Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

July 30, 2024

Consolidated Financial Results
for the Six Months Ended June 30, 2024
(Under Japanese GAAP)
Company name: NAIGAI TRANS LINE LTD.
Listing:
Tokyo Stock Exchange
Securities code:
9384
URL:
https://www.ntl-naigai.co.jp/en/
Representative:
Yoshihiro Kojima, President and Representative Director
Inquiries:
Shigeki Hitomi, Director
Telephone:+81-6-6260-4800
Scheduled date to file semi-annual securities report:
August 9, 2024
Scheduled date to commence dividend payments:
September 5, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for analysts and institutional investors)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended June 30, 2024 (from January 1, 2024 to June 30,2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Six months ended

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

17,2146.1

1,924(15.3)

2,182(10.7)

1,474(10.5)

June 30, 2023

16,231(31.1)

2,271(27.6)

2,443(26.9)

1,646(27.4)

Note: Comprehensive income

For the six months ended June 30, 2024:
For the six months ended June 30, 2023:

Basic earnings
per share
Six months ended¥2,587 million[5.1%]¥2,461 million [(22.3)%]

Diluted earnings
per share
Yen

Yen

June 30, 2024

151.10June 30, 2023

168.97––(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

June 30, 2024

26,59722,53781.0

December 31, 2023

23,362

20,381

83.4

Reference:

EquityAs of June 30, 2024:
As of December 31, 2023:¥21,545 million¥19,477 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

40.00

–

45.00

85.00

–

40.00
–

45.00

85.00

Fiscal year ended
December 31, 2023
Fiscal year ending
December 31, 2024
Fiscal year ending
December 31, 2024
(Forecast)Fiscal year-end

Total

Note: Revisions to the most recently announced dividend forecasts: None

3. Consolidated financial result forecasts for the fiscal year ending December 31, 2024 (from January 1,
2024 to December 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Full year

34,000Operating profit% Millions of yen

5.3

4,600

Profit attributable toowners of parent

Ordinary profit% Millions of yen

9.4

4,800

Note: Revisions to the most recently announced financial result forecasts: None

% Millions of yen

7.9

3,300

Basic earnings
per share

%

Yen

8.5

338.48

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Application of accounting method specific to the preparation of semi-annual consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

10,698,000 shares

As of December 31, 2023

10,698,000 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

937,714 shares

As of December 31, 2023

944,480 shares(iii) Average number of shares outstanding during the period
Six months ended June 30, 2024

9,755,772 shares

Six months ended June 30, 2023

9,746,381 shares

Note: The Company’s shares held by Custody Bank of Japan, Ltd. as trust assets of the Employee Stock
Ownership Plan (J-ESOP) are included in the number of treasury shares to be deducted in calculating
the number of treasury shares at the end of the period and the average number of shares outstanding
during the period.

* Semi-annual financial results reports are exempt from review conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts and other special matters
The forward-looking statements, such as earnings forecasts, contained in this document are based on information
currently available to the Company and certain assumptions deemed reasonable. Actual results may differ
significantly depending on a variety of factors in the future.
The Company plans to hold a financial results briefing on August 5, 2024. The financial results briefing materials
to be distributed at this briefing will be promptly posted on the Company’s website. (in Japanese only)Table of Contents - Attachments
1. Qualitative Information on Semi-annual Financial Results ............................................................................ 2(1) Explanation of Operating Results .............................................................................................................. 2(2) Explanation of Financial Position .............................................................................................................. 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information .......... 3
2. Semi-annual Consolidated Financial Statements and Principal Notes ........................................................... 4(1) Semi-annual Consolidated Balance Sheets ................................................................................................ 4(2) Semi-annual Consolidated Statements of Income and Comprehensive Income ........................................ 6(3) Semi-annual Consolidated Statements of Cash Flows ................................................................................. 8(4) Notes to Semi-annual Consolidated Financial Statements ......................................................................... 9(Notes on going concern assumption) ................................................................................................... 9(Notes in case of significant changes in shareholders’ equity) .............................................................. 9(Segment information, etc.) ................................................................................................................... 9

1

1. Qualitative Information on Semi-annual Financial Results(1) Explanation of Operating Results
During the six months ended June 30, 2024 (from January 1, 2024 to June 30, 2024), the Japanese economy
showed a sign of recovery with an improved employment and income environment. However, with prices
continuing to rise, mainly due to a weak yen, it should be noted of the downside risks of the economy brought
about by fluctuations in the financial and capital markets.
In terms of the current situation of marine transport, supply and demand for container space is tight due tothe congestion at major ports around the world triggered by the deteriorating situation in the Red Sea as well as
an increase of cargo transport originating from China, leading to the upward trend in marine freight rates.
Under such circumstances, the Group’s consolidated financial results were higher in net sales due to thefavorable business performance at some overseas subsidiaries and with yen depreciation.
However, profit decreased due to a decrease of export consolidation cargo services on a non-consolidated
basis with high gross profit margins and an increase in selling, general and administrative expenses from active
investment in human resources as a growth strategy in the Medium-term Management Plan, which could not be
offset by higher net sales.
Consequently, for the six months ended June 30, 2024, the Company posted net sales of ¥17,214 million(up 6.1% year on year), operating profit of ¥1,924 million (down 15.3% year on year), ordinary profit of¥2,182 million (down 10.7% year on year), and profit attributable to owners of parent of ¥1,474 million (down
10.5% year on year), showing a year-on-year increase in net sales and decrease in profit.
Operating results by segment are as follows.
1) Japan
Export consolidation cargo services are the mainstay of the international freight transportation business inJapan. In the six months ended June 30, 2024, although export consolidation cargo services have been on arecovery trend since April, the handling of export consolidated cargoes was lower than the previous year until
March, resulting in lower net sales and profit on a non-consolidated basis.
Among domestic subsidiaries, UCI Airfreight Japan Inc. continued to perform well in mainstay airtransportation, and posted higher net sales and gross profit. However, selling, general and administrative
expenses increased as a result of increase in the head office floor space in line with the business expansion,
resulting in decreased operating profit. Flying Fish Inc. recorded higher net sale and profit due to introductionof new system and increased customer recognition from sales efforts which led to an increase in transactions,
including the acquisition of large new projects.
As a result, net sales of the Japan segment decreased by ¥418 million (3.6%) year on year to ¥11,178
million, and segment profit (operating profit) also decreased by ¥408 million (25.4%) year on year to ¥1,204
million.
2) Overseas
The Group has 11 consolidated subsidiaries in Asia and the United States. At these overseas subsidiaries, themajority of net sales come from the handling of freight from Japan; however, in recent years, they have beenworking to strengthen and advance services other than those to and from Japan.
During the six months ended June 30, 2024, net sales increased in India, where our warehouse business isperforming well, and also in South Korea, including NAIGAI BUSAN LOGISTICS CENTER CO., LTD.
which increased its floor space through the acquisition of a logistics warehouse last year, resulting in increased
net sales and profit.
As a result, net sales of the Overseas segment increased by ¥1,401 million (30.2%) year on year to ¥6,036
million, and segment profit (operating profit) also increased by ¥62 million (9.4%) year on year to ¥722
million.

2

(2) Explanation of Financial Position
Total assets at the end of the six months ended June 30, 2024 amounted to ¥26,597 million (up ¥3,234 million
from the end of the previous fiscal year). The main reasons for the change are increases of ¥1,616 million in
cash and deposits, ¥687 million in accounts receivable – trade, and ¥727 million in buildings and structures.
Total liabilities amounted to ¥4,059 million (up ¥1,078 million from the end of the previous fiscal year).
The main reasons for the change are increases of ¥289 million in accounts payable – trade, ¥357 million inincome taxes payable, and ¥220 million in lease liabilities of non-current liabilities.
In addition, net assets amounted to ¥22,537 million (up ¥2,155 million from the end of the previous fiscal
year). The main reasons for the change are increases of ¥1,032 million in retained earnings and ¥1,015 million
in foreign currency translation adjustment.
As a result, equity-to-asset ratio amounted to 81.0% (83.4% at the end of the previous fiscal year).
Cash and cash equivalents at the end of the six months ended June 30, 2024 amounted to ¥15,502 million,up ¥1,616 million from the end of the previous fiscal year. The overview of cash flows for the six months
ended June 30, 2024 are as follows.
(Cash Flows from Operating Activities)
Net cash provided by operating activities in the six months ended June 30, 2024 was ¥1,607 million(¥1,411 million provided in the same period of the previous year). The main cash inflows include ¥2,182
million in profit before income taxes. The main cash outflows include ¥566 million in increase in tradereceivables.
(Cash Flows from Investing Activities)
Net cash used in investing activities in the six months ended June 30, 2024 was ¥308 million (¥1,978
million used in the same period of the previous year). The main cash outflows include ¥277 million inpurchase of property, plant and equipment and ¥32 million in payments of guarantee deposits.
(Cash Flows from Financing Activities)
Net cash used in financing activities in the six months ended June 30, 2024 was ¥520 million (¥695
million used in the same period of the previous year). The main cash outflows include ¥441 million in
dividends paid and ¥72 million in repayments of lease liabilities.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
No change has been made to the full-year financial results forecasts for the fiscal year ending December 31,
2024, announced on February 9, 2024.
The Company will promptly disclose the revised financial results forecasts if any revisions become
necessary.

32. Semi-annual Consolidated Financial Statements and Principal Notes(1) Semi-annual Consolidated Balance Sheets(Thousands of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Right of use assets
Accumulated depreciation
Right of use assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Guarantee deposits
Long-term accounts receivable - other
Long-term deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of June 30, 2024

13,885,846
2,180,121
6,187
1,046,172(12,692)
17,105,635

15,502,279
2,867,283
6,821
1,179,054(14,461)
19,540,977

5,512,122(926,389)
4,585,732
246,263(161,423)
84,839373,709
6,241(1,795)
4,446
536,274(407,836)
128,437
321,721502,554(374,714)
127,839
5,626,726

6,395,555(1,082,164)
5,313,390
282,673(183,559)
99,114
376,660
6,241(2,365)3,875
509,008(79,054)429,954
22,921
543,276(420,311)
122,965
6,368,883

1,638
51,131
6,581
59,351−53,0707,341
60,411

69,465
325,359
106,905
5,751
105,250
65,367(106,905)
571,194
6,257,272
23,362,907

73,385362,354
122,940
6,215
118,257
66,719(122,940)
626,933
7,056,228
26,597,206

(Thousands of yen)
As of December 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Lease liabilities
Accrued expenses
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30, 2024

1,247,166
86,695
263,157
231,363
16,069296,979
2,141,432

1,536,270
171,284
278,227
589,053
45,282299,901
2,920,020

53,992
255,417274,522313,693

6,124

5,074

85,078375,141
63,861
839,617
2,981,049

95,203379,074
71,9101,139,479
4,059,499

243,937
372,887
18,329,004(1,046,534)
17,899,295

243,937
380,532
19,361,015(1,037,438)
18,948,046

16,818
1,546,467
14,657
1,577,943
904,618
20,381,858
23,362,907

19,5382,561,560
16,652
2,597,751
991,907
22,537,706
26,597,206

(2) Semi-annual Consolidated Statements of Income and Comprehensive Income
Semi-annual Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Rental income from real estate
Recoveries of written off receivables
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share issuance costs
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the six months ended
June 30, 2023
16,231,186
10,979,445
5,251,740
2,980,063
2,271,677(Thousands of yen)
For the six months ended
June 30, 2024
17,214,390
12,102,321
5,112,069
3,187,134
1,924,935

55,26093,107
16,08013,49814,500
192,447

86,500148,453
16,0801,675
13,389266,099

2,383
13,884
3,639
830
20,7372,443,387

3,952
−
3,741
674
8,368
2,182,666

7,080
7,080
2,450,467
685,140
77,508762,648
1,687,818
40,9391,646,878−−
2,182,666
619,708
48,588668,297
1,514,369
40,284
1,474,085

6

Semi-annual Consolidated Statements of Comprehensive Income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the six months ended
June 30, 2023
1,687,818

For the six months ended
June 30, 2024
1,514,369(859)
774,014527
773,681
2,461,500

2,720
1,068,004
2,099
1,072,825
2,587,194

2,378,731

2,493,893

82,76993,301

7

(3) Semi-annual Consolidated Statements of Cash Flows(Thousands of yen)
For the six months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Recoveries of written off receivables
Loss (gain) on sale and retirement of non-current assets
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for share awards
Share issuance costs
Increase (decrease) in accrued expenses
Decrease (increase) in long term accounts receivable other
Decrease (increase) in other assets
Increase (decrease) in other liabilities
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Proceeds from recoveries of written off receivables
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilities
Purchase of treasury shares
Payments for issuance of shares
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change
in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

For the six months ended
June 30, 2024

2,450,467
168,939
3,099
24,97919,05581,881(56,034)
2,383(109,900)(13,498)(1,088)(7,080)928,188(841)(222,346)

2,182,666
218,252
1,675
25,803
1,423
2,443(87,321)
3,952(152,692)(1,675)227−(566,633)(106)
222,4121,050(1,050)12,333
13,884(75,354)(82,680)(227,147)(101,837)
2,808,452
56,034(2,383)(1,450,413)
1,411,689

10,124−
18,735(1,707)(69,366)(5,669)1,801,493
87,321(3,952)(277,739)
1,607,124(1,995,548)
1,426(21,059)
59,70013,498(8,891)
5,084(32,244)(1,978,034)(277,090)
449(11,601)−
1,675(32,282)
8,036
2,272
(308,539)(70,245)−(13,884)(537,684)(8,417)(72,793)(90)−(441,849)(6,011)(65,117)−(695,349)
592,823(668,870)
14,294,693
13,625,822(520,745)
838,595
1,616,433
13,885,846
15,502,279

(4) Notes to Semi-annual Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Segment information, etc.)(Segment information)
I. For the six months ended June 30, 2023 (from January 1, 2023 to June 30, 2023)
1. Information on net sales, profit or loss, and information on disaggregation of revenue, by reportable segment(Thousands of yen)Amount recorded in
the semi-annual
consolidated
statements of income(Note 2)

Reportable segment
Japan
Net sales
Revenue from contracts
with customers
Net sales to outside
customers
Inter-segment net sales
or transfers
Total
Segment profit

Overseas

Total

Adjustment(Note 1)

11,596,222

4,634,963

16,231,186−

16,231,186

11,596,222

4,634,963

16,231,186−

16,231,186

387,624

929,788

1,317,412(1,317,412)−

11,983,846
1,613,163

5,564,752
660,010

17,548,599
2,273,173(1,317,412)(1,495)

16,231,186
2,271,677

Notes: 1. The ¥(1,495) thousand adjustment to segment profit represents company-wide expenses not allocatedto each reportable segment. Company-wide expenses are mainly selling, general and administrative
expenses not attributable to reportable segments.
2. Segment profit is adjusted to operating profit in the semi-annual consolidated statements of income.

2. Information on impairment loss on non-current assets or goodwill, etc. by reportable segment
Not applicable.

9II. For the six months ended June 30, 2024 (from January 1, 2024 to June 30, 2024)
1. Information on net sales, profit or loss, and information on disaggregation of revenue, by reportable segment(Thousands of yen)Amount recorded in
the semi-annual
consolidated
statements of income(Note 2)

Reportable segment
Japan
Net sales
Revenue from contracts
with customers
Net sales to outside
customers
Inter-segment net sales
or transfers
Total
Segment profit

Overseas

Total

Adjustment(Note 1)

11,178,049

6,036,340

17,214,390−

17,214,390

11,178,049

6,036,340

17,214,390−

17,214,390

405,753

935,436

1,341,190(1,341,190)−

11,583,803
1,204,190

6,971,777722,360

18,555,580
1,926,551(1,341,190)(1,616)

17,214,390
1,924,935

Notes: 1. The ¥(1,616) thousand adjustment to segment profit represents company-wide expenses not allocatedto each reportable segment. Company-wide expenses are mainly selling, general and administrative
expenses not attributable to reportable segments.
2. Segment profit is adjusted to operating profit in the semi-annual consolidated statements of income.

2. Information on impairment loss on non-current assets or goodwill, etc. by reportable segment
Not applicable.

10