sbs the years ahead, sbs group will support growth from every perspective as its clients’ best...
TRANSCRIPT
1
Mission Statement
Contributing to the profit generation of clientsas a “business infrastructure provider”
Forward-lookingstatement
The information contained in this document concerning operating results projections and descriptions other than objective facts is based on judgments
made using information available to SBS Group as of the date this document was prepared, and includes various risks and uncertainty factors. SBS
Group cautions investors against relying solely on these descriptions when judging an investment in SBS Group. Investors should recognize there is a
possibility actual operating results may vary from the operating results projections described in this document due to various factors, including the
economic environment surrounding the businesses of SBS Group, market trends and exchange rates.
Since its foundation in 1987, SBS Group has proclaimed “business
infrastructure provider” as its business concept and delivered a wide
range of services that meet diversified customer needs. This business
concept signifies that SBS Group provides superior business infrastructure
(incidental operations) that enables our clients to concentrate on the core
competence (main business) that is the source of their competitive edge,
and in the future, we will expand our service areas to encompass every
SCM (supply chain management) operation.
In the years ahead, SBS Group will support growth from every
perspective as its clients’ best partner.
•The cluster of basic functions that enable a company to
concentrate on creative activities in the core competence
that is the source of its competitive dominance.
•The specialized operations that form a common basis
for business development or operations that require
highly cost-efficient activities.
Workflow accelerates(Streamlining and optimization of operations)
Corebusiness
Core business
Business infrastructure is...
2
Message to Shareholders and Investors
On behalf of SBS Group, I would like to express our appreciation for
the exceptional encouragement we have received during the past year.
It is with pleasure that I present this report for SBS Holdings, Inc. for
the 23rd Business Period (from January 1, 2008 to December 31, 2008).
During the fiscal year under review Japan’s economy entered a
recessionary phase. Prices for crude oil and other raw materials and
the cost of certain grains jumped sharply, and the subprime loan
problem in the United States, which had been a source of growing
concern, triggered a global financial crisis that spread to the real
economy. A rapid cooling of the markets in Japan was evident in the
latter half of the fiscal year.
In our logistics business as well, difficult circumstances continued.
In addition to the steep rise in the price of fuel, which accounts for a
large percentage of our costs, the slump in demand expanded. This
included a decline in the movement of goods, which resulted from
lower personal consumption and the deterioration of corporations’
operating results.
Faced with this operating environment, SBS Group sought to further
expand orders through service upgrades and aggressive marketing
development. We simultaneously pursued measures that included
quality and efficiency improvements based on operational improvement
activities, withdrawal from unprofitable operations, review of our branch
offices, and the restructuring of certain group companies. Nevertheless,
factors such as high fuel prices that exceeded our assumptions and
the cancelation of a logistics facility liquidation project because of
the financial contraction compelled us to review our initial plans.
As a result of the above factors, consolidated net sales and earnings
for the current fiscal year fell below the level in the prior fiscal year (for
details please see the Review of Operations on page 10).
By any measure, it was a challenging year for SBS Group. In the year
ahead, we look forward to continuing to receive your unwavering support.
Masahiko KamataPresident, SBS Holdings, Inc.
3
Interview with the President
Regrettably, net sales and earnings for the current
fiscal year did decline. Factors such as a large-scale
real estate asset liquidation project in our financial
business in the prior fiscal year, and the sale of a consolidated
subsidiary, resulted in a net sales decline of more than ¥10 billion.
Ultimately we were able to minimize this decline to ¥7.6 billion
because of positive factors resulting from our business efforts.
Substantively, net sales for the current fiscal year were higher.
On the other hand, although we had planned for a 40% decrease
in operating income and ordinary income as a result of the same
factors that affected net sales, earnings were further depressed
because of the sharp rise in fuel costs and the cancellation of
a real estate asset liquidation project because of the global
financial contraction, and earnings experienced a much broader
decline. We also reported a loss on valuation of investment
securities, an impairment loss in conjunction with a review of
our businesses, as well as extraordinary losses as a result of
pursuing streamlining efforts, including withdrawal from unprofitable
operations and the unification and reorganization of branches, all
of which resulted in substantially lower net income. These were
one-time losses, however, and our actions also included positive
measures that will produce higher earnings in future periods.
We can further explain recent operating performance by
looking at our businesses centered on logistics and our financial
business. Operating results in the financial business are susceptible
to facility development trends and market conditions. The changes
in operating results are shown as a graph in Figure 1. The
orange line branching off in a downward direction shows
operating income excluding the financial business. As you can
see from this graph, even though earnings vary considerably,
our businesses centered on logistics are expanding steadily.
The operating results of SBS Group for the current fiscal year deterioratedcompared with the prior year. What were the reasons?
A
Q
Change in net sales and operating income
160
140
120
100
80
60
40
20
0
(billions of yen)Net sales
8
7
6
5
4
3
2
1
0
(billions of yen)Operating income
2004
45.1
89.3
142.6 147.1139.4
2005 2006 2007 2008
Net salesOperating incomeOperating income (excluding financial business)
Change in operating incomeexcluding financial business
0.7 1.5
1.8
6.0
6.8
3.3
2.5
2.2
Light oil market price (national average)
160
140
120
100
80
(yen)
6 7 8 9 101 2 3 4 5 11 12
Japan Trucking Association data2008 (month)
[Figure 1]
[Figure 2]
4
In our financial business, the deterioration in the
financial situation has mainly affected the
property asset management business and the
property development business, particularly for logistics
facilities. Until recently we completed logistics facilities
liquidations at a pace of one or two facilities each year.
During the current fiscal year, however, this business was
buffeted by the severe financial contraction, and one of the
two scheduled projects was canceled. Because customers
use these facilities under long-term contracts, however, our
logistics facilities recover their investment capital steadily in
the form of rents. Worries such as a loss of asset value are
not a problem. Our objective in structuring liquidations is a
lump-sum recovery of the capital investment in logistics
facilities and other structures provided to customers who
have consigned their third-party logistics business to us, by
means of the liquidation technique, in order to invest the
funds in subsequent investments. Because we will continue
to concentrate on strengthening and further expanding our
third-party logistics business, we will develop logistics
facilities as necessary, and determine whether to apply the
liquidation technique after considering financial conditions
at the time. Our policy is to continue utilizing liquidations of
properties we have developed, in order to remain financially
sound. With regard to the next fiscal year, however, we
have not incorporated this activity into our plans because
future financial conditions are difficult to project.
Please discuss the influence of the deterioration in thefinancial situation on SBS Group’s financial business.
A
Q
5
Interview with the President
Although net sales in our logistics business were
off 1.6% year on year, the main reason was the sale
in the prior fiscal year of Duck Co., Ltd., our moving
services subsidiary, which reduced net sales by about ¥3.7
billion. So net sales were up substantively by about ¥1.8 billion,
or 1.6% year on year. In addition, operating income was ¥2,566
million, up 12.2% or approximately ¥300 million year on year.
I believe this reflects the contribution to net sales and
earnings from the full year operation of our newly developed
logistics center, the effects of performance management based
on a review of our earnings management techniques, cost
reductions achieved through consolidation and reorganization
of our branches and the results of operational improvement
activities we initiated three years ago. Although costs jumped
by about ¥450 million during the current fiscal year because
the price of fuel remained at very high (see page 3 Figure 2),
we were able to absorb this and ensure higher earnings. We
evaluate this as just one example of how we have steadily
improved our site capabilities.
As an investment for the next fiscal year, in October of last
year we installed digital tachographs and drive recorders
(see Figure 3) in about 1,000 vehicles, which correspond to
one-third of all trucks and vehicles owned by SBS Group.
Once these devices go into full operation in the next fiscal
year, we can anticipate direct results such as lower fuel costs
and prevention of accidents. We’ll use the information we gain
to build an integrated vehicle dispatching system and improve
delivery efficiency.
What is the reason the logistics business is stable when operating resultsfor SBS Group overall are under pressure?
A
Q
What is a digital tachographand drive recorder?
A digital vehicle operations recorder. Records data
on various operating conditions such as vehicle
speed, engine rotational speed, acceleration and
gear status while running, which can be used to provide
drivers with safe driving instructions. By also applying
the data for energy-efficient driving, an average fuel
cost improvement of 15%* has been achieved.
Digital tachograph
A device that records image and running data before
and after an accident or when a driver’s rapid
acceleration or sudden deceleration could have
caused an accident. Referred to as a flight recorder
when used in aircraft. The advantages of such
recorders include faster accident processing,
fewer accidents, reduced fuel expenses and the
application of data for development of next-generation
safety devices.
Drive recorder
Digital tachograph unit
*Manufacturer test
[Figure 3]
6
The recession caused by the global financial crisis
shows every sign of being prolonged, and we
believe the unpredictable nature of the economic
environment during the fiscal period ending December
2009 will continue. Business conditions are expected to
become even more severe than in the current fiscal year
because of a further drop in demand, requests from
shippers for lower prices and greater competition among
logistics corporations to survive.
Given such circumstances, we intend to challenge these
obstacles and achieve our business plan in fiscal 2009
through five measures (see Figure 4). We will focus most of
our efforts on “strong business development.” In difficult
times, we believe the number of firms undertaking a
fundamental review of management will increase, as
companies seriously strive to resolve management issues
including logistics reform. To capture such demand
accurately, SBS Group has positioned “strong business
development” as its most important policy and will strive
vigorously to develop new customers. Specifically, we will
Please discuss your efforts for the next fiscal year.
A
Q
complete our Noda Logistics Center as a new base in the
spring of 2009, expand our third-party logistics business
for the furniture and household goods retail trades, develop
new customers by establishing a new business specialty
division and using outbound call centers and the Internet,
and develop proprietary training courses and strengthen
our third-party logistics consultant business.
Based on these considerations, for the fiscal year ending
in December 2009 SBS Group is projecting net sales to
decrease 6.7% year on year to ¥130 billion, operating
income to decrease 6.8% year on year to ¥3.1 billion,
ordinary income to decline 7.4% to ¥3.7 billion and net
income to increase 129.2% to ¥2.2 billion.
To improve shareholder value, our policy concerning
dividends is to continue paying stable dividends that are
unaffected by short-term fluctuations in earnings. For the
next fiscal year, we are planning to pay dividends of ¥2,300
per share.
[Figure 4]
2009
Fundamental
policies
Strong businessdevelopment
Objectives
Cost reductions inevery operation
Concentration onemployee training
Strengthen and maintaina sound financial position
Compliance andinternal control
Net sales
Operating income
Operating income margin
¥1,300 billion
¥31 billion
2.4 %
7
Vigorous activities for operational
Changing the way employees think is the essenceof our operational improvement activities, anddevelopment of our human resources is theultimate objective.Through continuous improvement activities, SBSgroup strives to foster the human resources whowill lead the drive for next-generation logistics.
Joined SBS in November 2006. Assumed current position afterserving as a director of Logione Co., Ltd., the logistics subsidiaryof Daiei, Inc. General Manager, TL LOGICOM Co., Ltd.Improvement Headquarters. Assumed the position of Chairman ofthe Logistics Site Improvement and Revitalization Committee atthe Japan Institute of Logistics Systems (JILS) in August 2008.
Profile
Before joining SBS Holdings in November 2006, I served as
a director of LOGIONE Co., Ltd. and as a member of the
Logistics Site Improvement and Revitalization Committee
at the Japan Institute of Logistics Systems. While serving in
the latter capacity, President Kamata expressed his desire
to use “Improvement” as a core theme to reinvigorate SBS
Group and strengthen its logistics center capabilities, and
asked whether I would cooperate with that effort.
Because I was coordinating the logistics strategy for
Daiei, Inc., the offer stirred my interest, but there was one
condition for me to join the Company. That was that SBS
establishes a full-time internal improvement management
organization. Undertaking improvement activities can create
resistance from people who rely on traditional ideas and
techniques. Individuals responsible for improvement cannot
create a path forward if he or she holds concurrently other
posts, because improvement requires rejecting current
conditions and attempting a new approach. Based on
these discussions, SBS Holdings created the Improvement
Supervisory Department.
The essence of “Improvement” is a change in our way of
thinking. By accumulating personal transformations, we
change the optimal way we perform our work. Such change,
however, must not be transitory. We must maintain our
motivation, retain our intention to improve and continue
challenging ourselves, even when we no longer receive
guidance from the Improvement Supervisory Department
Moreover, the ultimate objective of “Improvement” is
development of our human resources. In 2007 our main effort
was directed at having employees internalize and accept
this basic awareness, and since 2008, we have been making
a full-scale push to foster human resources who are capable
of transforming their work through programs such as
improvement training.
2006 was the First Year of “Operational Improvement” at SBS Group
Change in thinking is the essence of improvement,development of human resources the ultimate objective
Until now
Service improvement requests
Cost reduction requests
Objectives
SBS
Operating incomegrowthPresent customer satisfaction proposals
Firmly establish low-cost operations
Operating incomedeterioration
Improvement activity objectives
Customers
Customers
Michio AmemiyaCorporate OfficerGeneral Manager, Improvement Supervisory Department
8
improvement
Once every six months, SBS Group holds an “SBS Group
Improvement Case Study Meeting” to announce workplace
improvement activities. The fourth meeting was held in
January of this year at Tokyo Big Sight. Ten teams won to
participate in the team selection competition, and the team
from Tohoku Wing Co., Ltd.’s Iwanuma No. 2 Logistics
Center, which worked to improve operating income through
optimal staff assignments, was chosen to receive the
President’s Prize, the First Place award. Individuals from
the mass media also are invited to the meetings, and have
reported the evaluations of the meetings, which indicate
the ideas presented have become increasingly constructive
over time.
One issue, however, is significant. What is important is
whether participants are able to return to their workplaces
and clearly and fervently convey what they learned at the
meetings to other employees in their offices. Because it
aims at increasing operating performance in the workplace,
improvement is meaningless unless every employee,
including part-time and temporary workers, absorbs and
works with an improvement mentality.
Fourth “Improvement Case Study Meeting” held
With economies around the world now slipping into
recession, corporations’ operating results are deteriorating.
While customers who order services from logistics firms are
calling for cost reductions and higher quality service, simply
accepting such requests will not halt the downward trend in
operating income. This means achieving thorough low-cost
operations in each workplace, and upgrading services, are
both necessary to improve earnings.
SBS Group has not adopted a passive stance of waiting for
guidance. We will aggressively propose high-value-added
services while lowering workplace costs by pursuing
improvement activities. I believe this approach will enable
us to develop new business opportunities. As the manager
responsible for SBS Group’s improvement activities, I will
continue focusing on creating an innovative corporate culture
and fostering excellent human resources.
Towards low cost and high quality
Fourth SBS Group Improvement Case Study Meeting Examination results
Ten presentation teams and judges
President’sPrize
Second Place
Third Place
Fourth Place
Fifth Place
Tohoku Wing Co., Ltd. (Foods Lec Group)Iwanuma No. 2 Logistics Center
Sogo Butsuryu System Co., Ltd.KR Imaichi Center
TL Logicom Co., Ltd.Higashi Ogishima Branch
Foods Lec Co., Ltd.Wide Area Transportation Division
TL Logicom Co., Ltd.Machida Branch
EarningsImprovementProject Team
Imaichi Team
TransportationTeam
VehicleDispatch
Team
TransportationTeam
Company Name / Office Team
Improvement of operating incomethrough optimal staff assignments
Improvement in productivity throughincreased efficiency of flat slider work
Enhancement of vehicle managementand efficiency, thorough applicationof 5S and elimination of accidents
Revenue and expenditureimprovements based on improvedloading ratio at Kansai cheese plant
Reduction of delivery costs as a resultof route changes
Theme
Net assets ROE
■Net sales ■Operating income/Operating income margin
■Ordinary income/Ordinary income margin ■Net income
■Total assets ■Net assets/ROE
150,000
120,000
90,000
60,000
30,000
0
(millions of yen)
2008
18,598
2008
2.9
2008
3,325
2008
960
2007
4,054
2006
217
1,197
2004 2005
4,073
2008
108,488
2007
105,913
2006
22,777
79,403
2004 2005
99,587
2007
7,901
20062004 2005
7,911
5.5 5.4
2.4
1.5
663
2,125
20072006
8,720
2004 2005
2.5
26.4
20.9
10.1
15,446
11,853
2007
6,794
2004 2005 2006
668
5,949
1.71.5
4.6
4.2
1,506
200820072004 2005 2006
45,123
89,319
147,097
5.2
139,405
2.4
3,995
142,643(millions of yen) (%)10,000
8,000
6,000
4,000
2,000
0
5.0
4.0
3.0
2.0
1.0
0
(%)6.0
4.8
3.6
2.4
1.2
0
(%)30.0
24.0
18.0
12.0
6.0
0
8,000
6,400
4,800
3,200
1,600
0
(millions of yen)
4,500
3,600
2,700
1,800
900
0
(millions of yen)
120,000
100,000
80,000
60,000
40,000
20,000
0
(millions of yen)20,000
16,000
12,000
8,000
4,000
0
(millions of yen) 19,434
Operating income Operating income margin
Ordinary income Ordinary income margin
9
Financial Highlights
10
Review of Operations
During the fiscal year ended December 2008, Japan’s
economy cooled rapidly in the wake of the global financial
crisis, and business conditions entered a slowdown phase.
As a result, SBS Group strove to upgrade its services and
expand orders, while simultaneously pursuing operational
improvement activities and various measures to review
unprofitable operations. Nevertheless, because of factors
such as high fuel prices that exceeded our assumptions, and
the cancelation of a logistics facility liquidation project
because of the financial contraction, we were compelled to
revise our initial plan.
As a result, for the consolidated fiscal year under review net
sales fell 5.2% year on year to ¥139,405 million, operating
income declined 51.0% year on year to ¥3,325 million and
ordinary income decreased 49.4% year on year to ¥3,995
million. SBS Group also posted extraordinary losses of
¥3,027 million, including a compulsory devaluation of stock
holdings and asset impairment write-downs of business
assets at certain group companies. As a result, net income
was ¥960 million, down 76.3% year on year.
In the logistics business, we focused on new customer
development and measures to strengthen areas where we
possess special advantages, and worked to lower costs by
increasing operating efficiency with improvement activities
and through branch consolidation and reorganization. As a
result, although sales edged down 1.6% year on year to
¥114,894 million, they were substantively ¥1,800 million higher
when the ¥3,700 million decline as a result of the sale of Duck
Co., Ltd. in the prior fiscal year is considered. We achieved
operating income of ¥2,566 million, up 12.2% year on year as
the result of service optimization and cost reductions.
In our marketing business, sales dipped 5.9% year on year
to ¥10,391 million and operating income fell 76.1% year on
year to ¥40 million. Performance was sluggish because of
increasing competition among major firms in the mailing
service business, which accounts for the majority of sales and
earnings in this business area.
In personnel placement, we successfully increased the
number of business offices and created an organization with
29 bases, in order to implement more detailed employment
and support services. We expanded net sales by 20.3% year
on year to ¥7,402 million, and increased operating income
23.0% year on year to ¥483 million.
Sales in our financial business were ¥7,437 million, down
51.0% year on year, while operating income was off 82.7%
year on year to ¥792 million. This reflected the cancellation of
a completed logistics facility liquidation project after the
contract had been signed.
In the information technology business, we continued with
restructuring efforts to restore this business to profitability.
More work remains to be done, however, to return this business
to a profitable structure. In the environmental service business,
resource prices fell significantly. As a result, in these businesses
sales rose 15.8% year on year to ¥1,143 million, and the operating
loss was reduced by ¥23 million year on year to ¥260 million.
The future management environment is expected to remain
severe. Challenges include a decrease in logistics demand,
requests to lower prices and intensifying competition among
firms. To solve the management issues confronting Japanese
firms, including logistics reform, SBS Group will strive by all of its
efforts to develop new customers by positioning “strong business
development” as its most important management policy.
For the consolidated fiscal year ending December 2009, we
project net sales of ¥130,000 million, operating income of
¥3,100 million, ordinary income of ¥3,700 million and net
income of ¥2,200 million.
Summary of Operating Results
Summary by Business SegmentEarnings Outlook for the Next Fiscal Year
11
Consolidated Financial Statements
2007
Assets
Current assets
Fixed assets
Property and equipment
Intangible assets
Investments and others
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Valuation/translation adjustment
Unrealized gains (losses) on available-for-sale securities
Deferred losses on hedges
Stock subscription rights
Minority interests in consolidated subsidiaries
Total net assets
Total liabilities and net assets
45,997
62,490
55,446
544
6,500
108,488
50,123
39,766
89,890
18,999
3,833
5,418
10,535
(787)
(742)
(559)
-
3
338
18,598
108,488
40,655
65,257
55,524
611
9,121
105,913
48,609
37,869
86,479
19,077
3,833
5,418
9,913
(88)
45
45
(182)
3
308
19,434
105,913
2008
Consolidated Balance Sheets(millions of yen)
As of December 31, 2008 and 2007
12
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary losses
Income before income taxes andminority interests in earnings ofconsolidated subsidiaries
Income taxes-current
Income taxes-refund
Income taxes-deferred
Minority interests in earnings ofconsolidated subsidiaries
Net income
139,405
126,844
12,560
9,234
3,325
1,675
1,005
3,995
1,979
3,027
2,947
1,219
-
734
33
960
147,097
130,632
16,465
9,670
6,794
1,975
868
7,901
2,346
2,845
7,403
2,753
(32)
310
316
4,054
2008 2007
6,147
(3,075)
5,002
(0)
8,073
6,753
-
(6)
14,821
2,800
(9,152)
5,853
(2)
(498)
7,242
12
-
6,753
Net cash provided by operating activities
Net cash used in investing activities
Net cash provided by financing activities
Effect of exchange rate changes oncash and cash equivalents
Net increase (decrease) in cash andcash equivalents
Cash and cash equivalents atbeginning of year
Increase in cash and cash equivalentsdue to new consolidation
Decrease in cash and cash equivalentsresulting from exclusion of subsidiariesfrom consolidation
Cash and cash equivalents at end of year
2008 2007
Shareholders’ equity Valuation/translation adjustment
Commonstock
Additionalpaid-incapital
Retainedearnings
Treasurystock
Totalshareholders’
equity
Unrealized gains(losses) on
available-for-salesecurities
Deferredlosses onhedges
Totalvaluation/translationadjustment
Stocksubscription
rights
Minorityinterests in
consolidatedsubsidiaries
Total netassets
Balance at December 31, 2007
Changes of items during the term
Cash dividends
Net income
Acquisiton of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items duringthe term
Balance at December 31, 2008
3,833
-
-
-
-
-
-
3,833
5,418
-
-
-
-
-
-
5,418
9,913
(300)
960
-
(39)
-
621
10,535
(88)
-
-
(787)
88
-
(698)
(787)
19,077
(300)
960
(787)
49
-
(77)
18,999
45
-
-
-
-
(605)
(605)
(559)
-
-
-
-
-
(182)
(182)
(182)
45
-
-
-
-
(787)
(787)
(742)
3
-
-
-
-
-
-
3
308
-
-
-
-
30
30
338
19,434
(300)
960
(787)
49
(757)
(835)
18,598
Consolidated Statements of Income(millions of yen)
Consolidated Statements of Cash Flows(millions of yen)
Consolidated Statements of Changes in Net Assets (millions of yen)
Years ended December 31, 2008 and 2007 Years ended December 31, 2008 and 2007
13
Non-Consolidated Financial Statements
Assets
Current assets
Fixed assets
Property and equipment
Intangible assets
Investments and others
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Valuation/translation adjustment
Unrealized losses on available-for-sale securities
Deferred losses on hedges
Total net assets
Total liabilities and net assets
16,156
32,203
1,310
204
30,688
48,360
21,844
16,678
38,523
10,314
3,833
5,163
2,104
(787)
(477)
(294)
(182)
9,837
48,360
12,787
33,626
1,329
271
32,026
46,413
16,040
18,577
34,617
12,019
3,833
5,163
3,022
-
(223)
(223)
-
11,796
46,413
2008 20072,574
1,561
1,013
582
650
945
-
1,514
(569)
47
(616)
6,063
1,564
4,498
368
434
4,431
231
1,902
2,761
(22)
2,783
Operating revenue
Operating expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary losses
Income before income taxes andminority interests
Income taxes-current
Net income
2008 2007
Shareholders’ equity Valuation/translation adjustment
Commonstock Legal capital
surplus
Totaladditional
paid-incapital
Other retainedearnings Total
retainedearnings
Treasurystock
Totalshareholders’
equity
Unrealizedlosses onavailable-for-sale
securities
Deferredlosses onhedges
Totalvaluation/translationadjustment
Total netassets
Balance at December 31, 2007
Changes of items during the term
Cash dividends
Net losses
Acquisiton of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items duringthe term
Balance at December 31, 2008
3,833
-
-
-
-
-
3,833
5,163
-
-
-
-
-
5,163
5,163
-
-
-
-
-
5,163
3,022
(300)
(616)
-
-
(917)
2,104
3,022
(300)
(616)
-
-
(917)
2,104
-
-
-
(787)
-
(787)
(787)
12,019
(300)
(616)
(787)
-
(1,704)
10,314
(223)
-
-
-
(71)
(71)
(294)
-
-
-
-
(182)
(182)
(182)
(223)
-
-
-
(254)
(254)
(477)
11,796
(300)
(616)
(787)
(254)
(1,958)
9,837
Non-Consolidated Balance Sheets(millions of yen)
Non-Consolidated Statements of Income(millions of yen)
Non-Consolidated Statements of Changes in Net Assets (millions of yen)
Additional paid-in capital Retained earnings
Retained earningsbrought forward
As of December 31, 2008 and 2007 Years ended December 31, 2008 and 2007
14
Corporate Profile & Stock Information
Company name
Representative directorand president
Founded
Capital
Net sales
Head office
Lines of business
Major consolidatedsubsidiaries
Representative director and presidentManaging directorDirector
Full-time auditorAuditor
Total number of shares issuable
Shares outstanding
Trading unit share
Number of shareholders
515,684 shares
130,684 shares
None
4,122
Masahiko KamataKenichi IriyamaFumiaki MiyasakaShin-ichiro WatanabeTamio WakabayashiJuichi YonedaShigetaka ShomatsumotoMasato Takeda
SBS Holdings, Inc.
Masahiko Kamata
December 16, 1987
¥3,833.93 million
¥139.4 billion (for the year ended December 31, 2008)
4-1-3 Taihei, Sumida-ku, Tokyo 130-0012, Japan
Tel: +81-3-3829-2222 (pilot number)
Fax: +81-3-3829-2822
Logistics, marketing, personnel placement, etc.
TL LOGICOM Co., Ltd.
Foods Lec Co., Ltd.
Zentsu Co., Ltd.
SBS Logitem Co., Ltd.
SBS Postway Co., Ltd.
Forward Co., Ltd.
PAM Co., Ltd.
SBS Staff Co., Ltd.
A-Max Co., Ltd.
SBS Finance Co., Ltd.
SOLS Co., Ltd.
Sogo Butsuryu System Co., Ltd.
Major Shareholders
Bord of Directors, and Auditors As of March 30, 2009
The auditors, Shigetaka Shomatsumoto and Masato Takeda are the external auditors.
For requests orinquiries concerninginvestment-relatedinformation or otherinvestment-relatedmatters, please useour website:
NameNumber ofshares held
(shares)
Ratio ofshare held
(%)
Masahiko Kamata
SBS Holdings, Inc.
JP Morgan Clearing Corp-Sec
Hiroshi Date
Jyunichi Ouchi
SBS Employee Holding Association
Japan Trustee Services Bank, Ltd. (Trust account)
Hiroyuki Yoshioka
3E Corporation
The Chase Manhattan Bank N.A. London, SL Omnibus Account
64,128
8,486
4,441
3,502
3,094
2,870
2,213
1,889
1,560
1,209
49.07
6.49
3.39
2.67
2.36
2.19
1.69
1.44
1.19
0.92
Distribution of Shares by Type of Shareholder
Distribution of Shares by Number of Shares held (shares)
Financial instruments firms798 shares0.24%
Less than 50
50,000 or more
Less than 100
Less than 10,000
Less than 500
Less than 1,000
Less than 5,0008,486 shares
0.02%
64,128 shares0.02%
17,716 shares97.0%
21,778 shares0.22%
3,630 shares0.12%
11,451 shares1.33%
3,495 shares1.29%
Treasury stock
Private individuals and others
8,486 shares0.02%
101,733 shares97.11%
Financial institutions5,772 shares
0.3%
Other institutions
Foreign institutions9,530 shares0.78%
4,365 shares1.53%
Corporate Profile As of December 31, 2008 Stock Information As of December 31, 2008
http://www.sbs-group.co.jp/english/ir/
Our Website