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7/31/2019 09-02-12 nyk_results_Q1-2
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Financial Results for FY13/3 1ST Quarter
and Forecast for FY13/3
July 2012
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1) Results for FY13/3 1st Quarter p.2-4
2) Revised Forecast for FY13/3 p.5-7
3) Overview of Each Industrial Segment p.8-13
4) Medium-Term Management Plan p.14-18
Contents
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- Revenues and recurring profit increased comparing to FY12/3 1Q due to container freight rates’
recovery and car transport volume pickup.
- Sensitivity against recurring profit (Full-year)
Exchange rate : ¥1.3 billion decrease per ¥1/$ appreciation
Bunker oil price : ¥140 million decrease per $1/MT increase
Summary of FY13/3 1st Quarter Results
1Q 2Q 3Q 4Q Full-year
1Q
447.7 463.4 439.8 456.8 1,807.8 477.5 29.8
-10.4 0.7 -6.4 -8.0 -24.1 6.8 17.2
-10.1 -4.9 -9.7 -8.3 -33.2 4.8 14.9
-7.1 -4.9 -5.2 -55.5 -72.8 -1.3 5.8
¥82.04 ¥78.44 ¥76.85 ¥78.27 ¥78.90 ¥80.77 ¥-1.27
$625.20 $658.82 $680.72 $700.14 $666.22 $ 716.78 $91 .58Bunker Oil Price
Revenues
Operating Income
Recurring Profit
Net Income
Exchange Rate
(billion yen)
FY13/3FY12/3Year-
on-year
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* Upper Revenues Lower Recurring Profit
* Revenues of Tanker & LNG Carriers in Bulk Shipping Segment: ¥34.5billion(FY12/3 1Q) and ¥32.5billion(FY13/3 1Q)
- Liner: Loss decreased by ¥5.2 billion due to freight rates’ recovery.
- Bulk Shipping: Marked profit in 2 quarters in a row by prolonged depreciation period of VLCCs and LNG
Carriers, disposal of unprofitable vessels and volume recovery in car transport business.
Comparison of Financial Results betweenFY12/3 1Q and FY13/3 1Q by Industrial Segments
1Q 2Q 3Q 4Q Full-year 1Q
108.5 112.1 99.4 98.5 418.7 115.4 6.8
-8.6 -8.6 -13.8 -13.6 -44.7 -3.3 5.2
34.5 36.6 34.6 34.2 140.0 34.6 0.1
1.7 2.2 2.1 1.6 7.7 2.0 0.3
22.6 20.6 19.3 20.0 82.6 20.3 -2.2
1.9 0.7 0.3 0.2 3.3 -0.7 -2.6
94.3 91.5 89.6 89.6 365.1 87.8 -6.4
0.9 3.2 3.5 1.4 9.2 1.2 0.2260.0 260.9 243.0 242.5 1,006.6 258.3 -1.7
-3.9 -2.4 -7.7 -10.2 -24.3 -0.7 3.1
173.1 184.6 181.9 191.1 730.8 201.1 28.0-5.4 -3.3 -1.3 2.3 -7.7 5.6 11.0
7.1 10.1 7.2 7.9 32.4 8.6 1.5
-2.3 0.2 -1.6 -1.9 -5.8 -1.2 1.1
2.6 2.6 2.6 2.8 10.8 2.5 -0.11.0 1.0 0.9 0.8 3.9 1.0 0.0
45.8 44.3 43.8 50.5 184.5 43.8 -2.0
0.4 -0.4 0.0 0.7 0.8 0.1 -0.3
-41.0 -39.3 -38.8 -38.2 -157.5 -36.8 4.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0
447.7 463.4 439.8 456.8 1,807.8 477.5 29.8
-10.1 -4.9 -9.7 -8.3 -33.2 4.8 14.9
Others
Cruises
Real Estate
Other
FY13/3
Bulk
ShippingBulk S hipping
Global
Logistics
Liner
Terminal
Air Cargo
Logistics
Elimination/
Unallocation
Consolidated
FY12/3Industrial
Segments
(billion yen)
Total
Year-on-
year
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(billion yen)
Analysis of Change in Recurring Profitbetween FY12/3 1Q and FY13/3 1Q
Yen Appreciation -0.4 80.77/$, Appreciated by 1.27
Higher Bunker Oil Price -3.2 $716.78/MT, Increased by $91.58
Market Effects etc 10.4
Cost Reduction 9.1 Liner 6.3
New Consolidation 0.2
Others -1.2
Total 14.9
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Revised Forecast for FY13/3
- Sensitivity against recurring profit (Full-year)Exchange rate :¥80.19/$ ¥1.3 billion decrease per ¥1/$ appreciation
Bunker oil price :$666.70/MT ¥140 million decrease per $1/MT increase
- Cash dividend (Forecast): Annual dividend of ¥4/share (¥2/share each for interim and year-end)
1Q 2Q 3Q 4Q 1Q(Result)
2Q
1,807.8 980.0 1,960.0 152.1 -40.0
447.7 463.4 439.8 456.8 477.5 502.4 8% -2%
-24.1 28.0 50.0 74.1 0.0
-10.4 0.7 -6.4 -8.0 6.8 15.1
-33.2 23.0 40.0 73.2 0.0
-10.1 -4.9 -9.7 -8.3 4.8 12.1
-72.8 12.5 20.0 92.8 -3.0
-7.1 -4.9 -5.2 -55.5 -1.3 8.8 -13%
Exchange Rate ¥82.04 ¥78.44 ¥76.85 ¥78.27 ¥78.90 ¥80.77 ¥80.00 ¥80.00 ¥80.19 ¥1.29
Bunker Oil Price $625.20 $658.82 $680.72 $700.14 $666.22 $716.78 $650.00 $650.00 $666.70 $0.47
Operating Income-9.6
Recurring Profit
-15.1 -18.1
Net Income-12.0 -60.7
(billion yen)
FY12/3(Result)
Revenues911.1
1H 2H Full-year
-14.4
896.6
7.5
Change
from
previousforecast
(Full year)
980.0
22.0
17.0
FY13/3(Forecast)
Year-on-
yearFull-year
1H 2H
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Comparison between FY12/3 Resultsand FY13/3 Revised Forecast by Industrial Segments
* (Upper) Revenues (Lower) Recurring Profit
* Revenues of Tanker & LNG Carriers in Bulk Shipping Segment: ¥131.0billion(FY12/3 Result) and ¥126.0billion(FY13/3 Forecast)
(billion yen) 1Q 2Q1Q
(Result) 2Q108.5 112.1 220.7 198.0 418.7 0. 0 115.4 119.6 235.0 225.0 460.0 41.2
-8.6 -8.6 -17.3 -27.4 -44.7 -3.3 1.9 -1.5 3.0 1.5 46.2
34.5 36.6 71.1 68.9 140.0 34.6 35.4 70.0 67.0 137.0 -3.01.7 2.2 3.9 3.7 7.7 2.0 1.6 3.7 3.3 7.0 -0.7
22.6 20.6 43.2 39.3 82.6 20.3 20.2 40.5 42.0 82.5 -0.11.9 0.7 2.7 0.6 3.3 -0.7 -0.6 -1.3 0.7 -0.7 -4.0
94.3 91.5 185.9 179.2 365.1 87.8 93.1 181.0 194.0 375.0 9.80.9 3.2 4.2 5.0 9.2 1.2 2.3 3.5 4.5 8.0 -1.2
260.0 260.9 521.0 485.5 1,006.6 258.3 268.3 526.5 528.0 1,054.5 47.8
-3.9 -2.4 -6.3 -18.0 -24.3 -0.7 5.2 4.4 11.4 15.8 40.1
173.1 184.6 357.7 373.0 730.8 201.1 203.9 405.0 395.0 800.0 69.1-5.4 -3.3 -8.8 1.0 -7.7 5.6 5.9 11.5 11.5 23.0 30.7
7.1 10.1 17.2 15.1 32.4 8.6 9.2 17.8 17.2 35.0 2.5
-2.3 0.2 -2.1 -3.6 -5.8 -1.2 0.0 -1.2 -1.6 -2.8 3.02.6 2.6 5.3 5.5 10.8 2.5 2.6 5.1 5.2 10.3 -0.51.0 1.0 2.1 1.7 3.9 1.0 1.0 2.0 1.8 3.8 -0.1
45.8 44.3 90.1 94.4 184.5 43.8 48.2 92.0 93.0 185.0 0.40.4 -0.4 0.0 0.7 0.8 0.1 0.0 0.2 0.0 0.2 -0.6
-41.0 -39.3 -80.4 -77.1 -157.5 -36.8 -29.6 -66.5 -58.5 -125.0 32.50.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
447.7 463.4 911.1 896.6 1,807.8 477.5 502.4 980.0 980.0 1,960.0 152.1
-10.1 -4.9 -15.1 -18.1 -33.2 4.8 12.1 17.0 23.0 40.0 73.2
Full-
year
FY13/3( Forecast)
1H
Consolidated
Others
Cruises
Real Estate
Other
Elimination/Unallocation
Industrial
Segment
Bulk
ShippingBulk Shipping
FY12/3(Result)
Global
Logistics
Liner
Total
Terminal
Air Cargo
Logistics
1H 2HFull-
year
Year-
on-
year2H
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Comparison between FY13/3 Previous Forecastand Revised Forecast by Industrial Segments
* (Upper) Revenues (Lower) Recurring Profit
- Liner: Revised upward due to freight rates’ recovery and major service restructuring.
- Cruise: Revised downward by Crystal CruisesCruises’’ slowerslower booking than initially expected.
(billion yen)
230.0 230.0 460.0 0. 0 235.0 225.0 460.0 5.0 -5.0 0.0
-4.0 1.0 -3.0 -1.5 3.0 1.5 2.5 2.0 4.5
71.0 69.0 140.0 70.0 67.0 137.0 -1.0 -2.0 -3.04.0 3.0 7.0 3.7 3.3 7.0 -0.3 0.3 0.0
43.5 42.5 86.0 40.5 42.0 82.5 -3.0 -0.5 -3.50.4 0.6 1.0 -1.3 0.7 -0.7 -1.7 0.1 -1.7
194.0 203.0 397.0 181.0 194.0 375.0 -13.0 -9.0 -22.0
5.4 5.6 11.0 3.5 4.5 8.0 -1.9 -1.1 -3.0538.5 544.5 1,083.0 526.5 528.0 1,054.5 -12.0 -16.5 -28.5
5.8 10.2 16.0 4.4 11.4 15.8 -1.4 1.2 -0.2
395.0 405.0 800.0 405.0 395.0 800.0 10.0 -10.0 0.08.5 11.5 20.0 11.5 11.5 23.0 3.0 0.0 3.0
20.7 19.3 40.0 17.8 17.2 35.0 -2.9 -2.1 -5.0
0.9 -0.4 0.5 -1.2 -1.6 -2.8 -2.1 -1.2 -3.35.3 5.2 10.5 5.1 5.2 10.3 -0.2 0.0 -0.2
2.0 1.7 3.7 2.0 1.8 3.8 0.0 0.1 0.1
95.0 96.0 191.0 92.0 93.0 185.0 -3.0 -3.0 -6.0-0.2 0.0 -0.2 0.2 0.0 0.2 0.4 0.0 0.4
-59.5 -65.0 -124.5 -66.5 -58.5 -125.0 -7.0 6.5 -0.50.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
995.0 1,005.0 2,000.0 980.0 980.0 1,960.0 -15.0 -25.0 -40.0
17.0 23.0 40.0 17.0 23.0 40.0 0.0 0.0 0.0
Previous Forecast
1H 2H 1H
Change
Full-
year
Full-
year2H
Industrial
Segment
Bulk
ShippingBulk Shipping
Global
Logistics
Liner
Total
Terminal
Air Cargo
Logistics
Consolidated
Others
Cruises
Real Estate
Other
Elimination/Unallocation
Full-
year
Revised Forecast
1H 2H
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- Lifting: Expect almost the same volume as previous forecast on both Transpacific and Asia-
Europe routes.
- Freight Rates: Keep effort in further recovering freight rates and maintaining the level on the
Transpacific trade.
Overview of Each Industrial Segment 1)
1. Liner – Container:Container Lifting, Slot(1,000TEU)
1Q 2Q 3Q 4QFull-
year1Q
(Result)2Q 2H
Full-
year
Asia Lifting 152 182 161 155 650 166 177 324 668 -3
North America Slot 204 217 198 184 802 195 206 388 788 -4
Utilizaion 75% 84% 81% 84% 81% 85% 86% 84% 85% 0%
Asia Europe Lifting 130 139 118 112 500 133 137 250 520 3
Slot 154 159 145 122 580 142 150 277 569 14Utilizaion 84% 88% 81% 92% 86% 94% 91% 90% 91% -2%
Trend of Container Freight Rate(Index, FY09/3 1Q=100)
1Q 2Q 3Q 4QFull-
year1Q
(Result)2Q 2H
Full-
year
103 101 97 99 100 104 111 110 109 115
78 74 71 66 73 86 89 84 86 82
FY13/3(Forecast) Changefrom
previous
forecast
FY13/3(Forecast)Previous
forecast
Asia North America
Asia Europe
FY12/3(Result)
FY12/3(Result)
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2. Air Cargo Transportation (NCA)
- The yield decline caused recurring loss of FY13/3 1Q despite the sales effort on increase in
handling cargo volume from/to Asia.
- Revised FY13/3 full-year forecast downward from the previous.
Overview of Each Industrial Segment 2)
1Q 2Q 3Q 4Q 1Q(Result)
2Q
22.6 20.6 19.3 20.0 20.3 20.2
1.9 0.7 0.3 0.2 -0.7 -0.6
95 93 91 96 100 103
591 570 556 580 606 640
810 831 796 822 857 925
100 93 88 88 88 83
$131 $126 $125 $132 $122 $115$117
1H
$119$115
Full-
year
82.5
-0.7
406
2,514
3,545
87
1,2461,268
1,7821,763
203 203
-1.30.7
40.542.0Revenues
billion
yen
Recurring
Profit
billion
yen3.3
43.2 39.482.6
2.7 0.6
Volume(RTK)
Mil.ton
kilo
CapableWei ht
1,000 ton
Capacity(ATK)
Mil.ton
kilo
YIELDFY08
1Q=100
1,641 1,618
97 8892
8688
MOPSUS$
per bbl
FY12/3(Result)
1H 2H Full-
year
$128 $128$128
187 187 375
1,161 1,1362,297
3,259
FY13/3(Forecast)
2H
Change
from
previous
forecast
-3.5
-1.7
34
267
204
-1
-$13
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Composition Ratio
2. Air Cargo Transportation (NCA)
Overview of Each Industrial Segment 2)
Trade-wise Load Factor Trend
RTK ATK RTK ATK 1Q 2Q 3Q 4QFull-
year1Q
(Result)2Q 2H
Full-
year
North America 61% 58% 63% 58% 76% 71% 72% 74% 73% 75% 75% 78% 76%
Europe 16% 15% 17% 15% 78% 77% 78% 76% 77% 78% 82% 84% 82%
Asia 23% 27% 21% 27% 62% 59% 61% 62% 61% 59% 50% 53% 54%
All Trade 100% 100% 100% 100% 73% 69% 70% 71% 70% 71% 69% 72% 71%
13/3(Forecast)FY12/3(Result)
FY13/3(Forecast)
FY12/3(Result)
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Overview of Each Industrial Segment 3)
3. Logistics Segment
- Expand intra-region logistics and increase handling volume by targeting China, India,
Southeast Asia (Vietnam, Indonesia and Thailand) and emerging markets.
- Aim to increase profit by providing differentiated service of integrating Ocean Forwarding
business in Asia and Logistics business in Europe and the U.S.
1Q 2Q 3Q 4Q 1Q(Result)
2Q
94.3 91.5 89.6 89.6 87.8 93.1
0.9 3.2 3.5 1.4 1.2 2.3
1H
181.0
3.5
-22.0
Change
from
previous
forecast
FY13/3 Forecast
2HFull-
year
194.0 375.0
Recurring
Profit9.2
185.9 179.2365.1
4.24.5
5.0-3.08.0
Revenues
FY12/3(Result)
(billion yen) Full-
year
1H 2H
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* Market per vessel (spot charterage) 4TC = average of 4 routes, Pac = Pacific-round, Currency Unit = US$ / day
- Expect weaker Dry Bulk Carrier and Tanker market level comparing to the previous
forecast particularly Capesize bulker.
4. Bulk Shipping – 1) Market trend and forecast:
Overview of Each Industrial Segment 4)
1Q 2Q 3Q 4QFull-
year1Q
Result)2Q 2H
Full-
year
B D I 1,376 1,531 1,925 867 1,425 1,020 1,049 1,418 1,226 1,515
Cape (4TC) 8,606 17,058 28,728 6,997 15,347 5,986 8,500 16,500 11,872 17,000
Panamax (Pac) 12,379 10,410 12,410 7,571 10,693 8,150 8,000 9,500 8,788 10,375
Handymax (Pac) 12,730 11,285 9,397 7,672 10,271 8,415 7,000 10,000 8,854 11,000
Handy (Pac) 11,148 9,512 7,709 6,055 8,606 9,016 7,500 9,000 8,629 9,000
Tanker VLCC 17,160 8,151 18,087 31,420 18,705 33,665 8,000 22,500 21,666 22,500
Previous
forecast
DryBulk
Carrier
FY13/3 (ForecastFY12/3 (Result)
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Car Transportation Result/Forecast(1,000Cars)
4 Bulk Shipping –2) Car Carrier
Overview of Each Industrial Segment 5)
- Increased in car transport volume in FY13/3 due to recovery from the Great East Japan
Earthquake and Thai floods.
1Q 2Q 3Q 4QFull-
year1Q
Result)2Q 2H
Full-
year
600 770 770 790 2,920 860 850 1,660 3,360 50
-20% 2% -5% -1% -6% 43% 10% 7% 15% 1%Change
FY13/3(Forecast) Change
from
previous
forecast
FY12/3(Result)
All Trade
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31 July, 2012
More Than Shipping 2013 – Grow with Asia, Expand across the Globe –
Review and Revision
at the end of First Quarter of Fiscal Year 2012
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FY2011
Actual
121
94
Vessels in
Operation
66
149
876
85
56
93
112
100
(84)
Car Carriers
Vessel Types Dry Bulk by Vessel Size
Containerships# of vessels owned and in long-term charters
Total
Capesize Vessels
LNG Carriers (incl. vessels under joint ownership)
Wood-chip Carriers
Handysize (incl. Boxshape) Vessels
Others
Tankers
Post-Panamax/Panamax Vessels
Consolidated
Non-Consolidated :Major vessels held under equity-method affiliates
Fleet in Operation
Review operating fleet size of vessel types exposed to market volatility
※KNOT: Knutsen NYK Offshore Tankers
FY2013
Estimate
(Original)
FY2013
Estimate
(Revised)
FY2016
Estimate
(Original)
FY2016
Estimate
(Revised)
120
95
Vessels in
Operation
65
180
955+
105
60
100
120
110
(80)
120
85
Vessels in
Operation
65
150
855
80
55
85
120
95
(79)
130
100
Vessels in
Operation
80
200
1,005+
105
60
110
110
110
(63)
130
85
Vessels in
Operation
80
150
865
75
55
90
110
90
(63)
Shuttle Tankers KNOT* 24 25 27 30 30
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Investment Plan
Investment Plan (FY2011 - 2016)
(JPY, billions)
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17 -1,000
-500
0
500
1,000
1,500
2,000
5.0
30.0
30.0
84.4
100.0
39.6
74.5
35.0
130.0
40.0
Financial Targets: Breakdown by Business Segment
Expand stable freight rate business
Recurring Profit (by Segment)
Business with stable freight rates
Other Businesses
(JPY, billions)
200
150
100
50
0
50
100
FY2010
114.1
FY2011
33.2
FY2012
40.0
FY2013
75.0
FY2016
150.0
FY2013
130.0
FY2016
170.0
Revision as of 27 April, 2012 Original
80.0
120.0
51.2
75.0