Annual Report 2012

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(1) Consolidated Financial StatementsConsolidated Statements of IncomeNippon Express Co., Ltd. and consolidated subsidiariesFor the years ended March 31, 2011 and 2012Thousands ofMillions of yenU.S. dollars2011 2012 2012Revenues ¥ 1,617,185 ¥ 1,628,027 $ 19,808,102Operating costs (Note 1) 1,510,590 1,519,353 18,485,868Gross profit 106,595 108,674 1,322,234Selling, general and administrative expenses:Salaries, compensation, and welfare expenses 41,018 41,030 499,212Depreciation and amortization 4,706 3,953 48,100Advertising expenses 4,088 3,910 47,576Provision for allowance for doubtful accounts 352 — —Other 24,800 22,283 271,118Total selling, general and administrative expenses (Note 1) 74,965 71,177 866,007Operating income 31,629 37,497 456,226Non-operating income:Interest income 434 554 6,745Dividends income 2,223 3,037 36,961Gain on sales of vehicles 306 399 4,854Equity in earnings of affiliates 541 455 5,547Gain on foreign exchange 1,888 2,217 26,983Other 8,261 7,815 95,088Total non-operating income 13,655 14,480 176,181Non-operating expenses:Interest expenses 3,456 3,224 39,232Loss on sale and retirement of vehicles 107 55 676Other 1,032 1,255 15,280Total non-operating expenses 4,596 4,536 55,190Ordinary income 40,688 47,441 577,217Extraordinary income:Gain on sales of noncurrent assets (Note 2) 5,233 7,586 92,304Gain on sales of investment securities (Note 4) 46 146 1,779Gains on prior year adjustment 139 — —Other 179 571 6,952Total extraordinary income 5,598 8,304 101,037Extraordinary loss:Loss on disposal of noncurrent assets (Note 3) 4,432 3,223 39,217Loss on sales of investment securities (Note 5) 47 374 4,557Loss on valuation of investment securities (Note 6) 5,892 196 2,393Impairment loss — 169 2,056Loss on adjustment for changes of accounting standard forasset retirement obligations 7,505 — —Loss on disaster (Note 7) 4,847 269 3,281Loss on on prior year adjustment 34 — —Loss on settlement — 1,614 19,648Other 535 410 4,992Total extraordinary loss 23,296 6,258 76,148Income before income taxes and minority interests 22,991 49,487 602,106Income taxes:Current 9,799 20,092 244,467Deferred 3,576 1,635 19,893Total income taxes 13,376 21,727 264,361Income before minority interests 9,615 27,759 337,744Minority interests 1,073 809 9,854Net income ¥ 8,541 ¥ 26,949 $ 327,889The accompanying notes are an integral part of these statements.28 NIPPON EXPRESS Annual Report 2012
Consolidated Statements of Comprehensive IncomeNippon Express Co., Ltd. and consolidated subsidiariesFor the years ended March 31, 2011 and 2012Thousands ofMillions of yenU.S. dollars2011 2012 2012Income before minority interests ¥ 9,615 ¥ 27,759 $ 337,744Other comprehensive income:Valuation differences on available-for-sale securities (6,886) 1,393 16,953Deferred gains (losses) on hedges (2) (2) (24)Foreign currency translation adjustments (7,971) (4,071) (49,533)Share of other comprehensive income of affiliatesaccounted for using the equity method (178) (104) (1,273)Other comprehensive income (Note 1) (15,038) (2,784) (33,878)Comprehensive income (5,423) 24,974 303,866(Comprehensive income attributable to)Shareholders of Nippon Express (6,353) 24,332 296,048Minority interests ¥ 929 ¥ 642 $ 7,817The accompanying notes are an integral part of these statements.NIPPON EXPRESS Annual Report 201229
Page 1 and 2: To be the world’s premier logisti
Page 3 and 4: In fiscal 2010, the Nippon Express
Page 5 and 6: Overview by RegionComposition ratio
Page 7 and 8: Meeting stakeholder expectationsas
Page 9 and 10: epresentative offices as well as es
Page 11 and 12: Based on the aforementioned factors
Page 13 and 14: Earthquake and the Niigata Prefectu
Page 15 and 16: Corporate Social Responsibility•
Page 17 and 18: Nippon Express (India) Private Limi
Page 19 and 20: 2Commencement of Road TransportServ
Page 21 and 22: Management Discussion and AnalysisC
Page 23 and 24: Europe. However, revenues fell ¥3.
Page 25 and 26: and equipment to ¥42.5 billion, in
Page 27 and 28: Millions of yen2008 2007 2006 2005
Page 29: Millions of yenThousands ofU.S. dol
Page 33 and 34: Consolidated Statements of Cash Flo
Page 35 and 36: 2) Depreciation and amortizationa.
Page 37 and 38: The Company’s secured payables ar
Page 39 and 40: 5. Notes to Consolidated Statements
Page 41 and 42: (3) Dividends1) Dividends paidResol
Page 43 and 44: 2012 (As of March 31, 2012)Lease re
Page 45 and 46: (Note 3) The redemption schedule fo
Page 47 and 48: (*1) Liabilities are presented in p
Page 49 and 50: Thousands of U.S. dollarsCategory C
Page 51 and 52: Hedge accounting methodDeferral hed
Page 53 and 54: 14. Income taxes(1) The significant
Page 55 and 56: 2) Method for calculating the asset
Page 57 and 58: Main products and services as well
Page 59 and 60: 2012 (From April 1, 2011 to March 3
Page 61 and 62: (2) Property and equipmentA descrip
Page 63 and 64: 17. Related party information2011 (
Page 65 and 66: (Notes) 1. Average interest rates a
Page 67 and 68: Global NetworkThe AmericasNIPPON EX
Page 69 and 70: NEP LOGISTICS, INC.Unit 1, Lot 10,
Page 71 and 72: Share Information(As of March 31, 2

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