August 6, 2015
Kintetsu World Express, Inc.

Notice of Revision of Results Forecasts

We have made the following revisions to our consolidated results forecasts for the fiscal year ending
March 31, 2016 announced on May 8, 2015.
1. Revision of Consolidated Results Forecasts for the fiscal year ending March 31, 2016
(Millions of yen)

Net sales

Operating income

Ordinary income

Net income attributable to owners of

the parent

Net income per share

Previous forecast(A) (Announced on May 8, 2015)

350,000

18,000

17,500

11,700

¥162.50

Revised forecast(B)

450,000

18,000

17,500

11,700

¥162.50

Differences (B) - (A)

100,000

0

0

0

―

Change (%)

28.6

0.0

0.0

0.0

―

(Ref.) Previous year

(ended March 31, 2015)

327,192

16,563

18,429

10,489

¥145.68

(Note) Net income per share is calculated based on the assumption that a stock split at a ratio of 1:2 with October 1, 2015 as the effective date was conducted on April 1, 2014.
2. Reason of revision
We completed the acquisition of all the shares of APL Logistics Ltd ("APLL") from Neptune Orient Lines Limited on May 29, 2015. As the deemed acquisition date of APLL was June 30, 2015 and the financial statements of APLL as of June 30, 2015 were consolidated, 6 months earnings of APLL from July 2015 to December 2015 are included in the forecast for the fiscal year ending March 31,
2016.
Due to costs directly associated with acquisition of the shares recognized in the first quarter of the current fiscal year (816 million yen) and a goodwill amortization for six months starting from the third quarter of the current fiscal year, the impact of the business combination on the profit accounts following the operating income for the fiscal year ending March 31, 2016 is expected to be insignificant.

(Note) Cautionary Statement concerning Earnings Forecasts

The forecasts above are based on information currently available. Actual performance may differ from the above forecasts due to various factors.

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