Building an international brand as a global provider of SCM logistics services,
Vantec is your value-creating logistics partner for a new era.
This annual report is printed on recycled paper with soy ink.
Printed in Japan
For the year ended March 31, 2009
VANTEC CORPORATION
ANNUAL
REPORT
2 0 0 9
VANTEC CORPORATION
Yokohama Hanasaki Bldg., 6-145, Hanasaki-cho, Nishi-ku,
Yokohama, Kanagawa, 220-0022 Japan
TEL: +81-(0)45-410-1741 / FAX: +81-(0)45-312-2537
Ocean Freight
Land Transportation
Air Freight

This annual report contains forward-looking statements that describe the Company’s future prospects in terms of business planning, earnings and management strategies. Such statements are based on management’s judgment, derived from information available to it at the time such information was prepared. Readers are cautioned not to rely solely on these forward-looking statements, as actual results and strategies may differ substantially according to changes in the Company’s business environment.
Forward-looking statements
Our mission is to contribute to the development of society and the economy and improve people’s standards of living around the world by providing global logistics services that interconnect land, sea and air freight, continuously adding new value.
Our vision is to:1. Sustain high profitability through continuous growth and progress2. Earn trust and satisfaction from our customers through operational
excellence, technology and high-quality services
3. Harness the collective strength of the Group4. Establish a worldwide brand name in automotive logistics5. Invigorate and develop human resources6. Be a good and sound corporate citizen
1
Group Mission

Group Vision
2
Profile

History

Profile of Business Activities
3
Consolidated Financial Highlights
5
To Our Shareholders
7
Medium-Term Management Plan
8
Corporate Governance and Compliance
10
Our Environmental Commitment
11
Global Network
12
Management’s Discussion and Analysis
15
Financial Statements

Consolidated Balance Sheets
17
Consolidated Statements of Income
18
Consolidated Statements of Changes in Net Assets
19
Consolidated Statements of Cash Flows
20
Notes to Consolidated Financial Statements
32
Report of Independent Auditors
33
Investor Information
34
Corporate Data
The post-merger Vantec Corporation consists of 30 consolidated subsidiaries and seven affiliated companies. On April 1, 2009, the Group’s two core operating companies—Vantec Corporation, a highly experienced provider of logistics for automotive parts, and Vantec World Transport Co., Ltd., which is strong in air and ocean freight forwarding—merged into Vantec Group Holdings Corporation, which changed its name to Vantec Corporation. The Group’s core business is global supply chain management (SCM) logistics services for corporate clients. These services involve transporting cargo within Japan and overseas by land, sea and air, and performing pre-delivery processing and associated services that truly add value. Vantec stands for “Value Added through Networking and Technology.” All Group companies are committed to using their business operations to contribute to society while increasing corporate value.
P
rofile
ANNUAL REPORT 2009
VANTEC CORPORATION
G
roup
M
ission
G
roup
V
ision
C
ontents
H
istory
Pre-merger Vantec Corporation, a core operating company of the Group
Yokohama Yuso Co., Ltd., established as a cargo transportation subsidiary of Nissan Motor Co., Ltd.Name changed to Vantec CorporationBecame independent of Nissan Motor through a management buyout (MBO)As part of a second MBO, Vantec Holdings Corporation acquired the shares of pre-merger Vantec CorporationBecame a wholly owned subsidiary of Vantec Holdings through an exchange of stockAbsorbed its parent company, Vantec HoldingsAbsorbed into Vantec Group Holdings Corporation
Jan. 1954Oct. 1997Jan. 2001Aug. 2003Mar. 2005Sep. 2008Apr. 2009
Tokyu Air Cargo Co., Ltd., established by Tokyu Corporation and its group companiesBecame independent of Tokyu Corporation through an MBOName changed to Vantec World Transport Co., Ltd.Became a wholly owned subsidiary of Vantec Holdings through an exchange of stockAbsorbed into Vantec Group Holdings Corporation
Pre-merger Vantec World Transport Co., Ltd., a core operating company of the Group
Jun. 1976Dec. 2004Feb. 2005Mar. 2005Apr. 2009
Vantec Group Holdings Corporation established as the parent company of Vantec Holdings through a stock transfer, creating a company to oversee the entire group and aim for more growthShares listed on the First Section of the Tokyo Stock ExchangeAbsorbed the former Vantec Corporation and Vantec World Transport, changing its name from Vantec Group Holdings Corporation to Vantec Corporation
Post-merger Vantec Corporation
Mar. 2006
Sep. 2007Apr. 2009
Vantec Group operations are divided into three segments: domestic logistics, global logistics and other services.1) Domestic logistics
Through contract logistics, we provide corporate clients with comprehensive logistics services (truck cargo transportation and warehouse operations) for freight ranging from automotive parts to consumer goods. Domestic logistics also includes packaging and harbor transportation for companies in the automotive industry.
2) Global logistics
This segment forwards air and ocean freight (using the benefits of cargo consolidation to offer door-to-door transport services by air and sea) and conducts customs clearance and agency services, as well as overseas logistics services(a full line of local services including truck cargo transportation, warehouse storage and other activities).
3) Other services
These businesses include corporate relocation; the disassembly, assembly, transport and installation of large objects; and temporary staffing.
P
rofile of
B
usiness
A
ctivities
ANNUAL REPORT 2009
1

This annual report contains forward-looking statements that describe the Company’s future prospects in terms of business planning, earnings and management strategies. Such statements are based on management’s judgment, derived from information available to it at the time such information was prepared. Readers are cautioned not to rely solely on these forward-looking statements, as actual results and strategies may differ substantially according to changes in the Company’s business environment.
Forward-looking statements
Our mission is to contribute to the development of society and the economy and improve people’s standards of living around the world by providing global logistics services that interconnect land, sea and air freight, continuously adding new value.
Our vision is to:1. Sustain high profitability through continuous growth and progress2. Earn trust and satisfaction from our customers through operational
excellence, technology and high-quality services
3. Harness the collective strength of the Group4. Establish a worldwide brand name in automotive logistics5. Invigorate and develop human resources6. Be a good and sound corporate citizen
1
Group Mission

Group Vision
2
Profile

History

Profile of Business Activities
3
Consolidated Financial Highlights
5
To Our Shareholders
7
Medium-Term Management Plan
8
Corporate Governance and Compliance
10
Our Environmental Commitment
11
Global Network
12
Management’s Discussion and Analysis
15
Financial Statements

Consolidated Balance Sheets
17
Consolidated Statements of Income
18
Consolidated Statements of Changes in Net Assets
19
Consolidated Statements of Cash Flows
20
Notes to Consolidated Financial Statements
32
Report of Independent Auditors
33
Investor Information
34
Corporate Data
The post-merger Vantec Corporation consists of 30 consolidated subsidiaries and seven affiliated companies. On April 1, 2009, the Group’s two core operating companies—Vantec Corporation, a highly experienced provider of logistics for automotive parts, and Vantec World Transport Co., Ltd., which is strong in air and ocean freight forwarding—merged into Vantec Group Holdings Corporation, which changed its name to Vantec Corporation. The Group’s core business is global supply chain management (SCM) logistics services for corporate clients. These services involve transporting cargo within Japan and overseas by land, sea and air, and performing pre-delivery processing and associated services that truly add value. Vantec stands for “Value Added through Networking and Technology.” All Group companies are committed to using their business operations to contribute to society while increasing corporate value.
P
rofile
ANNUAL REPORT 2009
VANTEC CORPORATION
G
roup
M
ission
G
roup
V
ision
C
ontents
H
istory
Pre-merger Vantec Corporation, a core operating company of the Group
Yokohama Yuso Co., Ltd., established as a cargo transportation subsidiary of Nissan Motor Co., Ltd.Name changed to Vantec CorporationBecame independent of Nissan Motor through a management buyout (MBO)As part of a second MBO, Vantec Holdings Corporation acquired the shares of pre-merger Vantec CorporationBecame a wholly owned subsidiary of Vantec Holdings through an exchange of stockAbsorbed its parent company, Vantec HoldingsAbsorbed into Vantec Group Holdings Corporation
Jan. 1954Oct. 1997Jan. 2001Aug. 2003Mar. 2005Sep. 2008Apr. 2009
Tokyu Air Cargo Co., Ltd., established by Tokyu Corporation and its group companiesBecame independent of Tokyu Corporation through an MBOName changed to Vantec World Transport Co., Ltd.Became a wholly owned subsidiary of Vantec Holdings through an exchange of stockAbsorbed into Vantec Group Holdings Corporation
Pre-merger Vantec World Transport Co., Ltd., a core operating company of the Group
Jun. 1976Dec. 2004Feb. 2005Mar. 2005Apr. 2009
Vantec Group Holdings Corporation established as the parent company of Vantec Holdings through a stock transfer, creating a company to oversee the entire group and aim for more growthShares listed on the First Section of the Tokyo Stock ExchangeAbsorbed the former Vantec Corporation and Vantec World Transport, changing its name from Vantec Group Holdings Corporation to Vantec Corporation
Post-merger Vantec Corporation
Mar. 2006
Sep. 2007Apr. 2009
Vantec Group operations are divided into three segments: domestic logistics, global logistics and other services.1) Domestic logistics
Through contract logistics, we provide corporate clients with comprehensive logistics services (truck cargo transportation and warehouse operations) for freight ranging from automotive parts to consumer goods. Domestic logistics also includes packaging and harbor transportation for companies in the automotive industry.
2) Global logistics
This segment forwards air and ocean freight (using the benefits of cargo consolidation to offer door-to-door transport services by air and sea) and conducts customs clearance and agency services, as well as overseas logistics services(a full line of local services including truck cargo transportation, warehouse storage and other activities).
3) Other services
These businesses include corporate relocation; the disassembly, assembly, transport and installation of large objects; and temporary staffing.
P
rofile of
B
usiness
A
ctivities
ANNUAL REPORT 2009
2

2007
2008
(Millions of yen)
(Millions of yen)
100,000
50,000
150,000
200,000
0
2007
2008
6,000
4,000
8,000
2,000
0
Millions of yen
(Note)
Thousands of U.S. dollars
2009
Note: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.
151,107
161,902
Notes: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.Segment information includes inter-segment transactions. Graphs on page 13 also include inter-segment transactions.
1,427,905
853,469
528,853
109,826
1,492,148
(64,243)
21,422
6,662
14,325
444
21,431
(9)
Millions of yen
(Note)
Thousands of U.S. dollars
Net Sales
Domestic logistics ………………
Global logistics ……………………
Other services ……………………
Subtotal …………………………
Eliminations or corporate ………
Operating Income
Domestic logistics ………………
Global logistics ……………………
Other services ……………………
Subtotal …………………………
Eliminations or corporate ………
140,263
83,836
51,949
10,789
146,575
(6,311)
2,104
654
1,407
45
2,106
(1)
2009
2009
Notes: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.Segment information includes inter-segment transactions. Graphs on page 13 also include inter-segment transactions.
Millions of yen
(Note)
Thousands of U.S. dollars
2009
2009
¥
¥
$
$
1,427,905
1,161,133
39,674
75,402
155,333
1,431,542
(3,637)
21,422
10,474
906
5,960
5,087
22,427
(1,005)
Net Sales
Japan ………………………………
Americas ……………………………
Europe ………………………………
Asia …………………………………
Subtotal……………………………
Eliminations or corporate ………
Operating Income
Japan ………………………………
Americas ……………………………
Europe ………………………………
Asia …………………………………
Subtotal …………………………
Eliminations or corporate ………
140,263
114,058
3,897
7,406
15,259
140,620
(357)
2,104
1,029
89
585
500
2,203
(99)
¥
¥
$
$
6,681
7,006
2007
2008
(Millions of yen)
8,000
12,000
16,000
20,000
4,000
0
3,905
4,553
18,151
19,808
Net Sales
Operating Income
Net Income
Net Income per Share
3,000
2,000
4,000
5,000
1,000
0
(Yen)
2007
2006
2008
(Millions of yen)
(Millions of yen)
140,000
120,000
160,000
180,000
0
Net Sales
2007
2006
2008
7,000
6,500
7,500
6,000
0
Operating Income
138,948
151,107
161,902
(Millions of yen)
2007
2006
2008
7,000
6,500
7,500
6,000
0
Ordinary Income
6,869
7,247
7,425
2007
2006
2008
(Millions of yen)
17,000
18,000
19,000
20,000
16,000
0
3,843
3,905
4,553
17,869 18,151
19,808
Net Income
Net Income per Share
4,000
3,500
4,500
5,000
3,000
0
(Yen)
6,389
6,681
7,006
2007
2006
2008
(Millions of yen)
(Millions of yen)
140,000
120,000
160,000
180,000
0
2007
2006
2008
7,000
6,500
7,500
6,000
0
138,948
151,107
161,902
6,389
6,681
7,006
2007
2006
2008
(Millions of yen)
17,000
18,000
19,000
20,000
16,000
0
3,843
3,905
4,553
17,869
18,151
19,808
4,000
3,500
4,500
5,000
3,000
0
(Yen)
Geographic Segments
Industry Segments
2009
2009
140,263
2,104
2009
362
1,509
2009
2007
2008
¥
¥
151,107
85,756
60,333
12,692
158,781
(7,674)

6,681
3,372
2,969
338
6,679
2
161,902
95,396
61,449
11,993
168,838
(6,936)
7,006
3,762
3,045
199
7,006
(0)
2007
2008
¥
¥
2007
¥
¥
151,107
126,170
5,869
5,189
14,335
151,563
(456)
6,681
5,507
493
516
359
6,875
(194)
2008
¥
¥
161,902
133,561
5,222
7,720
15,819
162,322
(420)
7,006
5,461
380
876
433
7,150
(144)
¥
¥
¥
¥
¥
¥
$
$
1,427,905
21,422
3,694
229,674
660,274
15.37
945.63
40.72
151,107
6,681
3,905
16,578
67,763
18,151.74
75,791.14
—
24.1
27.4
161,902
7,006
4,553
26,377
74,906
19,808.95
106,488.51
4,000
34.8
21.5
140,263
2,104
362
22,561
64,858
1,509.89
92,888.77
4,000
34.1
1.5
Net sales ………………………………………
Operating income……………………………
Net income ……………………………………
Net assets ……………………………………
Total assets……………………………………
Per share data : in yen and U.S. dollars
Net income ……………………………………
Net assets ……………………………………
Cash dividends ………………………………
Equity ratio (%) ………………………………
Return on equity (%) ………………………
ANNUAL REPORT 2009
3
C
onsolidated
F
inancial
H
ighlights
(Years ended March 31)

2007
2008
(Millions of yen)
(Millions of yen)
100,000
50,000
150,000
200,000
0
2007
2008
6,000
4,000
8,000
2,000
0
Millions of yen
(Note)
Thousands of U.S. dollars
2009
Note: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.
151,107
161,902
Notes: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.Segment information includes inter-segment transactions. Graphs on page 13 also include inter-segment transactions.
1,427,905
853,469
528,853
109,826
1,492,148
(64,243)
21,422
6,662
14,325
444
21,431
(9)
Millions of yen
(Note)
Thousands of U.S. dollars
Net Sales
Domestic logistics ………………
Global logistics ……………………
Other services ……………………
Subtotal …………………………
Eliminations or corporate ………
Operating Income
Domestic logistics ………………
Global logistics ……………………
Other services ……………………
Subtotal …………………………
Eliminations or corporate ………
140,263
83,836
51,949
10,789
146,575
(6,311)
2,104
654
1,407
45
2,106
(1)
2009
2009
Notes: The accompanying U.S. dollar amounts have been translated from Japanese yen for convenience, and as a matter of arithmetical computation only, at the rate of ¥98.23 to U.S.$1,
the approximate exchange rate prevailing as of March 31, 2009.Segment information includes inter-segment transactions. Graphs on page 13 also include inter-segment transactions.
Millions of yen
(Note)
Thousands of U.S. dollars
2009
2009
¥
¥
$
$
1,427,905
1,161,133
39,674
75,402
155,333
1,431,542
(3,637)
21,422
10,474
906
5,960
5,087
22,427
(1,005)
Net Sales
Japan ………………………………
Americas ……………………………
Europe ………………………………
Asia …………………………………
Subtotal……………………………
Eliminations or corporate ………
Operating Income
Japan ………………………………
Americas ……………………………
Europe ………………………………
Asia …………………………………
Subtotal …………………………
Eliminations or corporate ………
140,263
114,058
3,897
7,406
15,259
140,620
(357)
2,104
1,029
89
585
500
2,203
(99)
¥
¥
$
$
6,681
7,006
2007
2008
(Millions of yen)
8,000
12,000
16,000
20,000
4,000
0
3,905
4,553
18,151
19,808
Net Sales
Operating Income
Net Income
Net Income per Share
3,000
2,000
4,000
5,000
1,000
0
(Yen)
2007
2006
2008
(Millions of yen)
(Millions of yen)
140,000
120,000
160,000
180,000
0
Net Sales
2007
2006
2008
7,000
6,500
7,500
6,000
0
Operating Income
138,948
151,107
161,902
(Millions of yen)
2007
2006
2008
7,000
6,500
7,500
6,000
0
Ordinary Income
6,869
7,247
7,425
2007
2006
2008
(Millions of yen)
17,000
18,000
19,000
20,000
16,000
0
3,843
3,905
4,553
17,869 18,151
19,808
Net Income
Net Income per Share
4,000
3,500
4,500
5,000
3,000
0
(Yen)
6,389
6,681
7,006
2007
2006
2008
(Millions of yen)
(Millions of yen)
140,000
120,000
160,000
180,000
0
2007
2006
2008
7,000
6,500
7,500
6,000
0
138,948
151,107
161,902
6,389
6,681
7,006
2007
2006
2008
(Millions of yen)
17,000
18,000
19,000
20,000
16,000
0
3,843
3,905
4,553
17,869
18,151
19,808
4,000
3,500
4,500
5,000
3,000
0
(Yen)
Geographic Segments
Industry Segments
2009
2009
140,263
2,104
2009
362
1,509
2009
2007
2008
¥
¥
151,107
85,756
60,333
12,692
158,781
(7,674)

6,681
3,372
2,969
338
6,679
2
161,902
95,396
61,449
11,993
168,838
(6,936)
7,006
3,762
3,045
199
7,006
(0)
2007
2008
¥
¥
2007
¥
¥
151,107
126,170
5,869
5,189
14,335
151,563
(456)
6,681
5,507
493
516
359
6,875
(194)
2008
¥
¥
161,902
133,561
5,222
7,720
15,819
162,322
(420)
7,006
5,461
380
876
433
7,150
(144)
¥
¥
¥
¥
¥
¥
$
$
1,427,905
21,422
3,694
229,674
660,274
15.37
945.63
40.72
151,107
6,681
3,905
16,578
67,763
18,151.74
75,791.14
—
24.1
27.4
161,902
7,006
4,553
26,377
74,906
19,808.95
106,488.51
4,000
34.8
21.5
140,263
2,104
362
22,561
64,858
1,509.89
92,888.77
4,000
34.1
1.5
Net sales ………………………………………
Operating income……………………………
Net income ……………………………………
Net assets ……………………………………
Total assets……………………………………
Per share data : in yen and U.S. dollars
Net income ……………………………………
Net assets ……………………………………
Cash dividends ………………………………
Equity ratio (%) ………………………………
Return on equity (%) ………………………
ANNUAL REPORT 2009
4