SG Holdings Co., Ltd.
Results Presentation for
Fiscal Year Ended March 31, 2021
April 30, 2021
1. | Summary of results | 11-19 |
for the fiscal year ended March 31, 2021 | ||
2. | Outlook for the fiscal year ending March 31, 2022 | 10-16 |
3. | Progress of the Mid-term Management Plan | 17-27 |
4. | Appendix | 28-34 |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. |
1
Highlights of the fiscal year ended March 31, 2021
The Group handled the increase in volume, caused by the expansion of the e-commerce market, with stable quality by bringing forward the full-scale operation of the transfer center established in X FRONTIER. In the Logistics Business, the overseas freight forwarding business undertook many new contracts by exhibiting the Group's presence amid the global container shortage caused by the novel coronavirus (COVID-19). The Group's performance was steady primarily due to these factors.
- (Industry)
- The e-commerce market grew rapidly due to the impact of COVID-19, and the number of BtoC packages increased significantly
- Delivery methods diversified, such as non-contact delivery and non-face-to-face delivery, due to the spread of COVID-19
- In addition to the lack of air cargo space, the global container shortage led to tight supply-demand balance in air and marine cargo
- (Overview of the fiscal year ended March 31, 2021)
- The change in sales mix continued as COVID-19 spread
- BtoB decreased despite being on a recovery trend, and BtoC increased due to the expansion of the e- commerce market
- The average unit price increased slightly year-on-year due to the continued increase in BtoC packages
- Capacity increased with the full-scale operation of X FRONTIER's transfer center
- The Logistics Business handled the emergency transportation of personal protective equipment overseas in the first half of the fiscal year, and secured marine and air cargo space while the volume of goods of existing customers recovered and the supply-demand balance tightened in the second half of the fiscal year)
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
2
Summary of consolidated financial results
(Units: billion yen) | FY2020/3 | FY2021/3 | YoY change |
Operating revenue | 1,173.4 | 1,312.0 | 111.8% |
Operating income | 75.4 | 101.7 | 134.8% |
[Operating margin] | [6.4%] | [7.8%] | |
Ordinary income | 80.5 | 103.6 | 128.7% |
Net income attributable to owners | 47.2 | 74.3 | 157.2% |
of the parent | |||
EBITDA | 98.8 | 128.1 | 129.6% |
Note Amounts less than 100 million yen are rounded down.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
3
- Results of the Group (YoY comparison)
• | Operating revenue: | +138.5 billion yen | |
• | Operating income: | + | 26.2 billion yen |
• | Ordinary income: | + | 23.1 billion yen |
• Net income attributable to owners of the parent: | + | 27.0 billion yen | |
• | EBITDA: | + | 29.2 billion yen |
Analysis of changes in operating revenue
+72.4 | +6.1 | (4.5) | (Units: billion yen) | |||
+56.7 | +4.4 | Proceeds | Other | |||
from real | ||||||
+3.3 | ||||||
TMS(2) | Logistics | estate sales | ||||
Business (3) | ||||||
Unit price | Total | |||||
number of | ||||||
packages | ||||||
handled | ||||||
1,312.0 | ||||||
1,173.4 | ||||||
Breakdown of other | ||||||
- Delivery Business | (4.9) | |||||
(excluding for unit price, total number of | ||||||
packages handled, and TMS) | ||||||
- Other Businesses | +0.4 | |||||
FY2020/3 | FY2021/3 |
Notes (1) Amounts less than 100 million yen are rounded down. (2) TMS: Transportation Management System. A value-added transportation service other than express package delivery service utilizing the Group's logistics network. (3) Excludes TMS sales
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
4
- Results
• Average unit price | : | 644 yen [100.4% YoY] |
- Number of packages handled : 1,403 million packages [106.7% YoY]
• TMS | : | +93.2 billion yen [105.0% YoY] |
(Reference) Increase/decrease in days:
Weekdays +5, Saturdays (1), Sundays and holidays (5)
Analysis of changes in operating income
(Units: billion yen) | |||||||||||||||
+138.5 | (37.9) | ||||||||||||||
(69.4) | |||||||||||||||
Increase in | |||||||||||||||
personnel | |||||||||||||||
expenses | |||||||||||||||
(2.8) | (2.1) | ||||||||||||||
Increase in | Increase in | Other | |||||||||||||
outsourcing | |||||||||||||||
depreciation and | |||||||||||||||
expenses | |||||||||||||||
amortization | |||||||||||||||
Increase in | 101.7 | ||||||||||||||
operating | |||||||||||||||
75.4 | |||||||||||||||
revenue | |||||||||||||||
FY2020/3 | FY2021/3 |
Note Amounts less than 100 million yen are rounded down.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
5
- Results
• | Operating revenue | : | +1,312.0 billion yen [111.8% YoY] |
• | Personnel expenses | : | 443.3 billion yen [109.4% YoY] |
- Increase in number of packages handled and temporary expenses such as COVID-19 compensations
• Outsourcing expenses | : | 578.8 billion yen [113.6% YoY] |
- Increase in the Logistics Business's outsourcing expenses
[177.0% YoY]
• Depreciation and amortization : | 26.0 billion yen [112.3% YoY] |
- Increase in depreciation and amortization of X FRONTIER
Results by segment
(Units: billion yen) | FY2020/3 | FY2021/3 | YoY change | |
Total operating revenue | 1,173.4 | 1,312.0 | 111.8% | |
Delivery Business | 955.4 | 1,014.9 | 106.2% | |
Logistics Business | 135.8 | 207.8 | 153.0% | |
Real Estate Business | 16.2 | 22.8 | 140.7% | |
Other Businesses | 66.0 | 66.4 | 100.7% | |
Total operating income | 75.4 | 101.7 | 134.8% | |
Delivery Business | 59.8 | 71.4 | 119.5% | |
Logistics Business | 2.0 | 12.7 | 617.8% | |
Real Estate Business | 7.8 | 11.3 | 143.3% | |
Other Businesses | 4.3 | 4.2 | 97.9% | |
Adjustments | 1.3 | 1.9 | 144.7% | |
Notes (1) Amounts less than 100 million yen are rounded down. (2) Due to part of the "Other Businesses" being changed to "Delivery Business" from the fiscal year ended March 31, 2021, the comparison was made by reclassifying the figures for the previous fiscal year according to the change.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
6
<>Delivery Business, Logistics Business, Real Estate Business
<> Other Businesses(Changes in measurement method for business segment profit and loss)
The Company has changed the allocation method of the Delivery Business and Other Businesses from the fiscal year ended March 31, 2021. This is based on actual business activities and management methods.
As a result, the performance for previous fiscal year has changed as follows:
Fiscal year ended | Number of employees | ||||||
March 31, 2020 | as of March 31, 2020 | ||||||
Operating income (billion yen) | (within, number of partner employees) | ||||||
Before | After | YoY | Before | After | YoY | ||
change | change | change | change | change | change | ||
Delivery | 58.7 | 59.8 | +1.1 | 58,732 | 78,017 | 19,285 | |
Business | [18,145] | [36,208] | [18,063] | ||||
Other | 5.4 | 4.3 | (1.1) | 22,762 | 3,477 | (19,285) | |
Businesses | [19,551] | [1,488] | [(18,063)] | ||||
Overview of results by segment
Delivery Business
- The overall number of packages handled increased as the increase in BtoC packages surpassed the decrease in BtoB packages, which is on a recovery trend
- Although efforts to receive appropriate freight tariffs continued, the increase in average unit price was marginal due to the increase in relatively compact BtoC packages
- The early full-scale operation of X FRONTIER's transfer center enabled stable service quality despite the increase in volume, while contributing to improving productivity of the overall transportation network through decrease in driver waiting time, etc.
- Continued to promote remote work and initiatives such as online sales as measures to address COVID- 19
Logistics Business
- In the first half of the fiscal year, emergency international shipments of personal protection equipment increased
- In the second half of the fiscal year, the profitability of freight forwarding in general increased due to the recovery in the volume of goods of existing customers and the securing of container space in the midst of tight supply-demand balance in both air and marine transportation due to the impact of the shortage of marine containers
Real Estate Business
- Sold real estate according to plan (inclusion in private REITs)
Other Businesses
- Vehicle sales decreased, while cash-on-delivery settlement increased
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
7
Consolidated Statement of Cash Flows
Major cash flow items | ||
As of | As of | |
(Units: billion yen) | March 31, 2020 | March 31, 2021 |
Cash flows from operating activities | 53.5 | 121.2 |
Cash flows from investing activities | (61.5) | 0.5 |
Free cash flows | (7.9) | 121.7 |
Cash flows from financing activities | (24.3) | (121.9) |
Net increase (decrease) in cash and cash | (32.9) | 0.4 |
equivalents | ||
Cash and cash equivalents at end of the year | 68.7 | 69.1 |
Notes (1) Amounts less than 100 million yen are rounded down.
(2) Free cash flow = cash flows from operating activities + cash flows from investing activities.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
8
◼ Consolidated cash flows | ||
• Cash flows from operating activities | 121.2 billion yen | |
Major components: | ||
Income before income taxes | 111.7 billion yen | |
Depreciation and amortization | 25.8 billion yen | |
Net changes in accrued bonuses | ||
(parenthesis indicates decrease) | 3.9 billion yen | |
Gain/loss on sale of investment securities | ||
(parenthesis indicates gain) | (11.3) billion yen | |
Net changes in trade notes and accounts receivable | ||
(parenthesis indicates increase) | (32.7) billion yen | |
Net changes in inventories | ||
(parenthesis indicates increase) | 7.9 billion yen | |
Net changes in trade notes and accounts payables | ||
(parenthesis indicates decrease) | 17.3 billion yen | |
Income taxes paidn | (21.8) billion yen | |
• Cash flows from investing activities | 0.5 billion yen | |
Major components: | ||
Purchases of property, plant and equipment | (59.1) billion yen | |
Purchases of intangible assets | (5.7) billion yen | |
Proceeds from sales of shares of subsidiaries and associates | 69.7 billion yen | |
• Cash flows from financing activities | (121.9) billion yen | |
Major components: | ||
Proceeds from long-term bank loans | 20.0 billion yen | |
Repayment of long-term bank loans | (22.1) billion yen | |
Cash dividends paid | (21.3) billion yen | |
Purchase of shares of subsidiaries | (88.3) billion yen |
Consolidated Balance Sheet
As of | As of | ||
(Units: billion yen) | March 31, 2020 | March 31, 2021 | |
Current assets | 270.8 | 303.6 | |
Cash and deposits | 68.7 | 69.1 | |
Accounts receivable and | 155.9 | 187.8 | |
other receivables | |||
Inventories | 28.8 | 30.7 | |
Other current assets | 17.4 | 15.8 | |
Non-current assets | 501.8 | 486.6 | |
Property, plant and | 321.6 | 352.8 | |
equipment | |||
Goodwill | 4.0 | 4.0 | |
Other non-current | 176.1 | 129.7 | |
assets | |||
Total assets | 772.7 | 790.2 | |
As of | As of | ||
(Units: billion yen) | March 31, 2020 | March 31, 2021 | |
Liabilities | 349.6 | 385.4 | |
Accounts payable | 62.7 | 79.7 | |
Interest-bearing debt | 131.7 | 123.7 | |
Other | 155.1 | 181.8 | |
Net assets | 423.0 | 404.8 | |
Portion attributable to | 383.9 | 398.3 | |
owners of the parent | |||
Non-controlling | 39.1 | 6.5 | |
interests | |||
Total liabilities and net | 772.7 | 790.2 | |
assets | |||
Note Amounts less than 100 million yen are rounded down.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
9
- Equity ratio
- Equity ratio: 50.4% [+0.7 points from the previous fiscal year end]
1. | Summary of results | 11-19 |
for the fiscal year ended March 31, 2021 | ||
2. | Outlook for the fiscal year ending March 31, 2022 | 10-16 |
3. | Progress of the Mid-term Management Plan | 17-27 |
4. | Appendix | 28-34 |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. |
10
Initiatives for the fiscal year ending March 31, 2022
Fiscal 2019-2021Mid-term
Management Plan
Second Stage 2021
- Advance in logistics solutions
- Optimal performance of management resources
- Promotion of digitalization and latest technologies
- Expansion of global business
- Competitive advantages from inclusive corporate culture
- Higher governance standard
Note GOAL is a registered trademark of SG Holdings Co., Ltd.
Initiatives for the fiscal year ending March 31, 2022
Delivery Business
- Strengthening of solutions such as TMS centered on GOAL®
- Continued efforts to receive appropriate freight tariffs
- Increased capacity and strengthened transportation network through X FRONTIER
- Improvement of productivity through implementation of digitalization and promotion of work style reforms
Logistics Business
- Enhancement and expansion of entire supply chain including oversea 3PL
- Expansion of global freight forwarding network
- Expansion of services to and from Japan, such as cross border e- commerce
Real Estate Business
- Development of facilities for strengthening logistics functions
- Continued sales of real estate
Other Businesses
- Improvement of service quality as services ancillary to logistics
- Development of new functions and services in coordination with logistics
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
11
Consolidated earnings and dividend forecast
FY2021/3 | FY2022/3 | FY2022/3 | Comparison | ||||||
earnings | YoY change | Mid-term | |||||||
results | with plan | ||||||||
(Units: billion yen) | forecast | Management Plan | |||||||
Operating revenue | 1,312.0 | 1,325.0 | 101.0% | 1,230.0 | 107.7% | ||||
Operating income | 101.7 | 107.0 | 105.2% | 80.0 | 133.8% | ||||
[Operating margin] | [ 7.8% ] | [ 8.1% ] | [ 6.5% ] | ||||||
Ordinary income | 103.6 | 108.5 | 104.7% | 84.5 | 128.4% | ||||
Net income attributable to | 74.3 | 74.0 | 99.5% | 49.0 | 151.0% | ||||
owners of the parent | |||||||||
EBITDA | 128.1 | 137.0 | 106.9% | 109.0 | 125.7% | ||||
Interim | 18 yen | 18 yen | |||||||
Dividend per | Year-end | 17 yen | 18 yen | - | |||||
share | |||||||||
Total | 35 yen | 36 yen | |||||||
Notes (1) Amounts less than 100 million yen are rounded down. (2) Assumptions for the earnings forecast for the fiscal year ending March 31, 2022: Average unit price of 647 yen and 1,403 million packages to handle in Delivery Business. (3) A common stock split on a 2-for-1 basis was carried out on November 1, 2020. The dividend per share for the fiscal year ended March 31, 2021 assumes the split had been carried out at the beginning of the fiscal year.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
12
-
Forecast for the fiscal year ending March 31, 2022 (YoY change)
Forecasts for the fiscal year ending March 31, 2022 were formulated based on the results for the fiscal year ended March 31, 2021, and the current situation.
• | Operating revenue: | +12.9 billion yen | |
• | Operating income : | +5.2 billion yen | |
• | Ordinary income : | +4.8 billion yen | |
• Net income attributable to owners of the parent: | (0.3) billion yen | ||
• | EBITDA: | +8.8 billion yen | |
• Expected average unit price | 647 yen | + 3 yen |
- Expected number of packages handled
1,403 million packages ± 0 million packages
- Dividend forecast
- A 2-for-1 common stock split was implemented effective on November 1, 2020. The dividend per share for the fiscal year ended March 31, 2021 assumes the above split had been carried out at the beginning of the fiscal year.
- The breakdown of the interim dividend of 18 yen is a normal dividend of 13 yen and a special dividend of 5 yen
[Reference] Breakdown of year-on-year change in operating expenses
• | Personnel expenses: | (15.8) billion yen |
• | Outsourcing expenses: | +27.1 billion yen |
• | Depreciation and amortization: | +3.9 billion yen |
• | Other: | (7.6) billion yen |
Analysis of changes in operating revenue forecast
(9.2) | (billion yen) | ||||||||||
+14.5 | |||||||||||
(5.9) | |||||||||||
+8.8 | |||||||||||
Proceeds | |||||||||||
+4.8 | Logistics | from real | Other | ||||||||
estate sales | |||||||||||
Business(2) | |||||||||||
Unit price | TMS | ||||||||||
9,909 | |||||||||||
1,312.0 | 1,325.0 | ||||||||||
Breakdown of other | |||||||||||
- Delivery Business | +3.4 | ||||||||||
(except for Unit price, Total | |||||||||||
number of packages handled, | |||||||||||
and TMS) | |||||||||||
- Other Businesses | (9.4) | ||||||||||
FY2021/3 | FY2022/3 |
Note (1)Amounts less than 100 million yen are rounded down. (2) Excludes TMS
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
13
- Earnings forecast for the fiscal year ending March 31, 2022
• | Average unit price: | 647 yen [100.5% YoY] |
• Number of packages handled: | 1,403 million packages [100.0% YoY] | |
• | TMS: | 102.0 billion yen [109.5% YoY] |
Analysis of changes in operating income forecast
+15.8 | (27.1) | (billion yen) | ||
+12.9 | +7.6 | |||
Decrease in | (3.9) | |||
personnel | ||||
Increase in | expenses | Increase in | Increase in | Other |
outsourcing | ||||
operating | ||||
depreciation and | ||||
expenses | ||||
revenue | ||||
amortization | ||||
101.7 | 107.0 | |||
Breakdown of other | ||||
- Decrease in cost of real | ||||
estate sold | +5.1 | |||
FY2021/3 | FY2022/3 |
Note Amounts less than 100 million yen are rounded down.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
14
- Earnings forecast for the fiscal year ending March 31, 2022
• | Operating revenue: | 1,325.0 billion yen [101.0% YoY] |
• | Personnel expenses: | 427.5 billion yen [96.4% YoY] |
• | Outsourcing expenses: | 606.0 billion yen [104.7% YoY] |
• | Depreciation and amortization: | 30.0 billion yen [115.2% YoY] |
Consolidated earnings forecast (six months ending September 30, 2021)
FY2021/3 1H | FY2022/3 1H | YoY change | ||||
results | earnings forecast | |||||
(Units: billion yen) | ||||||
Operating revenue | 634.8 | 660.0 | 104.0% | |||
Operating income | 52.4 | 46.0 | 87.6% | |||
[Operating margin] | [ 8.3% ] | [ 7.0% ] | ||||
Ordinary income | 52.7 | 46.5 | 88.1% | |||
Net income attributable to owners | 37.2 | 32.0 | 85.8% | |||
of the parent | ||||||
Note Amounts less than 100 million yen are rounded down. | ||||||
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. | ||||||
15 |
- Forecast for the six months ending September 30, 2021 [YoY change]
• | Operating revenue: | +25.1 billion yen |
• | Operating income: | (6.4) billion yen |
- Decrease in operating income is mainly due to scheduling real estate sales in the second half of the fiscal year
• | Ordinary income: | (6.2) billion yen |
• | Net income attributable to owners of the parent: | (5.2) billion yen |
Overview of forecasts by segment
FY2021/3 | FY2022/3 | FY2022/3 | Comparison | ||||
earnings | YoY change | Mid-term | |||||
results | with plan | ||||||
(Units: billion yen) | forecast | Management plan | |||||
Total operating revenue | 1,312.0 | 1,325.0 | 101.0% | 1,230.0 | 107.7% | ||
Delivery Business | 1,014.9 | 1,031.0 | 101.6% | 988.9 | 104.3% | ||
Logistics Business | 207.8 | 223.5 | 107.6% | 160.0 | 139.7% | ||
Real Estate Business | 22.8 | 13.5 | 59.1% | 14.4 | 93.8% | ||
Other Businesses | 66.4 | 57.0 | 85.7% | 66.7 | 85.5% | ||
Total operating income | 101.7 | 107.0 | 105.2% | 80.0 | 133.8% | ||
Delivery Business | 71.4 | 83.5 | 116.8% | 62.8 | 133.0% | ||
Logistics Business | 12.7 | 10.5 | 82.4% | 4.7 | 223.4% | ||
Real Estate Business | 11.3 | 7.0 | 61.9% | 6.1 | 114.8% | ||
Other Businesses | 4.2 | 4.0 | 95.0% | 4.8 | 83.3% | ||
Adjustments | 1.9 | 2.0 | 102.1% | 1.6 | 125.0% | ||
Notes (1) Amounts less than 100 million yen are rounded down. (2) Part of the "Other Businesses" was changed to "Delivery Business" from the fiscal year ended March 31, 2021. The mid-term targets are figures prior to changing segments.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
16
- YoY change by segment
- Operating revenue | +12.9 billion yen | ||
Delivery Business | +16.0 billion yen | ||
Logistics Business | +15.6 billion yen | ||
Real Estate Business | (9.3) billion yen | ||
Other Businesses | (9.4) billion yen | ||
- Operating income | +5.2 billion yen | ||
Delivery Business | +12.0 billion yen | ||
Logistics Business | (2.2) billion yen | ||
Real Estate Business | (4.3) billion yen | ||
Other Businesses | (0.2) billion yen | ||
Adjustments | +0.0 billion yen |
- Delivery Business: Assumptions for the earnings forecast
Number of packages handled and sales mix used in calculation are roughly the same as the previous year.
Average unit price is +3 yen due to the effort to receive appropriate freight tariffs. - Logistics Business: Assumptions for the earnings forecast
The rise in sea freight due to the container shortage and the rise in air freight due to the shift from sea freight to air freight are assumed to continue during the first half of the fiscal year.
1. | Summary of results | 11-19 |
for the fiscal year ended March 31, 2021 | ||
2. | Outlook for the fiscal year ending March 31, 2022 | 10-16 |
3. | Progress of the Mid-term Management Plan | 17-27 |
4. | Appendix | 28-34 |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. |
17
Medium- to long-term strategy of the SG Holdings Group | ||||
Third Stage 2024 | ||||
To Sustainable | ||||
Growth | ||||
To sustainable | ||||
April 2022 - March 2025 | ||||
Second Stage 2021 | growth | |||
FY23/3 to FY25/3 | ||||
Enhancement of | ||||
management platform | ||||
First Stage 2018 | FY20/3 to FY22/3 | 1 | Advance in logistics solutions | |
Enhancement | 2 | Optimal performance of | ||
of Resources | management resources | |||
FY17/3 to FY19/3 | 3 | Promotion of digitalization | ||
4 | Global strategies | |||
5 | Competitive advantages from | |||
inclusive corporate culture | ||||
6 | Contribution to SDGs | |||
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. | ||||
18 |
- The year ending March 31, 2022 is the final year of "Second Stage 2021"
Trend of the Delivery Business
Stably increased operating margin by responding to environmental changes
1,014.9 | 1,031.0 | ||||
Operating revenue | Total number of packages handled | ||||
955.4 | |||||
8.1% | |||||
Unit price | Operating margin | 903.6 | |||
644 | |||||
824.1 | 641 | ||||
738.1 | 647 | ||||
613 | 1,403 | 1,403 | |||
1,326 | 1,307 | 1,315 | 7.0% | ||
1,276 | |||||
6.2% |
6.3%
549 | 6.1% | ||||
5.4% | |||||
511 | |||||
17/3 | /3 | /3 | 20/3 | /3 | /3 |
18/3 | 19/3 | 21/3 | 22/3 | ||
(For cast) | |||||
First Stage 2018 | Second Stage 2021 | (Forecast) | |||
Enhancement of transportation infrastructure Initiative (Enhancement of personnel and partner
companies)
Environmental | Express package |
change | delivery crisis |
Opening of X FRONTIER
Increase of productivity through digitalization
Hike in | Global spread of COVID-19 |
consumption | |
tax rate |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
19
- Flexible response to environmental changes in the core Delivery Business
- Controlled the number of packages handled considering the capacity
- Continued the efforts to receive appropriate freight tariffs
- Strengthening of network represented by X FRONTIER
- Work reform and increase in productivity through digitalization, etc.
↓
Flexibly responding to changes in the environment while balancing the above four points led to a stable increase in operating income margin
Evolution of logistics solutions: GOAL® initiative (1)
[Case Study] Transportation of COVID-19 vaccines x TMS
- Undertook contracts for storage and distribution processing of equipment as well as transportation to vaccination facilities, for equipment such as vaccines and syringes that arrived at local governments.
Pharmaceutical | |||||
companies' | |||||
vaccines | Storage and | Transportation | |||
distribution processing | |||||
200+
contracts
(As of April 30)
Vaccine distribution center | ||||||
Warehouses | Continuous- | |||||
Orders | type | |||||
in Japan | Storage | Repackaging | Distribution | |||
vaccination | ||||||
received | ||||||
center | ||||||
Referigerated | Receipt and | Organizing | Packaging of | Delivery by day | ||
transportation | storage of | orders from | vaccines, | TMS | prior to | |
vaccination | ||||||
refrigerated | vaccination | package | ||||
vaccines and | facilities | inserts, | date | |||
Needles and | needles, etc. | needles, | ||||
syringes, etc. | Refrigerated | |||||
syringes | ||||||
storage | ||||||
System | ||||||
Warehouses | design | |||||
in Japan |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
20
-
GOAL® initiatives (1)
Transportation of COVID-19 vaccine - The Group conducted over 1,000 business negotiations with local governments nationwide regarding the transportation of vaccines from local governments to vaccination sites
- By utilizing the facilities operated by the SG Holdings Group nationwide, the Group undertook bundle contracts including storage (temperature control), repackaging and delivery to vaccination sites
- As of April 30, undertook over 200 contracts
- In order to respond to increasing needs of local governments, the Group will promote standardization and systemization of operations to create a system enabling swift responses
Evolution of logistics solutions: GOAL® initiative (2)
[Case Study] Antenna installation x Nationwide transportation x TMS Supplying for 5G telecommunication infrastructure construction
Factory
before
Crane truck | Construction site | |
located 200km away | ||
Transportation to construction site | ||
✖10 vehicles | Ex. :200 km✖10 vehicles | ✖10 sites |
Total 2,000km | ||
Smooth logistics | ||||||
Factory | Transportation | Relay center | Crane truck | Construction site | ||
after | with trailers | |||||
✖10 | ||||||
✖1 vehicle | ✖10 sites | |||||
vehicles | ||||||
Ex. 100km×1 vehicle | Ex. 100km x 10vehicles | Approximately 45% decrease in | ||||
Total 1,100km | transportation distance | |||||
40 thousand sites to be constructed | Placed 14 relay centers nationwide | |||
Delivered to remote | ||||
(As of March 31, 2021) | for order-date delivery | |||
islands by ship | ||||
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21
-
GOAL® initiatives (2)
Antenna Installation and Transportation (Example of Special Transportation by TMS)
- Efficient installation of antennas nationwide through TMS
- Arrangement of vehicles according to location by utilizing the nationwide TMS network
- Established relay centers in order to separate logistics from factories to relay centers and logistics from relay centers to installation sites
- Responded to emergency transportation
- Implemented installation and transportation to remote islands by ship transportation
Maximizing the value of management resources (1) : X FRONTIER
Effect
Number of packages
handled per day
Achieved over 135% of
expected level
[Schedule]
End of January 2020
Facility completed, partial operation of warehouses on 5-6F
October 2020 -
Start of operation of 1-2F transfer center
January 2021 -
Start of operation of 3-4F transfer center ⇒March 2021
Full operation
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
22
- X FRONTIER
- The facility went into full operation in the fiscal year ended March 2021, and has achieved higher than anticipated performance at 135% of the expected level. It provided stable service in response to the increase in number of packages resulting from the expansion of the EC market
- In addition to responding to continuously expanding express package delivery needs, considering a medium- to long-term network strategy based on the effect of X FRONTIER.
Maximizing the value of management resources (2) :
Establishment of express package delivery infrastructure
Enhancing express package delivery infrastructure by expanding facilities to respond to increasing
transportation needs | ||||||||||||||||||||
Jun. 2021 | ||||||||||||||||||||
Kitami | ||||||||||||||||||||
Feb. 2022 | ||||||||||||||||||||
Oct. 2019 | ||||||||||||||||||||
Musashino | ||||||||||||||||||||
Higashimurayama | ||||||||||||||||||||
Sep. 2020 | ||||||||||||||||||||
Musashimurayama | Sep. 2021 | |||||||||||||||||||
Nagareyama | ||||||||||||||||||||
May 2022 | ||||||||||||||||||||
Nov. 2020 | Setagaya | |||||||||||||||||||
Inzai | ||||||||||||||||||||
Completed | Oct. 2022 | |||||||||||||||||||
Yokohama | ||||||||||||||||||||
Midori | ||||||||||||||||||||
Planned | ||||||||||||||||||||
Aug. 2021 | Mar. 2022 | Sep. 2021 | ||||||||||||||||||
Higashiosaka | Odawara | Sagamihara | ||||||||||||||||||
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23
- Development of express package delivery infrastructure
- Enhanced existing facilities and developed new facilities to respond to the increase in transportation needs
- Strengthened collection and delivery functions by strategically developing sales offices in locations throughout Japan, in addition to strengthening transfer functions through X FRONTIER
Promoting digitalization (1): Initiatives to Date
Improving driver productivity through digitalization
- Operation optimization tools (image)
* Image
packages collected and | per hour (YoY change) |
Number of | delivered |
Collection and delivery time (YoY change)
* Image
packages delivered | per hour | ||||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||||
8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30 | 11:00 | 11:30 | 12:00 | 12:30 | 13:00 | 13:30 | 14:00 | 14:30 | 15:00 | 15:30 | 16:00 | 16:30 | 17:00 | 17:30 | 18:00 | 18:30 | 19:00 | 19:30 | 20:00 |
- Visualization of productivity improvement of | - Visualization of each driver's delivery |
each team in sales office | status in 15-minute increments |
Equalization of | Improvement of | Improvement of |
operations | productivity | profitability |
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24
- Increase in driver productivity through digitalization
- Implementation of detailed monitoring such as productivity of each driver by time band
- Realized appropriate personnel and vehicle allocation, improvement of productivity and standardization of operations by visualizing information
- Improving working environment by analyzing drivers' collection and delivery results and reviewing delivery rout
Promoting digitalization (2): Future initiatives
To increase productivity of the last one mile and reduce redelivery rate
- Automation of resorting of collection and delivery order ■ Prediction of whether recipients are present/absent using electricity
data | ||||||
- Map display of | Prediction: Absent | |||||
collection and | ||||||
delivery sites on map | ||||||
- Automatic creation of | Navigation to next | Route navigation | Prediction: Present | |||
collection and | ||||||
collection/delivery site | ||||||
delivery route | equipped with function to | |||||
predict whether recipients | ||||||
are present/absent | ||||||
Prediction: Present | ||||||
minutes |
Working | Distance | |
hours | traveled (CO2) | |
STEP 1 | STEP 2 | STEP 3 |
Automation of resorting | ||
Map display of | Automation of resorting | |
collection and delivery | ||
collection and | collection and delivery order | |
order | ||
delivery | (route optimization without | |
(route optimization with | ||
addresses | manual address entry) | |
manual address entry) | ||
Absence
rate
STEP 4
Automation of resorting of collection and delivery order (present/absent prediction)
Nationwide | Field | Digitalization of | Access to |
rollout on Sep. 1 | experiment | delivery slips | electricity meters |
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25
- Working towards increasing productivity of the last one mile and reducing redelivery rate
- Realized reduction of workload, equalization of operations and reduction of environmental impact through the digitalization of delivery slips and utilization of external data
- Automation of resorting collection and delivery order
- Automatic setting of collection and delivery routes based on road conditions, etc. in each area in addition to information on collection and delivery sites
- Realized reduction of work hours and distance traveled regardless of drivers' proficiency enabling collection and delivery in an efficient order
- Consideration of using electricity power data to predict presence/absence of recipients
- Implemented field expriments and so forth, considering the dissemination of smart meters to households
- Seek possibility of further improvement in operational efficiency through various methods
Global Strategy
Cross-bordere-commerce
- Developing business to Chinese and ASEAN e-commerce markets
- Expanding alliances with influential local business operators
• Further development of markets and entry
into other businesses through the | |
EXPOLANKA | expansion of alliances with influential local |
business operators in each country | |
• Improving procurement capabilities towards | |
existing carriers and new carriers | |
Overseas network | |
28 countries and regions | |
(As of March 31, 2021) |
Expansion of international logistics through strategic alliances
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
26
- Global strategy
- Cross-bordere-commerce:
- Work on developing Chinese and ASEAN markets and expanding alliances to strengthen international logistics arriving to and departing from Japan
- EXPOLANKA:
- Work on strengthening competitiveness and expanding customer base in each country through organic growth and expanding strategic alliances
Contribution to SDGs
Aiming to reduce CO2 throughout the entire supply chain
Continuous reduction of | |||||||||
Number of environmentally friendly vehicles | environmental impact | ||||||||
Natural gas | Hybrid vehicles | (vehicles) | GHG emission intensity | ||||||
13,154 | |||||||||
Clean diesel vehicles | Electric vehicles 11,974 | (consolidated operating revenue) | |||||||
17 | |||||||||
10,289 | 16 | 0.47 | 0.48 | ||||||
0.42 | |||||||||
8,080 | 9,172 | 16 | 16 | 0.38 | 0.35 | ||||
9,089 | |||||||||
16 | 7,908 | ||||||||
6,266 | |||||||||
5,073 | |||||||||
3,990 | |||||||||
93 | 305 | 595 | 1,202 | 1,799 | |||||
3,981 | 3,778 | 3,412 | 2,848 | 2,249 | |||||
FY 2015 | FY 2016 FY 2017 | FY 2018 | FY 2019 | FY 2015 | FY 2016 FY 2017 FY 2018 FY 2019 |
For 10% reduction in
CO2 emissions
Replace approximately 7,000 light vehicles with electric vehicles
by 2030
Note GHG emission intensity: Scope 1+2 (t-CO2) / consolidated operating revenue (million yen) | Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. |
27
- Working towards the realization of sustainable society
- The Group has been working on the reduction of CO2 throughout the entire supply chain from the past, and has continuously reduced its environmental impact
- In particular, the Group's core company Sagawa Express has actively introduced environmentally friendly vehicles ahead of the industry
- As one of the initiatives aimed at further reducing environmental impact, the Group has set a target to replace all of approximately 7,000 light vehicles it owns with electric vehicles by 2030
1. | Summary of results | 11-19 |
for the fiscal year ended March 31, 2021 | ||
2. | Outlook for the fiscal year ending March 31, 2022 | 10-16 |
3. | Progress of the Mid-term Management Plan | 17-27 |
4. | Appendix | 28-34 |
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved. |
28
Summary of consolidated financial results (single quarters)
Q1 | Q2 | Q3 | Q4 | Full year | ||||||
(Units: billion yen) | ||||||||||
FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |
Operating revenue | 317.6 | 109.1% | 317.2 | 106.9% | 347.1 | 112.8% | 330.0 | 118.8% | 1,312.0 | 111.8% |
Operating income | 27.7 | 147.7% | 24.7 | 134.4% | 36.0 | 134.5% | 13.1 | 115.1% | 101.7 | 134.8% |
[Operating margin] | [8.7%] | [7.8%] | [10.4%] | [4.0%] | [7.8%] | |||||
Ordinary income | 28.8 | 149.7% | 23.9 | 121.9% | 37.2 | 129.7% | 13.6 | 105.8% | 103.6 | 128.7% |
Net income | ||||||||||
attributable to owners | 17.2 | 170.3% | 20.0 | 169.6% | 25.8 | 161.2% | 11.1 | 120.3% | 74.3 | 157.2% |
of the parent | ||||||||||
EBITDA | 34.0 | 138.4% | 31.2 | 129.8% | 42.5 | 130.5% | 20.3 | 115.4% | 128.1 | 129.6% |
Note Amounts less than 100 million yen are rounded down.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
29
Results by segment (single quarters)
Q1 | Q2 | Q3 | Q4 | Full year | |||||||
(Units: billion yen) | |||||||||||
FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | ||
Total operating revenue | 317.6 | 109.1% | 317.2 | 106.9% | 347.1 | 112.8% | 330.0 | 118.8% | 1,312.0 | 111.8% | |
Delivery Business | 243.2 | 104.4% | 249.2 | 103.5% | 274.2 | 108.0% | 248.1 | 109.1% | 1,014.9 | 106.2% | |
Logistics Business | 40.7 | 129.0% | 49.2 | 139.2% | 54.8 | 155.1% | 62.9 | 188.0% | 207.8 | 153.0% | |
Real Estate Business | 17.2 | 159.4% | 1.8 | 104.3% | 1.9 | 104.9% | 1.7 | 100.3% | 22.8 | 140.7% | |
Other Businesses | 16.3 | 105.0% | 16.8 | 90.6% | 16.1 | 97.1% | 17.1 | 112.7% | 66.4 | 100.7% | |
Total operating income | 27.7 | 147.7% | 24.7 | 134.4% | 36.0 | 134.5% | 13.1 | 115.1% | 101.7 | 134.8% | |
Delivery Business | 15.6 | 126.8% | 18.0 | 120.8% | 29.5 | 124.8% | 8.2 | 93.0% | 71.4 | 119.5% | |
Logistics Business | 2.0 | 399.3% | 4.2 | 555.5% | 3.7 | 475.8% | 2.6 | 12.7 | 617.8% | ||
- | |||||||||||
Real Estate Business | 8.4 | 180.8% | 1.1 | 120.4% | 1.1 | 93.4% | 0.6 | 58.1% | 11.3 | 143.3% | |
Other Businesses | 0.9 | 92.4% | 0.9 | 68.8% | 0.9 | 137.8% | 1.3 | 114.5% | 4.2 | 97.9% | |
Adjustments | 0.6 | 257.7% | 0.3 | 92.2% | 0.6 | 171.0% | 0.2 | 81.8% | 1.9 | 144.7% | |
Notes (1) Amounts less than 100 million yen are rounded down. (2) Due to part of the "Other Businesses" being changed to "Delivery Business" from the fiscal year ended March 31, 2021, the comparison was made by reclassifying the figures for the previous fiscal year according to the change.
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30
Status of the products and services
Delivery Business: Status of number of packages handled and unit price | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full year | |||||||||||||
(Millions of packages, yen) | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |||||||
Total number of packages handled | 342 | 104.7% | 344 | 104.4% | 376 | 108.8% | 340 | 109.0% | 1,403 | 106.7% | |||||||
Hikyaku Express (1) | 329 | 105.5% | 329 | 104.8% | 361 | 109.2% | 326 | 109.2% | 1347 | 107.2% | |||||||
Other(2) | 12 | 89.0% | 14 | 95.2% | 14 | 100.2% | 13 | 104.8% | 55 | 97.1% | |||||||
Average unit price | 634 | 100.6% | 643 | 100.1% | 650 | 100.2% | 646 | 100.5% | 644 | 100.4% | |||||||
e-Collect® | (3): Status of number of packages and value of payments settled | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full year | |||||||||||||
(Millions of packages, billion yen) | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |||||||
Number of packages | 22 | 101.6% | 22 | 101.5% | 23 | 103.9% | 19 | 99.7% | 87 | 101.7% | |||||||
Value of payments settled | 246.7 | 101.7% | 253.8 | 99.3% | 273.3 | 107.2% | 225.1 | 102.0% | 999.1 | 102.6% | |||||||
Status of TMS | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full year | |||||||||||||
(Billion yen) | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |||||||
Sales | 21.2 | 102.2% | 23.4 | 102.1% | 24.7 | 105.1% | 23.8 | 110.8% | 93.2 | 105.0% | |||||||
Sales by region | |||||||||||||||||
(Billion yen) | |||||||||||||||||
FY2021/3 | YoY change | ||||||||||||||||
Operating revenue | 1,312.0 | 111.8% | |||||||||||||||
Japan | 1,164.5 | 106.5% | |||||||||||||||
Overseas | 147.5 | 184.5% | |||||||||||||||
Notes (1) Hikyaku Express shows the number of packages Sagawa Express Co., Ltd. reported to the Ministry of Land, Infrastructure, Transport and Tourism. (2) Other shows the number of packages handled by Hikyaku Large Size Express and other companies. (3) e-Collect is a registered trademark of SG Holdings Co., Ltd.
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31
Breakdown of operating expenses
Major expense items in consolidated accounts
Q1 | Q2 | Q3 | Q4 | Full year | |||||||
(Units: billion yen) | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |
Total operating expenses | 289.9 | 106.5% | 292.4 | 105.1% | 311.1 | 110.7% | 316.8 | 118.9% | 1,210.3 | 110.2% | |
Personnel expenses | 109.6 | 109.3% | 109.4 | 106.5% | 110.4 | 109.6% | 113.8 | 112.1% | 443.3 | 109.4% | |
Outsourcing expenses | 130.0 | 104.6% | 137.9 | 106.5% | 155.5 | 114.9% | 155.2 | 129.2% | 578.8 | 113.6% | |
Fuel expenses | 2.0 | 74.9% | 2.5 | 86.6% | 2.4 | 85.5% | 2.3 | 97.6% | 9.3 | 85.8% | |
Depreciation and amortization | 6.2 | 111.3% | 6.4 | 115.3% | 6.4 | 110.9% | 6.8 | 111.8% | 26.0 | 112.3% | |
Other expenses | 41.9 | 106.7% | 36.1 | 96.4% | 36.2 | 99.8% | 38.4 | 106.6% | 152.7 | 102.4% | |
Major expense items in Delivery Business(2)
Q1 | Q2 | Q3 | Q4 | Full year | |||||||
(Units: billion yen) | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | FY2021/3 | YoY change | |
Total operating expenses | 238.0 | 103.5% | 240.9 | 102.4% | 256.7 | 106.9% | 250.2 | 110.0% | 986.0 | 105.7% | |
Personnel expenses | 96.4 | 110.7% | 94.8 | 106.1% | 96.3 | 110.6% | 98.7 | 111.6% | 386.4 | 109.7% | |
Outsourcing expenses | 109.7 | 99.0% | 112.8 | 99.8% | 125.7 | 105.3% | 117.7 | 111.0% | 466.1 | 103.7% | |
Fuel expenses | 2.0 | 76.3% | 2.5 | 87.8% | 2.3 | 87.1% | 2.3 | 95.7% | 9.2 | 86.5% | |
Depreciation and amortization | 4.4 | 117.5% | 4.4 | 115.3% | 4.4 | 113.2% | 4.8 | 112.7% | 18.1 | 114.6% | |
Other expenses | 25.3 | 99.3% | 26.2 | 101.3% | 27.7 | 103.0% | 26.6 | 101.4% | 106.0 | 101.3% | |
Notes (1) Amounts less than 100 million yen are rounded down. (2) Due to part of the "Other Businesses" being changed to "Delivery Business" from the fiscal year ended March 31, 2021, the comparison was made by reclassifying the figures for the previous fiscal year according to the change.
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32
Status of employees, vehicles and locations
(Employees, vehicles, locations) | As of March 31, 2020 | As of March 31, 2021 | ||
Total number of employees | 95,291 | 97,774 | ||
[Within, number of partner | Total | |||
[43,928] | [45,753] | |||
employees(1)] | ||||
Delivery Business(2) | 78,017 | 79,902 | ||
[36,208] | [36,839] | |||
Logistics Business | 12,954 | 13,172 | ||
[5,995] | [6,886] | |||
Real Estate Business | 69 | 63 | ||
[-] | [-] | |||
Other Businesses(2) | 3,477 | 3,888 | ||
[1,488] | [1,801] | |||
Corporate (common) | 774 | 749 | ||
[237] | [227] | |||
Express | Number of major locations | 857 | 864 | |
Number of vehicles | 26,661 | 26,673 | ||
Sagawa | ||||
Transfer centers | 24 | 23 | ||
Sales offices | 427 | 428 | ||
Small stores(3) | 406 | 413 |
Notes (1) Average number of persons during the period. (2) Due to part of the "Other Businesses" being changed to "Delivery Business" from the fiscal year ended March 31, 2021, the comparison was made by reclassifying the figures for the previous fiscal year according to the change. (3) Total number of service centers and delivery centers.
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33
Reference: Outlook for Consolidated Free Cash Flow
Major cash flow items | ||
FY2021/3 | FY2022/3 | |
(Units: billion yen) | actual results | outlook(3) |
Cash flows from operating activities | 121.2 | 90.0 |
Cash flows from investing activities | 0.5 | [35.0] |
Free cash flows | 121.7 | 55.0 |
◼ | Major investments in FY2021/3 (results) (3) | ◼ | Major investments in FY2022/3 (outlook) (3) | ||
- | Investment related to X | : 34.0 billion yen | - | Vehicle investment | : 15.0 billion yen |
FRONTIER | - | Facility investment (new | : 11.5 billion yen | ||
- | Vehicle investment | : 13.0 billion yen | development) | ||
- | IT investment (new) | : 4.0 billion yen |
- Cash flows from investing activities in FY 2021/3 includes proceeds from sales of shares of subsidiaries and associates of 69.7 billion yen.
Notes (1) Amounts less than 100 million yen are rounded down. (2) Free cash flow = cash flows from operating activities + cash flows from investing activities.
(3) Figures are approximate values.
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34
Disclaimer
This document has been prepared to provide corporate information, etc. on SG Holdings Co., Ltd. (hereinafter referred to as "the Company") and SG Holdings Group companies (hereinafter referred to as "the Group"), and does not constitute a solicitation for the shares or other securities issued by the Company in Japan or overseas. Furthermore, this document may not be published or communicated to a third party in whole or in part without the Company's permission.
This document contains forward-looking statements such as the forecasts, plans and targets related to the Company. These statements include but are not limited to those containing the terms "forecast", "prediction", "expectation", "intent", "plan", "possibility", and synonyms thereof. These statements are based on information available to the Company and forecasts, etc. as of the date the document was prepared. Furthermore, these statements were made under certain assumptions (suppositions). These statements or assumptions (suppositions) may be objectively inaccurate or not be realized in the future.
Uncertainties and risks that may cause such a situation include but are not limited to: interest rate fluctuations; decline of share prices; fluctuation of exchange rates; fluctuation of the value of assets held; decline of credit standing; slowing of corporate production activities or personal consumption in Japan or abroad; rise of oil prices; rise of labor costs; low growth of the e- commerce market; failure to realize synergies or occurrence of dis-synergies in the capital and business alliance with Hitachi Transport System, Ltd.; risk of system, administrative, personnel or legal violation risks; occurrence of fraud or scandal; ruin of image or loss of trust due to rumors or gossip; risk of business strategies or management plans not succeeding; new risks associated with the expansion of business, etc.; changes in the economic and financial environment; changes in competitive conditions; occurrence of large-scale disasters, etc.; risks associated with business alliance and outsourcing; decrease of deferred tax assets; and various other factors.
The statements made are current as of the date of this document (or date otherwise specified), and the Company has no obligation or intent to keep this information updated. The future outlook may not necessarily match actual results as a result of these factors.
Furthermore, information on companies, etc. other than the Group shown in this document cites publicly available information, etc. and the Company has neither verified nor does it warrant the accuracy, appropriateness, etc. of such information.
Copyright © 2021 SG HOLDINGS CO., LTD. All Rights Reserved.
35
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SG Holdings Co. Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 06:05:11 UTC.