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    9062   JP3729400006

NIPPON EXPRESS HOLDINGS,INC.

(9062)
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Nippon Express : Integrated Report 2021 (Full Pages)

09/27/2021 EST

1-9-3,Higashi-Shimbashi,Minato-ku, Tokyo 105-8322, Japan Phone: +81 (3) 6251-1111

URL: (Japanese) www.nittsu.co.jp (English) www.nipponexpress.com

Nippon Express Group

Integrated Report 2021 Year ended March 31, 2021

Prole

The Nippon Express Group Corporate Philosophy

Our Mission

Be a Driving Force for Social Development

Our Challenge

Create New Ideas and

Value that Expand the Field of Logistics

Our Pride

Inspire Trust Every Step of the Way

Since our founding, the Nippon Express Group has employed its logistical strengths to connect people, businesses, and regions throughout the world. In so doing, we have continuously supported social development.

While our mission never changes, we advance continuously to meet the world's changing needs. Making no compromise in safety and maintaining a deep focus on environmental issues, we continuously strive to deliver innovative solutions at the next frontier of logistics.

We will forever take pride in our ability to inspire trust and answer the call of society. Every move we make is aimed at advancing society and bringing

an enriched life to future generations.

The Nippon Express Group Corporate Message

The NIPPON EXPRESS Group brings customers' possibilities to reality. There are often many solutions, but only one way is the way. We use our determination to find the best way to overcome hurdles and take our customers across the finish line.

Our unified strength makes us unique, driving

Every client, project, and task is different, and

Sure, there are many solutions, but there's only

everything we do on the frontline and in the

sometimes we have to innovate to achieve our

one best way. We don't find a way or some way;

background to deliver unparalleled logistics

goals. Our work demands exploration and thinking

we find the best way, and we do it with passion

services. The word "we" speaks to a complex

outside the box. It's how we find the best way. The

and perseverance. Our efforts build connections to

system of individuals with specialized skills that

verb "find" in its present form tells a story of a

and between individuals and businesses.

work together to become an unstoppable force.

company willing to dig deeper for the best results.

Contents

Profile

Business Plan Progress and Finance

Corporate Governance

The Nippon Express Group Corporate Philosophy

24

Medium-Term Business Plan Progress

50

Governance

01

The Nippon Express Group Corporate Message

25

The Nippon Express Group Business Plan 2023

59

Stakeholder Engagement

02

The Nippon Express Group Approach to ESG Management

~"Dynamic Growth"~

04

Nippon Express and the Logistics Markets of Japan and the World

28

Business Growth Strategy

Business Segment Information

05

Competitive Advantages, Risks, and Opportunities

30

Financial and Corporate Planning

63

Results by Reportable Segment

32

Capital and Dividend Policy

Nippon Express ESG

34

Financial and Non-Financial Highlights

Financial Information

06

Nippon Express and Logistics Supporting the Advancement of Society

70

11-Year Financial Summary

08

The Nippon Express Group Value Creation Engine

Materiality

72

11-YearNon-Financial Summary

10

The Nippon Express Group Value Creation Engine

36

Identifying Materialities

74

Management Discussion and Analysis

~Solving Social Issues Through Logistics~

38

The Nippon Express Group Creates New Value

76

External Evaluations

12

Nippon Express Group Value Creation

40

Pursuing Business Digitalization and DX

78

Global Network

14

Value Creation Process

42

Improving Quality and Creating New Value

79

Company Information/Share Information

44

Addressing Climate Change

Top message

46

Building a Sustainable and Resilient Logistics Infrastructure

16

Message From Top Management to All Our Stakeholders

48

Improving Employee Engagement

Editorial Policy

Reference Guidelines and Assurances

Scope of This Report

Integrated Report 2021 is the second integrated report to

We used the International Integrated Reporting Framework

This integrated report addresses the Nippon Express

be published by Nippon Express Co., Ltd. In this report, we

of the International Integrated Reporting Council (IIRC) and

Group, including domestic and overseas group

have reformatted our presentation of ESG management,

the Guidance for Collaborative Value Creation of the Ministry

companies. Certain portions of this report reference

which is increasingly important as international trends and

of Economy, Trade and Industry (METI). The information

Nippon Express Co., Ltd. on a non-consolidated basis.

social conditions change dramatically. We have edited this

disclosed in our sustainability report conforms to the Core

report from the perspective of how the group creates value

option of the GRI Standards for Sustainability Reporting.

Reporting Period

through the practice of ESG management and how the

* GRI: Global Reporting Initiative

Fiscal 2020 (April 1, 2020 to March 31, 2021)

group intends to grow.

An organization that aims to create and promulgate

(Certain information references time frames on or prior to

We hope this report helps our stakeholders better

international guidelines for sustainability reporting.

fiscal 2019 and subsequent to fiscal 2021)

understand the Nippon Express Group and our efforts to

The GRI content index is available on our CSR website

continue to grow by creating new value through

(https://www.nittsu.co.jp/corporate/csr/).

Publication Date July 2021

innovation, while staying true to our unchanging vlaues of

safety, compliance, and quality.

For more detailed information regarding Nippon Express

Group CSR, see our CSR website and CSR Data Book.

Reference Guidelines

  • GRI Standards for Sustainability Reporting (Core option)
  • IIRC International Integrated Reporting Framework
  • Ministry of the Environment's Environmental Reporting Guidelines (2018 Edition)
  • SASB Standards

Caution Regarding Forward-Looking Statements

The forward-looking statements in this report, including the company's future plans, forecasts, and strategies, are based on certain assumptions that the company considered reasonable at the time of disclosure. Actual business performance may differ significantly from forecasts due to future economic conditions and other factors. See Competitive Advantages, Risks and Opportunities on page 5 of this report for the major factors that may cause such differences.

Information Systems

The Integrated Report is a compilation of financial and non-financial information for the purpose of deepening stakeholder understanding of the Group's medium- to long-term value creation.

In addition, non-financial information that complements the Integrated Report is provided in the CSR Data Book, and more detailed information is available on our website.

Integrated Report

Voluntary Disclosures

CSR Data Book

https://www.nittsu.co.jp/corporate/csr/report/

Website (CSR Activities)

https://www.nittsu.co.jp/corporate/csr/

Legal Disclosures and Timely Disclosures

Annual Securities Report

https://www.nittsu.co.jp/ir/library/securities/

Nippon Express Group

Corporate Governance Report

https://www.nittsu.co.jp/ir/governance/

Integrated Report 2021

Year ended March 31, 2021

Nippon Express Integrated Report 2021

01

Prole

Integrated Report 2021 Highlights

The Nippon Express Group Approach to ESG Management

The Nippon Express Group Business Plan 2023 addresses ESG-oriented business management to realize sustainable development and improve corporate value as one initiative in our efforts to implement our Long-Term Vision. The group believes that working to solve social issues through our business activities and contributing to a sustainable society ties to sustainable growth and enhancement of corporate value. This is our view of ESG management.

Meanwhile, we are seeing dramatic changes in international trends and social conditions. We find ourselves in a situation in which we face many environmental and social issues directly, and social systems that affect the entire planet are in a deep crisis. Amid these conditions, society expects corporations to behave more responsibly and offer greater value, and we recognize the increasing importance of ESG management in this respect.

In response to these circumstances, we reconfirmed the direction of Nippon Express Group ESG management in the process of publishing our second integrated report. In this process, we organized our understanding and our stance regarding ESG management, clarifying the Nippon Express Group approach to ESG management, which we describe as follows.

Our unchanging philosophy is to advance society and bring an enriched life to future generations. Based on this philosophy, we contribute to sustainable societies through risk mitigation (environmental and social issues) and new value creation (value demanded by society), aiming for business growth. At the same time, we strive to strengthen corporate governance to achieve these contributions and growth.

The Nippon Express Group Business Plan 2023

April 2019- March 2024 Business Plan

After FY2024

Business Growth Strategy

Growth strategy for core businesses

Strategy to enhance domestic businesses in Japan

Efforts to Implement Our Long-Term Vision

Inorganic growth strategy

Reinforcing functions to support challenges

Establishing ESG-oriented business management to realize sustainable development and improve corporate value

Long-Term Vision (2037 Vision)

A logistics company with a strong presence in the global market

Growth Image

5 years from 2018 10 years from 2018 100th anniversary

Sales (Revenue):

Sales (Revenue):

Sales (Revenue): ¥3.5

¥2,400 billion

¥3 trillion

to 4 trillion

Operating income

Operating income

Operating income

ratio: 4%

ratio: 5%

ratio: 5+%

Overseas sales

Overseas sales

Overseas sales ratio:

ratio: 25%

ratio: 40%

50%

ROE 10%

ROE: 10+%

ROE: 10+%

Japan domestic

Overseas

Revenues

12,000

(Billions of yen)

6,000

4,281

Overseas

Inorganic growth

due to M&A

Enhanced

18,000

17,103

Japan

domestic

businesses

18,000

2018

2023

2028

2037

01Point

The Nippon Express Group Value Creation Engine

The Nippon Express Group creates and offers new value based on our corporate philosophy and an understanding of changing social and customer issues. We clarify our unchanging business creation

02Point process as our value creation engine.

Pivoting Business Models to Meet Society

We provide optimized business solutions to industry and society by building business models tailored not only to individual customers, but also to industries and society as a whole.

03Point

Reconfirming Materialities

We leverage past, present, and future initiatives to reconfirm the materialities (key issues) necessary for Nippon Express to answer the demands of society and to grow as a business.

02

Nippon Express Integrated Report 2021

03

Prole

Nippon Express and the Logistics Markets of Japan and the World

Competitive Advantages, Risks, and Opportunities

Domestic and

Overseas

Logistics Markets

The population of Japan is declining, especially in rural areas. We are seeing a particularly large decline in our working-age, which represents the core of consumption. Similarly, the volume of freight forwarding is on a downward trend. Given the declining population and low economic growth prospects, it is difficult to expect future growth in the domestic logistics market.

Nippon Express

We have become the increasing choice of numerous customers due to our ability to

transport anything, anywhere, using every means of transportation in the best possible

Group Strengths

manner. And what has made this possible are the transportation modes, networks, and

front-line capabilities we have cultivated since our founding.

At the same time, populations are expected to grow among the emerging economies. Including the advanced economies, the global working-age population should increase gradually. Backed by moderate economic and population growth, international freight volume should continue trending upward.

Diverse Transportation Modes

Customers have a variety of requirements, including cargo size, weight, and urgency. The Nippon Express Group offers a full range of transportation modes, including truck, rail, ship,

Vehicles

(As of March 31, 2021)

Loading and

Warehousing

Construction Vehicles

Space

Domestic Freight Volumes and Population Trends

World Cargo Volume (Air and Ocean) and Population

Freight volumes

containers

(Thousand tons)

(Population in thousands)

(Million ton-kilometers)

(Thousand TEU)

(Population in millions)

8,000,000

160,000

300,000

1.400,000

9,000

250,000

1,200,000

8,500

6,000,000

120,000

Average GDP Growth Rate

200,000

1,000,000

8,000

4,000,000

80,000

150,000

800,000

7,500

and air. We provide the most suitable method of transportation for shipments requiring special care, such as pharmaceuticals and perishable foods that require strict temperature control, precision instruments that require vibration control, and art works that require humidity control.

A Global Network

In our more than 80-year history, the Nippon Express Group has built a logistics network covering the entire country of Japan. In 1962, we established our first overseas subsidiary in the U.S., and took steps to expand overseas. Today, we deliver goods to anywhere in the world through the world's largest network, when considering group companies and reliable local partners.

Domestic8,940

Overseas

10,294

Overseas

Warehousing

Space

3.57

million m2

Domestic 2,279

Non-consolidated

Overseas 1,322

3.40 million m2

Forwarding Volume (January to December)

Ocean cargo 660,000 TEU Air cargo 720,000 tons

(TEU: Twenty-foot Equivalent Units, equal to the volume of one twenty-foot shipping container)

2,000,000

40,000

100,000

600,000

7,000

4.9%

1.5%

1.1%

0.1%

1.0%

1.1%

0.8%

0.7%

50,000

400,000

6,500

0

0

0

0

0

1985 1990 1995 2005 2010 2015 2020 2025 2030 2035

2015

2020

2025

2030

(year)

Domestic freight volumes (left axis)

Air (Million ton-kilometers)

Marine (Thousand TEU)

Domestic population (right axis)

Population Trends (Population in millions)

Source: National Institute of Population and Social Security Research (Domestic population) Ministry of

Source: world development indicators databank

Land, Infrastructure, Transport and Tourism White Paper (Domestic freight volumes) World Bank

Figures for 2020 and beyond are estimated based on the CAGR for 2010 to 2017

Data (Average GDP growth rate for 1985 to 2015) Mitsubishi UFJ Research and Consulting

United Nations Population Division Department of Economic and Social Affairs

(Average GDP growth rate for 2020 and after) Domestic freight volumes for 2020 and beyond are

estimated based on the CAGR for 2008 to 2015 (0.9%)

Strong Front-Line Capabilities

How will my precious cargo be handled? This is the single most important question when

Subsidiaries

Overseas Network

customers choose a transportation service. The Nippon Express Group transports and stores

278

47 countries/regions

cargo in the field, strongly committed to safety, compliance, and quality, and always placing the

314 cities

customer first. At first glance, this approach may seem simplistic and obvious. However,

customers widely varying demands in terms of cargo size, weight, shape, and nature. We must

733 locations

meet every one of these demands, while maintaining strict safety and compliance. We can only

accomplish this task through constant daily training, systems support prompt communications,

Afliates

Employees

an autonomous organization capable of identifying and resolving issues in the field, a sense of

63

72,366

ownership on the part of all employees, and a strong shared will on our front lines to find the

Consolidated

single best way and to accomplish our mission, no matter what the situation.

Non-consolidated34,766

We have the expertise and groundwork passed down from our predecessors, and we will

continue pressing forward to strengthen our front-line capabilities.

World Cargo Volume

(Air and Ocean)

and Population

Location of

Rank Headquarters

The internationalization of the logistics industry is accelerating with economic globalization. The global rankings are dominated by major logistics companies in advanced economies that have established international logistics networks. Driven by the growth of 3PL and international parcel delivery services, cross-border logistics services will merge at an increasing pace.

Provider

Gross Logistics Revenue

Marine (TEU)

Air (Metric tons)

(Millions of yen)*

Risks and

Risks that may have a significant impact on Nippon Express Group businesses are as

follows. For more on policies related to risks and opportunities, see our latest Annual

Opportunities

Securities Report, as well as Materialities (page 37) for more on sustainability-related

opportunities and risks.

1

DHL Supply Chain & Global Forwarding

2,973,339

2,862,000

1,667,000

1

Kühne + Nagel

2,694,742

4,529,000

1,433,000

2

DB Schenker

2,169,525

2,052,000

1,094,000

2

DSV Panalpina

1,909,111

2,204,902

1,272,405

3

Sinotrans

1,272,183

3,750,000

532,300

4

Expeditors

1,057,122

1,012,600

926,730

5

Nippon Express

2,021,762

660,152

720,115

6

CEVA Logistics

773,300

1,081,000

363,000

7

C.H. Robinson

1,618,705

1,200,000

225,000

8

Kerry Logistics

717,602

1,019,924

493,903

8

UPS Supply Chain Solutions

1,154,516

620,000

988,880

  • Based on the exchange rate as of December 2020 (US$1 = ¥104.50).
    Source: Armstrong & Associates, Inc. A&A's Top 25 Global Freight Forwarders List 2020.
    Rank reflects overall consideration of total revenues, ocean transportation, and air transportation

Changing Business Environments

Contracting domestic logistics markets

Markets Expanding global logistics markets Declining relative position of Japanese companies

Competition

Oligopolies via overseas mega

forwarders

New entry from different industries

Advanced

Digital revolution through AI/IoT, etc.

Technologies

Rapid business model innovation

Initiatives for building

Social

a sustainable society

Capital

Market demands for effective use

Markets

of capital and assets

Changing labor environment

Employees

(labor shortages, work style

reforms)

Opportunities

Risks

Global business expansion

Lost opportunity due to changes in the

markets for the Group's core domestic

businesses

Greater disparity with foreign mega forwarders

Growth through M&As

More severe competition due to entry into

logistics by major e-commerce providers

and those from different industries

Trigger for greater business

Obsolescence of existing business

efciency and solutions to social

models

problems

Loss of competitive advantage

More opportunities to provide

Greater disparity between foreign

companies advancing such initiatives

value to customers

Lower relative standing on the market

Greater corporate value

Stock price decline, increased pressure

from the market

Expectations for industrial

Shortages of core personnel, major

cost increases, relative decline in

reforms

industry appeal

04

Nippon Express Integrated Report 2021 05

Nippon Express ESG

Nippon Express and Logistics Supporting the Advancement of Society

Historical Background

Initiatives of the Nippon Express Group

1872~ Wartime and Postwar Reconstruction

Establishing a nationwide domestic transport network and land, sea, air intermodal transport

Our company was founded as a consolidation of early modern transportation and communications companies, nationalized to ensure the smooth supply of goods during the war. After the war, the company underwent a reorganization, and in 1950, we listed our shares on the stock exchange, transitioning from a nationalized entity to a private entity.

We began as a railway forwarding company handling items from small carriers. From there, we expanded our truck transportation network throughout Japan. We were among the first to form alliances with shipping companies and airlines in Japan and abroad, establishing an intermodal transportation system that combined land, sea, and air transportation in an organic manner.

1960~

Rapid Economic Growth and

Manufacturing Industry Globalization

Establishing a global supply chain network

As Japan entered a full-scale economic recovery in the 1950s, we launched an international forwarding business in cooperation with Japanese companies expanding overseas. In 1962, we established our first local subsidiary in New York, U.S.A., Nippon Express USA Inc. In the 1970s, Japan's industrial structure shifted to an export-driven economy, while the Asian nations began to emerge, signaling a change in the world situation. In response, we established a policy to strengthen our presence in international transport, solidifying our international transport systems and in 1973, establishing an Asian subsidiary in Singapore, among other measures. Subsequently, we established a firm foothold in the Americas, Europe, and Hong Kong. In the 1990s, we began to expand actively into China, Southeast Asia, and India.

1990~ Growth and Rising Uncertainty in the Service Industry

Maintaining supply chains in Japan and overseas; diversifying our services

At the time of the Great Hanshin-Awaji Earthquake in 1995, we were the only trucking company designated as a public organization under the Basic Act on Disaster Management. In the immediate aftermath, we established a disaster-response headquarters and fulfilled our duties by carrying out emergency transportation of relief supplies and other goods from Japan and overseas in cooperation with relevant government agencies. Since that time, we have endeavored to carry out our mission to support social infrastructure logistics, formulating crisis management regulations and establishing a crisis management committee in preparation for emergencies. In the aftermath of the Great East Japan Earthquake in 2011, we used all available means of transportation by land, sea, and air to cope with the widespread disruption of road and rail networks.

2010~ Environmental and Social Sustainability

Sustainable development of society and business

Global warming and other environmental problems became more prominent in the beginning of the 1990s. As a leading company in the transportation industry--an industry that accounts for 20% of Japan's CO2 emissions, we took the lead in addressing the issue of exhaust gas emissions. We established a dedicated department, and in 1993, we formulated a basic philosophy for global environmental conservation. We pursued environmentally friendly transportation through low pollution vehicles, saving resources used in packaging materials, improving efficiency through joint deliveries, and using modal shifts from truck-based to rail- and ship-based transportation. In addition to environmental conservation activities through our business, we also engaged in resource recycling and ecosystem conservation.

2,500,000

2037 Vision

Major

A logistics company with a strong

presence in the global market

2,000,000

The Nippon Express Group Business Plan 2023

~"Dynamic Growth"~

1,500,000

The Nippon Express Group Corporate Strategy 2018

New Sekai-Nittsu

The Nippon Express Group Corporate Strategy 2015

Innovation and Moving Forward

1,000,000

The Nippon Express Group Corporate Strategy 2012

Towards New Growth

Revenues

* Overseas sales prior to fiscal 1998 have been omitted, since overseas sales accounted for less than 10% of revenues.

1872

1880

1930

1940

1950

1960

1970

500,000

Overseas Revenues

0

1980

1990

2000

2010

2013

2016

2019

2020 (FY)

Major Events and Changes in Japan

1872 Riku-un Moto Kaisha established (predecessor of Nippon Express)

1937 Nippon Express Co., Ltd. established

1957 Nippon Express shares are listed on the stock exchange, marking a fresh start as a purely private company

1959 First use of 300-ton trailers for transportation

1964 Transportation for the Tokyo Olympics, Transported the Venus de Milo 1970 Transportation for the Japan World Exposition in Osaka 1972 Transportation for the Sapporo Winter Olympics

1974 Transported the Mona Lisa

1985 Transportation for the International Exposition in Tsukuba, Japan

1990 Transportation for the The International Garden and Greenery Exposition

1995

Transported relief supplies and other items as a designated public

2011

Transported relief supplies and other items in the wake

institution in the wake of the Great Hanshin-Awaji Earthquake

of the Great East Japan Earthquake

1997

Launched recycling transportation business

2013

Established Nittsu NEC Logistics, Ltd.

1999

Began full-scale operations of internet order deliveries

2014

Established Nittsu Panasonic Logistics Co., Ltd.

2002

Fleet of low-pollution vehicles exceeds 1,000 vehicles

2015

Converted Wanbishi Archives Co., Ltd. to a subsidiary

2009

Transported national treasure Asura statue of the Kofukuji Temple

2017

Opened Tokyo C-NEX

2010

Transferred parcel delivery service business transferred to Japan Post Co., Ltd.

2018

Conducted Tsukiji Market relocation work

andEventsMajor OverseasChanges

1957

Began international air freight forwarding

1962

Established Nippon Express USA. Inc.

consolidation business

1973

Established NIPPON EXPRESS (SINGAPORE) PTE., LTD.

1959

Dispatched first representative to New York

1977

Established Nippon Express (Nederland) B.V.

1981

Established Nippon Express (U.K.) Ltd., and Nippon

Express (Deutschland) GmbH

1992

Overseas offices exceed 200 locations

2013

Acquired Italian logistics company Franco Vago S.p.A. as a subsidiary

1994

Established Shanghai Express lnternational Co., Ltd.

2014

Overseas offices exceed 500 locations

2001

Overseas workforce exceeds 10,000 employees

2015

Overseas workforce exceeds 20,000 employees

2006

Established Nippon Express (St.Petersburg) LLC

2017

Opened Kenya and Morocco branches in Africa

Nippon Express (St. Petersburg)

2018

Acquired Italian logistics company Traconf as a subsidiary

2007

Established Nippon Express (India) Private Limited

2020

Acquired MD Logistics, LLC and MD Express, LLC, a

logistics company in the U.S.

06

Nippon Express Integrated Report 2021 07

Disclaimer

Nippon Express Co. Ltd. published this content on 27 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 08:13:41 UTC.


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Managers and Directors
Mitsuru Saito Executive President & Representative Director
Kenji Watanabe Chairman
Shigeo Nakayama Independent Outside Director
Sadako Yasuoka Independent Outside Director
Yojiro Shiba Independent Outside Director
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