Nippon Yusen Kabushiki Kaisha : Released on November 6, 2024

IR Data Book

Financial Data and Shipping Market Data

Ticker Code

November 6th, 2024

9 1 0 1

Contents

page

• Comparison of Consolidated Performance to Forecasts
  2 Consolidated Financial Highlights and Indicators
  4 Financial Information by Industrial Segment
  6 Consolidated Statements of Cash Flows
  7 Breakdown of Consolidated Non-Operating Income (Expenses) Breakdown of Consolidated Extraordinary Gains (Losses)
  8 (Reference) Non-Consolidated Operating Expenses
  9 Consolidated Number of Employees

1. Number of Containers ONE transported Number of Cargoes YLK transported Number of Cars NYK Transported
2. Container Market Freight Rate Index
   12 BDI and WS Trends
   13 Dry Bulk Market

IR DATA BOOK

Comparison of Consolidated Performance to Forecasts

Comparison of Fiscal Years March 31, 2024 and 2025 (forecast)

and Second Quater ended September 30, 2024

● Consolidated															(Millions of yen)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q	2025	Change
(Forecast)	(2024 vs 2025(Forecast))
Revenues	2,237,239	2,401,820	2,272,315	1,923,881	2,183,201	1,829,300	1,668,355	1,608,414	2,280,775	2,616,066	1,168,335	2,387,240	1,316,816	2,540,000	152,760	6.4%
Consolidated/	1.91	1.90	1.89	2.03	2.01	2.60	2.49	2.86	2.93	2.66	-	2.33	-	-	-	-
Non-Consolidated
Operating income	44,995	66,192	48,964	-18,078	27,824	11,085	38,696	71,537	268,939	296,350	98,786	174,679	115,628	200,000	25,321	14.5%
Consolidated/	3.25	3.85	-	-	-	-	3.95	-	3.44	3.41	-	2.57	-	-	-	-
Non-Consolidated
Recurring profit	58,424	84,010	60,058	1,039	28,016	-2,052	44,486	215,336	1,003,154	1,109,790	159,297	261,341	289,239	410,000	148,659	56.9%
Consolidated/	1.56	1.14	1.27	-	0.67	-	0.91	2.37	2.31	1.77	-	0.96	-	-	-	-
Non-Consolidated
Net Income attributable to	33,049	47,591	18,238	-265,744	20,167	-44,501	31,129	139,228	1,009,105	1,012,523	113,390	228,603	265,892	390,000	161,397	70.6%
owners of the parent company
Consolidated/	2.47	3.79	6.13	-	0.34	-	1.37	3.64	2.07	1.69	-	0.88	-	-	-	-
Non-Consolidated
● Non-Consolidated									(Millions of yen)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Revenues	1,168,438	1,264,761	1,201,339	947,758	1,087,926	703,078	669,905	561,745	777,239	983,554	1,024,291
Operating income	13,847	17,215	-6,525	-54,234	-19,707	-23,356	9,808	-15,445	78,249	87,031	67,931
Recurring profit	37,558	73,530	47,419	-34,091	41,700	7,663	48,935	90,960	434,140	628,651	272,871
Net income	13,380	12,565	2,974	-266,930	59,509	-24,501	22,647	38,252	488,220	600,344	259,059

* Non-consolidated figures are disclosed on full year basis.

IR DATA BOOK _ 1

Consolidated Financial Highlights and Indicators

													(Millions of yen)
	(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
1)	Revenues	2,237,239	2,401,820	2,272,315	1,923,881	2,183,201	1,829,300	1,668,355	1,608,414	2,280,775	2,616,066	1,168,335	2,387,240	1,316,816
2)	Operating income	44,995	66,192	48,964	-18,078	27,824	11,085	38,696	71,537	268,939	296,350	98,786	174,679	115,628
3)	Recurring profit	58,424	84,010	60,058	1,039	28,016	-2,052	44,486	215,336	1,003,154	1,109,790	159,297	261,341	289,239
4)	Net income attributable to owners of the parent company	33,049	47,591	18,238	-265,744	20,167	-44,501	31,129	139,228	1,009,105	1,012,523	113,390	228,603	265,892
5)	Interest expenses	18,985	17,755	16,924	15,557	17,787	24,343	25,958	15,978	12,279	15,388	6,718	13,826	11,899
6)	Interest and dividends income	6,792	8,348	9,023	9,993	10,491	11,949	11,402	7,937	8,407	16,544	7,035	15,065	8,710
7)	Net interest expense 5) - 6)	12,192	9,406	7,900	5,563	7,296	12,393	14,556	8,041	3,872	-1,156	-316	-1,238	3,188
8)	Depreciation and amortization	105,956	101,045	103,347	92,004	87,839	89,713	104,057	98,803	101,596	121,658	68,460	141,605	75,536
9)	Total assets	2,551,236	2,569,828	2,244,772	2,044,183	2,071,636	2,001,704	1,933,264	2,125,480	3,080,023	3,776,797	4,018,960	4,254,770	4,178,867
10)	Total liabilities	1,777,337	1,688,905	1,400,502	1,452,247	1,483,380	1,479,978	1,434,424	1,458,068	1,320,949	1,251,803	1,330,246	1,561,404	1,354,853
11)	Interest-bearing debt	1,241,963	1,098,357	940,576	945,391	983,432	1,046,182	1,049,853	951,143	808,299	694,091	725,154	913,806	728,881
12)	Shareholders' equity	720,270	810,311	773,678	522,471	551,887	487,432	462,664	625,332	1,713,713	2,478,641	2,647,186	2,650,371	2,780,498
13)	EBITDA 2) + 8)	150,951	167,237	152,311	73,926	115,663	100,798	142,753	170,340	370,535	418,008	-	316,284	-
14)	EV/EBITDA ((Market Capitalization+ 11) - Cash and deposits) / 13) )	10.15	8.52	7.03	64.46	10.73	13.18	8.30	8.70	6.46	4.93	-	8.31	-
15)	Debt-equity ratio (times)	1.72	1.36	1.22	1.81	1.78	2.15	2.27	1.52	0.47	0.28	0.27	0.34	0.26
16)	Shareholders' equity ratio (%)	28.2%	31.5%	34.5%	25.6%	26.6%	24.4%	23.9%	29.4%	55.6%	65.6%	65.9%	62.3%	66.5%
17)	Return on equity (ROE) (%)	4.8%	6.2%	2.3%	-41.0%	3.8%	-8.6%	6.6%	25.6%	86.0%	48.3%	-	8.9%	-
18)	Recurring profit to assets ratio (%)	2.3%	3.3%	2.5%	0.0%	1.4%	-0.1%	2.3%	10.6%	38.5%	32.4%	-	6.5%	-
19)	Return on assets (ROA) (%)	1.3%	1.9%	0.8%	-12.4%	1.0%	-2.2%	1.6%	6.9%	38.8%	29.5%	-	5.7%	-
20)	Recurring profit to revenues ratio (%)	2.6%	3.5%	2.6%	0.1%	1.3%	-0.1%	2.7%	13.4%	44.0%	42.4%	13.6%	10.9%	22.0%
21)	Interest coverage ratio (times)3 *1	7.1	7.6	8.3	1.8	5.1	1.9	4.5	9.4	43.0	57.1	36.8	31.8	19.6
22)	Shares issued and outstanding (thousand of shares) *2	1,696,088	1,695,969	1,695,879	1,686,500	168,658	168,705	168,830	168,860	168,934	508,173	491,239	459,137	448,606
23)	Earnings per share (EPS) (yen) *3	65	94	36	-524	40	-88	61	275	1,991	1,994	225	468	586
24)	Dividends per share (yen) *3	17	23	20	-	10	7	13	67	483	520	-	140	-
25)	Dividend payout ratio (%) *4	25.7%	24.9%	55.8%	-	25.1%	-	21.7%	24.3%	24.3%	26.1%	-	29.9%	-
26)	Price book value ratio (PBR)	0.7	0.7	0.5	0.8	0.7	0.6	0.5	1.0	1.1	0.6	-	0.7	-
27)	Price-earnings ratio (PER)	15.4	12.3	20.2	-14.9	18.0	-6.1	7.0	4.6	1.8	1.5	-	8.2	-
28)	Foreign exchange
	Average exchange rates per US$1 for period (yen)	99.75	109.19	120.78	108.76	111.19	110.67	109.13	105.79	112.06	135.07	139.93	143.82	153.89
	March 31 rate (yen)	102.92	120.17	112.68	112.19	106.24	110.99	108.83	110.71	122.39	133.53	149.58	151.41	142.73
29)	Average bunker oil price per metric ton (US dollars)	624.11	557.28	298.66	253.75	341.41	442.49	454.97	362.95	531.19	760.72	604.38	620.83	631.85
30)	Number of consolidated companies	610	574	560	552	538	510	501	502	488	493	499	505	506
31)	Number of companies to which equity method applies	143	145	166	200	203	202	206	206	213	208	218	225	233
32)	Capital expenditures	248,230	199,343	115,791	155,993	200,443	170,776	139,232	101,778	205,140	198,865	-	335,816	-
33)	Invested capital *5	1,952,457	1,935,451	1,811,461	1,591,058	1,501,591	1,534,467	1,523,066	1,544,496	2,049,244	2,847,372	-	3,368,455	-
34)	Operating income plus interest and dividend income after tax	45,538	64,294	64,631	-240,367	46,735	-2,911	56,501	180,427	965,065	1,016,990	-	283,366	-
35)	ROIC (%) *6	2.3%	3.3%	3.6%	-15.1%	3.1%	-0.2%	3.7%	11.7%	47.1%	35.7%	-	8.3%	-
36)	Fleet size on March 31 (vessels)	877	832	782	758	755	710	702	684	658	656	-	666	-
	（tens of kilotons deadweight)	6,803	6,636	6,206	5,939	6,127	5,874	6,009	5,848	5,644	5,710	-	5,818	-

*1: "Interest coverage ratio" is not indicated when cash flow from operating activities was negative.

*2: "Shares issued and outstanding" is the figure at the end of the period, regardless the reverse stock split and the stock split of *3. Accordingly, it is not consistent with the computation of "Earnings per share (EPS)" and "Dividends per share".

*3: "Earnings per share (EPS)" and "Dividends per share" are indicated in the amount after taking into account the 1-for-10 reverse stock split on October 1, 2017 and the 3-for-1 stock split on October 1, 2022. (Rounded to the nearest 1 yen)

*4: "Dividend payout ratio" is not indicated when Net income was negative.

*5：Invested Capital = Average interest-bearing debt during the period + average shareholders' equity during the period

*6：ROIC=(Operating income after tax ＋ Extraordinary profit & loss after tax ＋ Equity in earnings of affiliates ＋ Dividend income) ÷ (Invested capital)

IR DATA BOOK _ 2

(Millions of yen)

3,000,000

2,500,000
2,000,000
1,500,000
1,000,000	2,237,239
500,000
0

Revenues

2,401,820

2,272,315

1,923,881

2,183,201

1,829,300

1,668,355

1,608,414

2,280,775

2,616,066

2,387,240

(Millions of yen)

300,000

250,000
200,000
150,000
100,000
50,000	44,995
0
-50,000

Operating Income

66,192

48,964

-18,078

27,824

11,085

38,696

71,537

268,939

296,350

174,679

(Millions of yen)	Recurring Profit, Recurring Profit to Revenues	(Millions of yen)	Net Income attibutable to owners of the parent
		company, Return on Shareholders' Equity

												55%
1,100,000													900,000							86.0%				90%
							44.0%		42.4%	45%												70%
900,000													700,000									48.3%
												35%	500,000											50%
700,000
												25%	300,000	33,049	47,591	18,238	20,167		25.6%				30%
															1,009,105	1,012,523
500,000
														6.2%
													100,000		2.3%	3.8%	6.6%		10%
							13.4%						4.8%	8.9%
	58,424	84,010	60,058		28,016
							15%
300,000		-2,052	44,486								-265,744				31,129 139,228	228,603
						-100,000						-10%
			1,003,154		10.9%				-8.6%
			1,109,790
		215,336	261,341						-44,501
		3.5%			2.7%
100,000	2.6%	2.6%		5%	-300,000					-30%
1.3%
				1,039
				0.1%	-0.1%						-500,000			-41.0%							-50%
-100,000												-5%

(Millions of yen)	Shareholders' Equity, Shareholders' Equity Ratio		(Millions of yen)	Interest-Bearing Debt, Debt-Equity Ratio			(Millions of yen)	Invested Capital, ROIC					(Yen)	Dividends per Share, Dividend Payout Ratio
												1,500,000										2.5 3,000,000												60% 550
2,500,000													70%
																		2.27																						55.8%
										65.6%																										500
2,250,000																							2,500,000												50%
																	2.15														47.1%
											62.3%	60% 1,200,000																							450
2,000,000									55.6%			1.81							2.0	2,000,000										35.7%	40%
															1.72																	400
1,750,000													50%
																1.78		1.52
																						1,500,000	1,952,457	1,935,451	1,811,461	1,591,058		1,534,467		1,544,496	2,049,244			30% 350
		31.5%												1.36									1,501,591	1,523,066	2,847,372	3,368,455									26.1%
1,500,000												900,000								1.5
			34.5%									40%												1,000,000												20%	300											29.9%
1,250,000
								29.4%								1.22															11.7%					250	25.7%			25.1%	24.3%	24.3%
1,000,000					26.6%				30%	600,000									1.0	500,000										10%
																				3.6%								200		24.9%
28.2%				24.4%																				3.7%
	25.6%																					2.3%	3.3%	3.1%				8.3%
750,000						23.9%																																21.7%
																0.47															150
										20%										0												0%
500,000														300,000								0.34	0.5							-0.2%						100
0	720,270	810,311	773,678	522,471	551,887	487,432	462,664	625,332	1,713,713	2,478,641	2,650,371	0%	0	1,241,963	1,098,357	940,576 945,391	983,432 1,046,182	1,049,853	951,143	808,299	0.28	913,806	0.0	-1,000,000												-20%	17	23	20	0	10	7 13	67	483	520	140
694,091												0
													10%												-500,000												-10%
250,000																																						50
																												-15.1%

60%

50%

40%

30%

20%

10%

0%

* "Dividends per share" are indicated in the amount after taking into account the 1-for-10 reverse stock split on October 1, 2017 and the 3-for-1 stock split on October 1, 2022. (Rounded to the nearest 1 yen)

IR DATA BOOK _ 3

Financial Information by Industrial Segment

1) Revenues												(Millions of yen)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Liner trade	617,494	696,352	706,366	585,904	691,433	286,339	202,248	170,537	190,552	200,705	111,724	192,353	92,223
Air cargo transportation	88,854	99,110	91,101	81,919	97,826	56,750	75,157	122,459	188,731	218,095	77,856	161,186	92,639
Logistics	431,567	486,919	496,509	461,361	512,332	525,826	476,326	561,234	847,492	862,446	338,693	702,299	401,267
Bulk shipping	988,489	995,851	902,291	717,729	795,606	841,358	819,807	681,564	974,556	1,240,816	592,842	1,231,654	-
Automotive	-	-	-	-	-	-	-	-	-	-	243,491	490,902	271,687
Dry bulk	-	-	-	-	-	-	-	-	-	-	270,884	573,331	323,406
Energy	-	-	-	-	-	-	-	-	-	-	81,446	173,372	91,020
Others	-	-	-	-	-	-	-	-	-	-	108,318	222,683	103,408
Real estate	9,946	9,504	9,781	9,439	7,941	7,617	7,346	6,884	4,207	3,352	1,556	3,127	-
Other Business Services	192,767	170,607	147,015	146,614	172,300	188,158	165,690	129,789	170,405	234,512	106,788	219,604	-
Cruises	45,270	49,802	-	-	-	-	-	-	-	-	-	-	-
Elimination and corporate	-137,150	-106,327	-80,751	-79,087	-94,238	-76,751	-78,220	-64,055	-95,169	-143,863	-64,080	-128,888	-58,837
Consolidated total	2,237,239	2,401,820	2,272,315	1,923,881	2,183,201	1,829,300	1,668,355	1,608,414	2,280,775	2,616,066	1,168,335	2,387,240	1,316,816
2) Recurring Profit
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024
Liner trade	-782	9,807	-321	-12,716	10,874	-26,401	13,442	140,821	734,245	790,637	46,745	67,891	176,675
Air cargo transportation	-7,371	699	1,585	2,631	1,811	-15,969	-15,583	33,281	74,068	61,556	335	5,758	8,374
Logistics	6,534	10,794	11,869	7,650	2,382	7,728	4,721	27,049	58,727	54,284	13,740	25,950	12,401
Bulk shipping	54,884	60,082	46,595	-4,168	9,643	33,791	44,187	18,605	139,100	210,440	103,107	170,296	-
Automotive	-	-	-	-	-	-	-	-	-	-	60,519	105,855	61,606
Dry bulk	-	-	-	-	-	-	-	-	-	-	20,584	18,040	8,511
Energy	-	-	-	-	-	-	-	-	-	-	22,000	46,393	21,842
Others	-	-	-	-	-	-	-	-	-	-	936	3,627	4,295
Real estate	3,824	3,257	3,379	12,079	2,659	2,747	2,564	2,584	2,127	1,323	791	1,593	-
Other Business Services	672	-596	-53	-1,496	3,167	3,082	1,773	-2,251	-1,231	592	144	2,033	-
Cruises	717	2,117	-	-	-	-	-	-	-	-	-	-	-
Elimination and corporate	-55	-2,153	-2,997	-2,940	-2,522	-7,031	-6,619	-4,754	-3,884	-9,044	-5,564	-12,176	-4,468
	58,424	84,010	60,058	1,039	28,016	-2,052	44,486	215,336	1,003,154	1,109,790	159,297	261,341	289,239

• Beginning with the fiscal period ended March 31, 2016, "Cruises" segment is included in "Other Business Services" segment. Figures in this table are not restated on the basis of this changes of the business category.
• Beginning with the fiscal period ended June 30, 2024, "Bulk Shipping" segment is divided into "Automotive" segment, "Dry bulk" segment, and "Energy" segment.

The restated figures for the fiscal period ended June 30, 2023 and the fiscal period ended March 31, 2024 are also shown.

• Beginning with the fiscal period ended June 30, 2024, "Real estate" segment and "Other Business Services" segment are included in "Others" segment. The restated figures for the fiscal period ended June 30, 2023 and the fiscal period ended March 31, 2024 are also shown.
• In response to the change in the method used to calculate interest affiliated with each segment from the first quarter in the fiscal year ending March 31, 2024, the recurring profit of each segment for full-year of the fiscal year ended March 31, 2023 have been restated based on the measurement method after the change. This change has no impact on the quarterly consolidated profit and the revenue of each segment.

IR DATA BOOK _ 4

3) Assets										(Millions of Yen)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Liner trade	452,479	499,804	419,247	401,983	405,307	361,893	296,981	428,685	945,345	1,379,232	1,409,631
Air cargo transportation	78,845	56,221	47,597	53,004	77,362	64,122	63,205	65,535	141,904	135,103	130,927
Logistics	237,998	274,382	250,303	255,189	277,919	281,834	281,608	348,707	418,931	473,901	513,834
Bulk shipping	1,502,207	1,501,200	1,338,549	1,269,346	1,256,094	1,285,305	1,269,819	1,271,637	1,497,120	1,754,550	2,235,788
Real estate	53,841	56,835	63,542	56,266	58,854	57,328	54,948	52,400	27,764	26,562	30,266
Other Business Services	552,979	414,123	251,326	209,981	195,238	171,748	159,032	173,614	221,454	247,344	350,632
Cruises	33,786	44,273	-	-	-	-	-	-	-	-	-
Elimination and corporate	-360,902	-277,012	-125,795	-201,587	-199,141	-220,530	-192,330	-215,099	-172,497	-239,897	-416,311
Consolidated total	2,551,236	2,569,828	2,244,772	2,044,183	2,071,636	2,001,704	1,933,264	2,125,480	3,080,023	3,776,797	4,254,770
4) Depreciation and Amortization
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Liner trade	16,858	17,660	20,173	17,646	13,770	11,754	11,668	9,891	9,818	9,771	9,468
Air cargo transportation	2,247	2,595	2,160	2,360	2,825	4,485	4,006	3,232	5,651	9,427	9,933
Logistics	7,327	8,043	8,202	7,175	8,355	9,088	19,881	19,913	21,003	25,130	31,402
Bulk shipping	75,469	68,688	68,942	61,223	59,404	60,465	65,982	63,293	63,356	75,506	88,452
Real estate	917	1,090	1,118	1,056	1,259	1,285	1,355	1,366	702	534	531
Other Business Services	1,030	1,387	2,916	2,543	2,244	2,672	1,216	1,159	1,109	1,331	1,852
Cruises	2,114	1,800	-	-	-	-	-	-	-	-	-
Elimination and corporate	-9	-220	-166	-1	-19	-37	-53	-53	-46	-43	-34
Consolidated total	105,956	101,045	103,347	92,004	87,839	89,713	104,057	98,803	101,596	121,658	141,605
5) Capital Expenditure
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Liner trade	14,756	21,263	20,489	50,231	40,075	19,454	5,659	6,782	4,296	5,718	3,857
Air cargo transportation	49,627	33,052	3,122	20,681	35,647	10,643	16,989	1,569	74,471	4,903	1,510
Logistics	7,907	10,623	8,027	10,461	17,079	15,300	7,797	6,946	8,214	13,169	18,009
Bulk shipping	156,351	130,091	70,467	70,487	99,297	124,730	106,482	85,745	118,653	175,440	308,162
Real estate	649	1,323	12,313	2,603	10,476	2,013	1,205	384	83	741	1,652
Other Business Services	2,769	992	1,370	1,656	1,008	770	801	753	687	1,158	1,782
Cruises	16,168	1,996	-	-	-	-	-	-	-	-	-
Elimination and corporate	-	-	-	-129	-3,140	-2,135	296	-402	-1,266	-2,267	842
Consolidated total	248,230	199,343	115,791	155,993	200,443	170,776	139,232	101,778	205,140	198,865	335,816

• Figures are disclosed on full year basis.
• Beginning with the fiscal period ended March 31, 2016, "Cruises" segment is included in "Other Business Services" segment. Figures in this table are not restated on the basis of the changes of the business category.

IR DATA BOOK _ 5

Consolidated Statements of Cash Flows

													(Millions of yen)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
I Net cash provided by (used in) oerating activities
	Income (loss) before income taxes	53,106	86,156	63,748	-241,470	42,046	-21,983	42,525	170,418	1,037,315	1,083,441	177,643	318,842	299,198
	Depreciation and amortization	105,956	101,045	103,347	92,004	87,839	89,713	104,057	98,803	101,596	121,658	68,460	141,605	75,536
	Impairment loss of fixed assets	6,832	6,262	35,431	168,127	916	18,886	20,655	24,385	2,810	27,951	154	162	-
	Losses related to antitrust law	13,101	-	-	19,515	3,100	-	-	-	-	-	-	-	-
	Provision for loss on contracts	3,892	11,328	-	44,820	-	35,465	-	-	-	-	-	-	-
	Loss related to business restructuring	-	-	-	-	6,985	925	-	-	-	-	-	-	-
	Loss (gain) on sales and retirement of vessels, property, plant and equipment and intangible assets	-8,520	-11,113	-10,633	-10,282	-13,086	-11,259	-28,384	-41,063	-19,090	-6,925	-7,780	-13,881	-11,083
	Loss (gain) on sales of short-term and long-term investment securities	-14,198	-35,244	-28,976	-803	-12,301	-36,515	-7,179	-963	-29,301	-1,341	-9,421	-41,531	1,898
	Loss (gain) on valuation of short-term and long-term investment securities	47	7,241	173	9,720	116	812	10,938	4,358	929	482	0	-	108
	Gain on investments in silent partnership	-	-	-	-8,745	-	-	-	-	-	-	-	-	-
	Equity in (earnings) losses of unconsolidated subsidiaries and affiliates	-15,321	-12,657	-22,068	-13,900	-9,935	2,538	-22,517	-155,928	-742,645	-811,957	-59,198	-99,610	-186,690
	Interest and dividends income	-6,792	-8,348	-9,023	-9,993	-10,491	-11,949	-11,402	-7,937	-8,407	-16,544	-7,035	-15,065	-8,710
	Interest expenses	18,985	17,755	16,924	15,557	17,787	24,343	25,958	15,978	12,279	15,388	6,718	13,826	11,899
	Foreign exchange losses (gains)	-1,533	-11,159	6,373	-11,014	5,359	-7,944	401	-3,285	-8,487	607	2,875	11,140	18,034
	Decrease (increase) in notes and accounts receivable-trade	-35,067	-12,905	58,107	-27,778	-7,731	32,476	20,999	-35,150	-	-	-	-	-
	Decrease (increase) in notes and accounts receivable-trade and contract assets	-	-	-	-	-	-	-	-	-69,664	35,645	1,007	-10,100	-8,705
	Decrease (increase) in inventories	-6,820	22,492	18,774	-12,232	-5,538	7,788	7,041	-4,789	-20,207	-236	-10,111	-11,829	3,462
	Increase (decrease) in notes and accounts payable-trade	40,812	-15,344	-34,410	21,289	7,854	-43,775	-17,712	25,534	37,378	-20,282	6,238	12,105	-6,494
	Increase (decrease) in provision for losses related to contracts	-	-	-	-	-	-	-12,386	43,357	-	-	-	-	-
	Other, net	9,569	38,782	-5,194	-6,472	-6,802	2,144	-3,614	11,342	-36,590	2,385	11,770	19,895	-21,156
	Subtotal	164,049	184,290	192,573	28,340	106,119	81,666	129,380	145,061	257,917	430,272	181,319	325,560	167,296
	Interest and dividends income received	10,194	14,240	17,600	31,866	23,640	22,028	21,851	42,000	288,052	457,209	128,009	171,571	83,385
	Interest expenses paid	-19,246	-17,880	-17,205	-15,516	-17,422	-23,994	-25,866	-16,864	-11,795	-14,444	-6,901	-12,615	-11,787
	Paid expenses related to antitrust law	-2,252	-24,782	-2,898	-862	-2,975	-18,997	-	-958	-	-	-	-	-
	Income taxes (paid) refund	-16,222	-19,419	-47,212	-15,903	-20,270	-15,442	-8,434	-9,902	-26,411	-48,183	-48,171	-83,101	-8,099
	Net cash provided by (used in) operating activities	136,522	136,448	142,857	27,924	89,090	45,260	116,931	159,336	507,762	824,853	254,256	401,414	230,795
II Net cash provided by (used in) investing activities
	Purchase of short-term investment securities	-	-	-	-	-53	-84	-	-	-	-	-	-	-
	Proceeds from sales and redemption of short-term investment securities	42	-	-	-	-	100	-	-	147	-	-	-	-
	Purchase of vessels, property, plant and equipment and intangible assets	-233,985	-189,981	-115,913	-156,229	-199,240	-169,614	-138,766	-102,087	-192,726	-198,360	-116,272	-336,281	-94,080
	Proceeds from sales of vessels, property, plant and equipment and intangible assets	246,586	185,298	74,144	30,509	70,984	85,356	70,837	76,026	35,435	29,009	23,771	79,835	68,749
	Purchase of investment securities	-29,307	-23,409	-38,767	-49,886	-43,368	-100,799	-13,728	-14,121	-18,022	-57,423	-18,790	-48,197	-36,306
	Proceeds from sales and redemption of investment securities	38,100	51,703	8,605	11,164	27,058	36,855	20,729	12,916	10,155	9,957	6,337	65,492	8,643
	Purchase of investments in subsidiaries resulting in change in scope of consolidation (fee)	-923	-70	-	-475	-8,123	-2,756	-	-579	-0	-23,055	-1,172	-13,574	-1,875
	Purchase of investments in subsidiaries resulting in change in scope of consolidation (revenue)	-	-	-	35	-	-	-	1,762	-	7,286	-	-	-
	Payments for sales of investments in subsidiaries resulting in change in scope of consolidation	-	-1,634	-	-1,813	-222	-948	-424	-0	-56	-	-	-599	-1,838
	Proceeds from sales of investments in subsidaries resulting in change in scope of consolidation	-	-	9,437	-	-	11,414	379	883	36,013	2,919	15,725	18,182	90,070
	Payments of loans receivable	-29,941	-18,415	-25,557	-20,443	-3,799	-5,844	-11,803	-19,221	-13,608	-7,040	-17,773	-25,015	-6,181
	Collection of loans receivable	13,669	25,797	40,570	20,114	14,455	8,410	15,767	22,415	10,044	8,333	2,492	6,815	14,171
	Other, net	2,167	-2,532	585	22,411	4,313	5,618	2,141	5,132	-15,954	-24,592	-28,889	-32,287	-10,736
	Net cash provided by (used in) investing activities	6,409	26,755	-46,895	-144,612	-137,994	-132,292	-54,867	-16,871	-148,571	-252,964	-134,572	-285,631	30,615
III Net cash provided by (used in) financing activities
	Net increase (decrease) in short-term loans payable	-15,588	-4,068	-2,016	3,053	-227	97,487	-37,136	-64,207	-1,905	-4,450	-241	90,133	-74,762
	Net increase (decrease) in commercial paper	-	-	-	-	-	11,000	8,000	-19,000	-	-	-	53,000	-53,000
	Proceeds from long-term loans payable	49,226	27,082	28,754	113,672	126,553	112,236	85,939	125,187	18,423	16,663	18,228	103,935	-
	Repayments of long-term loans payable	-108,032	-167,473	-114,208	-97,764	-97,596	-139,028	-90,950	-115,651	-160,671	-135,545	-28,851	-69,305	-16,493
	Proceeds from issuance of bonds	39,812	-	-	-	29,852	9,937	26,856	-	19,892	-	19,885	19,885	24,868
	Redemption of bonds	-50,000	-40,000	-50,000	-445	-	-30,000	-30,000	-20,000	-25,000	-30,000	-10,000	-10,000	-33,000
	Repayments of lease obligations	-	-	-	-	-	-2,402	-19,275	-19,903	-20,389	-24,226	-14,715	-27,037	-13,176
	Proceeds from stock issuance to non-controlling shareholders	126	-	130	120	-	-	3,271	1,221	5,983	987	-	-	-
	Purchase of treasury stock	-41	-38	-30	-1,720	-23	-13	-482	-15	-231	-1,537	-66,018	-200,044	-50,018
	Proceeds from sales of treasury stock	3	1	1	2	35	106	334	33	290	2,950	241	241	246
	Cash dividends paid to shareholders	-6,784	-8,480	-15,263	-3,391	-	-6,783	-5,087	-6,782	-64,430	-389,957	-86,467	-115,964	-36,761
	Cash dividends paid to non-controlling shareholders	-1,540	-2,268	-3,760	-4,611	-10,253	-4,965	-4,436	-3,359	-5,283	-12,001	-4,975	-7,175	-3,673
	Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation	-	-	-	-	-29,748	-1,565	-	-925	-60	-108	-	-	-27
	Proceeds from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation	-	-	-	-	-	12,846	3,058	-	-	-	-	-	-
	Other, net	-2,665	-3,761	-3,867	-6,961	-1,004	3,859	-1,827	-2,081	-4,155	-3,976	-558	-1,088	-534
	Net cash provided by (used in) financing activities	-95,485	-199,007	-160,260	1,952	17,587	62,715	-61,733	-125,483	-237,535	-581,203	-173,472 -163,420 -256,331
IV	Effect of exchange rate changes on cash and cash equivalents	3,891	12,869	-10,351	-2,051	-3,029	-1,201	-1,550	8,688	1,445	-22,836	6,166	-3,735	-12,505
V	Net increase (decrease) in cash and cash equivalents	51,337	-22,933	-74,650	-116,788	-34,345	-25,519	-1,219	25,669	123,100	-32,150	-47,621	-51,372	-7,426
VI	Cash and cash equivalents at beginning of the period	298,429	349,723	327,243	253,618	137,444	103,278	78,280	77,092	103,593	226,694	196,231	196,231	144,858
VII	Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation	268	338	993	632	132	486	26	709	-	898	-	-	39
VIII Increase in cash and cash equivalents resulting from merger with non-consolidated subsidiaries	-	114	-	-	-	6	30	122	8	614	-	-	-
IX Increase (decrease) in beginning balance of cash and cash equivalents resulting from change in fiscal period of consolidated subsidiaries	-312	-	32	-17	47	28	-26	-	-	173	-	-	-
X Decrease in cash and cash equivalents resulting from share exchanges	-	-	-	-	-	-	-	-	-7	-	-	-	-
Ⅺ Cash and cash equivalents at end of period	349,723	327,243	253,618	137,444	103,278	78,280	77,092	103,593	226,694	196,231	148,609	144,858	137,471

* Consolidated Statements of Cash Flows are disclosed on half and full year basis.

IR DATA BOOK _ 6

Breakdown of Consolidated Non-Operating Income (Expenses)

(Years ended March 31)							(Billions of yen, Amounts less than 100 million yen are truncated) e truncated)
Non-operating income	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Interest income	2.6	3.2	3.4	3.6	3.4	3.4	3.5	2.3	2.1	4.3	2.4	5.5	3.5
Dividends income	4.1	5.0	5.6	6.3	7.0	8.4	7.8	5.5	6.2	12.2	4.5	9.4	5.1
Equity in earning of uncosolidated subsidiaries and affiliates	15.3	12.6	22.0	13.9	9.9	-	22.5	155.9	742.6	811.9	59.1	99.6	186.6
Foreign exchange gains	5.2	11.9	-	0.6	-	0.3	-	0.7	11.3	-	-	-	-
Gain on investments in silent partnership	-	-	-	8.7	-	-	-	-	-	-	-	-	-
Other	7.9	7.3	7.3	6.1	5.1	6.5	3.3	5.5	4.0	7.6	5.8	4.7	4.4
Total	35.3	40.3	38.3	39.4	25.5	18.8	37.3	170.1	766.4	836.1	72.0	119.4	199.8
Non-operating expenses	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Interest expenses	18.9	17.7	16.9	15.5	17.7	24.3	25.9	15.9	12.2	15.3	6.7	13.8	11.8
Equity in losses of unconsolidated subsidiaries and affiliates	-	-	-	-	-	2.5	-	-	-	-	-	-	-
Foreign exchange losses	-	-	6.6	-	3.8	-	1.3	-	-	3.1	2.7	13.4	12.8
Derivative losses	-	-	-	-	-	-	2.7	8.3	-	-	-	-	-
Other	2.9	4.7	3.7	4.7	3.6	5.0	1.4	1.9	19.9	4.1	2.1	5.5	1.4
Total	21.9	22.5	27.3	20.2	25.3	31.9	31.5	26.3	32.2	22.7	11.5	32.7	26.1
Total Non-operating income (expenses)	13.4	17.8	11.0	19.1	0.1	-13.1	5.7	143.7	734.2	813.4	60.5	86.6

Breakdown of Consolidated Extraordinary Gains (Losses)

(Years ended March 31)						(Billions of yen, Amounts less than 100 million yen are truncated) e truncated)
Extraordinary income	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Gain on sale of noncurrent assets	11.2	12.1	13.3	11.5	13.8	12.5	29.2	42.0	19.5	7.3	8.5	15.5	11.2
Gain on sale of investment securities	-	-	-	-	11.9	19.4	-	-	-	0.5	-	32.6	-
	0.1	36.6	28.7	-	0.4	-	-	0.9	-	1.1	8.5	9.9	-
Gain on step acquisitions	-	-	-	-	-	-	-	-	0.0	-	-	-	-
Other	16.1	2.7	2.4	2.7	3.2	20.7	8.2	4.7	31.8	4.2	3.0	5.4	2.1
Total	27.4	51.5	44.6	14.3	29.5	52.7	37.4	47.6	51.4	13.3	20.1	63.6	13.4
Extraordinary loss	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Loss on sale of noncurrent assets	2.4	0.5	2.5	1.0	0.1	0.6	0.5	0.6	0.0	0.0	0.0	0.5	0.0
Loss on retirement of noncurrent assets	-	-	-	-	-	-	-	-	-	0.3	0.7	1.0	-
Losses related to antitrust law	13.1	13.7	-	-	3.1	-	-	-	-	-	-	-	-
Impairment loss	6.8	6.2	35.4	168.1	0.9	18.8	20.6	24.3	2.8	-	-	-	-
Loss on sale of shares of subsidiaries and associates	-	-	-	-	-	-	-	-	-	-	-	0.9	3.0
Provision for losses related to contracts	3.8	11.3	-	44.8	-	35.4	-	54.9	-	-	0.5	-	-
Loss on valuation of investment securities	0.0	7.0	-	-	-	0.7	-	-	-	-	-	-	-
Provision of allowance for doubtful accounts	-	-	-	-	-	-	-	-	-	-	-	0.8	-
Bad debts expenses	-	-	-	-	-	-	-	-	-	0.1	-	1.1	-
Loss related to business restructuring	-	-	-	-	7.6	-	-	-	-	-	-	-	-
Loss on cancellation of leased aircrafts	-	-	-	-	-	-	-	-	8.0	-	-	-	-
Other	6.5	10.5	2.9	42.8	3.6	16.9	18.2	12.5	6.3	39.1	0.5	1.4	0.4
Total	32.7	49.4	40.9	256.8	15.4	72.6	39.4	92.5	17.2	39.7	1.7	6.1	3.4
Extraordinary income (losse), net	-5.3	2.1	3.6	-242.5	14.0	-19.9	-1.9	-44.9	34.1	-26.3	18.3	57.5	9.9

IR DATA BOOK _ 7

（Reference）Non-Consolidated Operating Expenses

								(Billions of yen, Amounts less than 100 million yen are truncated)
(Years ended March 31)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024/2Q	2024	2025/2Q
Cargo Expense	282.5	323.5	337.7	292.8	327.2	62.6	37.4	30.3	39.4	53.0	28.6	58.8	32.5
Fuel Expense	290.2	293.1	186.4	130.4	183.6	141.3	139.7	90.8	154.8	251.3	99.6	222.5	125.3
Port Charge	81.3	91.0	95.5	88.1	100.0	58.1	54.2	48.8	58.4	69.4	38.6	76.8	36.2
Other Operating Expenses	-2.6	-2.6	-5.3	-9.6	-6.8	0.8	2.1	2.1	3.2	4.1	2.0	4.6	2.8
Operating Expenses	651.4	705.1	614.4	501.7	604.0	263.0	233.6	172.2	255.9	377.9	168.9	363.0	196.9
Cost for Vessels	13.9	13.8	12.8	12.4	9.8	11.5	10.5	9.2	8.0	7.3	3.8	7.4	0.3
Charterage	390.0	418.7	453.2	381.6	399.9	362.7	347.0	330.0	376.7	423.3	222.8	484.4	271.3
Container Related Expenses	44.8	51.0	60.9	52.3	50.0	41.0	33.0	26.9	32.5	27.1	16.0	28.0	14.3
Other Expenses	10.2	12.3	15.4	6.4	4.5	7.7	0.7	3.0	-12.0	15.6	12.0	20.0	9.3
Total-Expenses of Shipping	1,110.6	1,201.1	1,157.1	954.6	1,068.4	686.3	625.1	541.5	661.2	851.5	423.7	903.0	492.4
Expenses of Other Business	3.4	3.4	3.3	2.9	1.2	1.3	1.3	1.5	1.4	1.4	0.7	1.4	0.7
Administrative Expenses	40.4	42.9	47.3	44.4	37.9	38.7	33.6	34.0	36.1	43.5	25.2	51.8	25.1
Total-Operating Expenses	1,154.5	1,247.5	1,207.8	1,001.9	1,107.6	726.3	660.0	577.1	698.7	896.5	449.7	956.3	518.2

IR DATA BOOK _ 8