| New
Management Plan "K"LINE Vision 2008+ |
|
| |
| - sustainable growth and establishment of a stable
profitability structure - |
| |
| In April 2004, Kawasaki Kisen Kaisha, Ltd. ("K"
Line) started a newly developed 5-year management plan called "K" LINE Vision
2008. Since then, as we have recognized "sustainable growth and establishment of a
stable profitability structure" as the most important tasks, we have been
continuously expanding and upgrading our fleet of ships and services, and at the same time
have endeavored to expand our businesses in new markets and significantly growing business
fields. During this time, the global economy has experienced numerous structural changes,
particularly in China, and due to high fuel oil price, business environment surrounding
marine transportation has substantially changed from the projections we made two years
ago. In addition, the major portion of our plan for upgrading our fleet has been fixed for
the period up to 2008, and in consequence, our planning for new investment in vessels will
aim for the mid-2010s. Under such circumstances, where there have been such substantial
changes in the business environment and profit structure, it was decided that we would
establish a newly-revised interim management plan to be known as "K" LINE Vision
2008+, which starts from fiscal 2006 as our navigator to meet the challenges
for achieving record-high management goals. "K" LINE Vision 2008+
also includes our long-term Vision. |
| |
| [Numerical Targets
for FY2008] |
|
| While promoting further extension of our business activities
(Vessels in operation: 500; operating revenues: ¥1,100 billion), we will make all
efforts to constantly secure "A" bond rating by achieving more than ¥400
billion in shareholders’ equity, and equity ratio of about 40%, ROE of about 20%, and
debt to equity ratio of 90% or less, and will pursue increase of payout ratio of 20% on a
consolidated basis for the present. |
| |
| [Numerical Targets
for FY2006-FY2008 and Mid-2010s] |
|
| (Unit: ¥ Billion) |
| |
FY2006
(Targeted) |
FY2007
(Targeted) |
FY2008
(Targeted) |
| Operating revenues |
970.0 |
1,050.0 |
1,100.0 |
| Ordinary income |
75.0 |
90.0 |
110.0 |
| Net income |
53.0 |
60.0 |
70.0 |
| Payout ratio |
20%, consolidated basis |
| ROE |
19% |
19% |
19% |
| Interest-bearing debt |
320.0 |
340.0 |
350.0 |
| Shareholders’ equity |
293.0 |
342.0 |
400.0 |
| Equity ratio |
35% |
37% |
39% |
| Debt Equity Ratio (DER) |
109% |
99% |
88% |
| Scale of Fleet |
|
|
500 vessels |
| Total investment in vessels |
From FY’06 to FY’08: 125 vessels,
¥550.0 billion |
|
 |
Mid-2010s
(Projected) |
| 1,500.0 |
| 150.0 |
| 100.0 |
| 30%, consolidated basis |
| More than 10% |
| 350.0 |
| 750.0 |
| 50% or more |
| 50% or less |
| 700 vessels |
|
|
| |
| Presentarion |
|
|
