Settlement of Accounts Meeting for the First Nine Months of Fiscal Year Ending March 31, 2011

Transcription

1 Settlement of Accounts Meeting for the First Nine Months of Fiscal Year Ending March 31, 2011 January 31, 2011 YAMATO HOLDINGS CO., LTD. Disclaimer: This material is intended for informational purposes and is not a solicitation or offer to buy or sell securities or related financial instruments. Ultimately it is the responsibility of investors to select and buy securities and the Company assumes no responsibility for investors who act on the basis of this material.

2 1. Overview of Operating Results(1) Points of first nine months operating results Delivery Business Swing from growth underperformed companies plans in 1H to strong revenue/income growth in 3Q Takkyubin parcel volume growth considerably exceeded companies plans reaching the highest growth rate in recent years. Oct +4.0%, Nov +9.2%, Dec +7.4%, 3Q +7.0%, 3Q (cumulative)+7.2% The rate of fall of Takkyubin unit price is steadily diminishing. 1Q -3.9%, 2Q -3.0%, 3Q -2.1%, 3Q (cumulative) -2.9% Despite personnel (employee salary etc.) increasing along with parcel volume growth, the control of variable cost relating to day workers, pickup/delivery outsourcing, etc. led to a gradually emerging labor productivity improvement effect resulting in income increase. Operating income for each quarter showed a big swing towards income increase. 1Q bn, 2Q bn, 3Q bn Non-delivery Businesses Stable growth realized for each segment business BIZ-Logistics New businesses delivered strong performance, but forwarding business suffered increases in some costs due to higher freight charges from airlines. Financial Customer base became firmer thanks to diversification of settlement methods using various types of e-money.

3 2. Overview of Operating Results(2) Operating revenues FY2011 FY2010 (Billions of yen) YoY Change Amount [%] Delivery Non-Delivery Total Operating income [Profit margin] 6.7% 6.7% - - Ordinary income [Profit margin] 6.9% 6.9% - - Net income [Profit margin] 3.8% 3.7% - -

4 3. YoY Analysis of Consolidated Operating Revenues (Billions of yen) YoY 31.0 b ( 3.4%) Delivery 21.7 BIZ- Logistics 5.6 Home Convenience 0.1 e-business 0.8 Financial 0.4 Truck Maintenance 2.9 Other Delivery Trend of Takkyubin Parcel basis 1. Retail: 6.5% 690,157 thousand (Individual customer: 0.9%) 126,357 thousand (Small lot commercial: 8.3%) 563,800 thousand 2. BIZ-Logistics Trend of main sub-segments 1. International 2.3 b 2. Domestic 4.0 b ( 6.6%) ( 9.8%) (breakdown shown below) Trade Logistics: 1.4 b ( 5.7%) Other: 0.9 b ( 8.6%) (breakdown shown below) Retail Logistics: 1.0 b ( 5.1%) Medical Logistics: 0.2 b ( 4.3%) Multi Maintenance: 2.6 b ( 53.1%) Other: 0.2 b ( 1.7%) 3. Eliminations/Other 0.7 b ( - %) Large lot commercial: 8.6% 365,727 thousand 3. Financial 4. Truck Maintenance Trend of main sub-segments Trend of main sub-segments 1. Takkyubin Collect 1.1 b ( 4.4%) 2. Shopping Credit 1.2 b ( 23.9%) 3. Eliminations/Other 0.3 b ( - %) 1. Vehicle Maintenance 3.2 b ( 11.1%) (breakdown shown below) Vehicle Maintenance 0.9 b Fuel Sales 2.0 b Other 0.3 b 2. Eliminations/Other 0.3 b ( - %) FY 2010

5 4. YoY Analysis of Consolidated Operating Expenses Revenue increase 31.0 Personnel 13.4 Subcontracting 17.2 Vehicle 3.1 Other 6.1 Operating Income YoY 2.1 ( 3.5%) Elimination 10.9 (Billions of yen) 61.9 Breakdown Employee Salary 9.1 Retirement benefit 0.9 Breakdown Commission 16.5 Vehicle hiring 2.1 Breakdown Fuel Other 3.4 Major breakdown Day laborer wages 0.5 Legal/welfare 3.2 Other 1.4 Breakdown Depreciation 0.2 Operating Expenses YoY 28.9 ( 3.4%) FY 2010

6 5. YoY Consolidated Operating Income Trends for 1st/2nd/3rd Quarter higher revenue / higher income (Billions of yen) higher revenue / lower income 5.8 higher revenue / higher income 9.4 Major breakdown Personnel 3.7 Subcontracting Major breakdown Personnel 5.0 Subcontracting 5.5 Vehicle 1.3 Other 3.3 Elimination 4.6 Operating income YoY Major breakdown Personnel 4.7 Subcontracting 4.9 Vehicle 0.8 Other 2.0 Elimination 3.4 Operating income YoY 4.6 1st Quarter Vehicle 1.0 Other 0.8 Elimination nd Quarter 3rd Quarter YoY change in operating revenues YoY change in operating

7 6. Quarterly YoY Trends of Takkyubin Parcel Volume and Unit Price Takkyubin parcel volume has been steadily rising while the rate of fall of unit prices has been diminishing as planned % +8.7% +7.0% +5.8% +3.1% +0.1% -1.4% - 1.9% - 2.1% - 2.8% - 3.0% - 3.7% - 3.9% - 4.8% 1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 2QFY2011 3QFY YoY Takkyubin parcel volume growth rate YoY rate of fall of Takkyubin unit price

8 7. The 5 Solution Models Revenues from 5 solution models (Billions of yen) Global Direct (210.0%) Web-based Shipment (300.0%) Net Super (200.0%) ( 154.2%) ( 144.2%) 0 FY2009 FY2010 FY2011 Today Shopping Service Maintenance Support Other (Net Super; Global Direct; Web-based Shipment)

9 8. Forecasts of Operating Results (New forecast) FY 2010 (Billions of yen) YoY Change Amount [%] Operating revenues 1, , Operating income [Profit margin] 5.2% 5.1% - - Ordinary income [Profit margin] 5.4% 5.3% - - Net income [Profit margin] 2.8% 2.7% - -

10 Overview of the First Nine Months Operating Results

11 9. YoY Analysis of Consolidated Operating Expenses (Millions of yen) Actual FY2011 Impact of transfer of air cargo agent Actual excluding impact FY2010 Amount YoY Change [%] Operating revenues Operating Personnel Employee salary Retirement benefit Other Subcontracting Commission Vehicle hiring Other Vehicle Fuel Other operating Depreciation Eliminations 953, , ,964 31, , , ,053 28, , , ,353 13, , , ,836 9, , ,789 4, , , ,580 3, , , ,964 17, ,194 (7,493) 128, ,639 9, , , ,223 2, ,662 7, , ,102 6, , ,204 28,093 3, , ,146 15,468 2, , , ,028 6, , ,598 28,875 (276) (1.0) (167,380) 0 (167,380) (156,386) (10,994) 7.0

12 10. YoY Analysis of Delivery Business Expenses (Millions of yen) Operating revenues Operating Personnel Employee salary Retirement benefit Other Subcontracting Commission Vehicle hiring Other Vehicle Fuel Other operating Depreciation Eliminations Actual FY2011 Impact of transfer of air cargo agent Actual excluding impact FY2010 Amount YoY Change [%] 771, , ,669 21, , , ,813 20, , , ,304 12, , , ,252 8, , ,560 3, , , ,408 3, , , ,179 6, ,000 (7,493) 70,506 65,792 4, , ,188 98,424 1, ,257 7,493 40,751 40,962 (210) (0.5) 26, ,642 23,943 2, , ,781 12,516 2, , , ,537 4, , ,795 22,491 (695) (3.1) (63,371) 0 (63,371) (58,151) (5,220) 9.0 (Note) The figures above include the operating of the Takkyubin business overseas.

13 11. Forecasts of Operating Results (1) (Millions of yen) (New forecast) A FY 2010 (October 2010 forecast) B YoY Change Forecast Change (A-B) Amount [%] Amount [%] Operating revenues Delivery 993, , ,000 26, , BIZ-Logistics 81,000 78,927 81,000 2, Home Convenience 46,500 50,350 46,500 (3,850) (7.6) e-business 32,500 32,093 34, (1,500) (4.4) Financial 53,500 52,658 55, (1,500) (2.7) Truck Maintenance 17,000 16,001 17, Other Business 4,500 4,321 4, Total 1,228,000 1,200,834 1,228,000 27, Operating income Delivery 40,000 38,070 40,000 1, BIZ-Logistics 3,200 2,656 3, Home Convenience 300 (701) 300 1, e-business 6,200 6,016 6, Financial 10,000 10,260 10,000 (260) (2.5) Truck Maintenance 2,100 1,649 2, Other Business 20,700 18,633 20,700 2, Subtotal 82,500 76,585 82,500 5, Eliminations (18,500) (15,196) (18,500) (3,303) Total 64,000 61,388 64,000 2, [Profit margin] 5.2% 5.1% 5.2% Ordinary income 66,000 63,313 66,000 2, [Profit margin] 5.4% 5.3% 5.4% Net income 34,000 32,282 34,000 1, [Profit margin] 2.8% 2.7% 2.8%

14 12. Forecasts of Operating Results (2) (Millions of yen) (New forecast) A Impact of transfer of air cargo agent Forecast excluding impact FY 2010 (October 2010 forecast) B ( Ad j u sted ) YoY Change Amount [%] Forecast Change (A-B) Amount [%] Operating revenues 1,228, ,228,000 1,200,834 1,228,000 27, Operating 1,164, ,164,000 1,139,445 1,164,000 24, Personnel 637, , , ,500 15, , Employee salary 443, , , ,000 9, Retirement benefit 8, ,000 6,626 8,000 1, Other personnel 186, , , ,500 4, , Subcontracting 461, , , ,000 14, Commission 179,000 (10,000) 169, , ,000 7, Vehicle hiring 140, , , ,000 1, Other subcontracting 142,000 10, , , ,000 4, Vehicle 39, ,500 36,596 39,500 2, Fuel 23, ,500 20,537 23,500 2, Other 246, , , ,000 4, (1,500) (0.6) Depreciation 40, ,000 39,877 41, (1,000) (2.4) Elimination (220,000) 0 (220,000) (207,116) (220,000) (12,883) Assumptions of forecasts Operating Revenues Delivery Business Takkyubin parcels (thousands; forecast) 1,347,000 (YoY 6.7%) Takkyubin unit price (forecast) 608 (YoY 2.6%) Personnel (employee salary) Employees (consolidated; forecast) Total 172,400 (YoY 4,845) Full-time 83,600 (YoY 1,205) Part-time 88,800 (YoY 3,640) Subcontracting (commission ) Changes in account item due to change from air freight loading by each company to loading via Express Network Co., Ltd. Subcontracting (vehicle hiring ) Inter-locked with increase in delivery volume Vehicle (fuel ) West Texas Intermediate (WTI) 1 barrel = U.S. $90 (In Oct 2010,1 barrel=u.s.$82)

15 This presentation material is posted on the Company s website in the Investor Relations section in PDF format. Disclaimer: This material is intended for informational purposes only and is not a solicitation or offer to buy or sell securities or related financial instruments. Ultimately it is the responsibility of investors to select and buy securities and the Company assumes no responsibility for investors who act on the basis of this material.