FY2013 Consolidated Results - Mitsubishi Logistics...1.FY2013 Consolidated Results Summary 2.FY2013...

FY2013 Consolidated Results Presentation Copyright 2014 Mitsubishi Logistics Corporation All Rights Reserved

FY2013 Consolidated Results May 2, 2014

FY2013 Consolidated Results Presentation Copyright 2014 Mitsubishi Logistics Corporation All Rights Reserved 1

1.FY2013 Consolidated Results Summary

2.FY2013 Consolidated Results (Consolidated Statement of Income)

3.FY2013 Consolidated Financial Condition (Conslidated Balance Sheet)

4.FY2014 Consolidated Earnings Forecast

5.Miscellaneous Information

FY2013 Consolidated Results Contents



1-1 Business Environment and Policy

1-2 Subsidiaries and Affiliates

1-3 Consolidated Operating Results (by Segment)

1-4 Consolidated Financial Condition

1-5 Consolidated Cash Flow



1-1-1 Business Environment and Policy

In the world economy, the US economy made a gradual recovery,

and there were signs of recovery in Europe. The emerging nations

such as China, made a gradual expansion, though there were some

signs of weakness towards the end of the fiscal year.

The Japanese economy also made a gradual recovery, as

capital expenditure recovered, consumer consumption and

production increased partly due to the last-minute demand

before an increase in consumption tax rate in April 2014.

The freight movement is making a recovery,

but is still affected by the logistics

rationalization, intensified competition, etc.

The demand for rental office buildings showed signs of recovery,

but the rent level partially decreased for some rental office buildings.

Warehouse and Logistics Real Estate

Business Environment in FY2013

3


1-1-2 Business Environment and Policy

Extension of distribution center operations especially for

pharmaceuticals, and expansion of overseas offices

Securing good tenants, Maintaining and improving

rent levels

Logistics Real Estate

Our Policy

[“umie”, Kobe Harborland Commercial Facilities]

4

[Misato Warehouse #2,Saitama]

Thorough Cost Management and Efficient Operations


1-2-1 Subsidiaries and Affiliates

5

Consolidated Subsidiaries

Equity-Method Subsidiaries No Change

ー（ー）

ー（ー）

-1 (Logistics -1)

50 (Logistics 42/ Real Estate 8)



58 (Logistics 48/

Real Estate 10) Subsidiaries

No Change 3 (Logistics 3)

3 (Logistics 3)

Equity-Method Affiliates

+1 (Logistics 1)

15 (Logistics 15)

14 (Logistics 14)

Affiliates

Change FY2013 FY2012

In logistics, we established an affiliate company in Myanmar in April 2013, and non-consolidated subsidiary in Indonesia, and transferred all stocks of consolidated subsidiary, Nagato Lines, Co., Ltd in December. In real estate, we liquidated a non-consolidated subsidiary in November 2013.

-1 (Real Estate -1)


1-2-2 List of Consolidated Subsidiaries Logistics Real Estate

Consolidated Subsidiaries(8)Tohoku Ryoso Transportation Co., Ltd. Kyushu Ryoso Transportation Co., Ltd. Dia Buil-Tech Co., Ltd.Sairyo Service Co., Ltd. Monryo Transport Corporation Yokohama Dia Building ManagementDia Pharmaceutical Network Co., Ltd. Hakuryo Koun Co., Ltd. CorporationTokyo Dia Service Co., Ltd. Seiho Kaiun Kaisha, Ltd. Chubo kaihatsu Co., Ltd.Dia Systems Corporation Saryo Service Co., Ltd. Nagoya Dia Buil-Tech Co., Ltd.Ryoso Transportation Co., Ltd. Mitsubishi Logistics America Corp. Osaka Dia Buil-Tech Co., Ltd.Unitrans Ltd. Mitsubishi Warehouse California Corp. Kobe Dia Service Co., Ltd.Keihin Naigai Forwarding Co., Ltd. Mitsubishi Logistics Europe B.V. Kobe Dia Maintenance Co., Ltd.Touryo Kigyo Co., Ltd. Fuji Logistics Europe B.V. T'ACT Co., Ltd.Fuji Logistics Co., Ltd. Mitsubishi Logistics China Co., Ltd.Tokyo Juki Transport Co., Ltd. Shanghai Linghua Logistics Co., Ltd.SII Logistics Inc. Shanghai Qingke Warehouse Fuji Logistics Operations Co., Ltd. Management Co., Ltd.Fuji Logistics Support Co., Ltd. Fuji Logistics (China) Co., Ltd.Kinko Service Co., Ltd. Fuji Logistics (Dalian F.T.Z.) Co., Ltd.Chubu Trade Warehousing Co., Ltd. Fuji Logistics (Shanghai) Co., Ltd.Meiryo Kigyo Co., Ltd. Mitsubishi Logistics Hong Kong Ltd.Ryoyo Transportation Co., Ltd. Fuji Logistics (H.K.) Co., Ltd.Kyokuryo Warehouse Co., Ltd. Mitsubishi Logistics Thailand Co., Ltd.Hanryo Kigyo Co., Ltd. P.T. Mitsubishi Logistics IndonesiaShinryo Koun Co., Ltd. Fuji Logistics (Malaysia) SDN. BHD.Naigai Forwarding Co., Ltd.

Nippon Container Terminals Co., Ltd. Jupiter Global LimitedKusatsu Soko Co., Ltd.

Consolidated Subsidiaries(42)

Equity-Method Affiliates(3)


1-3-1 Consolidated Operating Results

-79

＋213

＋248

-838

-0.8%

-2.8%

-1.3%

＋3.1%

Difference Between the

Actual Results to the Forecast

*Forecast at FY 2013 Results

Presentation YOY FY2013 FY2012

8,591

14,526

12,305

192,260

-0.9% 8,600 -70 8,520 Net Income

＋1.5% 13,900 -412 14,113 Ordinary Income

＋2.1% 11,900 -156 12,148 Operating Income

-0.4% 199,000 ＋5,900 198,161 Revenue

*FY2013 Results Presentation was announced on October 31, 2013.

Revenue ：Revenue increased 3% as a whole. In logistics, warehousing and land transportation business in pharmaceuticals and non-ferrous metal were strong, and revenue increased in international transportation business, affected also by depreciating yen. Revenue decreased in real estate. In the main real-estate rental business, on one hand, the renovated Kobe Harborland commercial facilities contributed, but on the other hand, there was a negative effect of decline in demand for office buildings, and orders decreased in design and construction business. Operating Income：1% decline YOY overall. Although operating income increased in logistics, it decreased in real estate. Ordinary Income : 3% decrease YOY, as investment gain on equity method decreased. Net Income ：1% decline YOY. There was an extraordinary gain from gain on sale of investment securities for effective use of assets, but also an extraordinary loss and an increase in corporate tax, etc.

7

(Unit: Millions of Yen)


1-3-2 Consolidated Operating Results

8


R e v e n u e I n c o m e s

FY2012

200,000

150,000

50,000

0

FY2013

6,000

3,000

Ordinary Income

Operating Income

Net Income

0

192,260

12,305

14,526

8,591 9,000

FY2012 FY2013

15,000

100,000

198,161

12,148

14,113

8,520

12,000


1-3-3 Segment Information 1. Revenue

9

FY2012 FY2013 YOY

Logistics 155,322 【80%】 162,481 【81%】＋7,159 ＋4.6%

Real Estate 38,749 【20%】 37,484 【19%】 -1,264 -3.3%

Internal Transactions -1,810 ー -1,804 －＋5 －

Total 192,260 ー 198,161 －＋5,900 ＋3.1%

*The percentage in [ ] does not account for internal transactions

Logistics ：5% increase YOY. Warehousing and land transportation business in pharmaceuticals and non-ferrous metal were strong, and revenue increased in international transportation business, affected also by depreciating yen. Real Estate：3% decrease YOY. In the main real-estate rental business, on one hand, the renovated Kobe Harborland commercial facilities contributed, but on the other hand, there was a negative effect of decline in demand for office buildings, and orders decreased in design and construction business.



1-3-4 Segment Information 1. Revenue

10


FY2012 FY2013

Real Estate 37,484

Logistics 162,481 Revenue

198,161

Internal Transactions -1,804

Real Estate 38,749


192,260

Internal Transactions -1,810


1-3-5 Segment Information 2. Operating Income

FY2012 FY2013 YOY

Logistics 5,572 【33%】 6,816 【41%】＋1,244 ＋22.3%

Real Estate 11,107 【67%】 9,702 【59%】 -1,405 -12.7%

Parent Company’s General Expenses

-4,375 － -4,370 －＋4 －

Total 12,305 － 12,148 － -156 -1.3%

*The percentage in [ ] does not account for parent company’s general expenses

Logistics ：Operating income increased by 22%. An increase in revenue was more than an increase in operating cost, such as depreciation from full operation of our and our subsidiary’s new facilities (Misato warehouse #2, Ibaraki warehouse #3, and Fuji Logistics’ Mie logistics center). Real Estate：Operating income decreased by 13%. Revenue decreased, and in operating cost, there was a temporary cost for the renovated Kobe Harborland commercial facilities.


11


1-3-6 Segment Information 2. Operating Income

12


FY2012 FY2013

Real Estate 9,702

Logistics 6,816

Operating Income 12,148

Real Estate 11,107

Logistics 5,572


Parent Company’s General Expenses -4,375


-4,370


1-4-1 Consolidated Financial Condition

13


End of FY2012

End of FY2013 Change Explanation

Total Assets 375,180 396,238

+21,058

“Cash and deposits” increased from issuing corporate bonds, and “Buildings and structures” and “Land” increased from increased capital expenditure [purchase of land for warehouse in Ibaraki (Osaka) in logistics and the renovation of Kobe Harborland commercial facilities in real estate]

+5.6%

Net Assets 227,827 236,641

+8,814 “Retained earnings” increased from net income, and “foreign currency conversion adjustment account” increased from the effects of depreciating yen +3.9％

Capital-Asset Ratio 60.2% 59.2% -1.0


1-4-2 Consolidated Financial Condition

14


End of FY2012 Mar.31 2013

100,000

200,000

300,000

400,000

0 End of FY2013 Mar. 31 2014

Capital-Asset Ratio

Net Assets

Total Assets

375,180

227,827

50.0%

52.0%

54.0%

56.0%

58.0%

60.0% 60.2%

59.2%

396,238

236,641


1-5-1 Consolidated Cash Flows

15


FY2013 Explanation

Balance at the Beginning of Fiscal Year (Apr. 1, 2013) 32,461

Change during the Period ＋8,774

Cash Flows from Operating Activities ＋19,701

Increase of 19.7 billion yen retained from net income and depreciation, etc.

Cash Flows from Investing Activities -23,144 Decrease of 23.1 billion yen from

acquiring fixed assets, etc.

Cash Flows from Financing Activities ＋11,634

Increase of 11.6 billion yen from issuing corporate bonds, and increased borrowings, etc.

Exchange Rate Change ＋583

Balance at the End of Fiscal Year (Mar. 31, 2014) 41,236 Increase of 8.8 billion yen from the

beginning of FY2013


27,416

FY2012

32,461

＋245

+19,552

+5,045

+583

＋8,774

32,461

Change During Period

Balance at the Beginning of FY

1-5-2 Consolidated Cash Flows (YOY)

16


＋8,774

+9,873

-6,631

＋149

＋3,729

＋5,045

YOY

Exchange Rate Change

Cash Flows from Financing Activities

Cash Flows from Investing Activities

Cash Flows from Operating Activities

＋1,760

-16,513 Decreased YOY, caused by an increase in expenses from acquiring fixed assets

Increased YOY as retained funds from net income and depreciation increased

Explanation FY2013

41,236

Increased YOY from issuing corporate bonds

＋11,634

Balance at the End of FY

+338

＋19,701

-23,144



17


2-1 Consolidated Statement of Income

2-2 Breakdown of Revenue

2-3 Breakdown of Cost of Services


2-1-1 Consolidated Statement of Income

FY2012 FY2013 YOY

Revenue 192,260 198,161 ＋5,900 ＋3.1％

Cost of Services 170,900 176,942 ＋6,041 ＋3.5％

Gross Profit 21,360 21,219 -140 -0.7％

SG&A 9,054 9,071 ＋16 ＋0.2％

Operating Income 12,305 12,148 -156 -1.3％

Non-Operating Income 3,095 2,926 -168

Non-Operating Expenses 874 960 ＋86

Ordinary Income 14,526 14,113 -412 -2.8％

Extraordinary Income 237 2,032 ＋1,794

Extraordinary Loss 1,041 1,743 ＋702

Earnings before Tax 13,721 14,402 ＋680 ＋5.0％

Corporate Tax 5,044 5,718 ＋674

Income before Minority Interests 8,676 8,683 ＋6 ＋0.1％

Earnings of Minority Interests 85 162 ＋77

Net Income 8,591 8,520 -70 -0.8％

18



2-2-1 Breakdown of Revenue

19


FY2012 FY2012 FY2013 YOY Explanation

Revenue 192,260 198,161 ＋5,900 ＋3.1％

Warehouse Storage 21,650 22,125 ＋475 ＋2.2％

The handling of pharmaceuticals and non-ferrous metals increased strongly

Warehouse Cargo Handling 14,944 15,373 ＋428 ＋2.9％

Land Transportation 40,577 42,645 ＋2,067 ＋5.1％

Port and Harbor Operations 16,738 16,620 -117 -0.7％ The handling of container

freight decreased

International Transportation 43,627 46,934 ＋3,307 ＋7.6％ It was affected by

depreciating yen, etc.

Real Estate Rent 31,342 31,905 ＋562 ＋1.8％ The renovated Kobe Harborland commercial facilities contributed, etc.

Other 23,379 22,556 -823 -3.5％ Decreased orders in design and construction business, etc.


2-3-1 Breakdown of Cost of Services

20


FY2012 FY2013 YOY Explanation

Cost of Services 170,900 176,942 ＋6,041 ＋3.5％

Operational and Transportation Consignment Costs

79,327 83,710 ＋4,382 ＋5.5％ Increased in the number of cargo handled in logistics

Personnel Expenses 33,596 34,075 ＋478 ＋1.4％ Increased in consolidated

subsidiaries

Facility Rental Expenses 7,797 8,047 ＋250 ＋3.2％

Increased in logistics, from increased volume of cargo handled

Depreciation 11,804 12,277 ＋473 ＋4.0％ Increased both in logistics and real estate from operation of new facilities

Other 38,374 38,831 ＋456 ＋1.2％ Temporary expense from the renovation of Kobe Harborland commercial facilities, etc.


3.Consolidated Financial Condition (Consolidated Balance Sheet)

3.Consolidated Financial Condition at the end of FY2013 (Consolidated Balance Sheet)

3-1 Assets

3-2 Liabilities and Net Assets


3-1-1 Assets

22


End of FY2012

End of FY2013 Change Explanation

Assets 375,180 396,238 ＋21,058

Cash and Deposits 29,367 35,523 ＋6,156

【Increase】 Retained earnings from operating activities and depreciation, new borrowings, issuing corporate bonds 【Decrease】Capital expenditure, payment of corporate tax, and dividends

Marketable Securities 4,500 7,600 ＋3,100 Increase in investment of negotiable deposit

Buildings and Structures 104,026 107,530 ＋3,504 The construction work for the renovation of

Kobe Harborland commercial facilities

Land 66,158 71,348 ＋5,190 Acquisition of warehouse site in Ibaraki (Osaka)

Construction in Progress 2,934 5,144 ＋2,210 Payment of construction cost for Nihonbashi Dia

Building, etc.


3-2-1 Liabilities and Net Asset

23


End of FY2012 End of FY2013 Change Explanation

Liabilities 147,352 159,596 ＋12,244

Notes and Accounts Payable 20,037 18,915 -1,121

Payment of construction cost related to condominiums sold at the end of last FY

Short-term Debt 15,124 19,447 ＋4,323 Increase from new borrowings

Long-term Debt 13,882 13,715 -167

Bonds Redeemable within a Year

－ 5,000 ＋5,000 Transfer of #9 unsecured corporate bond to short-term bond, and issuing #14 and #15 unsecured corporate bonds Bonds 29,000 34,000 ＋5,000

Net Asset 227,827 236,641 ＋8,814

Retained Earnings 151,269 157,685 ＋6,416 Reporting net income

foreign currency translation adjustment -1,134 956 ＋2,091 Increase from the effect of

depreciating yen


4. Full-Year FY2014 Consolidated Earnings Forecast

4. FY 2014 Consolidated Earnings Forecast

4-1 Revenue (Estimate)

4-2 Cost of Services (Estimate)

4-3 Income (Estimate)


4-1-1 Revenue (Estimate)

25

Logistics : Increase in revenue expected as we expect expansion in warehouse, and land transportation, recovery in container cargo of port and harbor operations, and increased cargo in ocean freight and air cargo in international transportation. Real Estate: Decrease in revenue expected. In the main real-estate rental business, although the new operation of Nihonbashi Dia Building will contribute, there will be a decrease in the number of condominiums for sale in condominium sales business. Overall revenue is expected to increase.


FY2013 Results

FY2014 YOY 1H

Estimate 2H

Estimate Full-Year Estimate

Revenue 198,161 102,700 107,300 210,000 ＋11,838 ＋6.0％

Logistics 162,481 85,900 88,900 174,800 ＋12,318 ＋7.6％

Real Estate 37,484 17,700 19,300 37,000 -484 -1.3％

Internal Transactions -1,804 -900 -900 -1,800 ＋4 －


4-1-2 Revenue (Estimate)

26


FY2013 Results

FY2014 Estimate

Internal Transactions

Real Estate 37,484


198,161

Internal Transactions

Real Estate

Logistics Revenue

-1,804

37,000

-1,800

210,000 174,800


4-2-1 Cost of Services (Estimate)

27

Overall increase expected. In logistics, we expect operational and transportation consignment costs to increase from increased cargo, and depreciation to increase from operation of new logistics information system. In real estate, there will be an increase in depreciation from the new operation of Nihonbashi Dia Building and temporary cost for real estate acquisition tax, etc. SG&A is expected to increase YOY.


FY2013 Results

FY2014 YOY

1H Estimate

2H Estimate

Full-Year Estimate

Cost of Services 176,942 92,300 96,200 188,500 +11,557 +6.5%

SG&A 9,071 4,600 4,600 9,200 ＋128 ＋1.4%


4-3-1 Income (Estimate)

28

Operating Income :Expected to increase YOY as a whole, as the operating income is expected to increase in logistics and decrease in real estate Ordinary Income :Expected to increase YOY Net Income :Expected to decrease, as we reported gain on sale of investment securities as an extraordinary profit this FY


FY2013 Results

FY2014 YOY

1H Estimate

2H Estimate

Full-Year Estimate

Operating Income 12,148 5,800 6,500 12,300 +151 +1.2%

Logistics 6,816 4,000 4,000 8,000 +1,183 +17.4%

Real Estate 9,702 4,000 4,700 8,700 -1,002 -10.3%

Parent’s General Administrative Expenses

-4,370 -2,200 -2,200 -4,400 -29

Ordinary Income 14,113 7,000 7,400 14,400 +286 +2.0%

Net Income 8,520 4,100 4,100 8,200 -320 -3.8%


4-3-2 Operating Income (Estimate)

29


FY2013 Results

FY2014 Estimate

Real Estate 9,702

Logistics 6,816



-4,370

Real Estate 8,700

Logistics 8,000


Parent Company’s General Expenses -4,400


5. Miscellaneous Information

5.Miscellaneous Information

5-1 Volume Handled in Logistics (Parent)

5-2 Warehouse and Real Estate Leasing Area (Parent)

5-3 Capital Expenditure

5-4 Depreciation

5-5 New Facilities


5-1-1 Volume Handled in Logistics (Parent)

31

FY2012 FY2013 YOY

Warehouse Inbound Volume Quantity 2,632 1,000

tons 2,629 1,000 tons -0.1 %

Warehouse Outbound Volume

Quantity 2,625 1,000 tons 2,626 1,000

tons ＋0.0 %

Warehouse Storage Balance

Quantity 537 1,000 tons 558 1,000

tons ＋3.9 %

Amount 329,235 million Yen 353,779 million

Yen ＋7.5 %

Warehouse Freight Turnover Rate

Quantity 40.8 % 39.2 % -1.5

Land Transport Quantity 12,737 1,000 tons 12,973 1,000

tons ＋1.9 %

Port and Harbor Operations

Shore Handling Quantity 66,271 1,000

tons 67,939 1,000 tons ＋2.5 %

Inboard Handling Quantity 47,802 1,000

tons 47,206 1,000 tons -1.2 %

International Transportation Quantity 6,698 1,000

tons 6,449 1,000 tons -3.7 %


5-2-1 Warehouse and Real Estate Leasing Area (Parent)

32

+2.3

+4.6

YOY

899

1,007

864

FY2013

Real Estate Leasing Area (excludes warehouse leasing)

1,000㎡

1,000㎡

1,000㎡

1,000㎡ 886

% 1,000㎡ 985 Building Leasing Area

(Monthly Average)

% 1,000㎡ 826 Warehouse Storage Area

(Monthly Average)

FY2012

March 31, 2013 Sept. 30, 2013 March 31, 2014

Building Leasing Vacancy Rate 3.1％ 3.0％ 3.7％

% +1.5


5-3-1 Capital Expenditure

33

FY2013 Results： 25.166 Billion Yen (Consolidated Cash Flow Statement “Spending on Fixed Asset Acquisition”) [Major Projects] Construction of office buildings, acquisition of land for warehouse, renovation of commercial facilities, development of new logistics information system, etc.

FY2014 Estimate: 18.4 Billion Yen [Major Projects] Construction of office buildings, development of logistics information system, etc.


5-4-1 Depreciation

34

FY2013 Results FY2014 Estimate Explanation

Total 12.517 billion Yen

13.5 billion Yen

Logistics 6.019 billion

Yen 6.4 billion

Yen

Increase of 400 million yen expected as new logistics information system begins its operation

Real Estate 6.395 billion

Yen 7.0 billion

Yen

Increase of 600 million yen expected as new Nihonbashi Dia Building to begin its operation, etc.

Corporate Expense

0.102 billion Yen

0.1 billion Yen


5-5-1 New Facilities

Diacrest Hisasue

Diacrest Hisasue Completed on July 25, 2013 Diacrest Musashi-Nakahara Completed on November 1, 2013 Purpose Residence Location Kawasaki, Kanagawa

Mie Logistics Center (Fuji Logistics) Completed April 24, 2013 Purpose Distribution center for electric products Location Yokkaichi, Mie Total Floor Area 16,400㎡（2 stories）

Diacrest Musashi-Nakahara


Nihonbashi Dia Building

Construction of Disaster-Resistant and Environment-Friendly High-Rise Office Building in Nihonbashi, Tokyo We will provide leased offices that provide safety, ease and comfort while preserving the exterior of Tokyo’s historical “Edobashi Soko Building”

Construction Period Building Scale Total Floor Area Purpose Amount Invested

: October 2011- August 2014 (planned) : 18 stories with a basement, 90m high (earthquake-proof) : 30,000m2 : Offices, trunk room, parking : 13.0 Billion Yen

Characteristics: ●Enhanced Disaster Prevention, Response & Recovery: Adopted an anti-seismic and seismic isolation structure, enhanced flood prevention measures, and enhanced power outage measures ●Efficient Use of Energy: Adopted solar power generation, installed highly efficient energy control system and air-conditioning system, and adopted heat-insulated multi-layer glass and LED lights ●Implementing Environmental Measures: Plant trees on 6F rooftops, and using rain water ●Features trunk room in some floors

5-5-2 New Facilities

Forecasts in this material is based on the information available to the Company’s management as of the date of release and certain assumption judged rational. Accordingly, there might be cases in which actual results differ from forecast of this material.

For the Realization of Rich and Sustainable Society

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