Yusen Logistics CO.,LTD.

ANNUAL REPORT 2012

For The Year Ended March 31, 2012

Topic path :
Home > Financial > Financial Statements

Financial Statements

Consolidated Balance Sheet
Yusen Logistics Co., Ltd. and Consolidated Subsidiaries
March 31, 2012 and 2011
 Millions of Yen Thousands of 
U.S. Dollars 
(Note 1) 
ASSETS2012 2011  2012 
CURRENT ASSETS:
Cash and cash equivalents (Note 12)¥23,646 ¥25,089  $287,693 
Time deposits (Note 12)1,063 1,986  12,942 
Trade notes and accounts receivable (Note 12)61,837 30,169  752,365 
Deferred tax assets-current (Note 10)1,471 841  17,898 
Other current assets6,868 2,993  83,564 
Allowance for doubtful accounts(978)(195) (11,903)
Total current assets93,907 60,883  1,142,559 
 
PROPERTY, PLANT AND EQUIPMENT:
Land (Note 5)13,020 6,716  158,415 
Buildings and structures35,852 17,582  436,203 
Furniture and fixtures10,116 4,368  123,084 
Machinery, equipment and vehicles13,118 1,015  159,606 
Construction in progress173  2,111 
Total72,279 29,686  879,419 
Accumulated depreciation(32,513)(12,670) (395,586)
Total property, plant and equipment39,766 17,016  483,833 
 
INVESTMENTS AND OTHER ASSETS:
Investments in securities (Notes 6 and 12)876 823  10,668 

Investments in unconsolidated subsidiaries
 and affiliate companies

3,001 2,028  36,500 
Goodwill2,881 52  35,057 
Deposits2,447 1,837  29,776 
Deferred tax assets-non current (Note 10)2,546 2,254  30,978 
Other assets5,691 3,470  69,241 
Total investments and other assets17,442 10,464  212,220 
TOTAL¥151,115 ¥88,363  $1,838,612 
 Millions of Yen Thousands of 
U.S. Dollars 
(Note 1) 
LIABILITIES AND EQUITY2012 2011  2012 
CURRENT LIABILITIES:
Trade notes and accounts payable (Note 12)¥30,266 ¥15,328  $368,239 
Short-term loans payable (Notes 7 and 12)512  6,227 
Current portion of long term debt (Notes 7 and 12)893 35  10,864 
Accrued income taxes (Note 12)1,212 1,046  14,743 
Accrued bonuses to employees2,048 1,615  24,920 
Provision for alleged antitrust law violation1,268  15,428 
Deferred tax liabilities-current (Note 10)350  4,256 
Other current liabilities16,031 4,512  195,063 
Total current liabilities52,580 22,538  639,740 
 
LONG-TERM LIABILITIES:
Long-term debt (Notes 7 and 12)12,302 4,537  149,673 
Accrued pension and severance costs for:
Employees (Note 8)4,046 3,617  49,230 
Directors and corporate auditors383 356  4,663 
Provision for alleged Anti-Monopoly Act violation1,728 1,728  21,028 
Negative goodwill 
Deferred tax liabilities-non current (Note 10)304 75  3,703 
Other long-term liabilities214 150  2,591 
Total long-term liabilities18,977 10,465  230,890 
 
EQUITY (Notes 9 and 18):

Common stock, no par value-
 authorized; 160,000,000 shares in 2012 and 2011,
 issued; 42,220,800 shares in 2012 and 2011

4,301 4,301  52,330 
Capital surplus4,733 4,812  57,589 
Retained earnings56,456 51,375  686,889 

Treasury stock-at cost; 50,862 shares in 2012 and
 50,734 shares in 2011

(69)(69) (839)
Accumulated other comprehensive income
Unrealized gain on available for sale securities154 142  1,873 
Pension liability adjustment of foreign consolidated subsidiaries(50) (612)
Foreign currency translation adjustments(7,817)(7,397) (95,100)
Total57,708 53,164  702,130 
Minority interests in consolidated subsidiaries21,850 2,196  265,852 
Total equity79,558 55,360  967,982 
TOTAL¥151,115 ¥88,363  $1,838,612 

See notes to consolidated financial statements.

Consolidated Statement of Income
Yusen Logistics Co., Ltd. and Consolidated Subsidiaries
Year Ended March 31, 2012
 Millions of Yen Thousands of 
U.S. Dollars 
(Note 1) 
 2012 2011  2012 
NET SALES¥309,004 ¥160,788  $3,759,625 
COST OF SALES257,296 124,514  3,130,500 
Gross profit51,708 36,274  629,125 
 
SELLING, GENERAL AND ADMINISTRATIVE
 EXPENSES (Note 15)
45,436 31,327  552,814 
Operating income6,272 4,947  76,311 
 
OTHER INCOME (EXPENSES):
Interest and dividend income255 144  3,103 
Interest expense(285)(20) (3,466)
Foreign currency exchange gain-net508 570  6,186 

Equity in earnings of unconsolidated subsidiaries
 and affiliate companies

657 304  7,999 
Amortization of negative goodwill (Note 17) 19 
Gain on negative goodwill498  6,056 
Loss on impairment of fixed assets (Note 5)(66) 
Loss on revaluation of investments in securities(17)(155) (201)

Loss on adoption of accounting standard
 for asset retirement obligations

(11) 
Loss related to competition law case(33) (401)
Provision for alleged antitrust law violation(1,268) (15,428)
Others-net84 171  1,014 
Other income (expense)-net401 940  4,881 
INCOME BEFORE INCOME TAXES AND MINORITY
 INTERESTS
6,673 5,887  81,192 
 
INCOME TAXES (Note 10):
Current2,299 1,968  27,972 
Deferred663 (140) 8,072 
Total income taxes2,962 1,828  36,044 
NET INCOME BEFORE MINORITY INTERESTS3,711 4,059  45,148 
 
MINORITY INTERESTS IN NET INCOME OF
 CONSOLIDATED SUBSIDIARIES
1,185 438  14,411 
NET INCOME¥2,526 ¥3,621  $30,737 
 
 Yen U.S. Dollars 
PER SHARE:
Basic net income per share (Note 18)¥59.91 ¥85.85  $0.729 
Cash dividends20.00 18.00  0.243 

See notes to consolidated financial statements.

Consolidated Statement of Comprehensive Income
Yusen Logistics Co., Ltd. and Consolidated Subsidiaries
Year Ended March 31, 2012
 Millions of Yen Thousands of 
U.S. Dollars 
(Note 1) 
2012 2011  2012 
NET INCOME BEFORE MINORITY INTERESTS¥3,711 ¥4,059  $45,148 
 
OTHER COMPREHENSIVE INCOME:
Unrealized gain (loss) on available-for-sale securities12 (18) 145 
Foreign currency translation adjustments(88)(2,233) (1,071)
Share of other comprehensive income in associates(176)(59) (2,136)
Pension liability adjustment of foreign consolidated subsidiaries(64) (776)
Gain or loss on change in equity3,309  40,251 
Total other comprehensive income (loss) (Note 16)2,993 (2,310) 36,413 
COMPREHENSIVE INCOME¥6,704 ¥1,749  $81,561 
 
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the parent¥5,413 ¥1,437  $65,860 
Minority interests1,291 312  15,701 

See notes to consolidated financial statements.

Consolidated Statement of Changes in Equity
Yusen Logistics Co., Ltd. and Consolidated Subsidiaries
Year Ended March 31, 2012
 Thousands  Millions of Yen 
 Outstanding 
Number of 
Shares of 
Common 
Stock 
 Common 
Stock 
 Capital 
Surplus 
 Retained 
Earnings 
 Treasury 
Stock 
BALANCE, APRIL 1, 201042,171  ¥4,301  ¥4,812  ¥47,691  ¥(68)

Adjustments due to change in the fiscal period
 of consolidated subsidiaries

   563  
Net income for the year ended March 31, 2011   3,621  
Cash dividends (¥17.0 per share)   (716) 
Purchase of treasury stock(1)    (1)

Adjustment of retained earnings due to recognition
 of unrecognized actuarial differences by a foreign
 consolidated subsidiary

   216  
Net change in the year    
BALANCE, MARCH 31, 201142,170  4,301  4,812  51,375  (69)
Change by transfer of business  (79)  
Net income for the year ended March 31, 2012   2,526  
Cash dividends (¥19.0 per share)   (801) 
Purchase of treasury stock(0)    (0)

Adjustment of retained earnings for newly
 consolidated subsidiaries

   53  
Gain or loss on change in equity   3,309  
Other   (6) 
Net change in the year    
BALANCE, MARCH 31, 201242,170  ¥4,301  ¥4,733  ¥56,456  ¥(69)
 Millions of Yen 
 Accumulated other comprehensive income  
 Unrealized 
Gain (Loss) on 
Available-for- 
sale 
Securities 
 Pension 
Liability 
Adjustment 
of Foreign 
Consolidated 
Subsidiaries 
 Foreign 
Currency 
Translation 
Adjustments 
 Total  Minority 
Interests in 
Consolidated 
Subsidiaries 
 Total 
Equity 
BALANCE, APRIL 1, 2010¥160  ¥ ¥(5,228) ¥51,668  ¥1,995  ¥53,663 

Adjustments due to change
 in the fiscal period of
 consolidated subsidiaries

   563   563 

Net income for the year ended
 March 31, 2011

   3,621   3,621 
Cash dividends (¥17.0 per share)   (716)  (716)
Purchase of treasury stock   (1)  (1)

Adjustment of retained earnings
 due to recognition of
 unrecognized actuarial differences
 by a foreign consolidated subsidiary

   216   216 
Net change in the year(18)  (2,169) (2,187) 201  (1,986)
BALANCE, MARCH 31, 2011142    (7,397) 53,164  2,196  55,360 
Change by transfer of business   (79)  (79)

Net income for the year ended
 March 31, 2012

   2,526   2,526
Cash dividends (¥19.0 per share)   (801)  (801)
Purchase of treasury stock-   (0)  (0)

Adjustment of retained earnings for
 newly consolidated subsidiaries

   53   53 
Gain or loss on change in equity   3,309   3,309 
Other   (6)  (6)
Net change in the year12  (50) (420) (458) 19,654  19,196 
BALANCE, MARCH 31, 2012¥154  ¥(50) ¥(7,817) ¥57,708  ¥21,850  ¥79,558 
 Thousands of U.S. Dollars (Note 1) 
 Common 
Stock 
 Capital 
Surplus 
 Retained 
Earnings 
 Treasury 
Stock 
BALANCE, MARCH 31, 2011$52,330  $58,542  $625,071  $(837)
Change by transfer of business (953)  
Net income for the year ended March 31, 2012  30,737  
Cash dividends ($0.243 per share)  (9,749) 
Purchase of treasury stock   (2)

Adjustment of retained earnings for newly
 consolidated subsidiaries

  649  
Gain or loss on change in equity  40,251  
Other  (70) 
Net change in the year   
BALANCE, MARCH 31, 2012$52,330  $57,589  $686,889  $(839)
 Thousands of U.S. Dollars (Note 1) 
 Accumulated other comprehensive income  
 Unrealized 
Gain (Loss) on 
Available-for- 
sale 
Securities 
 Pension 
Liability 
Adjustment 
of Foreign 
Consolidated 
Subsidiaries 
 Foreign 
Currency 
Translation 
Adjustments 
 Total  Minority 
Interests in 
Consolidated 
Subsidiaries 
 Total 
Equity 
BALANCE, MARCH 31, 2011$1,727  $-  $(89,996) $646,837  $26,721  $673,558 
Change by transfer of business   (953)   (953)

Net income for the year ended
 March 31, 2012

   30,737    30,737 
Cash dividends ($0.243 per share)    (9,749)   (9,749)
Purchase of treasury stock    (2)   (2)

Adjustment of retained earnings for
 newly consolidated subsidiaries

   649    649 
Gain or loss on change in equity   40,251   40,251 
Other   (70)  (70)
Net change in the year146  (612) (5,104) (5,570) 239,131  233,561 
BALANCE, MARCH 31, 2012$1,873  $(612) $(95,100) $702,130  $265,852  $967,982 

See notes to consolidated financial statements.

Consolidated Statement of Cash Flows
Yusen Logistics Co., Ltd. and Consolidated Subsidiaries
Year Ended March 31, 2012
 Millions of Yen Thousands of 
U.S. Dollars 
(Note 1) 
 2012 2011  2012 
OPERATING ACTIVITIES:
Income before income taxes and minority interests¥6,673 ¥5,887  $81,192 
Adjustment for:
Depreciation and amortization4,272 1,780  51,980 
Amortization of goodwill89 16  1,083 
Increase in accrued pension and severance costs216 72  2,633 
Interest and dividend income(255)(145) (3,103)
Interest expense285 20  3,466 
Loss (gain) on foreign currency exchange, net49 (17) 590 

Equity in earnings of unconsolidated subsidiaries and
 affiliate companies

(657)(304) (7,999)
Decrease (increase) in trade notes and accounts receivable(4,132)(1,978) (50,273)
Increase (decrease) in trade notes and accounts payable(752)1,302  (9,145)
Loss on sale of property, plant and equipment, net(13) (160)
Loss on impairment of fixed assets66  
Loss (gain) on sale of investments in securities(38)(35) (467)
Loss on revaluation of investments in securities17 155  201 
Loss on write-down of golf club membership 62 
Loss (gain) on sales of membership(5) 
Increase (decrease) in allowance for doubtful accounts238 (85) 2,894 

Loss on adoption of accounting standard
 for asset retirement obligations

11  
Increase in provision for alleged antitrust law violation1,268  15,428 
Other-net(1,679)366  (20,419)
Total5,586 7,115  67,963 
Interest and dividend received356 149  4,327 
Interest paid(286)(29) (3,474)
Income taxes paid(2,937)(1,560) (35,738)
Net cash provided by operating activities2,719 5,675  33,078 
 
INVESTING ACTIVITIES:
Payments into time deposits(1,927)(2,375) (23,447)
Proceeds from withdrawal of time deposits2,767 3,096  33,664 
Purchase of property, plant and equipment(3,239)(1,182) (39,413)
Proceeds from sale of property, plant and equipment613 22  7,463 
Purchase of investments in securities(41)(12) (499)
Proceeds from sale of investments in securities74  
Proceeds from sales of membership 
Lending of loans receivable(183)(6,204) (2,223)
Collection of loans receivable1,212 7,965  14,744 
Purchase of investments in subsidiaries (Note 4)(10,567) (128,563)
Purchase of stocks of affiliate companies(140) (1,701)
Proceeds from sales of stocks of affiliate companies54  662 
Payments for transfer of business(2,282)(143) (27,770)
Other-net(168)48  (2,045)
Net cash (used in) provided by investing activities(13,901)1,295  (169,128)
 
FINANCING ACTIVITIES:
Short-term loans payable, net788 (45) 9,583 
Proceeds from long-term loans payable4,000 4,500  48,668 
Repayment of long-term debt(1,399)(1,000) (17,022)
Repayment of obligations under finance lease(233)(53) (2,836)
Cash dividends paid(803)(715) (9,776)
Cash dividends paid to minority shareholders(192)(120) (2,337)
Other-net(12)(1) (127)
Net cash provided by financing activities2,149 2,566  26,153 
 
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
 ON CASH AND CASH EQUIVALENTS
(207)(1,123) (2,523)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(9,240)8,413  (112,420)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR25,089 16,740  305,257 
CASH AND CASH EQUIVALENTS OF NEWLY
 CONSOLIDATED SUBSIDIARIES, BEGINNING OF YEAR
180  2,195 
INCREASE IN CASH AND CASH EQUIVALENTS
 RESULTING FROM MERGER
7,617  92,661 
INCREASE (DECREASE) IN BEGINNING BALANCE OF
 CASH AND CASH EQUIVALENTS DUE TO CHANGES
 IN FISCAL PERIODS OF CONSOLIDATED SUBSIDIARIES
(64) 
CASH AND CASH EQUIVALENTS, END OF YEAR¥23,646 ¥25,089  $287,693 

See notes to consolidated financial statements.

Page Top