KLINE Investor Guidebook August 2004 Kawasaki Kisen Kaisha, Ltd. - - PowerPoint PPT Presentation

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KLINE Investor Guidebook August 2004 Kawasaki Kisen Kaisha, Ltd. - - PowerPoint PPT Presentation

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KLINE Investor Guidebook August 2004 Kawasaki Kisen Kaisha, Ltd. 1 Supplemental Information-1 Shipping Markets 2 1- -1. 1. K K Line Container Loading Volume Line Container Loading Volume 1 Loading Volume

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“K”LINE Investor Guidebook

August 2004 Kawasaki Kisen Kaisha, Ltd.

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2

Supplemental Information-1

Shipping Markets

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1 1-

  • 1.
  • 1. “

“K K” ”Line Container Loading Volume Line Container Loading Volume

Loading Volume (Unit;1000TEU) E/W Bound 03F 1Q 03F 2Q 03F 1H 03F 3Q 03F 4Q 03F 2H 03F Yearly 04F 1Q Asia/N.America E/Bound 130 131 261 120 114 234 495 134 W/Bound 55 54 109 57 52 109 218 55 185 185 370 177 166 343 713 189 Asia/Europe W/Bound 85 94 179 87 90 177 356 96 E/Bound 53 57 110 67 59 126 236 58 138 151 289 154 149 303 592 154 Load Factor(%) E/W Bound 03F 1Q 03F 2Q 03F 1H 03F 3Q 03F 4Q 03F 2H 03F Yearly 04F 1Q Asia/N.America E/Bound 94.5% 93.9% 94.2% 85.5% 86.0% 85.8% 90.0% 88.8% W/Bound 59.0% 57.1% 58.0% 59.4% 58.1% 58.8% 58.4% 55.0% 80.2% 79.0% 79.6% 74.9% 74.8% 74.9% 77.2% 75.3% Asia/Europe W/Bound 91.4% 96.9% 94.2% 85.9% 89.0% 87.5% 90.7% 94.8% E/Bound 74.9% 75.2% 75.0% 88.3% 81.1% 84.8% 79.9% 77.9% 84.3% 87.3% 85.9% 87.0% 85.7% 86.3% 86.1% 87.7%

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As of 2003 Oct (Source CI 2003 November edition)

1 1-

  • 2.
  • 2. Line/Alliance wise

Line/Alliance wise Vessel/Capacity Comparison Vessel/Capacity Comparison

Ranking Carrier/group Total TEU Total TEU Vessel (Last Year) capacity 2003 capacity 2002 1 (1) A.P. Moller group 844,626 773,931 328 2 (2) Mediterranean Shipping Co. 516,876 413,814 217 3 (4) Evergreen group 442,310 403,932 152 4 (3) P&O Nedlloyd 419,527 406,654 157 5 (8) CMA CGM group 299,174 225,436 133 6(5) Hanjin group 290,677 304,409 76 7 (6) COSCO Container Lines 274,128 255,937 148 8 (7) APL 273,573 227,749 82 9(11) NYK 233,934 177,700 77 10 (9) MOL 222,533 188,326 72 11 (10) CP Ships 201,706 187,890 85 12 (12) "K" Line 186,017 161,015 63 Ranking Alliance Total TEU Vessel capacity 2003 1 Grand Alliance 993,813 330 2 CKYH 904,605 342 3 A.P. Moller group 844,626 328 4 The New World Alliance 632,654 189 5 Mediterranean Shipping Co. 516,876 217

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600 800 1000 1200 1400 1600 1800 2000 2200 2400 93-4th 94-3rd 95-2nd 96-1st 96-4th 97-3rd 98-2nd 99-1st 99-4th 00-3rd 01-2nd 02-1st 02-4th 03-2nd 04-1st US$/TEU E.Bound W.Bound

1 1-

  • 3.
  • 3. Trend of Average Container Freight

Trend of Average Container Freight (Asia (Asia-

  • North America Trade)

North America Trade)

(Data:CONTAINERIZATION INTERNATIONAL)

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1 1-

  • 4.
  • 4. Trend of Average Container freight

Trend of Average Container freight (Asia (Asia-

  • Europe Trade)

Europe Trade)

500 700 900 1100 1300 1500 1700 93-4th 94-2nd 94-4th 95-2nd 95-4th 96-2nd 96-4th 97-2nd 97-4th 98-2nd 98-4th 99-2nd 99-4th 00-2nd 00-4th 01-2nd 01-4th 02-2nd 02-4th 03-1st 03-2nd 03-4ｔｈ US$/TEU E.Bound W.Bound

(Data:CONTAINERIZATION INTERNATIONAL)

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1 1-

  • 5.
  • 5. Trend of Average Container

Trend of Average Container Freight /Volume ( Freight /Volume ( “ “K K” ”Line All Trades) Line All Trades)

391 413 414 407 426 450 435 409 504 530 516 556 575 584 566 598 520

1,132 1,073 1,055 1,073 1,037981 861 915 852 932 1,044 1,122 1,050 1,000 1,143 810 925

100 200 300 400 500 600 700 800 900 1,000 00F 1Q 00F 2Q 00F 3Q 00F 4Q 01F 1Q 01F 2Q 01F 3Q 01F 4Q 02F 1Q 02F 2Q 02F 3Q 02F 4Q 03F 1Q 03F 2Q 03F 3Q 03F 4Q 04F 1Q

Volume(1000TEU)

200 400 600 800 1,000 1,200 1,400 Freight/TEU($) Volume Freight

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1 1-

  • 6.
  • 6. Bulker Market

Bulker Market

PANAMAX US GULF/JAPAN GRAIN

4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80

APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR

($/KT)

04F 02F 03F

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1 1-

  • 7.
  • 7. Tanker Market

Tanker Market

Tanker Market(VLCC Arabian Gulf/ Japan)

20 40 60 80 100 120 140 160 180 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR

02Ｆ 04F

($/KT)

03F

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1 1-

  • 8.
  • 8. Transition of Cars/Trucks

Transition of Cars/Trucks Transported by PCTC Transported by PCTC

5 10 15 20 25 30 35 40 45 50 (ten thousand units) 03年1Q 03年２Q 03年３Q 03年４Q 04年１Q Japan・FE/North America Japan・FE/Europe Japan・FE/The Other Area Trade not From/To Japan・FE Trade bound for Japan・FE

38 39 48 48 49

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1 1-

  • 9.
  • 9. “

“K K” ”Line Vessel Fleet Composition Line Vessel Fleet Composition

Energy Resource 15% Coastal/Ferry 12% Container 18% Bulk Carrier 35% PCTC 20%

June 2004 68 129 77 58 44 （total 376 vessels）

Energy Resource 15% PCTC 19% Coastal/Ferry 13% Container 18% Bulk Carrier 35% 64 125 70 55 47 March 2004 年 月末 （total 361 vessels）

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1 1-

  • 10.
  • 10. “

“K K” ”Line Container Vessel Fleet Composition Line Container Vessel Fleet Composition

03 March 04 June

5500TEU over 13 13 3500TEU（3400~4700） 17 18 2800TEU（2700~2900） 4 4 2000TEU（1500~2500） 13 12 1400TEU or under 17 21

Total 64 68

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Cape Size Bulker 38% Panamax Bulker 26% Chip/Pulp Carrier 11%

Smallhandy Bulker 13%

Handymax Bulker 12% June 2004

15 17

14 (total 129 vessels)

49 34

Chip/Pulp Carrier 11% Handymax Bulker 13% Smallhandy Bulker 14% Panamax Bulker 22% Cape Size Bukler 40% 50 28 16 17 14

March 2004 (total 125 vessels)

1 1-

  • 11.
  • 11. “

“K K” ”Line Bulk Carrier Fleet Composition Line Bulk Carrier Fleet Composition

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1 1-

  • 12.
  • 12. “

“K K” ”Line PCTC Vessel Fleet Composition Line PCTC Vessel Fleet Composition

March 04 June 04

6000units 7 8 5000units（4,750~5650) 26 29 4000units（3800~4600） 15 15 3000units（2800~3500） 13 11 2000units（1600 ~2500） 4 6 800units（800 ~850） 5 8 Total 70 77

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1 1-

  • 13.
  • 13. “

“K K” ”Line Energy Transport Fleet Composition Line Energy Transport Fleet Composition

Tanker/VLCC 4 Tanker/AFRA 7 Tanker/CLEAN 4 LPG Carrier 3 Thermal Coal Carrier 16 LNG Carrier 24

June 2004 (total 58 vessels)

LNG Carrier 24 Thermal Coal Carrier 15 LPG Carrier 3 Tanker/CLEAN 3 Tanker/AFRA 6 Tanker/VLCC 4

March 2004 (total 55 vessels)

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Supplemental Information-2

Financial Data

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2 2-

  • 1.
  • 1. Breakdown on Non

Breakdown on Non-

  • Operating , Extra

Operating , Extra-

  • Ordinary Items (2004F 1H)

Ordinary Items (2004F 1H)

(unit:billion yen)

１．Non-Operating Income/Loss 1Q 2Q 1H 1Q 2Q 1H Consolidated Total 1.2

  • 1.2

0.0 Non-Consolidated Total 1.5

  • 1.1

0.4 Financial Gain/Loss

  • 0.5
  • 0.6
  • 1.1

Financial Gain/Loss 0.2

  • 0.4
  • 0.2

Exchange Gain/Loss 1.4

  • 0.6

0.8 Exchange Gain/Loss 1.3

  • 0.7

0.6 Others 0.3 0.0 0.3 Others 0.0 0.0 0.0 ２．Extra-Ordinary Income/Loss 1Q 2Q 1H 1Q 2Q 1H Consolidated Total

  • 0.2
  • 4.3
  • 4.5

Non-Consolidated Total 0.0

  • 0.3
  • 0.4

Sale of Vessel 0.0 0.0 0.0 Sale of Vessel 0.0 0.0 0.0 Marketable Securities 0.0 0.0 0.0 Marketable Securities 0.0 0.0 0.0 Others

  • 0.2
  • 4.3
  • 4.5

Others 0.0

  • 0.3
  • 0.4
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2 2-

  • 2.
  • 2. Transition of Operating Revenues

Transition of Operating Revenues

331.0 217.7 230.3 263.5 317.2 242.0 161.3 171.8 188.1 220.4

46.5 42.7 44.3 46.0 45.2

557.9 571.0 632.7 726.8 790.0

100 200 300 400 500 600 700 800 Container Bulk Carrier/Car Carrier Energy Transportation Others (Non-Consolidated) 00F 01F 02F 03F 〈424.0〉 〈449.1〉 〈499.8〉 〈585.0〉 （Consolidated） Prospects 04F 〈620.0〉

unit:billion yen

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Supplemental Information-3

Historical Data

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3 3-

  • 1.
  • 1. Consolidated Revenues&Incomes

Consolidated Revenues&Incomes

  • 100.0

100.0 300.0 500.0 700.0 900.0

93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F

  • 10

10 20 30 40 50 60 70 80 90 100

Operating Revenues Operating Income Ordinary Income* Net Income

(unit:billion yen) * Ordinary income is income before income taxes and extra-ordinary items

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3-2. Consolidated ROE/ROA

10 20 30 40 50 60 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F （Billion Yen） 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Net Income ROE ROA

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3-3. Consolidated Interest Coverage Ratio

0.0 20.0 40.0 60.0 80.0 100.0 120.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F （%） 5 10 15 20 25 Operation Income Interest Coverage Ratio

(Billion Yen)

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3 3-

  • 4.
  • 4. Consolidated EV/EBITDA

Consolidated EV/EBITDA

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 93F 95F 97F 99F 01F 03F 04F

（unit:billion yen）

2 4 6 8 10 12 14 EBITDA EV/EBITDA

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3 3-

  • 5.
  • 5. Consolidated Assets Turnover

Consolidated Assets Turnover

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F （unit:billion yen） 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Operating Revenues Assets Turnover

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3 3-

  • 6.
  • 6. Consolidated Ordinary Income* on

Consolidated Ordinary Income* on Revenues/Ordinary Income on Total Assets Revenues/Ordinary Income on Total Assets

  • 20.0

0.0 20.0 40.0 60.0 80.0 100.0 120.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F （unit: billion yen）

  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Ordinary Income Revenues on Ordinary Income* Ordinary Income* on Total Assets

* Ordinary income is income before income taxes and extra-ordinary items

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3 3-

  • 7.
  • 7. Consolidated Debt Equity Ratio

Consolidated Debt Equity Ratio

100 200 300 400 500 600 700 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F （unit: billion yen）

  • 20.0

30.0 80.0 130.0 180.0 230.0 280.0 330.0 380.0 Shareholder's Equity Total Assets Debt Equity Ratio(Market price basis）

（％）

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3 3-

  • 8.
  • 8. Consolidated Net Income & EPS

Consolidated Net Income & EPS

0.0 10.0 20.0 30.0 40.0 50.0 60.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F Net Income (unit:billion yen) 0.0 20.0 40.0 60.0 80.0 100.0 120.0 EPS(unit:yen) Net Income EPS

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3 3-

  • 9.
  • 9. Consolidated Shareholder

Consolidated Shareholder’ ’s s Equity& Equity Ratio Equity& Equity Ratio

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Shareholder's Equity Equity Ratio

Shareholder’s Equity (unit:billion yen)

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3 3-

  • 10.
  • 10. Consolidated Operating Cash Flow

Consolidated Operating Cash Flow

10 20 30 40 50 60 70 80 90 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F 20 40 60 80 100 120 140 160 Operating Cash Flow Cash Flow per Share

(unit:yen) (unit:billion yen)

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3 3-

  • 11.
  • 11. Consolidated Segment

Consolidated Segment-

  • wise

wise Operating Revenues Operating Revenues

100 200 300 400 500 600 700 800 900 93F 95F 97F 99F 01F 03F Marine Transportation Sercice Incidental to Transportation Others (unit:billion yen)

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3 3-

  • 12.
  • 12. Non

Non-

  • Consolidated Division

Consolidated Division-

  • wise

wise Operating Revenues Operating Revenues

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F

Container Bulk Carrier/Car Carrier Energy Transportation Other Shipping Business Other Business

(unit:billion yen)

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3 3-

  • 13.
  • 13. Consolidated Segment Information

Consolidated Segment Information

(unit: million yen) 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F Operating Revenues Marine Transportation 359,809 361,318 352,090 378,793 411,893 415,820 390,430 455,385 481,200 530,228 622,118 Service incidenntal to transportation 66,811 71,562 82,075 86,271 89,951 83,614 83,407 89,527 75,757 88,773 89,885 Others 17,472 16,089 15,928 17,555 15,910 13,665 11,855 12,956 14,055 13,722 12,662 Total 444,092 448,969 450,093 482,619 517,754 513,099 485,692 557,868 571,012 632,723 724,665 Operating Income Marine Transportation 4,424 8,925 22,230 22,003 21,669 18,645 22,136 29,947 13,148 22,383 61,267 Service incidenntal to transportation 1,659 1,626 1,566 308 3,686 1,220 3,893 4,885 4,536 4,800 8,062 Others 119 605 251 1,204 770 1,105 828 1,084 1,274 2,087 1,269 Total 6,202 11,156 24,047 23,515 26,125 20,970 26,857 35,916 18,958 29,270 70,598 Eliminations

  • 1

16 18 84 795 536

  • 40

91 89 10

  • 65

Consolidated 6,201 11,172 24,065 23,599 26,920 21,506 26,817 36,007 19,047 29,280 70,533

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3 3-

  • 14.
  • 14. Non

Non-

  • Consolidated Financial Data

Consolidated Financial Data

(unit:million yen)

93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F Operating Revenues 335,756 334,858 328,122 348,611 379,601 385,482 362,029 424,021 449,153 499,791 584,958 Container 174,754 172,237 163,403 172,897 172,451 180,455 186,214 217,698 230,353 263,456 317,185 Bulk&Carrier 119,530 124,793 129,866 138,290 168,428 167,558 141,626 161,306 171,837 188,112 220,364 Energy Transportation 37,921 35,323 32,194 34,944 36,445 35,745 32,330 42,749 44,363 46,045 45,231 Other Shipping Business 3,551 2,505 2,659 2,480 2,277 1,722 1,858 1,809 1,800 1,396 1,291 Other Business 457 799 780 882 Operating Income 2,363 7,319 12,788 12,281 17,171 12,766 16,809 24,444 8,299 19,843 55,068 Ordinary Income*

  • 588

988 9,827 6,949 10,258 8,233 11,133 21,582 7,115 16,434 49,670 Net Income

  • 2,458

54 1,594 1,811 2,244 3,015 4,042 4,532 2,786 6,535 24,452 Total Assets 279,380 253,502 245,896 255,032 258,367 241,432 242,278 241,295 259,200 269,140 329,965 Total Liabilities 228,858 202,927 193,727 200,780 201,870 183,675 183,304 178,677 194,792 203,268 233,126 Shareholder's Equity 50,522 50,575 52,169 54,252 56,497 57,757 58,974 62,618 64,408 65,872 96,839 Dividend per Share 3 3 4 5 3 5 10 Dividend Yield

  • 78.2

58.2 58.1 65.5 63.9 45.9 24.2

* Ordinary income is income before income taxes and extra-ordinary items