MERGENT TRANSPORTATION

Transcription

1 MERGENT TRANSPORTATION NEWS REPORTS Friday, July 28, 2017 Volume 88 No. 7 BONHEUR ASA (NORWAY) (NKr000): Revenues ,368,839 14,629,122 12,321,677 Gain on sale of equipment ,676 11,327 25,650 Cost of sales (789,908) (795,357) (626,063) Salaries & other personnel expenses... (2,275,938) (3,211,571) (2,777,475) expenses (4,272,286) (4,389,773) (4,619,671) Loss on sale of equipment (4,505) (416) (1,776) Depreciation & amortization (3,329,579) (3,700,953) (2,749,097) Impairment of equipment & intangible assets..... (2,036,720) (4,903,670) (269,721) Operating profit (loss) (294,420) (2,361,291) 1,303,523 Share of profit (loss) in associates ,050 (2,058) 107,909 Interest income ,999 79,520 91,559 Other finance income ,073, ,139 1,187,174 Finance income ,128,343 1,071,659 1,278, (720,674) (780,657) (694,178) Other finance expenses (817,485) (826,487) (1,053,999) Finance expenses.... (1,538,159) (1,607,144) (1,748,177) Net finance income (expense) (409,816) (535,485) (469,444) NOTICE Items in this issue will be listed online weekly and printed monthly. 1 Reclassified to conform with 2015 presentation; 2 As reported by Company; 3 As is Consolidated Balance Sheet, Years Ended Dec. 31 (NKr000): Development costs, net , ,632 Publishing rights , ,000 Customer relationship, technology, patents, other , ,360 Goodwill, net , ,340 Intangible assets ,768 1,100,332 Deferred tax asset , ,527 Rigs & other offshore units, net ,523,375 16,130,073 Ships, net ,499,543 4,104,290 Windfarms ,795,864 5,341,238 Other fixed assets , ,173 equipment, gross ,083,935 53,897,586 Total accumulated depreciation, amortization & impairment (28,819,693) (27,812,812) equipment, net ,264,242 26,084,774 Investments in associates ,079 6,161 Investments in other shares , ,216 Bonds & other receivables , ,577 Pension funds ,544 44,558 Financial fixed assets , ,512 assets ,159,965 28,220,145 Inventories ,090,729 1,179,950 Trade receivables ,281,933 1,671,923 Other receivables ,011 2,393,836 Cash & cash equivalents ,227,987 8,340,316 Total current assets ,360, ,586,026 before tax (687,186) 2 (2,898,833) 2 941,988 Tax income (expense) (316,889) 94,946 (444,955) Total assets ,520, ,806,171 for Share capital ,165 50,987 the year (1,004,074) 2 (2,803,887) 497,033 Additional paid in for the year allocated to shareholders of capital Total paid in capital Retained earnings , ,435 9,265,073 25,920 76,907 9,023,877 the parent (489,561) (1,261,534) 119,173 Share of equity for the year allocated shareholders of the to non-controlling interests (514,513) (1,542,353) 377,860 parent Non-controlling interests ,461,508 3,653,274 9,100,784 6,344,158 outstanding-basic ,927 32,346 32,346 Total equity Employee benefits Deferred tax liabilities ,114,782 1,203, ,114 15,444,942 1,281, ,819 outstanding-diluted... 41,927 32, Interest bearing loans & borrowings Other non-current 13,955,540 17,581,242 outstanding ,532 32,346 32, , ,640 15,852, ,377,094 per share - basic..... NKr(11.68) NKr(39.00) NKr3.68 Current tax , ,687 Interest bearing loans & per share - diluted.... NKr(11.68) NKr(39.00)... borrowings ,141,793 3,431,155 Other accruals & 4,194 4,747 4,935 deferred income ,656,514 2,548,046 Number of 3 2, , Trade & other payables Total current liabilities ,122 3,553, ,247 6,984,135 Total liabilities ,405, ,361,229 32,520, ,806,171 1 As reported by Company CSX CORP Earnings, 6 mos. to (Consol. $000): 06/30/17 06/24/16 Total revenues ,802,000 5,322,000 Cost & expenses ,485,000 3,146,000 Operating income ,670,000 1,544,000 Other income (expense), net ,000 15,000 Net before taxes ,409,000 1,275,000 Income taxes , ,000 Net income , ,000 Primary $0.94 $0.84 Fully Diluted $0.94 $0.84 Full Diluted , ,000 Year-end , ,991 DELTA AIR LINES INC (DE) Earnings, 6 mos. to Jun 30(Consol. $000): Total revenues ,939,000 19,698,000 Cost & expenses ,783,000 14,779,000 Deprec., depl. & amort ,075, ,000 Operating income ,081,000 3,963,000 Other income (expense), net (78,000) 21,000 Net before taxes ,806,000 3,784,000 Net income ,827,000 2,492,000 Primary $2.51 $3.25 Fully Diluted $2.50 $3.23 Full Diluted , ,000 Year-end , ,908 ENBRIDGE ENERGY PARTNERS, L.P. Interest Sale Completed On June 28, 2017, Co. sold its ownership interests in the Midcoast Energy Partners, L.P. ("MEP") gas gathering and processing business, consisting of its 48.4% limited partner interest in Midcoast Operating, L.P., its 51.9% limited partner interest in MEP and its 100% membership interest in Midcoast Holdings, L.L.C., MEPŠs general partner to Enbridge Inc. whollyowned subsidiary, Enbridge Energy Company, Inc. ("EECI") for aggregate consideration of $2,263,000,000, which included cash consideration of $1,310,000,000 and outstanding indebtedness at MEP of $953,000,000. A portion of the cash proceeds received by Co. was used to repay to EECI the $357,000,000 deferred distribution balance related to the Series 1 Preferred Units that were redeemed by Co. as of Apr. 27, ENBRIDGE INC Acquisition Completed On June 28, 2017, Enbridge Energy Partners, L.P. (the "Partnership") sold its ownership interests in the Midcoast Energy Partners, L.P. ("MEP") gas gathering and processing business, consisting of its 48.4% limited partner interest in Midcoast Operating, L.P., its 51.9% limited partner interest in MEP and its 100% membership interest in Midcoast Holdings, L.L.C., MEPŠs general partner to Co. s wholly-owned subsidiary, Enbridge Energy Company, Inc. ("EECI") for aggregate consideration of $2,263,000,000, which included cash consideration of $1,310,000,000 and outstanding indebtedness at MEP of $953,000,000. A portion of the cash proceeds received by the Partnership were used to repay to EECI the $357,000,000 deferred distribution balance related to the Series 1 Preferred Units that were redeemed by the Partnership as of Apr. 27, 2017.

2 74 MERGENT TRANSPORTATION NEWS July 28, 2017 FEDEX CORP Consolidated Income Statement, Years Ended May 31 ($000): Revenues ,319,000 50,365,000 47,453,000 Salaries & employee benefits ,542,000 18,581,000 17,110,000 Purchased transportation expenses ,630,000 9,966,000 8,483,000 Rentals & landing fees ,240,000 2,854,000 2,682,000 Depreciation & amortization ,995,000 2,631,000 2,611,000 Fuel expenses ,773,000 2,399,000 3,720,000 Maintenance & repairs expenses ,374,000 2,108,000 2,099,000 Impairment & other charges ,000 Retirement plans mark-to-market adjustment (24,000) 1,498,000 2,190,000 expenses ,752,000 7,251,000 6,415,000 Total operating expenses ,282,000 47,288,000 45,586,000 Operating income.... 5,037,000 3,077,000 1,867,000 Interest expense , , ,000 Interest income ,000 21,000 14,000 Other income (expense), net ,000 (22,000) (19,000) Total other income (expense) (458,000) (337,000) (240,000) Income before income taxes ,579,000 2,740,000 1,627,000 Current provision taxes - federal , , ,000 Current provision taxes - state & local ,000 72, ,000 Current provision income taxes - foreign , , ,000 Total current provision (benefit) for income taxes , ,000 1,111,000 Deferred provision taxes - federal , ,000 (474,000) Deferred provision taxes - state & local ,000 (18,000) (47,000) Deferred provision taxes - foreign (108,000) (2,000) (13,000) Total deferred income tax provisions (benefit) , ,000 (534,000) Provision for income taxes ,582, , ,000 Net income ,997,000 1,820,000 1,050,000 - basic , , ,000 - diluted , , ,000 outstanding , , ,430 per common share - basic $11.24 $6.59 $3.70 per common share - diluted $11.07 $6.51 $3.65 Dividends per share..... $1.00 $0.80 Number of full time , , ,000 Number of part time , , , , , ,000 Number of common , , ,601 Foreign currency translation adjustments (171,000) (261,000) (334,000) 1 Reclassified to conform with 2016 presentation; 2 As of Julyă13, 2017; 3 As of July 14, 2016; 4 As of July 10, 2015; 5 As is; 6 Approximately Consolidated Balance Sheet, Years Ended May 31 ($000): Cash & cash equivalents ,969,000 3,534,000 Receivables, gross ,851,000 7,430,000 Less: allowances , ,000 Receivables, net ,599,000 7,252,000 Spare parts, supplies & fuel, gross , ,000 Less: allowances , ,000 Spare parts, supplies & fuel , ,000 Prepaid expenses & other current assets , ,000 Total current assets ,628,000 11,989,000 Aircraft & related equipment ,833,000 17,499,000 Package handling & ground support equipment ,989,000 7,961,000 Information technology ,396, Computer & electronic equipment ,149,000 Vehicles ,961,000 6,422,000 Facilities & other property & equipment ,447,000 9,987,000 Property & equipment, at cost ,626,000 47,018,000 Less accumulated depreciation & amortization ,645,000 22,734,000 Net property & equipment ,981,000 24,284,000 Goodwill ,154,000 6,747,000 Other assets ,789,000 3,044,000 Total assets ,552,000 46,064,000 Current portion of long-term debt ,000 29,000 Accrued salaries , ,000 Accrued employee benefits, including variable compensation , ,000 Accrued compensated absences , ,000 Accrued salaries & employee benefits ,914,000 1,972,000 Accounts payable ,752,000 2,944,000 Self-insurance accruals , ,000 Taxes other than income taxes , ,000 Other accrued expenses ,971,000 1,915,000 Total current liabilities ,918,000 8,008,000 Senior unsecured debt ,878,000 13,792,000 Other debt ,000 12,000 Capital lease obligations ,000 63,000 Less: current portion ,000 29,000 Long-term debt, less current portion ,909,000 13,838,000 Deferred income taxes ,485,000 1,567,000 Pension, postretirement healthcare & other benefit obligations ,487,000 6,227,000 Self-insurance accruals ,494,000 1,314,000 Deferred lease obligations , ,000 Deferred gains, principally related to aircraft transactions , ,000 Other liabilities , ,000 Common stock ,000 32,000 Additional paid-in capital ,005,000 2,892,000 Retained earnings ,833,000 18,371,000 Accumulated other comprehensive income (loss) (415,000) (169,000) Treasury stock, at cost ,382,000 7,342,000 Total common stockholders investment ,073,000 13,784,000 FINNAIR OY (FINLAND) (Eu000): Revenue ,316,800 2,254,500 2,284,500 income ,500 85,200 18,300 Staff costs (362,500) (353,200) (344,500) Fuel costs (491,500) (595,500) (660,400) Other rents (167,400) (159,400) (159,700) Aircraft materials & overhaul (147,300) (118,900) (119,400) Traffic charges (262,800) (258,500) (230,900) Ground handling & catering expenses.... (258,900) (250,300) (251,800) Expenses for tour operations (87,800) (79,600) (76,700) Sales & marketing expenses (76,900) (74,000) (65,300) Other expenses (266,600) (219,300) (217,400) Operational EBITDAR 270, , ,600 Lease payments for aircraft (109,500) (99,300) (78,800) Depreciation & impairment (105,800) (108,100) (134,300) Fair value changes in derivatives & changes in exchange rates of leet overhauls ,000 (12,300) (43,700) Items affecting comparability , ,200 7,700 Operating result , ,700 2 (72,500) Interest income from financial assets classified as held for trading.... 1,000 1,200 2,600 Other interest income Dividend income income for financial liabilities valued at amortised acquisition cost (4,800) (1,300) (9,000) Interest on finance leases (1,600) (2,000) (2,500) Exchange losses..... (2,000) (4,200) (600) expenses (3,100) (2,300) (14,800) Interest rate swaps, fair value hedges ,600 5,200 5,800 Fair value adjustment to bond book value interest rate risk (3,600) (5,200) (5,800) Financial expenses... (11,500) 2 (9,700) (26,900) Share of results in associates & joint ventures (3,200) Result before taxes , ,300 (99,100) Income taxes (20,600) (23,600) 16,500

3 July 28, 2017 MERGENT TRANSPORTATION NEWS 75 Tangible assets ,166, ,600 Investments in associates & joint ventures ,500 2,600 Loan & other receivables ,400 8,700 Deferred tax assets ,100 assets ,188, ,500 Inventories ,900 11,800 Trade receivables , ,000 Other prepaid expenses, accrued income & other receivables ,400 95,500 Trade & other receivables , ,500 instruments , ,800 assets , ,700 Cash & cash equivalents , ,500 Total current assets ,200,700 1,084,300 Assets held for sale , ,500 Total assets ,528,700 2,050,300 Share capital ,400 75,400 Other equity , ,000 Equity shareholders of the parent company ,500 Total equity , ,500 Deferred tax liability , Interest-bearing 617, ,000 Pension obligations ,900 4,400 Provisions ,600 55,700 Other liabilities ,900 15, , ,900 Provisions ,200 38,300 Interest-bearing 100,400 75,200 Trade payables ,400 67,500 instruments , ,500 Deferred income & advances received , ,800 Liabilities related to employee benefits ,400 91,000 Result for the financial year ,100 89,700 (82,500) Other liabilities Total current liabilities , , , ,000 owners of the parent company ,100 89,400 (82,700) Total liabilities ,671,700 2,528,700 1,322,900 2,050,300 Result for the financial year 1 As reported by Company HEARTLAND EXPRESS, INC. non-controlling Acquisition Completed On July 6, 2016, Co. acquired all interests the issued and outstanding common stock of Interstate Distributor Co., a provider of primarily dry van truckload transportation (W000): shares services, including local, regional, dedicated, and transcontinental services, from Saltchuk Resources, Inc. for approximately outstanding-basic , , ,136 $113,000,000, subject to a post-closing invested capital true-up. shares HUB GROUP, INC. outstanding-diluted , , ,136 Acquisition Completed On July 1, 2017, Co., through its wholly-owned subsidiary Hub Group Trucking, Inc., acquired substantially all the assets of Estenson Logistics, LLC ("Estenson"), outstanding , , ,824 which included power units and trailers at customer locations, for share - basic Eu0.55 Eu0.57 Eu(0.71) approximately $285,000,000, subject to customary post-closing adjustments, including an earnout of up $6,000,000 in cash subject to Estenson s performance results in the two years following share - diluted Eu0.55 Eu0.57 Eu(0.71) Number of employees 4,937 4,817 4,981 the closing. Number of 3 16,723 15, ,084 INTERNATIONAL SHIPHOLDING CORP Bankruptcy Proceedings On July 3, 2017, Co. filed a Notice of Effective Date of the Plan with the Bankruptcy Court and 1 Reclassified to conform with 2015 presentation; 2 As reported all applicable conditions set forth in the Plan of Reorganization by Company; 3 were satisfied or waived and the effective date of the Plan of Reorganization occurred (the "Effective Date"). On the Effective Date, As is Consolidated Balance Sheet, Years Ended Dec. 31 (Eu000): except as otherwise specifically provided for in the Plan of Reorganization, (i) any certificate, share, note, bond, indenture, purchase right, option, warrant or other instrument or document directly or Goodwill, net ,200 1,200 indirectly evidencing or creating any indebtedness or obligation Other intangible assets, of or ownership interest in the Debtors giving rise to any Claim net ,200 8,300 (as defined in the Plan of Reorganization) or Interest (as defined Intangible assets ,400 9,500 in the Plan of Reorganization), were cancelled as to the Debtors Tangible assets, gross ,894,400 1,507,100 and (ii) the obligations of the Debtors pursuant, relating, or pertaining to any agreements, indentures, certificates of designation, Total accumulated depreciation (728,000) (695,600) bylaws or certificate or articles of incorporation or similar documents governing the shares, certificates, notes, bonds, purchase rights, options, warrants, or other instruments or documents evidencing or creating any indebtedness or obligation of the Debtors were released and discharged. The registered securities cancelled on the Effective Date include all of Co. s common stock as well as Co. s 9.50% Series A Cumulative Redeemable Perpetual Preferred Stock and 9.00% Series B Cumulative Redeemable Perpetual Preferred Stock. INTERNATIONAL SHIPHOLDING CORP Bankruptcy Proceedings On July 5, 2017, Co. s First Amended Modified Joint Chapter 11 Plan of Reorganization became effective, and Co. emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on Mar. 2, BankruptcyData s detailed Plan Summary notes, "The Plan and the Restructuring Support Agreement between the Debtors and SEACOR Capital determined that the way to best preserve and maximize the value of the Debtors estates was a two-pronged approach: The Debtors would execute a sale process for one of its four business segments, and propose the Plan, with SEACOR, to reorganize the remaining business segments. The Court approved the Sale Motion for the Specialty Business Segment to the Stalking Horse Purchaser for the purchase price of $24,500,000." BankruptcyData s Plan Summary continues, "The Liquidation Analysis for Reorganized International Shipbuilding estimates the Net Liquidation Proceeds Available for Distribution to be between $46,900,000 and $87,600,000. The recovery rate to the Secured Claims is estimated to be between 12% and 48%. The recovery rate to General Unsecured Claims is estimated to be zero." Co. emerges from bankruptcy as a subsidiary of SEACOR Holdings. This cargo transportation provider filed for Chapter 11 protection on Aug. 1, 2016, listing $346,000,000 in pre-petition assets. KANSAS CITY SOUTHERN Earnings, 6 mos. to Jun 30(Consol. $000): Total revenues ,265,900 1,131,200 Cost & expenses , ,400 Operating income , ,800 Interest expense ,700 48,000 Other income (expense), net ,900 6,400 Foreign currency ,000 (27,500) Net before taxes , ,700 Income taxes , ,100 Net income , ,600 Balance for common , ,800 Primary $2.66 $2.11 Fully Diluted $2.65 $2.11 Full Diluted , ,094 Year-end , ,912 KOREAN AIR LINES CO., LTD. Revenue ,731,852,589 11,544,831,301 11,909,748,648 Cost of sales (9,435,221,360) (9,517,396,914) (10,389,544,233) Gross profit ,296,631,228 2,027,434,387 1,520,204,414 Selling, general & administrative expenses (1,175,822,058) (1,144,346,106) (1,124,869,072) Operating income (loss) ,120,809, ,088, ,335,342 Interest income ,787,452 39,998,915 40,393,749 Dividend income ,865,139 4,262,734 2,441,194 Gain on valuation of derivatives , ,736,332 Gain on derivatives... 18,764,072 12,009,177 4,161,070 Interest expense (406,823,205) (370,660,612) (412,361,984) Loss on valuation of derivatives (59,760,856) (72,103,575) (208,679,154) Loss on derivatives... (92,065,437) (73,202,765) (12,082,736) Share of profit (loss) from equity-accounted investments (112,267,349) 17,485,046 7,137,756 Other gains ,958, ,914, ,917,122 Other losses (1,729,693,987) (1,313,154,336) (800,692,796) before tax (717,399,975) (486,363,129) (441,694,106) Income tax (expense) benefit ,555,544 85,493, ,852,506 after tax from continuing operations (556,844,431) (400,869,153) (284,841,599) from discontinued operations (162,098,134) (328,079,856) (556,844,431) (562,967,287) (612,921,455) controlling interest (564,881,981) (564,977,190) (635,358,628) non-controlling interests ,037,550 2,009,903 22,437,173 - basic ,840 69,813 58,675 - diluted ,840 69,813 58,675 outstanding ,845 72, share - continuing operations -basic..... W(7,639.00) W(5,713.00) W(5,216.00) share - discontinued operations - basic W(2,255.00) W(5,413.00) per share - basic..... share - continuing operations - diluted W(7,639.00) W(7,968.00)W(10,629.00) W(7,639.00) W(5,713.00) W(5,216.00) share - discontinued operations - diluted W(2,255.00) W(5,413.00) per share - diluted.... W(7,639.00) W(7,968.00)W(10,629.00) Number of full time

4 76 MERGENT TRANSPORTATION NEWS July 28, , , long-term debt ,460,677,216 3,926,165,864 Number of part time 2 1, , Current portion of finance lease obligations ,714,469,739 1,234,471,373 Derivative liabilities ,728,666 1 Provisions ,431,252 16,794,665 Restated to reflect the correction of derivative transaction errors; Gross amount due to As is customers for contract work ,695,607 94,297,197 Current tax liabilities ,747,418 4,052,018 Other current liabilities ,571,742,619 1,399,346,007 12,951,066,677 13,230,934,646 Other payables ,403,327 28,803,439 Accruals ,869,529 12,299,651 Trade & other payables ,272, ,103,090 Long-term borrowings ,016,089,496 1,095,489,597 Bonds & debentures ,168, ,001,332 Assets backed securities loans ,731,951,711 1,181,066,071 Asset-backed debt ,030,138 Finance leases ,774,325,561 7,155,363,102 Post-employment benefit obligation ,126,332,054 1,027,680,771 Provisions ,674, ,186,969 Deferred income ,868,288,043 1,701,780,593 Derivative liabilities ,725,206 34,052,728 Deferred tax liabilities ,748,114 56,989,250 Other non-current 76,491,096 60,191,005 Total liabilities ,082,184,812 21,681,315,971 Equity controlling interest ,760,685,653 2,387,111,862 Share capital ,752, ,752,690 Capital surplus ,198,373, ,783,169 Other equity ,435, ,311,193 Retained earnings (192,876,881) 794,264,809 Non-controlling interests ,664, ,923,279 Total equity ,874,350,082 2,499,035,141 23,956,534,894 24,180,351,113 Consolidated Balance Sheet, Years Ended Dec. 31 (W000): Total current assets ,327,988,658 3,289,127,053 Cash & cash equivalents ,089,927, ,481,408 Short-term financial instruments ,913, ,987,660 Finance lease receivables, net ,697,924 7,474,229 Trade receivables, gross ,364, ,441,633 Allowance for bad & doubtful debts, trade (6,259,971) (5,383,215) Present value discount (77) (1,055) Trade receivables, net ,104, ,057,363 Loans & receivables, gross , ,020,347 Other receivables, gross ,670, ,430,620 Allowance for bad & doubtful debts, other (47,052,012) (43,152,793) Other receivables, net ,618,786 97,277,827 Accrued income, gross ,843,530 63,691,013 Allowance for bad & doubtful debts, accrued income (11,696,188) (625,878) Gross amount due from customers for contract work ,389, ,238,798 Investments held-to-maturity ,575 70,930 Inventories ,705, ,647,755 Current tax receivables ,576,237 5,986,750 Other current assets ,738, ,276,327 Assets & disposal groups held for sale ,542,524 assets ,628,546,236 20,891,224,059 Long-term financial instruments ,951, ,255,315 Trade receivables, gross ,960 8,819 Present value discount (77) Trade receivables, net ,960 8,742 Loans & receivables, gross ,209 34,548 Investments available-for-sale ,456, ,173,420 Investments held-to-maturity ,000, ,210 Finance lease receivables, net ,720,871 26,364,875 Equity method accounted investments ,386, ,974,463 equipment, gross ,385,825,988 Accumulated depreciation & amortization (9,525,822,902) Accumulated impairment loss (9,300,499) equipment, net ,873,281, ,850,702,587 Investment property ,881, ,520,251 Goodwill, net ,515,191 4,320,083 Other intangible assets, net ,515, ,423,988 Intangible assets, net ,030, ,744,071 Derivative assets , Guarantee deposits ,751, ,675,224 Deferred tax assets ,107,328, ,315,365 Other non-current assets ,490, ,554,987 Total assets ,956,534,894 24,180,351,113 Total current liabilities ,131,118,135 8,450,381,325 Trade payables ,875, ,749,310 Other payables ,357, ,180,367 Accrued liabilities ,916, ,174,041 Dividends payable , ,530 Trade & other payables ,151, ,087,248 Short-term borrowings ,167,972, ,438,288 Short-term bonds ,230, Current portion of 1 Rounding difference, breakdown taken from notes MANCHESTER SHIP CANAL CO. Consolidated Income Statement, Years Ended Mar. 31 ( 000): Turnover ,800 34,500 35,300 Cost of sales (17,400) (18,200) (17,200) Gross profit ,400 16,300 18,100 Administrative expenses (100) (400) (2,900) Operating profit ,300 15,900 15,200 Interest receivable: bank & other deposits Interest payable: other loans (300) (300) (200) Interest payable: loans from group undertakings (600) (600) (600) Interest payable: dividends on preference shares classed as financial liabilities (100) (100) (100) Total interest payable & similar charges (1,000) (1,000) (900) Expected return on pension scheme assets ,600 Interest on pension scheme liabilities (3,400) Net interest on post-employment benefits (400) (400)... Net interest income (expense) (1,400) (1,100) (500) on ordinary activities before taxation ,900 14,800 14,700 Tax on profit on ordinary activities.... (100) (300) (100) for the financial year ,800 14,500 14,600 Year end ordinary... 4,000 4,000 4, Restated to reflect adoption of FRS 102 "The Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland"; 2 As is; 3 Average Consolidated Balance Sheet, Years Ended Mar. 31 ( 000): Tangible assets, cost , ,700 Accumulated depreciation (67,700) (64,600) Tangible assets ,300 64,100 Trade debtors ,800 4,100 Amounts owed by group undertakings ,400 31,300 Amounts owed by related undertakings Deferred tax asset ,100 Other debtors Prepayments & accrued income Debtors ,000 36,900 Cash at bank & in hand ,700 1,200 Current assets ,700 38,100 Total assets , ,200 Trade creditors ,500 1,100 Amounts owed to group undertakings Amounts owed to related undertakings Other creditors including taxation & social security ,100 Accruals & deferred income ,300 2,700 Creditors: amounts falling due within one year ,200 6,500 Net current assets ,500 31,600 Total assets less current 93,800 95,700 Group loans ,200 24,200 Perpetual debenture stocks ,200 2,200 Preference shares ,000 4,000 Other creditors Creditors: amounts falling due after more than one year ,500 30,500 Post-employment pension liability ,000 12,200 Net assets ,300 53,000 Ordinary shares ,000 4,000 Called-up share capital ,000 4,000 Revaluation reserve ,300 16,500 Capital redemption reserve ,300 3,300 Profit & loss accounts ,700 29,200 Total shareholders s funds ,300 53,000 1 Restated to reflect adoption of FRS 102 "The Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland" NIPPON YUSEN KABUSHIKI KAISHA Consolidated Income Statement, Years Ended Mar. 31 ( Millions): Total revenue ,923,881 2,272,315 2,401,820 Cost of sales (1,736,723) (2,009,547) (2,127,207) Gross profit , , ,612 Selling, general & administrative

5 July 28, 2017 MERGENT TRANSPORTATION NEWS 77 expenses (205,236) (213,802) (208,419) Operating income (loss) (18,078) 48,964 66,192 Interest income ,671 3,411 3,249 Dividends income.... 6,321 5,611 5,099 Investment income on equity method ,900 22,068 12,657 Foreign exchange gains ,955 Investment return from silent partnerships , Other non-operating income ,100 6,937 7,366 Total non-operating income ,415 38,397 40,328 Interest expense (15,557) (16,924) (17,755) Foreign exchange losses (6,652)... Other non-operating expenses (4,739) (3,725) (4,755) Total non-operating expenses (20,297) (27,303) (22,510) Ordinary income ,039 60,058 84,010 Gain on sales of non-current assets ,578 13,368 12,165 Gain on sales of shares of affiliates ,647 Other extraordinary income ,742 31,243 2,762 Total extraordinary income ,320 44,611 51,575 Loss on sales of non-current assets.... (1,013) (2,526) (503) Impairment loss (168,127) (35,431) (6,262) Provision for losses related to contracts (44,820)... (11,328) Other extraordinary losses (42,869) (2,963) (31,335) Total extraordinary losses (256,830) (40,922) (49,429) Income (loss) before income taxes.. (241,470) 63,748 86,156 Income taxes - current (17,419) (29,106) (35,538) Income taxes - deferred (2,697) (8,176) 1,661 Total income taxes... (20,117) (37,283) (33,876) (261,587) 26,464 52,280 Profit attributable to non-controlling interests ,157 8,226 4,689 owners of parent..... (265,744) 18,238 47,591 Average number of - basic ,690 1,696 1,696 Average number of - diluted ,696 1,697 outstanding ,696 1,696 1,696 per share - basic..... (157.23) Net earnings per share - diluted Number of full time 2 35, , ,520 Number of part time 2 8, , ,733 Number of common 2 100, , ,913 1 Reclassified to conform with 2017 presentation; 2 As is Consolidated Balance Sheet, Years Ended Mar. 31 ( Millions): Cash & deposits , ,219 Trade notes & operating accounts receivable , ,831 Marketable securities ,000 Inventories ,689 27,495 Deferred & prepaid expenses ,882 57,554 Deferred tax assets ,460 3,326 Other current assets ,279 82,596 Allowance for doubtful accounts (2,238) (2,284) Total current assets , ,740 Vessels, net , ,324 Buildings & structures, net ,952 76,963 Aircraft, net ,024 23,576 Machinery, equipment & vehicles, net ,457 34,967 Furniture & fixtures, net ,930 7,217 Land ,887 72,511 Construction in progress ,574 43,952 Other equipment, net ,328 6,430 Total equipment ,547 1,067,943 Leasehold rights ,477 4,102 Software ,675 15,138 Goodwill ,636 21,205 Other intangible assets ,995 2,123 Total intangible assets ,785 42,569 Investment securities , ,090 Long-term loans receivable ,028 29,678 Net defined benefit asset ,253 39,403 Deferred tax assets ,877 6,777 Other non-current assets ,460 50,032 Allowance for doubtful accounts (6,626) (2,812) Total investments & other assets , ,168 assets ,468,562 1,591,681 Deferred assets Total assets ,044,183 2,244,772 Trade notes & operating accounts payable , ,065 Short-term borrowings ,842 92,374 Income taxes payable ,099 8,963 Deferred tax liabilities ,668 5,522 Advances received ,894 40,653 Provision for bonuses ,359 9,906 Provision for directors bonuses Provision for loss related to antitrust law , Provision for losses related to contracts ,328 8,678 Other current liabilities ,527 76,826 Total current liabilities , ,343 Bonds , ,445 Long-term borrowings , ,005 Deferred tax liabilities ,039 38,684 Net defined benefit liability ,596 18,708 Provision for directors retirement benefits ,857 1,717 Provision for stock benefit Provision for special repairs ,424 21,295 Provision for losses related to contracts , Other non-current 53,192 63, , ,158 Total liabilities ,452,247 1,400,502 Capital stock , ,319 Capital surplus , ,691 Retained earnings , ,483 Treasury shares (3,814) (2,098) Total shareholders equity , ,396 Valuation difference on available-for-sale securities ,860 34,147 Deferred gains or losses on hedges (27,284) (35,411) Foreign currency translation adjustment (4,816) 7,527 Remeasurements of defined benefit plans ,255 (981) Total accumulated other comprehensive income ,015 5,281 Non-controlling interests ,464 70,591 Net assets , ,269 Total liabilities & net assets ,044,183 2,244,772 ONEOK PARTNERS LP Merger Completed On June 30, 2017, ONEOK, Inc. ("ONEOK") wholly-owned subsidiary, New Holdings Subsidiary, LLC ("Merger Sub"), merged with and into Co., with Co. continuing as the surviving entity and became a wholly-owned subsidiary of ONEOK. As the result of the merger, each outstanding common unit of Co. ("Co. s Common Unit") (other than Co. s Common Units held directly or indirectly by ONEOK), was converted into the right to receive of a share of common stock, par value $0.01 per share of ONEOK (the "ONEOK Common Stock" and such conversion, the "Merger Consideration"). No fractional shares were issued in the Merger, and Co. common unitholders instead, received cash in lieu of fractional ONEOK Common Stock. ONEOK issued approximately 168,900,000 shares of ONEOK Common Stock to the common unitholders of Co. in connection with the Merger. PANALPINA WELTTRANSPORT (HOLDING) AG (SWITZERLAND) (SwF000): Forwarding services ,172,438 Customs, duty & taxes (1,465,325) Net forwarding revenue ,196,024 5,855,453 6,707,113 Forwarding services from third parties.... (3,771,393) (4,381,628) (5,121,146) Gross profit ,424,631 1,473,825 1,585,967 Personnel expenses... (870,516) (896,203) (976,850) IT expenses (65,543) (60,603) (51,009) Facility & utilities expenses..... (134,108) (142,186) (151,385) Communication expenses (25,421) (28,829) (33,137) Leased equipments... (7,602) (8,345) (8,263) Maintenance & repair expenses (23,942) (25,298) (31,254) Cars & motor vehicles expenses.... (20,975) (23,803) (27,756) Travel & promotion expenses (29,126) (31,956) (32,311) Administrative expenses (52,689) (49,572) (58,031) Insurance expenses & claims (14,000) (15,275) (18,875) Bad debt & collection expenses... (1,019) (4,739) (10,943) Indirect taxes (18,547) (18,641) (10,361) Gains on sales of equipment ,698 8,810 1,452 Losses on sales of equipment (1,766) (4,558) (1,965) expenses (4,466) (4,279) (1,251) Restructuring expenses (27,951) Fines Depreciation of equipment (25,782) (27,887) (31,972) Amortization of intangible assets..... (23,919) (23,219) (25,326) Goodwill impairment Operating result (EBIT) , , ,729

6 78 MERGENT TRANSPORTATION NEWS July 28, 2017 Interest income on current bank accounts ,400 1,100 1,970 Interest income on financial assets at fair value through profit or loss Interest income on loans Cash discount income Subtotal interest income ,500 1,193 2,045 Exchange differences ,026 2,593 1,035 Dividend on available-for-sale financial assets Fair value adjustments on financial assets income (3) Finance income , ,920 3,375 on loans (3) (2) (104) on current bank accounts (988) (537) (689) on financial leasing (2) (11) (36) Cash discount expenses (61) (12) (283) Subtotal interest expenses (1,054) (562) (1,112) Bank charges (2,026) (2,115) (2,320) Exchange differences Guarantee fees expenses (900) expenses (846) (376) Discounting costs provisions Impairment on financial assets (3) Finance costs (3,068) (3,523) (4,711) Earnings before taxes , , ,393 Income tax expenses. (29,295) (29,409) (28,872) Profit ,289 88,227 86,521 Profit attributable to equity holders of parent ,300 87,534 87,241 Profit attributable to non-controlling interests (2,012) 693 (720) outstanding - basic... 23,731 23,733 23,730 outstanding - diluted ,749 23,751 23,751 outstanding ,717 23,734 23,734 Basic earnings/(loss) per share SwF2.29 SwF3.69 SwF3.68 Diluted earnings/(loss) per share SwF2.29 SwF3.69 SwF , , ,639 1 Reclassified to conform with 2015 presentation; 2 As reported by the company; 3 As is Consolidated Balance Sheet, Years Ended Dec. 31 (SwF000): equipment, gross , ,218 Total accumulated depreciation (241,212) (260,752) equipment ,524 78,466 Goodwill ,058 44,053 Software ,244 4,234 Internally generated software ,975 49,934 Customer lists , Intangible assets ,947 98,820 Investments ,403 26,820 Post-employment benefit assets , Deferred income tax assets ,410 70,581 assets , ,687 Other receivables & other current assets , ,750 Unbilled forwarding services ,342 66,410 Trade receivables, gross , ,296 Provision for impairment (18,573) (25,358) Trade receivables , ,938 instruments ,164 2,219 Cash & cash equivalents , ,260 Assets classified as held for sale Total current assets ,400,051 1,453,101 Total assets ,660,565 1,727,788 Share capital ,375 2,375 Treasury shares (3,987) (2,252) Retained earnings & reserves , ,150 Total equity attributable to owners of the parent , ,273 Non-controlling interests ,940 12,037 Total equity , ,310 Borrowings Non-current provisions ,566 37,904 Non-current other 40,812 31,389 Post-employment benefit 56,313 60,688 Deferred income tax 5,242 10, , ,429 Trade payables , ,025 Other payables & accruals , ,380 Accrued cost of services , ,313 Borrowings , instruments ,227 2,537 Current provisions ,395 17,233 Current other liabilities ,860 74,100 Current income tax 18,354 20,322 Total current liabilities , ,050 Total liabilities ,043,600 1,074,479 1,660,565 1 As reported by the company 1 1,727,788 UNION PACIFIC CORP Earnings, 6 mos. to Jun 30(Consol. $000): Total revenues ,382,000 9,599,000 Cost & expenses ,539,000 5,246,000 Operating income ,798,000 3,347,000 Other income (expense), net ,000 30,000 Gains or losses ,000 88,000 Net before taxes ,557,000 3,130,000 Income taxes ,317,000 1,172,000 Net income ,240,000 1,958,000 Primary $2.77 $2.33 Fully Diluted $2.76 $2.32 Full Diluted , ,400 Year-end , ,070