2017_3q_ana_e

14/15 － Trends in International Cargo Operations

◎This is the status of our International Cargo Operations. Please look at the figures on the left. ◎Weight factors resulted in increased revenues of 12.0 billion yen due to not only expansion of trilateral cargo but contributions from capturing export/import demand. ◎Unit price factors resulted in decreased revenues of 33.0 billion yen due to the impact of yen appreciation, a decline in fuel surcharge revenues, and the abolishment of the International Cargo Agency Commission, among other factors. ◎The figure on the right show transitions in import/export cargo market demand and our Group results. Amid market demand recovery, we captured demand that surpassed overall market growth. ◎Substantial revenue excluding the impact of the abolishment of the International Cargo Agency Commission increased year-on-year during this third quarter. ◎Finally, please turn to page23.