JOT Report

2023

SHIFT FOR THE NEXT

JOT2023
Report 2023
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Commitment of Top Management

Business Profile

Financial Information

01

Company Information

Corporate Philosophy
By establishing as our corporate philosophy the company policy on which we were founded, the guiding factors for the direction in which JOT Group should head, andthe JOT Group Mission, which signifies our preparedness—and through the sincere application of this corporate philosophy by every single employee—
JOT Group continually strives to be a business group that is needed by and develops alongside society.

Company Policy

Service is My Business
JOT Group Mission
We at JOT Group take pride in our company and our work, fulfilling our five-part mission and contributing to the development of society.

Safety01

Fairness

02

03

Trust

04

05

Self-Challenge

Harmony
We will strive to protect our natural

We will devote ourselves to putting

We will conduct fair business operations

We will provide top-class products andWe will pioneer new products in

the Safety First mantra at the centerwith a law-abiding spirit and a sensetransport services to win the trust of

new fields with a self-challenging

environment and exist in harmonyof our work.

of social responsibility.

our customers.

attitude as we work towardwith the public through activities that

community and company growth.

contribute to society.

JOT Report 2023

Commitment of Top Management

Business Profile

Financial Information

Company Information

JOT Report 202302 02

The JOT Group provides high-quality services
with safety as its highest priority

SHIFT FOR THE NEXT
While keeping our eye fixed on society and the world that people live in,
the JOT Group aims to be a logistics group for a new era,
one that our customers trust and choose.

JOT2023
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Commitment of Top Management

Business Profile

Financial Information

03

Company Information

CONTENTS
01 Commitment of Top Management
01 Corporate Philosophy/ Company Policy/JOT Group Mission
04 Message from the President

05 Business Profile
05 Financial Summary (Consolidated)
06 Financial Summary by Segment
07 Oil Transport Business
09 High Pressure Gas Transport Business
11 Chemical Transport Business13 Container Transport Business
14 Asset Management Business

15 Financial Information

How to Use the Navigation Buttons

15 Financial Review
16 Ten-Year Summary

XXXX

00

17 Company Information
17 Company Overview
18 Corporate Group

SectionReturn to
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Editorial Policy

Period Covered

Date of Issue

The JOT Report presents comprehensive information on thevarious businesses, results, and financial standing of the Japan
Oil Transportation (JOT) Group.
By continuing to disclose information with a high degree oftransparency, we strive to build mutual understanding and trustwith our stakeholders and sustainably enhance corporate value.

In principle, this report covers the period from April 1, 2022 to March 31, 2023,
but also includes some content from April 2023 onward.

October 2023 (next scheduled publication: October 2024)
Disclaimer

Entity Covered
Japan Oil Transportation Co., Ltd. and seven Group companies

This report contains forward-looking statements such as the forecasts
and strategies of Japan Oil Transportation Co., Ltd. and its consolidated
subsidiaries. These statements reflect judgments made based on
currently available information. Please note that results may differ
significantly from forecasts due to a variety of factors.

JOT Report 2023

Commitment of Top Management

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Financial Information

Message from the President
We aim to provide safe, high-quality transportation
services to be a corporate Group that is the choiceof customers
I would first like to share my gratitude to everyone for your continued patronage of the Japan Oil Transportation (JOT) Group.
JOT was founded in 1946 with the goal of transporting domestic crude oil. As economic and social circumstances haveundergone drastic changes, we have developed transport services that unite rail transport and motor transport and allow us
to carry cargo that is essential to the industries of our country and to our personal lives—not just petroleum products, butalso goods such as liquefied natural gas (LNG), chemical products, perishable foods, and general freight. I am incredibly thankful for the ongoing support all of you have given JOT because it has allowed us to overcome many hardships and realize sustainable growth thus far.
In recent years, based on the diverse needs of our progressively global customers, we started transport services in foreigncountries. In addition, we execute medium-to-long-term initiatives for transporting hydrogen, which is attracting attention
as a next-generation automotive fuel.
The JOT Group provides high-quality services with safety as its highest priority under the “Shift to the Next” corporatemotto: We fulfill our responsibility to the future with thorough safety and high-quality services to live up to the expectations of everyone as a trusted and chosen logistics partner of customers.
I kindly ask for your continued support.

Shoichiro Hara
President

Company Information

JOT Report 202304 04

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05

Company Information

Financial Summary (Consolidated)
Net sales

Operating income / Operating margin(Millions of yen)

(Millions of yen)

40,0001,500

Operating income

34,24034,32632,34135,12834,262

1,200

30,000900
20,00010,0000FY2019FY2020

FY2021

FY2022

Net assets / Net assets per share
Net assets

19,11018,0005,776.53

19,2405,816.28

4.2

1,458

4.3

Profit attributable to owners of parent

1,511

4.3

(%)

(Millions of yen)

5.0

1,300

4.0

3.8

(%)

1,227
1,115

831

337.31300

1.0

FY2020

FY2021

FY2022

FY2023ROE

0371.20915

375.00329.19650

2.0

20,6936,255.63

21,406
6,471.44

22,589(yen)(%)

8,000.00

6.0

276.85251.43250.00325

0125.00FY2019FY2020

FY2021

FY2022

FY2023

Cash dividends per share
5.8
5.2

5.6

(Yen)

6,000.00
4.0

12,0004,000.00

6,000

2,000.00

90.00
80.00

80.00

FY2019FY2020

80.00

75

4.6

4.3

100.00100

5.0

6,829.33

3.0

50

2.0
25
1.0

0

FY2019FY2020

FY2021

FY2022

FY202300

FY2019FY2020

FY2021

FY2022

FY2023500.00

1,088

3.0

2.9

FY2019975

Net income per share

Net assets per share(Millions of yen)
24,000

1,009

Operating margin

600

0

FY2023

1,303

1,357

Profit attributable to owners of parent /Net income per share0

FY2021

FY2022

FY20230

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JOT Report 202306 06

Company Information

Financial Summary by Segment (Fiscal 2023)
Breakdown of
Net Sales

Net sales

Oil Transport BusinessNet sales in this segment were 15,889 million yen (up 3.4% year on year),while segment profit was 493 million yen (up 25.0%), owing to a rise intransport volume due to the impact of a change in shipping locations for railtransport and an increase in fuel demand for automobile transportation.

Net Sales and Segment Profit
17,017

14,793

15,889Segment profit

FY2020

FY2021

FY2022

8,627

8,864

Net sales
8,494

8,790

FY2023(Millions of yen)

8,870

FY2019FY2020400

394

FY2021

FY2022

Segment profit

25.3%
FY2021

Net sales

Chemical and Container Transport Business

8,549

8,748

FY2022

FY2023(Millions of yen)

8,473

9,537

9,882

FY2019340

118

FY2020

FY2021

Net sales

FY2022

FY2023(Millions of yen)

446

1.4%

179

FY2019485

485

FY2021

212

251

FY2022

FY2023(Millions of yen)

632

FY2020

FY2021△151

Segment profit
228

174

FY2020

FY2021459

FY2019Asset Management Business

FY2020

Segment profit

28.1%
FY2019FY2023(Millions of yen)96
FY2020

493

477

349

FY2019Although we began renting new properties in the property rental business,the volume of solar power generated was down. As a result, segment net
sales were on a par with the previous year at 485 million yen (down 0.1% year
on year). Segment profit was up 1.3% to 266 million yen due to lower expenses.

(Millions of yen)

997

45.2%

High Pressure Gas Transport BusinessIn the chemical transport business, transport demand in Japan was down but
net sales increased due to factors such as improved profitability in overseas
transport and the impact of a weaker yen. Sales were down in the containertransport business, reflecting the impact of suspended freight train service
caused by natural disasters. As a result, segment net sales were 9,882 million
yen (up 3.6% year on year), and segment profit was 632 million yen (up 37.6%).

(Millions of yen)

15,374681

FY2019Although LNG and hydrogen transport increased on the back of newtransport demand, net LPG transport sales were roughly unchanged fromthe previous year at 8,870 million yen (up 0.1% year on year), due to a drop in
demand and other factors. Segment profit was down 65.3% year on year to
118 million yen due to higher expenses such as fuel and personnel costs.

16,612

FY2022

FY202366

60

FY2019FY2020

FY2021

FY2022

FY2023(Millions of yen)

263

266

FY2022

FY2023

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Company Information

Business Profile

BUSINESSESOil Transport BusinessThis business transports gasoline, kerosene, crude oil, and many other petroleum products
using railroad tankers and tanker trucks in addition to managing petroleum product supply
and storage base operations.

Railroad Tank Car Transport
Reducing CO2 Emissions

Large Volume Railroad Tank Car Transport

Protection of Lifelines

When considering the transport of cargo, rail transport
can be seen to be much better for the environment
than other transportation systems. The CO2 emissions
from rail transport are roughly one-tenth that of
freight vehicles and about half that of cargo ships.
Although truck transport is an indispensable partof modern-day oil transport, incorporating railtransport effectively can make transportation thattakes our environment into account possible.

JOT strives to develop and expand the stock of tankcars available for large-volume transport as theindustry pursues greater efficiency in the transport ofoil due to a lack of commercial drivers. We have beenpromoting increases in capacity and speed ever sincethe 35-ton tank railcar was developed jointly with thethen-Japanese National Railways in 1966. Aiming foreven higher capacity and faster speed, JOT developed
the Taki 1000 in 1993 as the first high-speed freighttank car. This innovation enabled a 95 km/h maximum
speed using a 45-ton tank car. In 2021, the productionof the Taki 1000 exploded
to 1,000 railway cars,
which was a milestonecelebrated by commemoratively wrapping the
1,000th rail car.

To maintain the lifeline for the Tohoku region, which
experienced a severe fuel shortage following the 2011
Great East Japan Earthquake, we provided rail transport starting one week after the incident from the
Kanto area to Morioka by way of Akita and Aomori. We
also operated temporary oil trains as far as Koriyama
by way of Niigata. At the same time, we conducted aidtransport via tanker
trucks from the Niigata andAkita regions toward the PacificAomoricoast of the Tohoku area.

CO2 emissions by transport volume (freight)
Freight
vehicles216

Marinevessels43

Eco-Rail Mark
Trains21

CO2 emission intensity [g-CO2/tons per km] (fiscal 2021)

When a company or product is certified as
actively making an effort to utilize environmentally friendly rail freight transport,
the Eco-Rail Mark label is attached tothat product or catalog. As an “Eco-RailMark Supporting Company” involved withthe transport of Eco-Rail Mark certified
products and the transport of products
for Eco-Rail Mark certified companies, weare helping to popularize the Eco-Rail Mark certification.

Morioka Oil
Terminal
Morioka

Akita

SakataSendaikitako

Round-abouttransportation routes

Sendai Oil
RefineryNiigataRail transport
Travel route to Morioka
Travel route to Koriyama
Normal travel route

Aizuwakamatsu

Koriyama Oil
Terminal
Koriyama

Motor transport
Main delivery area

Negishi

Negishi Oil
Refinery

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JOT Report 202308 08

Oil Transport Business
Tanker Truck Transport
Oil Tanker Truck Transport
Prioritizing Safety
JOT started motor transport immediately after its
founding in 1948. Our fuel oil transport always prioritizes safety to execute operations as “the face of ourcustomers” while driving on public roads. Not only do
we install safety equipment on the vehicles we use,
but we also carry out thorough maintenance on
vehicles within the JOT Group and conduct model
driver training in areas such as driving etiquette aswell as life-saving knowledge that will allow ourdrivers to take the initiative in rescue operations
in case of an accident.

ENEX

JK Trans

Hokkaido Branch Office(Kitahiroshima)

Hachioji Sales Office(Hachioji)

Sales Department(Kawasaki)

Tomakomai Sales Office(Tomakomai)

Ichihara Sales Office(Ichihara)

Kawasaki Sales Office(Kawasaki)

Tohoku Branch Office(Sendai)

Kashima Sales Office(Kamisu)

Negishi Sales Office(Yokohama)

Aomori Sales Office(Aomori)

Chubu Branch Office(Nagoya)Ichikawa Sales Office(Ichikawa)Akita Branch Office (Akita)

Yokkaichi Sales Office(Yokkaichi)

Goi Sales Office (Ichihara)

Shonai Sales Office(Yuza, Akumi)

Oigawa Sales Office (Yaizu)

Tsuchizaki Sales Office(Akita)West Japan Branch Office(Takaishi)

Niigata Branch Office(Seiro, Kitakambara)

Mizushima Sales Office(Kurashiki)

Kashima Sales Office(Kamisu)

Joetsu Sales Office (Joetsu)
Nuttari Sales Office(Niigata)
Kanto Branch Office(Ichikawa)
Kawasaki Sales Office(Kawasaki)Base Management
Management of Fuel Supply Stations to
Ensure Safe and Reliable Operations
JOT also handles base management for its customers
by providing management services for product supply
and storage bases. While adhering to customer
requirements with the aim of ensuring safe and reliable
operations, JOT handles all supply operations fromreceipt and storage to shipping as well as every
management task, including base maintenance.

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Company Information

Business Profile

BUSINESSESHigh Pressure Gas Transport BusinessThis business transports a wide variety of high-pressure gases, such as Liquefied
Natural Gas (LNG), Liquefied Petroleum Gas (LPG), hydrogen, liquefied oxygen,liquefied nitrogen, and liquefied ammonia.

LNG Transport BusinessThis business is in charge of transporting private, commercial, and industrial Liquefied Natural Gas (LNG) through its own fleet of over 300 LNG tanker trucks throughout
Japan. We hold the top share in LNG transport, which makes up roughly 40% of the transport volume in Japan. JOT not only provides transport by tanker truck but also can
propose intermodal transport services utilizing its expertise in railway car transport. We offer intermodal solutions suitable to the needs of each customer.

LNG Supply Scheme

Initiatives to Safely Transport LNG

In recent years, driven by efforts to realize a carbon-free society, the demand for LNG for use by both consumers
and industry has increased rapidly due to its highly stable price and the relatively low levels of CO2 emissions it
produces when burned, compared with oil or coal. After commencing with the transport of LNG via tanker trucks
in 1984, JOT Group implemented the country’s first tanker container rail transport system for the product in 2000.
We are able to provide intermodal transport utilizing our vast experience amassed over many years and theadvantages of railroads and automobiles. Moreover, in times of emergency such as those following a disaster,
we meet the needs of our customers by offering multiple modes of transportation.

All people involved with the transport of LNG receive
individual, thorough safety education and training thatallows them to always transport the products safely.
The LNG Training Center is part of the JOT Group’s
Ibaraki Sales Office of ENEX, INC. The center’s classroom and practical skill training begins by offering abasic understanding of LNG before conducting regularsafety education for all transport and officer staff
involved in LNG transport operations, which establishes
an all-around safety system.
Education and training are done according to thelevel and number of years of experience of eachindividual. By repeatedly providing this educationand training, we strive to deliver safe transport ona daily basis.

Flow of LNG Railway Car Transportation

LNG Terminal

Destination

Loading

Delivery

Nearest Cargo Station
to Transport Origin

Nearest Cargo Station
to Transport Destination

Flow of LNG Tanker Truck Transport
LNG Terminal

LNG Tanker Truck

Destination

Education Content

https://www.jot.co.jp/en/
service/gas/

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JOT Report 202310 10Company Information

High Pressure Gas Transport BusinessHydrogen and Other High-Pressure Gases
Hydrogen Transport
The JOT Group is involved in the trailer truck transport of compressed hydrogen and the operation of mobilehydrogen stations as a way to facilitate greater energy efficiency and the use of hydrogen as a green energy withzero CO2 emissions when burned.
As efforts continue to ramp up quickly toward a carbon-free society, JOT will play a leading role in the transportof new energies by capitalizing on our expertise backed by proven results in the transport of a variety ofhigh-pressure gases.

Transportation Scheme

Hydrogen andOther High-Pressure Gas
Transport Area
Ishikari Sales OfficeHydrogen (Fixed-type)Hydrogen (Mobile-type)
LPG
Oxygen, Nitrogen, and Argon
Liquefied Ammonia andTrimethylamine

Flow for Transporting Compressed Hydrogen
via Trailer Trucks

Transportation and Sales Flow of Mobile
Hydrogen Stations

In the Kanto, Chubu, and Kyushu regions, we handle the
distribution of hydrogen to stationary hydrogen stations,which is contributing to widespread infrastructure offering
broader access to hydrogen.

In the Kanto region, we not only handle the distribution ofhydrogen to mobile hydrogen stations but also engage insales efforts targeting local customers, which is contributing
to more widespread use of Fuel-Cell Vehicles (FCV).

Akita Branch Office

Tohoku Branch OfficeNiigata Branch Office

H2 GasCompression Storage

Plants andRefineriesCompressed
Hydrogen Trailer

Destination

Kashima Sales Office
Chubu Branch Office

Cooling

HydrogenHydrogen
Plants andRefineries

HydrogenSupply H2 Gas
StationKyushu Sales Office
H2 GasOther High-Pressure Gas Transport
The JOT Group handles the transport of many different high-pressure gases
besides LNG and hydrogen, such as Liquefied Petroleum Gas (LPG), liquefied
oxygen, liquefied nitrogen, and liquefied ammonia. These high-pressure gases
support a variety of industries, whether iron and steel, automobiles, or even foodand medicine.

Hachioji Sales
OfficeKawasaki
Sales Office
Isogo Sales
OfficeKanto
BranchOfficeIchihara
Sales Office
Sodegaura
Sales Office 2

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Company Information

Business Profile

BUSINESSES

Chemical Transport BusinessThis business provides leasing as well as intermodal shipping services for various ISO tankand other containers for transporting various liquid and powder chemicals, foods andother products. The intermodal shipping service expands our transport services fromJapan to 11 other Asian nations.

Domestic Chemical Transport BusinessThis business capitalizes on knowledge accumulated over more than half a century to execute various tank container rental (leasing) services to transport substances inliquid/powdered form, such as various chemical and food products. We are also developing total contract services handling everything from building transport schemes toarranging orders and processing transport payments.

A Wide Variety of Containers for Chemical Products

Domestic Transport Services

To meet the broad transportation needs of today, we own over 7,000 containers with a number of different characteristics. We have put together a prompt delivery system for our ISO tank containers by maintaining accurate
inventory control. Our order-made containers are fabricated newly just for you to handle cargo with uniquecharacteristics in addition to containers for beaded substances, IBC’s (medium-sized tank containers with acapacity of 1,000L) and various other options.

We take care of everything—from setting up transportsystems with the optimal combination of railroads,
automobiles, and ships all the way through making
the arrangements for daily orders and squaring up
accounts. JOT Group is proud to offer this “one-stop
service” built on our nationwide distribution network
and a wealth of experience cultivated over many years.
Service flow
Shipping
locations Collection

ISO Tank Container Lineup (Japanese only)

Customer

Safety specifications

Maintenance

JOT’s ISO tank containers
are designed with maximum priority on safety
and are standard equippedwith protective corrugatedBaffle plate
sheets and walk boards
around the entire perimeter.

We also offer maintenance services such as cleaning
and repair through collaboration with other companies
across the country.
Walk boards

Maintenance Locations
Tokyo, Kawasaki, Chiba, Kashima, Nagoya, Kobe,
Tokuyama, Kitakyushu

JOT

Order
contact

Settlement
Notification of delivery date
Delivery and container
return notification

Marine transport

Order contact

Neareststation(port)
Rail transport

Safety is Our Top Priority

OriginDelivery confirmation, shipping/arrival date notification

https://www.jot.co.jp/assets/pdf/service/chemicals/pamphlet_comparison.pdf

Destination

Nearest station(port)

Deliverydestination Delivery

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JOT Report 202312 12

Chemical Transport Business
International Chemical Transport Business
JOT Network Area map

Transportation Flow

Safety Specifications

We achieve smooth transportation by way of our network of on-site distributors and depots in ten different
Asian countries in addition to branches throughout
Japan and Singapore.

Our ISO containers are compatible with a variety oftransportation methods by railway cars, trucks, andeven ships. We provide door-to-door transportation inline with customer needs.

The top of containers are equipped with runningboards to ensure cargo is loaded and unloaded safely.
These running boards come in two types: single side
E-shaped running boards and all-round running boards.

CHINA

29
6

locations

66
11

7

locations

Total:
locationscountries
and regions(as of June 2023)

7
2

Arrival Depot(Site Prepared for Container)

Pick-up

DeliverJAPAN
locationsCustoms

Nearest Cargo Port
to Transport Origin

Other
East Asia

INDIA

Departure Depot(Site Prepared for Container)

Customs

Nearest Cargo Port toTransport Destination

locations incountries
and regions

Southeast
Asia

17
6

locations incountries

Transportation
Quality
We have put in placecleaning and preparation
bases in eleven countries
in a comprehensive
system to provide quality transportation. Moreover,third-party agencies that guarantee the quality ofcleaning inside of tanks after transport always issue
cleaning certificates.

ISO Tank Containers
JOT has prepared 2,000 ISO tank containers (with a capacityof 25,000L) to immediately address any transportation needs.
We have put together a prompt delivery system within our
network area by maintaining accurate inventory control.
Our ISO tank containers for domestic transport alsosatisfy the standards forinternational transport.
We also provide neworder-made containers
fabricated based on thecharacteristics of the cargo.

ISO Tank Container Lineup (Japanese only)
https://www.jot.co.jp/assets/pdf/service/chemicals/pamphlet_comparison.pdf

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Company Information

Business Profile

BUSINESSES

Container Transport BusinessThis business provides leasing services that include refrigerated containers thatfacilitate rolling stock and truck transport of perishable goods and other items
requiring temperature control.

Framework for Transporting
Containers by Rail
Freight forwarding companies become the contact
point for customers (shippers) in the rail freighttransport system to pick up (collect) and deliver
freight using trucks hauling containers for rail freighttransport to the closest freight terminal. Japan
Freight Railway Company (JR Freight) transports thecontainers loaded onto freight trains to a freightterminal closest to the destination. Upon arrival, thefreight forwarding companies deliver the containers
loaded back onto trucks to their destination.

Benefits of Rail Freight Transport
Highly efficient, low-cost transport of a large
volume of freight
Rail freight transport enables large-volume transport witha minimal staff, which can offer larger transport cost reductions
over longer distances in addition to helping alleviate concerns
about the lack of long-distance truck drivers.

Contribution to reduction of environmental impact
Rail freight transport produces about one-tenth of the CO2
emissions than that of trucks and about half that of coastalcargo ships, which makes it an eco-friendlier means of transport
than the various other transportation methods.

Containers to Meet a Wide Variety of Demands
Among rail transportation containers, we offer refrigerated containers ideal for both temperature-controlled
freight and general freight. We also offer both rental and leasing systems for containers.

Refrigerated containers

Rental system

These containers take advantage ofinsulation materials for cold/heatperformance as an ideal means totransport produce and other items
requiring temperature control.

Provides each freight forwarding company with various
container options made available at freight terminals basedon demand according to customer freight transport orders(companies return the containers at a freight terminal
closest to the destination after delivery).

Reinforced refrigerated containers
These containers take advantage
of a vacuum insulation panel forhigher thermal insulation than
refrigerated containers as an idealmeans to transport items requiring
even stricter temperature control.

Collection

Rental system

Transport fromfreight terminal

Delivery

ReturnFreight terminal closest
to pickup

Freight terminal closest
to destination

Dry containers

These containers for the transportof delivery packages and othergeneral freight have a capacity
equivalent to that of a 10-ton truck.

Leasing system

Provides shippers and freight forwarding companies a way to freely use specialized containers (various wrapping is alsoavailable) throughout the term of a lease.
Meeting
We visit ourcustomers to confirm
specifications andother needs.

Estimate

Specification
approval/order

Container
construction/
wrapping
We notify the
manufacturer about
the container
construction.

Various JR
Freight
procedures
We handle all thenecessary
procedures.

ContainerdeliveryWe deliver thecontainer to thelocation specified by
the customer.

Start of freighttransport

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JOT Report 202314 14

Business Profile

BUSINESSES

Asset Management BusinessThis business operates the property rental business to actively capitalize on former
office and business lots as well as other properties it owns in addition to four solar power
generation stations throughout Japan.

Property Rental Business
JOT operates the property rental business to actively capitalize on former office andbusiness lots and other properties it owns.
Property rentals cover a wide genre of applications from offices, shops, apartments
and condominiums to parking lots and motorcycle garages.
We aim to take this business to the next level in the future while properly andeffectively utilizing management resources.

Solar Power Generation Business
The JOT Group has been responsible for part of the domestic energy supply that
supports the industries of Japan as well as the daily lives of its citizens bytransporting petroleum products and high-pressure gases such as LNG.
In 2013, we entered the solar power generation business as one eco-friendly
renewable energy to effectively use properties that JOT
owns. Today, we operate four solar power stations
around Japan.
JOT will contribute to the development of a sustainable
society as a corporate conglomerate with a social duty
to supply the energy essential to economic systems.

Solar Power
Stations
Houses for rent (left: Shibuya-ku, Tokyo; right: Meguro-ku, Tokyo)

Parking lots with motorcycle garages (left: Nishinomiya, Hyogo; right: Konohana-ku, Osaka, Osaka)

JOT Solar Station
MuroranJOT Solar Station
Koriyama

JOT Solar Station
KamisuJOT Solar Station
Gamagori

Date,
Hokkaido

Koriyama,
Fukushima

Kamisu,IbarakiGamagori,
Aichi

Power output

50kW

591kW

2,141kW

627kW

By typical home
usage

20
households/year200
households/year800
households/year200
households/year

Location

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Financial Review
Results

Liabilities were 14,214 million yen, down 29 million yen

OutlookIn fiscal 2023, social and economic activities continued tofrom the end of fiscal 2022. Although income taxes payable

Looking ahead, we expect economic and social activities toreturn to normal in Japan despite the lingering impact ofand retirement benefit liabilities increased, notes andreturn to normal in Japan, boosting the economy, but harbor

COVID-19, but the economic outlook remained uncertain

accounts payable–trade were down, while we made progressconcerns about the ongoing impact of the Russia-Ukraine

amid the prolonged Russia-Ukraine conflict and the impact

in drawing down lease obligations. Net assets were 22,589

conflict and slowdowns in overseas economies, among otherof sudden fluctuations in foreign exchange rates. In terms

million yen, an increase of 1,183 million yen from the end ofthings, which cast uncertainty over the outlook. We alsoof the Group’s business environment, transport demandfiscal 2022. This reflected an increase in retained earnings

expect continued challenges in the business environment

has gradually recovered, but soaring energy anddue to the recording of profit attributable to owners offor the Group, stemming from soaring prices caused by

raw-material prices continue to pose challenges. In theseparent, as well as an increase in the valuation difference on

factors in Japan and abroad and the resulting slump in

conditions, to achieve our medium-term management plan

available-for-sale securities. As a result, the equity ratio

transportation demand. The Japanese government will also

(fiscal 2022–fiscal 2024), while working to prevent COVID-19

rose 1.4 points from the end of fiscal 2022 to 61.4%.

apply a cap on overtime work for the logistics industry ininfections, the Group sought to maintain safe, stable transport services, secure earnings and boost productivity in our
mainstay businesses, enhance profitability in the overseas
transport business, and capture transport demand relating
to a carbon neutral society. As a result, net sales for the year
were 35,128 million yen (up 2.5% year on year), operating
income was 1,511 million yen (up 3.6%), ordinary income

Cash Flow
Cash flows from operating activities
Net cash provided by operating activities was 4,674 million yen(4,668 million yen in fiscal 2022). This was mainly due to profit
before income taxes of 1,830 million yen, depreciation of 3,685
million yen, and income taxes paid of 524 million yen.

was 1,794 million yen (up 10.1%), and profit attributable to2024, which raises concerns about further commercial
driver shortages. In fiscal 2023, the second year of our
medium-term management plan, profits fell short offorecast amid adverse business conditions. In fiscal 2024,
the final year of the plan, we will do our utmost to achieve
our targets while continuing to ensure safe, stable transport
services based on the policies and action plans for eachbusiness outlined in the plan. We will also continue toCash flows from investing activities

pursue forward-looking initiatives, including realizing clean

Net cash used in investing activities amounted to 1,009 million
yen (2,252 million yen used in fiscal 2022). This was mainly due
to 1,094 million yen spent on the acquisition of machinery andequipment as well as buildings and structures, which offset
proceeds from the sale of property, plant and equipment.

logistics and creating new businesses, as well as securingof 1,702 million yen. This was mainly due to an increase in

Cash flows from financing activities

transport company.

cash and deposits. Property, plant and equipment decreased

Net cash used in financing activities amounted to 2,048 million

by 548 million yen from the end of fiscal 2022 to 25,672

yen (1,674 million yen used in fiscal 2022). This was mainly due
to the repayment of finance lease obligations of 2,026 million
yen and cash dividends of 264 million yen, which offset sales
and leaseback proceeds of 269 million yen.

owners of parent was 1,227 million yen (up 12.8%).

Financial Position
Total assets at the end of fiscal 2023 were 36,803 million
yen, an increase of 1,154 million yen from the end of fiscal
2022. Current assets were 11,131 million yen, an increase

million yen, due mainly to progress in depreciation ofmachinery, equipment and vehicles, and leased assets.

commercial drivers by enhancing employment conditions.
At the same time, we will seek to practice ESG management
and establish a robust earnings base and stable financial
structure, aiming to become Japan’s number-one energy

JOT Report 2023

Commitment of Top Management

Ten-Year Summary

Financial Information

Business Profile

JOT Report 202316 16Company Information(Consolidated)(Millions of yen)

FY2014

Net sales

31,012FY201530,452FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY202330,92130,96032,951

34,24034,32632,341

34,26235,128
1,511

Operating income

770

732

994

1,150

1,224

1,009

1,303

1,357

1,458

Ordinary income

1,054

1,022

1,298

1,467

1,467

1,315

1,699

1,516

1,630

1,794

810

570

786

1,014

1,037

831

1,115

915

1,088

1,227

Total assets

27,031

28,53330,19832,26034,111

33,27933,30135,39635,64936,803

Net assets

16,16016,534

16,754

17,91919,163

19,11019,24020,693

21,406

22,589Net cash provided by operating activities

3,944

4,407

4,371

4,115

4,223

3,547

5,143

5,064

4,668

4,674

Net cash used in investing activities(1,708)(2,595)(3,098)(2,356)(2,979)(3,150)(3,076)(2,418)(2,252)(1,009)Net cash used in financing activities(2,052)(1,331)(462)(1,327)(691)(1,213)(1,589)(1,101)(1,674)(2,048)

583

1,067

1,878

2,311

2,856

2,046

2,546

4,084

4,828

6,456

Capital expenditures

3,100

5,076

4,758

4,212

4,337

5,272

4,467

3,799

3,429

2,863

Depreciation and amortization

Profit attributable to owners of parent

Cash and cash equivalents at end of year

3,325

3,442

3,478

3,416

3,471

3,662

3,952

4,042

3,951

3,685

Operating margin (%)

2.5

2.4

3.2

3.7

3.7

2.9

3.8

4.2

4.3

4.3

Ordinary income to sales ratio (%)

3.4

3.4

4.2

4.7

4.5

3.8

5.0

4.7

4.8

5.1

Net income ratio to net sales (%)

2.6

1.9

2.6

3.3

3.2

2.4

3.3

2.8

3.2

3.5

Shareholders’ equity ratio (%)

59.8

57.9

55.5

55.5

56.2

57.4

57.8

58.5

60.0

61.4

ROE (%)

5.1

3.5

4.7

5.9

5.6

4.3

5.8

4.6

5.2

5.6

ROA (%)

3.0

2.1

2.7

3.2

3.1

2.5

3.4

2.7

3.1

3.3

Net income per share (yen)244.78172.36237.82306.65313.52251.43337.31276.85329.19371.20Net assets per share (yen)4,882.87

4,996.42

5,063.51

5,416.42

5,792.20

5,776.53

5,816.28

6,255.63

6,471.44

6,829.33

Cash dividends per share (yen)

7.00

7.00

9.00

44.00

80.00

80.00

80.00

100.00

80.00

90.00

Payout ratio (%)

28.6

40.6

37.8

26.1

25.5

31.8

23.7

36.1

24.3

24.2

Price earnings ratio (times)

9.6

14.3

9.8

8.3

10.3

11.4

7.9

9.8

8.1

6.5

Price book-value ratio (times)

0.5

0.5

0.5

0.5

0.6

0.5

0.5

0.4

0.4

0.4

1,335

1,376

1,403

1,396

1,451

1,494

1,551

1,499

1,491

1,518

Number of employees* We applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) starting in fiscal 2022. Key management indicators and other figures for fiscal 2021 are restated retroactively.
* We changed our method of displaying figures in fiscal 2022. Key management indicators and other figures for fiscal 2021 have been reclassified to reflect the changes.
* We carried out a 10-for-1 stock consolidation with October 1, 2016 as the effective date. Annual dividends for fiscal 2017 reflect the sum of an interim dividend of 4.0 yen and a year-end dividend of 40.0 yen.

JOT2023
Report 2023
17 Report
JOT

Commitment of Top Management

Company Overview

Business Profile

Financial Information

17

Company Information(As of March 31, 2023)

Japan Oil Transportation Co., Ltd.
FoundedMarch 27, 1946

Main Office

16F, Tokyo Gate City Osaki West Tower, 1-11-1 Osaki, Shinagawa-ku, TokyoTEL+81-3-5496-7671 (Main)

FAX+81-3-5496-7856

URL

https://www.jot.co.jp/en/

Capital1,661,467,500 yen

Principal shareholders

ENEOS Holdings, Inc.

Primary Banks

Sumitomo Mitsui Banking Corporation; MUFG Bank, Ltd.; Mizuho Bank, Ltd.

Business Details• Railroad tank car transport and truck transport of petroleum products(gasoline, kerosene, etc.)• Rail container transport, truck transport, and composite integrated transportof high-pressure gases (LNG etc.)• Rail container transport, truck transport, and both domestic and international
composite integrated transport of petrochemical products; leasing of various
types of containers• Rental and leasing of railroad-use containers such as insulated andrefrigerated containers• Property rental business• Solar power

Hokkaido Branch Office

Singapore Branch Office

Tohoku Branch Office

Main Office
Kanto Branch Office
Chubu Branch OfficeKansai Branch Office
Kyushu Branch OfficeJOT Report 2023

Commitment of Top Management

Corporate GroupTEL
URL

Financial Information

Company Information

JOT Report 202318 18(As of March 31, 2023)

ENEX, INC.
FoundedMain OfficeBusiness Profile

Business Details
April 1964
16F, Tokyo Gate City Osaki West Tower, 1-11-1 Osaki,
Shinagawa-ku, Tokyo
+81-3-5759-6701 (Main)(Japanese only) https://www.enex-jot.co.jp/

new J’s Co., Ltd.

• Cargo truck transport of petroleum, high-pressuregases, chemical products, etc.
• Collection and transport of industrial waste• Freight forwarding• Management and operation of petroleum,high-pressure gas, and other storage facilities• Rental of cargo trucks• Truck overhaul• Disaster prevention services for petrochemicalcomplexes• Container and accessory screening services forhazardous materials and high-pressure gases• Property rental business• Solar power

Kinki Oil Transportation Co., Ltd.
FoundedMain Office
TEL
URL

February 1962
1-20 Amagasuka-Shinmachi, Yokkaichi, Mie+81-59-363-2500 (Main)(Japanese only) https://kinseki.co.jp/

Business Details• Cargo truck transport of petroleum, high-pressuregases, chemical products, etc.

JK TRANS Co., Ltd.

NICHIYU Co., Ltd.

FoundedMain Office
TEL
URL

October 1960
3-2-15 Ogoso, Yokkaichi, Mie+81-59-349-1800 (Main)(Japanese only) https://newjs.co.jp/

FoundedMain Office
TEL
URL

August 1948
1-5 Tanabe Shinden, Kawasaki-ku, Kawasaki+81-44-328-6625 (Main)(Japanese only) https://www.jktrans.co.jp/

FoundedMain OfficeBusiness Details• Transport of latex and other chemicals as well as
LNG and other high-pressure gases• Inspection/servicing of large vehicles and container
repair and repainting

Business Details• Cargo truck transport of petroleum gases, chemical
products, etc.

TEL
URL

Business Details

Kanto Auto Maintenance K.K.

Akita Oil Kichi Disaster Prevention K.K.

FoundedMain Office
TEL
Business Details

FoundedMain Office
TEL
Business Details

April 1997
2554-84 Hongyo Toku, Ichikawa (Inside ENEX INC. Kanto Branch Office)+81-47-396-9033 (Main)• Truck overhaul• All other incidental services related to above

November 1957
16F, Tokyo Gate City Osaki West Tower, 1-11-1 Osaki,
Shinagawa-ku, Tokyo
+81-3-6880-5770 (Main)(Japanese only) https://www.jot.co.jp/company/
group03/• Sale of petroleum products• Sale and lease of equipment and raw materials to
oil-related companies• Handling of all types of insurance

October 1984
7-4 Hamanashiyama, Sozen-machi, Chizaki-Minato, Akita+81-18-845-9127 (Main)• Firefighting and disaster prevention services for Akita-based petrochemical complexes andother special disaster prevention areas• All other incidental services related to above