09-02-12 nyk_results_q1-2

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

7/31/2019 09-02-12 nyk_results_Q1-2


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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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8

- 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.



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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10

Composition Ratio

2. Air Cargo Transportation (NCA)


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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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.


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:


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


- 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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15

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

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Financial Targets: Earnings and Financial Targets

(JPY, billions)

09-02-12 nyk_results_q1-2

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