’ equity
(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
(Unit: Millions of yen)
FY2010 (from April 1, 2010 to
March 31, 2011)
FY2011 (from April 1, 2011 to
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
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
(Unit: Millions of yen)
Actual amount in FY 2011
Vehicle 6,680 Buildings 10,764
Land 909 Software 2,525
Other 5,316 Total 26,196
* Major investment
(Unit: Millions of yen) Type Description m2 Amount
Building Nittsu Sapporo Building 10,261 1,358
Building Facilities related to reconstruction from the Great East Japan Earthquake
― 1,032
(Unit: Millions of yen)
Forecasted amount in FY 2012
Vehicle 6,500Buildings 12,500
Land 1,200Software 5,100
Other 4,700Total 30,000
* Major investment
(Unit: Millions of yen)
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.)