Nippon Express Holdings, Inc. · TSE:9147

Nippon Express — Q1 FYE December 2021 Earnings Presentation

66 slides from Nippon Express's earnings presentation, Aug 13, 2021

  1. Slide 1: Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021

    Financial Results Presentation for Q1, August 13, 2021 Nippon Express Co., Ltd. Fiscal Year Ending December 31, 2021 Investor Relations Promotion Group Corporate Planning Division

  2. Slide 2: Contents

    Contents I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) 3. Forecasts by Reportable Segment P.29 Change in Fiscal Year End P.3 A. Financial Highlights for Q1, FYE December 2021 4. Breakdown of Revenues and Operating Income P.30- P.4 B. Japan and Overseas Results C. Segment

  3. Slide 3: I. Financial Results for Q1 (Summary)

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Copyright © 2021 NIPPON EXPRESS, All rights reserved. Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021 2

  4. Slide 4: Change in Fiscal Year End

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Change in Fiscal Year End As a result of the change in fiscal year-end, we will disclose our consolidated statements of income on a financial reporting basis (summary) and on a supplementary converted 12-month basis. ■ Financ

  5. Slide 5: Financial Highlights for Q1, FYE December 2021

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Summary A Financial Highlights for Q1, FYE December 2021 Overview (Consolidated) (100 million yen) (rounded down to 100 million yen) FYE Item December FY2020 Q1, Difference Difference 1H Forecast Progress Difference 2021 Q1,

  6. Slide 6: Japan and Overseas Results

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Summary B Japan and Overseas Results (not including adjustments) (100 million yen) (rounded down to 100 million yen) FYE December FY2020 Q1, Difference Difference Segment Item 2021 Q1, Results YoY YoY (%) Results Revenues 4,3

  7. Slide 7: Results by Reportable Segment

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Summary C Results by Reportable Segment (100 million yen) (rounded down to 100 million yen) FYE Segment Item December FY2020 Q1, Difference Difference 1H Forecast Progress Difference 2021 Q1, Results YoY YoY (%) (Latest) (%)

  8. Slide 8: Breakdown of Revenues

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Summary D Breakdown of Revenues and Operating Income 1. Revenues (100 million yen) Impact of ★ Revenue increase COVID-19 from business 6,000 activities Impact of (rebound increase) ⇧347 ⇧704 5,500 foreign exchange 5,000 ⇧48 R

  9. Slide 9: Breakdown of Operating Income

    I. Financial Results for Q1, Fiscal Year Ending December 31, 2021(Summary) Summary D Breakdown of Revenues and Operating Income 2. Operating income (100 million yen) 200 Impact of change in unit Employment Increase in ★ Impact of fuel price system amortization of adjustments, ⇩10 reform actuarial bu

  10. Slide 10: II. Financial Results for Q1 (Pro Forma)

    II. Financial Results for Q1, Fiscal Year Ending December 31, 2021 (Pro Forma) Copyright © 2021 NIPPON EXPRESS, All rights reserved. Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021 9

  11. Slide 11: Change in Fiscal Year End

    II. Financial Results for Q1, Fiscal Year Ending December 2021 (Pro Forma) Change in Fiscal Year End As a result of the change in fiscal year-end, we will disclose our consolidated statements of income on a financial reporting basis (summary) and on a supplementary converted 12-month basis (*estimat

  12. Slide 12: Financial Results for April-June, FYE December 2021

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) Converted 12-Month Basis A Financial Results for April-June, FYE December 2021 Overview (Consolidated) (100 million yen) (rounded down to 100 million yen) Item Results Results Difference Difference YoY (Apr-Jun 2

  13. Slide 13: Financial Results for January-June, FYE December 2021

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) Converted 12-Month Basis B Financial Results for January-June, FYE December 2021 Overview (Consolidated) (100 million yen) (rounded down to 100 million yen) Current-Year Prior-Year Item Difference Difference Resu

  14. Slide 14: Japan and Overseas Results

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) Converted 12-Month Basis C Japan and Overseas Results (not including adjustments) (100 million yen) (rounded down to 100 million yen) Current-Year Prior-Year Segment Item Difference Difference Results Results YoY

  15. Slide 15: Results by Reportable Segment

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) Converted 12-Month Basis D Results by Reportable Segment (100 million yen) (rounded down to 100 million yen) Current-Year Prior-Year Segment Item Difference Difference Results Results YoY YoY (%) (Jan-Jun 2021) (

  16. Slide 16: Reference: Results by Segment (Jan-Mar vs. Apr-Jun)

    Reference Converted 12-Month Financial Results by Segment (Jan-Mar vs. Apr-Jun, FYE December 2021) Basis (100 million yen) (rounded down to 100 million yen) Segment Item Results Results Difference Difference (%) (Apr-Jun 2021) (Jan-Mar 2021) (vs. Jan-Mar) (vs. Jan-Mar) Revenues 3,266 3,299 (33) (1.0

  17. Slide 17: Reference: Results by Segment (Jan-Mar YoY)

    Reference Converted 12-Month Financial Results by Segment (Jan-Mar FYE December 2021, FYE December 2020) Basis (100 million yen) (rounded down to 100 million yen) Segment Item Current-Year Results Prior-Year Results Difference Difference (Jan-Mar 2021) (Jan-Mar 2020) YoY YoY (%) Revenues 3,299 2,950

  18. Slide 18: Breakdown of Revenues

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) *For January-June; YoY for six months in domestic and overseas businesses Converted 12-Month E Breakdown of Revenues and Operating Income Basis 1. Revenues (100 million yen) ★Breakdown of revenue decrease from bu

  19. Slide 19: Breakdown of Operating Income

    Ⅱ. Financial Results for January-June, Fiscal Year Ending December 31, 2021 (Pro Forma) *For January-June; YoY for six months in domestic and overseas businesses E Breakdown of Revenues and Operating Income Converted 12-Month Basis 2. Operating income (100 million yen) Increase in fuel costs Environ

  20. Slide 20: III. Financial Results Forecast (A. Summary)

    Ⅲ. Financial Results Forecast for the Fiscal Year Ending December 31, 2021 (A. Summary) Copyright © 2021 NIPPON EXPRESS, All rights reserved. Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021 19

  21. Slide 21: Overview (Consolidated) Forecast for FYE December 2021

    Ⅲ-A Summary Summary Overview (Consolidated) 1 Forecast for the FYE December 2021 (100 million yen) (rounded down to 100 million yen) Full-Year Forecast Previous (Japan and overseas: Apr-Dec 2021) Forecast FY2020 Item *Financial reporting Difference Difference (Announced Results basis April 28, 2021)

  22. Slide 22: Japan and Overseas Results Forecast

    Ⅲ-A Summary Summary 2 Japan and Overseas Results Forecast (not including adjustments) (100 million yen) (rounded down to 100 million yen) Full-Year Segment Item FY2020 Difference Difference Forecast (Jan-Dec 2021) Results YoY YoY (%) Revenues 13,151 17,757 ― ― Japan Total Segment Income 486 699 ― ―

  23. Slide 23: Forecasts by Reportable Segment

    Ⅲ-A Summary Summary 3 Forecasts by Reportable Segment (100 million yen) (rounded down to 100 million yen) FYE December FYE December Segment Item Full-Year FY2020 Difference Difference 2021 1H 2021 2H Forecast Results YoY YoY (%) Forecast Forecast Revenues 9,704 6,411 3,293 12,128 ― ― Japan Segment I

  24. Slide 24: Breakdown of Revenues

    Ⅲ-A Summary Summary 4 Breakdown of Revenues and Operating Income 1) Revenues Impact of Revenue COVID-19 recognition (100 million yen) standard Impact of (rebound *Impact of leasing increase) (deduction) 22,000 foreign business ⇧520 ⇩586 exchange spin-off 21,500 ⇧289 ⇩558 21,000 20,500 ★ Revenue incr

  25. Slide 25: Breakdown of Operating Income

    Ⅲ-A Summary Summary 4 Breakdown of Revenues and Operating Income 2) Operating income 1,000 (100 million yen) Impact of Environment *Impact of change in investments Employment HQ Increase in Special ⇩2 system reform 900 Real foreign unit fuel ⇩14 relocation amortization allowance exchange price expen

  26. Slide 26: III. Financial Results Forecast (B. Pro Forma)

    Ⅲ. Financial Results Forecast for Fiscal Year Ending December 31, 2021 (B. Pro Forma) Copyright © 2021 NIPPON EXPRESS, All rights reserved. Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021 25

  27. Slide 27: Forecast for FYE December 2021 (Apr-Dec)

    Ⅲ-B Pro Forma (100 million yen) (rounded down to 100 million yen) 1 Forecast for the FYE December 2021 (Apr-Dec 2021) Converted 9-Month Basis Revised Forecast Previous Item Forecast 2020 Difference Apr-Dec Difference Difference Apr-Dec 2021 (Announced Results YoY YoY (%) (Announced April 28) August

  28. Slide 28: Forecast for FYE December 2021 (Jan-Dec)

    Ⅲ-B Pro Forma (100 million yen) (rounded down to 100 million yen) 1 Forecast for the FYE December 2021 (Jan-Dec 2021) Converted 12-Month Basis Previous Revised Forecast FYE Dec 2020 Difference Difference Forecast Difference Item (Announced [Difference %] Results YoY YoY (%) (Announced August 13) Apr

  29. Slide 29: Japan and Overseas Results Forecast

    Ⅲ-B Pro Forma Converted 12-Month Basis 2 Japan and Overseas Results Forecast (not including adjustments) (100 million yen) (rounded down to 100 million yen) Current-Year Prior-Year Segment Item Difference Difference Results Results YoY YoY (%) (Jan-Dec 2021) (Jan-Dec 2020) Revenues 17,983 17,393 589

  30. Slide 30: Forecasts by Reportable Segment

    Ⅲ-B Pro Forma (100 million yen) (rounded down to 100 million yen) 3 Forecasts by Reportable Segment Converted 12-Month (100 million yen) Basis 2H Forecast (Jul-Dec) Full-Year Forecast (Jan- Dec) 1H Segment Item Results FYE Dec FYE Dec FYE Dec FYE Dec FYE Dec (Jan-Jun) 2021 2020 2021 2020 2021 Revise

  31. Slide 31: Breakdown of Revenues

    Ⅲ-B Pro Forma *Domestic and overseas total for January through December compared to the same period in the previous year Converted 12-Month 4 Breakdown of Revenues and Operating Income Basis 1) Revenues (100 million yen) ★Breakdown of revenue decrease from business ★ Revenue activities by segment in

  32. Slide 32: Breakdown of Operating Income

    Ⅲ-B Pro Forma *Domestic and overseas total for January through December compared to the same period in the previous year 4 Breakdown of Revenues and Operating Income Converted 12-Month Basis 2) Operating income (100 million yen) 1,000 Increase in fuel costs Environment ⇩31 investments Employment ⇩4

  33. Slide 33: Segment Overview: Japan Segment

    III-C Segment Overview, Fiscal Year Ending December 31, 2021 Converted 12-Month Basis 1. Japan Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 April-June Highlights 2021 Item FYE Dec Difference Apr-Jun 1 Results 2020 Difference (%) Although recovering, our railway utilization and motor transporta

  34. Slide 34: Segment Overview: The Americas Segment

    III-C Segment Overview, Fiscal Year Ending December 31, 2021 Converted 12-Month Basis 2. The Americas Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 Item Apr-Jun FYE Dec Difference April-June Highlights 2020 Difference (%) 1 Revenues Results 267 167 99 59.5 The air transportation business s

  35. Slide 35: Segment Overview: Europe Segment

    III-C Segment Overview, Fiscal Year Ending December 31, 2021 Converted 12-Month Basis 3. Europe Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 April-June Highlights 1 Item Apr-Jun FYE Dec Difference Difference Results 2020 (%) Revenues increased significantly year on year due to firm perfor

  36. Slide 36: Segment Overview: East Asia Segment

    III-C Segment Overview, Fiscal Year Ending December 31, 2021 Converted 12-Month Basis 4. East Asia Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 April-June Highlights 1 Item Apr-Jun FYE Dec Difference Difference Results 2020 (%) Revenue rose due to an increase in air freight export transac

  37. Slide 37: Segment Overview: South Asia & Oceania Segment

    III-C Segment Overview, Fiscal Year Ending December 31, 2021 Converted 12-Month Basis 5. South Asia & Oceania Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 April-June Highlights 1 Item 2021 Apr-Jun FYE Dec Difference Difference Results 2020 (%) Air freight export transaction volume continued to

  38. Slide 38: Segment Overview: Security Transportation Segment

    III-C Segment Overview, Fiscal Year Ending Converted 12-Month December 31, 2021 Basis 6. Security Transportation Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 April-June Highlights 1 Item Apr-Jun FYE Dec Difference Difference Results 2020 (%) Our cash collection business, which was affecte

  39. Slide 39: Segment Overview: Heavy Haulage & Construction Segment

    III-C Segment Overview, Fiscal Year Ending Converted 12-Month December 31, 2021 Basis 7. Heavy Haulage & Construction Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 April-June Highlights 1 Item Apr-Jun FYE Dec Difference Difference Results 2020 (%) Although wind power-related performed well

  40. Slide 40: Segment Overview: Logistics Support Segment

    III-C Segment Overview, Fiscal Year Ending Converted 12-Month December 31, 2021 Basis 8. Logistics Support Segment (100 million yen) FYE Dec Vs. FYE Dec 2020 2021 April-June Highlights 1 Item Apr-Jun Results FYE Dec 2020 Difference Difference (%) Revenues declined due to the spin-off of our leasing

  41. Slide 41: IV. Challenges of the Business Plan (Progress)

    IV. Challenges of the Business Plan (Progress) Copyright © 2021 NIPPON EXPRESS, All rights reserved. Financial Results Presentation for Q1, Fiscal Year Ending December 31, 2021 40

  42. Slide 42: KPIs of Growth Strategy for Core Businesses

    IV. Challenges of the Business Plan A Nippon Express Group Business Plan 2023 KPIs of Growth Strategy for Core Businesses Domestic *1 Overseas Item 2021 2020 2021 2021 2020 2021 Revenues Difference Progress Difference Progress Jan-Jun Jan-Jun Jan-Dec Jan-Jun Jan-Jun Jan-Dec (%) (%) (%) (%) Results R

  43. Slide 43: Strategy to Enhance Domestic Businesses in Japan

    IV. Challenges of the Business Plan B Strategy to Enhance Domestic Businesses in Japan Major Initiatives I. Improve Profits III. Deepen Integration of Land, Sea, and Air ・Pursue daily cost controls, continuing to leverage company ・ Pursue cross-mode sales strengths to the fullest and reducing outsou

  44. Slide 44: Progress in Back Office Cost Reductions

    IV. Challenges of the Business Plan C Progress in FYE December 2021 Back Office Cost Reductions (as of June 30, 2021) Enhancing FYE December FYE December FY2019 FY2020 Japanese FY2023 Item 2021 2021 Results Results Cumulative Domestic Targets Results Target [YoY] [YoY] Businesses (Apr-Jun) (Apr-Dec)

  45. Slide 45: Establishing a New Group Brand Identity

    IV. Challenges of the Business Plan D Establishing a New Group Brand Identity ・To respond to rapid changes in the social environment and in technological innovation, as well as to provide more advanced and higher quality services to customers in Japan and overseas, we have established a unified grou

  46. Slide 46: V. Return to Shareholders

    V. Return to Shareholders A Capital Policies • ROE: 10% • Dividend payout ratio 30% or more • Total return ratio: Over 50% (cumulative total 2019-2023) • Equity ratio: Target 35% B Key Indicators (100 million yen) Total dividend Treasury share acquisition Dividend payout ratio Total return ratio 400

  47. Slide 47: Supplemental Documents

    Supplemental Documents The information presented in this document provides data trends for each category. However, the data used is pre-close data and may differ from figures presented in our financial reports. Please be aware that this document has been produced to provide a better understanding of

  48. Slide 48: Appendix 1: Changes Due to External Environmental Factors (1)

    Appendix 1: Financial Results for January-June, Fiscal Year Ending December 31, 2021 Converted 12-Month Changes Due to External Environmental and Other Factors Basis Impact on consolidated results Variable factors (6-month results) Reference Unit price per ℓ [Prior period 3-month average] Impact of

  49. Slide 49: Appendix 1: Changes Due to External Environmental Factors (2)

    Appendix 1: Financial Results for January-June, Fiscal Year Ending December 31, 2021 Converted 12-Month Changes Due to External Environmental and Other Factors Basis Impact on consolidated results Variable factors (6-month results) Reference Change due to employee system reform l Japan : ¥(0.55) bil

  50. Slide 50: Appendix 1: Changes Due to External Environmental Factors (3)

    Appendix 1: Financial Results for January-June, Fiscal Year Ending December 31, 2021 Converted 12-Month Changes Due to External Environmental and Other Factors Basis Impact on consolidated results Variable factors Reference (6-month results) Impact of revenue Revenues: l Japan Revenues : ¥(0.52) bil

  51. Slide 51: Appendix 1: Changes Due to External Environmental Factors (4)

    Appendix 1: Financial Results for January-June, Fiscal Year Ending December 31, 2021 Converted 12-Month Changes Due to External Environmental and Other Factors Basis Impact on Variable factors consolidated results Reference (6-month results) l Japan Revenues : +¥29.04 billion Operating income : +¥12

  52. Slide 52: Appendix 2: Priority Industry Initiatives (Domestic)

    Appendix 2: Priority Industry Initiatives Volume in Priority Industries (YoY Sales) (Unit: % ) Domestic Priority Industries Priority Industries, Total Electric and Electronics Apparel 50.0 50.0 30.0 21.0 40.0 35.6 40.0 20.0 24.2 29.7 30.0 30.0 19.5 23.3 10.0 21.4 20.0 20.0 0.0 -5.3 6.9 10.0 10.0 -10

  53. Slide 53: Appendix 2: Priority Industry Initiatives (Overseas)

    Appendix 2: Priority Industry Initiatives Volume in Priority Industries (YoY Sales) (Unit: % ) Overseas Priority Industries Priority Industries, Total Electric and Electronics Apparel 70.0 58.3 80.0 71.6 80.0 69.4 60.0 53.9 70.0 70.0 49.7 60.0 51.0 50.0 60.0 43.3 40.0 50.0 50.0 40.0 33.1 40.0 21.6 3

  54. Slide 54: Appendix 3: Export Air Freight Weight Originating from Japan

    Appendix 3: Export Air Freight Weight Originating from Japan Export Air Freight Weight Originating from Japan 140,000 Nippon Express Export Weight 30.0% 120,000 FY Total:204,507 tons FY Total:222,247 tons Nippon Express Share 26.6% 25.6% 28.0% 100,000 25.4% 25.3% 74,983 76,632 26.0% 80,000 64,978 24

  55. Slide 55: Appendix 4: Export Freight (Air Freight Forwarding)

    Appendix 4: Export Freight (Air Freight Forwarding) (Unit:t /chargeable) 2019 2020 2021 Originating Region Jan-Mar Apr-Jun Jul-Sep Oct-Dec Full FY Jan-Mar Apr-Jun Jul-Sep Oct-Dec Full FY Jan-Mar Apr-Jun Jul-Sep Oct-Dec Total Japan 75,277 67,156 60,847 65,084 268,363 58,841 45,579 55,874 78,048 238,3

  56. Slide 56: Appendix 4: Export Freight (Marine & Harbor Transportation)

    Appendix 4: Export Freight (Marine & Harbor Transportation) (Unit:TEU) 2019 2020 2021 Originating Region Jan-Mar Apr-Jun Jul-Sep Oct-Dec Full FY Jan-Mar Apr-Jun Jul-Sep Oct-Dec Full FY Jan-Mar Apr-Jun Jul-Sep Oct-Dec Full FY * * Japan 53,755 60,126 63,141 64,458 241,480 57,648 52,572 53,813 66,291 2

  57. Slide 57: Appendix 5: Forecast External Factors (1)

    Appendix 5: Financial Results Forecast for Fiscal Year Ending December 31, 2021 Converted 12-Month Changes Due to External Environmental and Other Factors (Forecast) Basis Impact on consolidated results Variable factors Reference (12-month forecast) ¥(3.15) billion Unit price per ℓ [Prior period 9-m

  58. Slide 58: Appendix 5: Forecast External Factors (2)

    Appendix 5: Financial Results Forecast for Fiscal Year Ending December 31, 2021 Changes Due to External Environmental and Other Factors (Forecast) Converted 12-Month Basis Impact on consolidated results Variable factors Reference (12-month forecast) Change due to employee system Operating income: re

  59. Slide 59: Appendix 5: Forecast External Factors (3)

    Appendix 5: Financial Results Forecast for Fiscal Year Ending December 31, 2021 Changes Due to External Environmental and Other Factors (Forecast) Converted 12-Month Basis Impact on Variable factors consolidated results Reference (12-month forecast) Impact of revenue Revenues l Japan Revenues : ¥(0.

  60. Slide 60: Appendix 5: Forecast External Factors (4)

    Appendix 5: Financial Results Forecast for Fiscal Year Ending December 31, 2021 Changes Due to External Environmental and Other Factors (Forecast) Converted 12-Month Basis Impact on Variable factors consolidated results Reference (12-month forecast) l Japan Revenues : +¥46.20 billion Operating incom

  61. Slide 61: Appendix 6: Detailed COVID-19 Impact on Revenues

    Appendix 6: Detailed Impact and Rebound Increase in Connection With COVID-19 Converted 12-Month Basis Revenues (Results, Forecasts) (100 million yen) Results for Jan-Dec 2020 (100 million yen) Forecast for Jan-Dec 2021 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec 200 250 153 217 1

  62. Slide 62: Appendix 6: Detailed COVID-19 Impact on Operating Income

    Appendix 6: Detailed Impact and Rebound Increase in Connection With COVID-19 Converted 12-Month Basis Operating Income (Results, Forecasts) (100 million yen) Results for Jan-Dec 2020 (100 million yen) Forecast for Jan-Dec 2021 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec 40 33 60

  63. Slide 63: Appendix 7: Change in Non-Consolidated Income (Q1 Results)

    Appendix 7: Change in Non-Consolidated Income (FYE December 2021 Q1 Results) (100 million yen) (rounded down to 100 million yen) *Increase and decrease in the graph is on an income basis Increase in forwarding Revenue increase costs +497 (306) Increase in vehicle Decrease in chartering and personnel

  64. Slide 64: Appendix 7: Change in Non-Consolidated Income (Forecast)

    Appendix 7: Change in Non-Consolidated Income (FYE December 2021 Forecast) (100 million yen) (rounded down to 100 million yen) *Increase and decrease in the graph is on an income basis Increase in Revenue forwarding increase costs +929 (667) Increase in vehicle Increase in chartering and personnel s

  65. Slide 65: Appendix 7: Increase in Non-Consolidated Personnel Expenses

    Appendix 7: Change in Non-Consolidated Income (FYE December 2021 Increase in total non-consolidated personnel expenses) *Presented on an expense basis (100 million yen) (100 million yen) Special 2,000 allowance payments ⇩ 12 Employment Other system (including reform provision for 1,913 ⇧6 bonuses) ⇧

  66. Slide 66: Disclaimer

    No information contained in this document is intended to solicit purchase or sale of the Company’s shares. Views, forecasts, and other forward-looking statements contained in this document are based on the Company’s assumptions, judgments and beliefs in light of the information currently available t

Nippon Express Holdings — Q1 FYE December 2021 Earnings Presentation on 6ix