Financial Section19 Management Discussion and Analysis24 11-Year Summary26 (1) Consolidated Financial Statements26 Consolidated Balance Sheets28 Consolidated Statements ofIncome29 Consolidated Statements ofComprehensive Income30 Consolidated Statements of Changesin Net Assets31 Consolidated Statements of CashFlows32 Notes to Consolidated FinancialStatements63 (2) Other64 <strong>Report</strong> of Independent Auditors18 NIPPON EXPRESS <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>
Management Discussion and AnalysisCorporate OverviewThe Nippon Express Group consists of Nippon Express Co., Ltd. andits 276 subsidiaries, including 250 consolidated subsidiaries and 1equity-method subsidiary, as well as 62 affiliates, of which 21 areequity-method affiliates, totaling 339 companies. In Japan, theGroup’s Distribution & Transportation segment encompassesdomestic companies primarily operating in the following reportablesegments: the Combined Business (motor cargo transportation,railway forwarding), Air Freight Forwarding & Travel and Marine &Harbor Transportation. The Distribution & Transportation segment alsooperates companies overseas. The Group’s remaining reportablesegments comprise Goods Sales-related businesses as well as realestate and other operations that are classified as Other.The Nippon Express Group’s business operations by industryand reportable segment are as follows.• Distribution & Transportation, domestic companies225 companies, including Nippon Express Co., Ltd. and NittsuTransport Co., Ltd.Combined BusinessWith a network of facilities throughout Japan, the Company engagesin businesses related to railway forwarding, motor cargo transportationservices and warehousing operations. A portion of these businessesare undertaken by the Company’s subsidiaries and affiliates, includingNittsu Transport, Bingo Express Co., Ltd., and Tokushima ExpressCo., Ltd.Security TransportationThe Company operates security guard and related businessesthroughout Japan.Heavy Haulage & ConstructionThe Company handles the transportation, erection and installation ofheavy cargo and pursues related businesses throughout Japan.Air Freight Forwarding & TravelThe Company operates the air freight forwarding, travel and otherrelated businesses. A portion of these businesses are operated by theCompany’s subsidiaries and affiliates.Marine & Harbor TransportationThe Company engages in marine and harbor transportation at all keydomestic ports. The Company’s subsidiaries, including NipponShipping Co., Ltd., and affiliates undertake marine transportation andcoastal shipping, while the Company’s subsidiaries and affiliatesoperate the harbor transportation business at certain ports in Japan.• Distribution & Transportation, overseas companies69 companies, including Nippon Express U.S.A., Inc.The AmericasNippon Express U.S.A. and other subsidiaries engage in air freightforwarding, marine and harbor transportation, and warehousingbusinesses in various cities in the Americas. In addition, NipponExpress Travel USA, Inc. operates a travel business.EuropeNippon Express (U.K.) Ltd., Nippon Express (Nederland) B.V., NipponExpress (Deutschland) GmbH, Nippon Express France S.A.S. andother subsidiaries engage in air freight forwarding, marine and harbortransportation, and warehousing businesses in various cities inEurope.East AsiaNippon Express (H.K.) Co., Ltd., Nippon Express (China) Co., Ltd.,Nippon Express (Taiwan) Co., Ltd. and other subsidiaries and affiliatesengage in air freight forwarding, ocean freight forwarding, andwarehousing businesses in various cities in East Asia.South Asia & OceaniaNippon Express (Singapore) Pte. Ltd., Nippon Express (Thailand) Co.,Ltd., Nippon Express (Australia) Pty., Ltd. and other subsidiaries andaffiliates engage in air freight forwarding, marine and harbortransportation, warehousing, and heavy haulage and constructionbusinesses in various cities in South Asia and Oceania.• Goods Sales33 companies, including Nittsu Shoji Co., Ltd.Nittsu Shoji, Taiyo Nissan Auto Sales., Ltd., Nittsu Shoji U.S.A., Inc.and other domestic and overseas subsidiaries and affiliates engage inthe sale and leasing of distribution equipment, sale of wrapping andpackaging materials, sale and leasing of vehicles, sale of petroleumand liquefied petroleum (LP) gas, vehicle maintenance and insurancesales.• Other12 companies, including Nittsu Real Estate Co., Ltd.Nittsu Real Estate and other subsidiaries and affiliates mainly engagein real estate rental, mediation and appraisal as well as building andwarehouse planning, design and management. In addition, thisbusiness segment conducts investigation and research through NittsuResearch Institute and Consulting, Inc., offers financing throughNippon Express Capital Co., Ltd., provides driver training courses forthe general public through Nittsu Driving School Co., Ltd., andoperates an employee dispatching business through Careerroad Inc.NIPPON EXPRESS <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>19
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