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Ohtemachi Bldg., 1-6-1, Ohtemachi, Chiyoda-ku, Tokyo 100-0004, Japan Tel: +81-3-3201-2580 Fax: +81-3-3201-2666 http://www.kwe.com Printed in Japan This annual report is printed using recycled paper.
Page 1 and 2: ANNUAL REPORT 2007 Year Ended March
Page 3 and 4: KWE’s Market Position World Air C
Page 5 and 6: ¥ ¥ ¥ ¥ 2004 202,941 7,571 6,21
Page 7 and 8: Record High Profits and Improved Pr
Page 9: liaison offices to subsidiaries as
Page 12 and 13: 10 KWE's Network JAPAN Kintetsu Log
Page 14 and 15: Report by Five Regions 12 Japan We
Page 16 and 17: Report by Five Regions 14 The Ameri
Page 18 and 19: Report by Five Regions 16 East Asia
Page 20 and 21: 18 Corporate Governance Basic Philo
Page 22 and 23: Management 20 Management Akio Tsuji
Page 24 and 25: TAPA: Keeping Cargo Safe 22 TAPA: K
Page 26 and 27: 24 overall net sales, compared to 5
Page 28 and 29: 26 Cash outflows from the purchases
Page 30 and 31: 28 Kintetsu World Express, Inc. and
Page 36 and 37: 34 are stated at weighted-average c
Page 38 and 39: 36 Accounting Standards"). The cons
Page 40 and 41: 38 Note 9: Income Taxes Income taxe
Page 42 and 43: 40 Note 13: Segment Information Yea
Page 45: Investor Information (As of March 3

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