WVB DOSSIER REPORT MARUWN CORPORATION BUSINESS SALES BREAKDOWN COMPANY PROFILE GEOGRAPHIC SALES BREAKDOWN DIRECTORS/EXECUTIVES KEY COMPETITORS

Transcription

1 Generated on 13 Nov 2017 COMPANY PROFILE WVB Number ISIN Number JPN JP Status ACTIVE [ PUBLIC ] Country of Incorporation JAPAN Industry Classification AIRPORTS & TERMINAL SERVICES (4581) Address Tel Fax Website Principal Activities 7-2 NIHOMBASHI KOAMI-CHO, CHUO-KU, CHUO, TOKYO The Company is a company mainly engaged in the logistics business. DIRECTORS/EXECUTIVES President KOJI ARAKI BUSINESS SALES BREAKDOWN Date 31-MAR MAR-17 Currency JPY ('000) JPY ('000) TRANSPORT SERVICES DIVERSIFIED 24,491,000 24,252,000 OIL TRANSPORTATION 13,421,000 13,063,000 INTERNATIONAL LOGISTICS 5,358,000 5,908,000 LUBRICANTS AND CHEMICAL PRODUCTS 4,564,000 4,795,000 CIRCULATION OF GOODS 1,600, ,000 OTHER NONDISCLOSED 479, ,000 ELIMINATIONS -1,989,000-1,957,000 GEOGRAPHIC SALES BREAKDOWN Date Currency ADVISORS Auditor SEIYO AUDIT CORPORATION KEY COMPETITORS Rank Company Name Sales USD ('000) Fiscal Year 1 QANTAS AIRWAYS LIMITED 12,354, AUCKLAND INTERNATIONAL AIRPORT LIMITED 380, AENA S.M.E, S.A. 3,904, FRAPORT AG 2,722, GRUPO AEROMEXICO S.A.B. DE C.V. 2,603, MENZIES (JOHN) PLC 2,446, HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED 8 SHANGHAI INTERNATIONAL AIRPORT COMPANY LIMITED 1,774, , TAV HAVALIMANLARI HOLDING A.S 982, MALAYSIA AIRPORTS HOLDINGS BERHAD 930, All rights reserved for Financial Intelligence Services Limited. Page 1 of 15

2 MAJOR SHAREHOLDERS % of Capital No of Shares ('000) % of Votes JX HOLDINGS INC , SATO COMPANIES CO LTD , SANTERA CO LTD , KENICHI SATOU , SOMPO JAPAN INSURANCE INC. NIPPON KOA CO., LTD MARUWN GROUP EMPLOYEE STOCK OWNERSHIP ASSOCIATION MATSUI SECURITIES MITSUI LIFE INSURANCE CO LTD JAPAN TRUSTEE SERVCES BANK LTD (TRUST ACCOUNT) THE MASTER TRUST BANK OF JAPAN LTD (FOR TRUST) SHARES OUTSTANDING Date: 30-JUN-2017 Currency Nominal Value Shares Outstanding ('000) ORDINARY SHARES NPV JPY 0 28,965 All rights reserved for Financial Intelligence Services Limited. Page 2 of 15

3 INTERIM DATA Date 31-DEC JUN SEP DEC JUN SEP DEC JUN-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type CQ CQ CQ CQ CQ CQ CQ CQ Months INCOME STATEMENT Gross Sales 36,358,000 11,674,000 23,485,000 36,070,000 11,086,000 22,438,000 34,807,000 11,831,000 Adjustments/Excise Tax Net Sales 36,358,000 11,674,000 23,485,000 36,070,000 11,086,000 22,438,000 34,807,000 11,831,000 Other Revenues Total Revenues 36,358,000 11,674,000 23,485,000 36,070,000 11,086,000 22,438,000 34,807,000 11,831,000 Costs of Goods and Services / Total Expenses -32,941,000-10,485,000-21,102,000-32,223,000-9,894,000-20,085,000-30,969,000-10,510,000 Operating Income 3,417,000 1,189,000 2,383,000 3,847,000 1,192,000 2,353,000 3,838,000 1,321,000 Selling, General and Administrative Costs -2,035, ,000-1,428,000-2,138, ,000-1,420,000-2,173, ,000 R and D Expense Related and Associated Companies Earning Before Interest, Tax and Depreciation 1,382, , ,000 1,709, , ,000 1,665, ,000 Depreciation and Depletion -1,068, , ,000-1,092, , ,000-1,098, ,000 Amortization -20,000-6,000-20,000-6,000-20,000-6,000 Impairments Fixed Assets and Intangibles -3,000-82, , ,000-25,000-37,000-1,000 Total Depreciation, Depletion and Amortization -1,091, ,000-1,208,000-1,586, , ,000-1,155, ,000 Operating Income After Depr. and Amort. 291,000 23, , , , , , ,000 Unusual/Exceptional Items 1,000-67,000-65, ,000 11,000 15,000 33,000-3,000 Earnings Before Interest and Tax 292,000-44, ,000-77, , , , ,000 Interest Income 1,000 1,000 1,000 6,000 Interest Expense -48,000-13,000-27,000-40,000-8,000-16,000-25,000-7,000 Net Interest -48,000-13,000-27,000-39,000-7,000-15,000-19,000-7,000 Other Financial Income and Expenses 136, ,000 92, ,000 43,000 70, ,000 58,000 Earnings Before Tax 380,000 50, , , , , , ,000 Income Taxes -223,000-61,000-55,000-14,000-88, , ,000-87,000 Earnings After Tax 157,000-11, , ,000 60,000 86, , ,000 Minority Interest 2,000-2,000-6,000-10,000-2,000-6,000-9,000-2,000 Preacquisition Profit Other After Tax Adjustments Extraordinary Items After Tax Preferred Dividends Net Profit 159,000-13, , ,000 58,000 80, , ,000 Ordinary Dividends -115, , ,000 Dividend Share Capital Other All rights reserved for Financial Intelligence Services Limited. Page 3 of 15

4 INTERIM DATA Date 31-DEC JUN SEP DEC JUN SEP DEC JUN-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type CQ CQ CQ CQ CQ CQ CQ CQ Months ASSETS Cash and Equivalent 1,469,000 1,014,000 1,276,000 1,200,000 1,387,000 1,650,000 1,504,000 1,424,000 Short-Term Investments 10,000 10,000 10,000 Accounts Receivable 6,767,000 5,980,000 5,936,000 6,353,000 5,428,000 5,609,000 6,336,000 5,909,000 Inventories 51,000 44,000 53,000 52,000 39,000 39,000 46,000 41,000 Prepayments and Advances Other Current Assets 1,162, ,000 1,012,000 1,308,000 1,161,000 1,059, ,000 1,039,000 Current Assets 9,459,000 8,035,000 8,287,000 8,913,000 8,015,000 8,357,000 8,730,000 8,413,000 Property, Plant and Equipment at Cost Net Revaluation / Impairment of PPE Accumulated Depreciation Net Property, Plant and Equipment 25,726,000 25,060,000 24,576,000 24,572,000 24,678,000 24,983,000 25,169,000 24,885,000 Goodwill Other Intangibles 256, , , , , , , ,000 Goodwill and Intangibles 256, , , , , , , ,000 Leasing and Investment Properties Long Term Investments 2,164,000 2,365,000 2,518,000 2,621,000 1,558,000 1,677,000 1,994,000 2,103,000 Other Long Term Assets 589, , , , , , , ,000 Total Assets 38,194,000 36,279,000 36,282,000 36,917,000 35,254,000 35,951,000 36,704,000 36,195,000 Redeemable Preferred Shares All rights reserved for Financial Intelligence Services Limited. Page 4 of 15

5 INTERIM DATA Date 31-DEC JUN SEP DEC JUN SEP DEC JUN-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type CQ CQ CQ CQ CQ CQ CQ CQ Months LIABILITIES Accounts Payable 4,338,000 3,835,000 3,860,000 4,127,000 3,647,000 3,488,000 3,788,000 3,587,000 Short Term Debt 4,825,000 3,696,000 4,243,000 3,461,000 2,472,000 3,090,000 3,352,000 3,268,000 Current Portion of Long Term Debt Taxes Payable 49,000 42, ,000 22,000 24, ,000 53, ,000 Other Current Liabilities 2,848,000 2,490,000 2,637,000 2,493,000 2,279,000 2,502,000 2,787,000 2,429,000 Total Current Liabilities 12,060,000 10,063,000 10,871,000 10,103,000 8,422,000 9,232,000 9,980,000 9,497,000 Long Term Debt 1,572,000 1,799,000 1,548,000 2,041,000 2,339,000 2,165,000 1,810,000 1,399,000 Long Term Convertible Debt Lease Obligation Total Long Term Interest Bearing Debt 1,572,000 1,799,000 1,548,000 2,041,000 2,339,000 2,165,000 1,810,000 1,399,000 Minority Interest 11,000 49,000 54,000 57,000 56,000 56,000 58,000 65,000 Deferred Taxes 2,301,000 2,058,000 2,046,000 2,046,000 1,937,000 1,937,000 1,937,000 1,937,000 Provisions 42,000 93,000 82,000 85,000 90,000 94,000 97,000 89,000 Other Long Term Liabilities 2,768,000 2,814,000 2,773,000 2,635,000 2,570,000 2,569,000 2,537,000 2,542,000 Total Liabilities and Debt 18,754,000 16,876,000 17,374,000 16,967,000 15,414,000 16,053,000 16,419,000 15,529,000 Preferred Shares Common Stock/Shares 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 Participation Shares Share Capital 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 Addition Paid In Capital 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 Legal/Untaxed/Special Reserves Shareholders Reserve 2,695,000 2,832,000 2,612,000 2,712,000 2,423,000 2,489,000 2,742,000 2,868,000 Retained Earnings 10,130,000 9,956,000 9,681,000 10,623,000 10,800,000 10,793,000 10,925,000 11,182,000 Treasury Stock -21,000-21,000-21,000-21,000-21,000-21,000-21,000-21,000 Other Equity 2,000 1,000 3,000 1,000 Total Shareholders Equity 19,440,000 19,403,000 18,908,000 19,950,000 19,840,000 19,898,000 20,285,000 20,666,000 Total Liabilities and Equity 38,194,000 36,279,000 36,282,000 36,917,000 35,254,000 35,951,000 36,704,000 36,195,000 All rights reserved for Financial Intelligence Services Limited. Page 5 of 15

6 ANNUAL DATA Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C INCOME STATEMENT Gross Sales 56,940,663 52,990,000 48,661,000 49,386,000 49,283,000 48,397,000 48,864,000 48,904,000 47,924,000 47,117,000 Adjustments/Excise Tax Net Sales 56,940,663 52,990,000 48,661,000 49,386,000 49,283,000 48,397,000 48,864,000 48,904,000 47,924,000 47,117,000 Other Revenues Total Revenues 56,940,663 52,990,000 48,661,000 49,386,000 49,283,000 48,397,000 48,864,000 48,904,000 47,924,000 47,117,000 Costs of Goods and Services / Total Expenses -50,997,201-47,760,000-43,565,000-44,412,000-44,732,000-44,734,000-44,775,000-44,135,000-42,760,000-41,904,000 Operating Income 5,943,462 5,230,000 5,096,000 4,974,000 4,551,000 3,663,000 4,089,000 4,769,000 5,164,000 5,213,000 Selling, General and Administrative Costs R and D Expense Related and Associated Companies Provisions (net) Earning Before Interest, Tax and Depreciation -2,311,932-2,413,000-2,241,000-2,205,000-2,228,000-2,329,000-2,401,000-2,704,000-2,737,000-2,843,000 3,631,530 2,817,000 2,855,000 2,769,000 2,323,000 1,334,000 1,688,000 2,065,000 2,427,000 2,370,000 Depreciation and Depletion -1,295,673-1,402,000-1,502,000-1,509,000-1,418,000-1,424,000-1,448,000-1,450,000-1,456,000-1,489,000 Amortization Impairments Fixed Assets and Intangibles Total Depreciation, Depletion and Amortization Operating Income After Depr, and Amort, -19,411-5,000-26,000-7,000-62,000-11,000-80, , ,000-37,000-1,315,084-1,407,000-1,528,000-1,516,000-1,480,000-1,435,000-1,528,000-1,653,000-1,948,000-1,526,000 2,316,446 1,410,000 1,327,000 1,253, , , , , , ,000 Unusual/Exceptional Items -87,724-39,000-2,000-12, ,000-44, ,000-54, ,000 56,000 Earnings Before Interest and Tax 2,228,722 1,371,000 1,325,000 1,241,000 1,271, ,000 1,111, , , ,000 Interest Income 14,851 11,000 8,000 1,000 1,000 1,000 7,000 Interest Expense -224, , , , ,000-83,000-81,000-61,000-52,000-32,000 Net Interest -209, , , , ,000-83,000-81,000-61,000-51,000-25,000 Other Financial Income and Expenses Gain/Loss Sale of Assets Other Losses and Expenses 33,248 36,000 41,000-55,000-5,000 47, ,000 12,000 15,000 52,000 Earnings Before Tax 2,136,557 1,349,000 1,395,000 1,188,000 1,286,000-75,000 1,275, ,000 1,179,000 1,037,000 Income Taxes -1,058, , , , , , , , , ,000 Earnings After Tax 1,077, , , , , , ,000 85,000 1,000, ,000 Minority Interest -15,849-13,000-30,000-10, , ,000 1,000 3,000-12,000-10,000 Preacquisition Profit Other After Tax Adjustments -1,000-1,000 Extraordinary Items After Tax -1,000-1,000 Preferred Dividends Net Profit 1,062, , , , , , ,000 88, , ,000 Ordinary Dividends -202, , , , , , , , , ,000 Dividend Share Capital Other All rights reserved for Financial Intelligence Services Limited. Page 6 of 15

7 ANNUAL DATA Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C ASSETS Cash and Equivalent 4,241,014 4,112,000 3,270,000 2,409,000 3,340,000 2,092,000 1,433,000 1,383,000 1,899,000 1,569,000 Short-Term Investments 30,602 31,000 30,000 30, ,000 30,000 1,009, ,000 Accounts Receivable 7,634,902 5,612,000 6,208,000 6,252,000 6,162,000 5,545,000 6,186,000 6,206,000 5,385,000 5,996,000 Inventories 27,968 26,000 30,000 43,000 43,000 43,000 57,000 46,000 37,000 35,000 Prepayments and Advances Other Current Assets 1,610,904 1,134,000 1,286,000 1,252,000 1,245,000 1,627,000 1,793,000 1,576,000 1,654,000 1,492,000 Current Assets 13,545,390 10,915,000 10,824,000 9,986,000 11,320,000 9,337,000 10,478,000 9,720,000 8,975,000 9,092,000 Property, Plant and Equipment at Cost Net Revaluation / Impairment of PPE 42,417,704 42,609,000 41,843,000 45,165,000 44,942,000 46,864,000 45,178,000 45,001,000 45,219,000 46,128,000 Accumulated Depreciation -16,460,609-16,405,000-16,954,000-17,764,000-18,219,000-18,786,000-19,131,000-19,648,000-20,496,000-21,061,000 Net Property, Plant and Equipment 25,957,095 26,204,000 24,889,000 27,401,000 26,723,000 28,078,000 26,047,000 25,353,000 24,723,000 25,067,000 Goodwill Other Intangibles 215, , , , , , , , , ,000 Goodwill and Intangibles 215, , , , , , , , , ,000 Leasing and Investment Properties Long Term Investments 2,450,793 1,730,000 2,049,000 2,202,000 2,126,000 2,115,000 2,091,000 2,192,000 2,221,000 2,062,000 Other Long Term Assets 1,537,965 1,446,000 1,255,000 1,218, , , , , , ,000 Total Assets 43,706,816 40,564,000 39,241,000 41,002,000 41,071,000 40,482,000 39,426,000 38,121,000 36,901,000 37,052,000 All rights reserved for Financial Intelligence Services Limited. Page 7 of 15

8 ANNUAL DATA Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C LIABILITIES Accounts Payable 5,145,612 4,025,000 4,357,000 4,166,000 4,289,000 4,139,000 4,224,000 4,294,000 4,102,000 4,081,000 Short Term Debt 7,825,665 5,243,000 3,294,000 3,172,000 2,930,000 2,970,000 2,590,000 1,540,000 2,607,000 2,150,000 Current Portion of Long Term Debt 2,769,000 1,876,000 1,530,000 1,884,000 1,683,000 1,500,000 2,420,000 1,155,000 Taxes Payable 623, , , , , , , ,000 39, ,000 Other Current Liabilities 3,076,635 2,858,000 2,712,000 2,794,000 2,802,000 2,889,000 3,108,000 2,825,000 2,680,000 2,400,000 Total Current Liabilities 16,671,694 15,105,000 12,776,000 12,088,000 12,514,000 11,880,000 11,528,000 11,754,000 9,428,000 10,102,000 Long Term Debt 3,915,490 2,244,000 2,482,000 4,345,000 4,002,000 4,423,000 3,418,000 2,110,000 2,759,000 1,687,000 Long Term Convertible Debt Lease Obligation Total Long Term Interest Bearing Debt 3,915,490 2,244,000 2,482,000 4,345,000 4,002,000 4,423,000 3,418,000 2,110,000 2,759,000 1,687,000 Minority Interest 171, , , , , ,000 13,000 10,000 57,000 64,000 Deferred Taxes 3,458,740 3,457,000 3,213,000 3,196,000 2,393,000 2,390,000 2,301,000 2,078,000 1,937,000 1,937,000 Provisions 2,786,045 2,344,000 2,221,000 2,215,000 2,189,000 2,246,000 46,000 46,000 87, ,000 Other Long Term Liabilities 130, , , , , ,000 3,062,000 2,787,000 2,529,000 2,559,000 Total Liabilities and Debt 27,133,566 23,859,000 21,564,000 22,738,000 22,130,000 21,835,000 20,368,000 18,785,000 16,797,000 16,449,000 Redeemable Preferred Shares Preferred Shares Common Stock/Shares 3,559,234 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 Participation Shares Share Capital 3,559,234 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 3,559,000 Addition Paid in Capital 3,077,618 3,078,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 3,077,000 Legal/Untaxed/Special Reserves Shareholders Reserve 3,465,355 3,058,000 2,895,000 3,025,000 2,650,000 2,656,000 2,591,000 2,643,000 2,618,000 2,830,000 Retained Earnings 6,489,877 7,029,000 8,165,000 8,622,000 9,675,000 9,375,000 9,851,000 10,078,000 10,868,000 11,156,000 Treasury Stock -18,834-19,000-19,000-19,000-20,000-20,000-20,000-21,000-21,000-21,000 Other Equity 3,000 2,000 Total Shareholders Equity 16,573,250 16,705,000 17,677,000 18,264,000 18,941,000 18,647,000 19,058,000 19,336,000 20,104,000 20,603,000 Total Liabilities and Equity 43,706,816 40,564,000 39,241,000 41,002,000 41,071,000 40,482,000 39,426,000 38,121,000 36,901,000 37,052,000 All rights reserved for Financial Intelligence Services Limited. Page 8 of 15

9 ANNUAL DATA Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C CASHFLOW Net Income 2,136,557 1,349,000 1,395,000 1,188,000 1,286,000-75,000 1,275, ,000 1,179,000 1,037,000 Depreciation, Depletion and Amortization 1,295,673 1,402,000 1,502,000 1,509,000 1,418,000 1,424,000 1,448,000 1,450,000 1,456,000 1,489,000 Depreciation and Depletion -1,295,673-1,402,000-1,502,000-1,509,000-1,418,000-1,424,000-1,448,000-1,450,000-1,456,000-1,489,000 Amortization of Intangible Assets Deferred Inc, Tax and Invest, Tax Credit Other Non-Cash Items 170,581 72, , , ,000 52,000-1,161, , , ,000 Funds from Operations Before WC Charges and Extra Funds from Other Operating Activities 3,602,811 2,823,000 2,795,000 2,797,000 2,465,000 1,401,000 1,562,000 2,174,000 2,429,000 2,423, ,453 4, , , , , ,000-59, , ,000 Decrease/Increase in Receivables 739,332 2,293, ,000 70,000 67, , , , ,000 Decrease/Increase in Inventories -92,000 Increase/Decrease in Accts, Payable Increase/Decrease in Other Accruals Decrease/Increase in Other Assets/ Liabilities -133,029-1,281, , , ,000-78, ,000 66,000-39,000-23, , ,000 19,000 1,000-1,038,756-1,008, , , , , , , , ,000 Net Cash Flow - Operating Activities 3,170,358 2,827,000 2,189,000 1,876,000 2,117, , ,000 2,115,000 2,160,000 1,636,000 Capital Expenditure, Reval, Disp Incld Intangibles -1,184,159-1,700, ,000-4,043,000-2,004,000-2,906, ,000-1,130,000-1,217,000-2,153,000 Increase/Decrease in Other Assets 231,258 66, ,000-47,000 72,000 18,000 10,000-7, , ,000 Increase/Decrease in Investments -11, , , ,000 1,254, ,000 2,353, , , ,000 Net Cash Flow - Invest, Activities -964,803-1,470,000 9,000-3,947, ,000-2,507,000 1,439,000-1,031,000-1,271,000-1,673,000 Increase/Decrease in Short Term Borrowing Increase/Decrease in Long Term Borrowing Net Proceeds from Sale/ Issue of Common and Preferred Stock Common/Preferred Purchase, Ret, Conv, Redeem -1,145,479-1,489,000-1,949,000-90, ,000 38, ,000-1,046, ,000 1,032,000-1,027,173 7, ,000 1,516,000 10, ,000-1,188, , ,000-1,404, , ,000 Cash Dividends Paid - Total -217, , , , , , , , , ,000 Common Dividends (Cash) -202, , , , , , , , , ,000 Preferred Dividends (Cash) Other Source/Use - Financing Net Cash Flow - Financing -2,390,792-1,685,000-2,790,000 1,210, , ,000-1,850,000-1,636, , ,000 Effect of Exchange on Cash 1,000 6,000 37,000 3,000 51, ,000 Increase/Decrease in Cash and Short Term Investments Cash and Equivalents at Beginning of Year Cash and Equivalents at End of Year -185, , , ,000 1,130,000-1,448, , ,000 6, ,000 4,392,110 4,206,000 3,878,000 3,286,000 2,426,000 3,556,000 2,108,000 2,428,000 1,879,000 1,885,000 4,206,873 3,878,000 3,286,000 2,426,000 3,556,000 2,108,000 2,428,000 1,879,000 1,885,000 1,550,000 All rights reserved for Financial Intelligence Services Limited. Page 9 of 15

10 KEY RATIOS Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C PROFITABILITY RATIOS Return on Assets (ROA) Return on Net Assets (RONA) Return on Gross Assets (ROGA) Return on Gross Investment (ROGI) , , Return on Equity (ROE) Return on Invested Capital (ROIC) Operating Margin (%) COGS/Sales (%) Depreciation/Sales (%) SG and A/Sales (%) Net Profit Margin (%) ASSET UTILISATION R and D/Sales (%) Sales to Cash (%) Sales to Accts Receivable (%) Sales to Inventories (%) 1, , , , , , , , Sales to Working Capital (%) Sales to Fixed Assets (%) Sales to Total Assets (%) LIQUIDITY RATIOS Quick Ratio (equivalent to Acid Ratio) Cash Ratio Current Ratio Gross Cash Flow to Current Liabilities Free Cash Flow to Current Liabilities Interest Coverage Funded Capital Ratio Days in Inventory Days in Accts Payable Days in Cash Days in Receivables CAPITAL STRUCTURE Financial Leverage Debt to Capital at Book Payout Ratio Retention Ratio Z-Score YR GROWTH RATES (%) Net Sales Growth Rate Sustainable Growth Rate Growth in Total Assets Growth in Gross Fixed Assets Growth in Fixed Assets Growth in Current Assets Growth in Operating Current Assets Growth in Working Capital Growth in Operating Working Capital , Growth in Gross Investment Growth in Total Debt All rights reserved for Financial Intelligence Services Limited. Page 10 of 15

11 KEY RATIOS Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C Growth in Net Turnover Growth in Cash Flow Growth in EBITDA Growth in EBIT Growth in Net Profit , Growth in NOPLAT , Growth in Shareholder's Equity YR GROWTH RATES (%) 3 yr Net Sales Growth Rate yr Sustainable Growth Rate yr Growth in Total Assets yr Growth in Gross Fixed Assets yr Growth in Fixed Assets yr Growth in Current Assets yr Growth in Operating Current Assets yr Growth in Working Capital yr Growth in Operating Working Capital , yr Growth in Gross Investment , yr Growth in Total Debt yr Growth in Net Turnover yr Growth in Cash Flow yr Growth in EBITDA yr Growth in EBIT yr Growth in Net Profit yr Growth in NOPLAT yr Growth in Shareholder's Equity YR GROWTH RATES (%) 5 yr Net Sales Growth Rate yr Sustainable Growth Rate yr Growth in Total Assets yr Growth in Gross Fixed Assets yr Growth in Fixed Assets yr Growth in Current Assets yr Growth Operating Current Assets yr Growth in Working Capital yr Growth in Operating Capital , yr Growth in Gross Investment , , , , yr Growth in Total Debt yr Growth in Net Turnover yr Growth in Cash Flow yr Growth in EBITDA yr Growth in EBIT yr Growth in Net Profit yr Growth in NOPLAT , yr Growth in Shareholder's Equity STRATEGIC RISK ITEMS RATIOS Capital (CAP) 28,616,002 27,670,000 26,201,000 28,205,000 28,789,000 28,619,000 29,641,000 28,203,000 28,056,000 28,218,000 Net Operating Profit Before Tax (NOPBT) Net Operating Profit After Tax (NOPAT) 2,205,204 1,332,242 1,287,040 1,204, ,333 49, , , , ,990 1,146, , , ,019-34,667-86, , , ,990 All rights reserved for Financial Intelligence Services Limited. Page 11 of 15

12 KEY RATIOS Date 31-MAR MAR MAR MAR MAR MAR MAR MAR MAR MAR-17 Currency JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) JPY ('000) Report Type C C C C C C C C C C Cash Operating Profit After Tax (COPAT) 2,461,595 2,143,242 2,399,040 2,191,019 1,445,333 1,348,507 1,000,960 1,653,600 2,240,105 1,901,990 Total Gross Capital (TGC) 29,931,086 29,077,000 27,729,000 29,721,000 30,269,000 30,054,000 31,169,000 29,856,000 30,004,000 29,744,000 3 yr CAP Average 30,431,447 29,079,046 27,495,667 27,358,667 27,731,667 28,537,667 29,016,333 28,821,000 28,633,333 28,159,000 3 yr NOPBT Average 1,780,408 1,763,435 1,608,162 1,274,433 1,089, , , , , ,565 3 yr NOPAT Average 937, , , , , , , ,311-78, ,898 3 yr COPAT Average 2,287,881 2,264,584 2,334,626 2,244,433 2,011,797 1,661,619 1,264,933 1,334,355 1,631,555 1,931,898 3 yr TGC Average 31,782,115 30,407,081 28,912,362 28,842,333 29,239,667 30,014,667 30,497,333 30,359,667 30,343,000 29,868,000 3 yr Average Pre-Tax Return Risk (%) 3 yr Average After-Tax Return Risk (%) 3 yr Average Total Gross Return Risk (%) yr CAP Average 30,357,290 29,848,252 29,033,068 28,328,628 27,896,200 27,896,800 28,291,000 28,691,400 28,661,600 28,547,400 5 yr NOPBT Average 1,598,590 1,598,835 1,592,101 1,556,273 1,361, , , , , ,432 5 yr NOPAT Average 847, , , , , , ,572 5,484-71,099 11,032 5 yr COPAT Average 2,166,823 2,201,886 2,281,185 2,276,762 2,128,046 1,905,428 1,676,972 1,527,884 1,537,701 1,629,032 5 yr TGC Average 31,676,545 31,197,323 30,430,469 29,734,249 29,345,417 29,370,000 29,788,400 30,213,800 30,270,400 30,165,400 5 yr Average Pre-Tax Return Risk (%) 5 yr Average After-Tax Return Risk (%) yr Total Gross Return Risk (%) All rights reserved for Financial Intelligence Services Limited. Page 12 of 15

13 SUBSIDIARIES Name Percentage (%) AMORPHOUS MARUWN CO LTD KANTO TRANSPORT LTD LEADING TRANSPORTATION CO LTD MARUWN BUSINESS ASSOCIATES INC MARUWN FLUID TRANSPORT HIROSHIMA CO LTD MARUWN FLUID TRANSPORT SANYO CO LTD MARUWN INDUSTRIAL CO LTD MARUWN INTERNATIONAL FREIGHT CO LTD MARUWN LIQUID TRANSPORT IN FUKUOKA CO LTD MARUWN NORTHEAST LIQUID TRANSPORT CO LTD MARUWN SERVICES CO LTD MARUWN TECHNO SUPPORT LTD MARUWN TRAFFIC CO LTD MARUWN TRANSPORT CHIBA CO LTD MARUWN TRANSPORT KASHIMA CO LTD MARUWN TRANSPORT KEIHIN CO LTD MARUWN TRANSPORT SAPPORO CO LTD NORTHEAST MARUWN CO LTD OITA MARUWN CO LTD SAITAMA MARUWN CO LTD SHIGA MARUWN CO LTD SUN RIDGE INDUSTRIAL CO LTD TOKAI MARUWN CO LTD YUTAKA N TRANSPORTATION CO LTD MIYAUCHI MARUWN CO LTD MARUUN TOWADO DISTRIBUTION CO LTD CENTRAL PETROLEUM TRANSPORT INC KINKI LIQUID TRANSPORTATION CO LTD JX HOLDINGS INC All rights reserved for Financial Intelligence Services Limited. Page 13 of 15

14 Business Summary The Company is a company mainly engaged in the logistics business. The Company operates in four business segments. The Freight Transportation segment is mainly engaged in the local, truck, rail container and air transportation of freight, the transportation, carrying in and out, fitting of deadweight cargoes, the moving, storage, yard operation works and other transportation-related businesses. The Liquid Transportation segment is engaged in the transportation of petroleum, chemical products, liquefied petroleum gas and lubricant oil, the yard operation works in oil tank facilities, and other liquid transportation-related businesses. The International Logistics segment is engaged in the marine container transportation, international airfreight transportation, export and import custom-house businesses, and other international logistics-related businesses. The Others segment is involved in the leasing of real estate, the agency of insurance and other businesses. The Company was founded in May 1892 and established on December 17, Its shares were listed on the second section of Tokyo Stock Exchange in October 1961 and also listed on the First Section of the Tokyo Stock Exchange in September All rights reserved for Financial Intelligence Services Limited. Page 14 of 15

15 Financial Intelligence Services Limited Under no circumstances is this document to be used or considered as, an offer to sell or a solicitation of any offer to buy, any security. This research report is prepared for general circulation. It does not address the specific investment objectives, financial situation or the particular needs of any specific person or institution, who may use this report. While information contained herein has been obtained from sources believed to be reliable, Financial Intelligence Services Limited does not represent that it is accurate or complete and it should not be relied upon as such. Opinions, even formulated as mathematical calculations, are opinions only and do not warranty any usefulness. Users should take account of the fact that past performance is not a guarantee of future performance North Dearborn Parkway, Chicago, IL Tel: Fax: World Vest Base Sdn. Bhd. ( W) Suite 3001, 30th Floor, Menara 2, Menara Kembar Bank Rakyat, No. 33 Jalan Rakyat, Kuala Lumpur, Malaysia Tel: inforequest@wvb.com All rights reserved for Financial Intelligence Services Limited. Page 15 of 15