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Product name Orbis

Update number 182


Software version 129.00
Data update 29/03/2019 (n° 182001)
Username usuarioTP2
Export date 05/04/2019
1. All active companies and companies with unknown situation 230,928,564

2. Listed/Unlisted companies: Publicly listed companies 75,290


3. US SIC (Primary codes only): 4412 - Deep sea foreign transportation of freight, 681,899
4424 - Deep sea domestic transportation of freight, 4449 - Water transportation
of freight, not elsewhere specified, 4731 - Arrangement of transportation of
freight and cargo

4. BvD Independence indicator: A+, A, A-, B+, B, B- 12,012,609


5. Trade description given in English, Description and history, National activity 435
labels, Products and services, Overview (All sections): AnyWords("nvocc")

Boolean search : (1 And 2 And 3 And 4) Or 5


TOTAL 639

Fiscal year end:31/03

Current search settings:


- priority given to the most recent accounts available
- exclusion of companies with no recent financial data and Public authorities/States/Governments

Definition of the Ultimate Owner:


- minimum percentage that must characterise the path from a subject Company up to its Ultimate owner: 50.01%
- UO can have no shareholder identified or all its shareholders have an unknown percentage
.01%
Company name Country Website address
107. CJ Logistics Corporation Republic of Korea www.cjlogistics.com

174. Expeditors International of United States of America www.expeditors.com


Washington INC
327. Landstar System INC United States of America www.landstar.com

475. Santova Limited South Africa www.santova.com

625. Wice Logistics Public Company Thailand www.wice.co.th


Limited
US SIC
Products & services Primary code(s)
International land, air and sea transportation, 4212
stevedoring and high-volume cargo and
parcel
Global delivery
logistics services
services [source:
[source: Bureau
Bureau van
van 4731
Dijk]
Dijk]
Integrated supply chain solutions delivering 4213
safe, specialized transportation, warehousing
and logistics
Supply chain services [source:
solutions; Bureau van
international 4449
Dijk]
insurance products; marine insurance
products, such
Sea freight, air as cargo,
freight, transit cover, stock
transportations and 4731
throughputs, and strikes
customs clearance [source: andBureau
war risks
van Dijk]
insurance products; general insurance
products consisting of business and personal
assets, indemnity, motor, liability, specialized,
financial, and engineering and construction
cover insurance products; and client sourcing
and procurement management solutions
[source: Bureau van Dijk]
Trade description (English) Primary US SIC, text description
- The company was established in 1930 and merged into Kumho Local trucking without storage
Asiana Group subsidiary after the company restructuring
process
Expeditors wasInternational
terminated in of 2008, it will be
Washington, incorporated
Inc. is a logisticsinto CJ Arrangement of transportation of freight and
Group affiliates in 2011 and integrated
company. The Company is a third-party logistics with CJ GLS in 2013.The
provider, and cargo
main businesses
purchases cargo are CLfrom
space business suchincluding
carriers, as transportation,
airlines andof
Landstar
unloading System,
and Inc. (Landstar)
construction, home is delivery
an asset-light
business provider
such as Trucking, except local
ocean shipping
integrated lines on a management
transportation volume basis and resellsThe
solutions. thatCompany
space to
domestic
its customers.courier
The service,
Company overseas
provides courier
a rangeservice,
of forwarding
customer
offers
business services
The Company such tomainly
as
is its customers
forwarding andacross
engaged customs multiple
in providing transportation
clearance.There
comprehensive are Water transportation of freight, not elsewhere
solutions,
modes, such
with theas orderto
ability management,
arrange time-definite
forgoods
individual shipments ofand
many
logisticsdomestic
solutions
transportation, and foroverseas
clients
warehousing subsidiaries
moving
and distribution, that carry outroad
bytemperature-
sea, air, freight specified
freight
terminal
rail from tobusiness,
enterprise
origin to finalsolutions
warehouse to
destinationandmanage
forwardingcustomer's
internationally, freight
and forwarding
provides
controlled
The Company
transportation transit,
needs.cargo
operates insurance
It freight
operates inand
twocustomized
forwarder to full range
segments: logistics
the of logistic Arrangement of transportation of freight and
business,
trade
solutions. logistics
finance,
In addition, business,
insurance, the and inland
warehousing,
Company's transportation
information
Project Cargo unit business.
technology
handles
services.
Transportation Logistics segment and the Insurance segment. cargo
and liveproject
special track and trace. Itthat
shipments has move
two segments:
through afreight
single forwarding
The
and Transportation
clearing and Logistics segment
insurance. provides a rangemethod
of or
combination of air, ocean, and/or ground transportation.
integrated transportation management solutions. Transportation The
Company's
services offered services
by itinclude
includeairfreight
truckloadservices, ocean freight
and less-than-truckload
and ocean services,
transportation, and customs
rail intermodal, airbrokerage
cargo, ocean andcargo,
other services.
The Company operates along five geographic
expedited ground and air delivery of time-critical freight, areas: the heavy-
Americas; North Asia;
haul or specialized, theSouth
UnitedAsia; Europe, andand
States-Canada the the
Middle
UnitedEast,
Africa and India.
States-Mexico cross-border, project cargo and customs
brokerage. The insurance segment consists of Signature
Insurance Company, which is an offshore insurance subsidiary,
and Risk Management Claim Services, Inc.
US SIC
Description and history Secondary code(s) Secondary US SIC, text description
4213 Trucking, except local

Expeditors International of Washington, Inc., 4785 Fixed facilities and inspection and weighing
incorporated on May 29, 1979, is a logistics services for motor vehicle transportation
company.
Landstar System, The Company is a third-party
Inc. (Landstar), 4212 Local trucking without storage
logistics
incorporated provider, on Januaryand purchases8, 1991, cargo is an asset-space
from
light carriers, of
provider including airlines and ocean
The Company
shipping is integrated
mainly
lines solutions.
on a volume engaged transportation
basis in providing
and resells
management
comprehensive logistics The
solutionsCompany offers
for clients
that space
services to to
its its customers.
customers across The multiple
Company
moving
provides goods
a range by sea, air,
of customer road and rail from
WICE
origin
Freight
transportation
to final
Services
modes,
destination
(Thailand)
with thesolutions,
Co., Ltd.
ability
internationally, tosuch
has
and
as order
established
arrange management,
for in Thailandshipments
individual time-definite
since 1993 of through
freight to
provides
transportation,
collaboration tradeoffinance,
warehousing
WICEtoGroup. insurance, and
With distribution,
a strong
enterprise
warehousing, solutions
information manage technology customer's and live
temperature-controlled
team work andneeds.
transportation driven The totransit,
achieve,
Company cargoWICE has
operates
track
gained and
insurance a goodtrace. It has twoabout
and customized
reputation segments:
logistics THAI -freight
solutions.
USA
in two
forwardingsegments: and the
clearing, Transportation
and insurance. Logistics
In addition,
market
segment withand the
the
the Company's
selective
Insurance Project
service
segment. CargoThe
contracts unit
Company
handles
signed with was
special the incorporated
project
shipping shipments
liners.on 11 September,
that
Later, move
we
Landstar
1998. The provides
Company services throughout thehas
through
foresight
United aour
States singlelines
and of was
method
in service
Canada,
listed
or on JSE Stock
combination
expansion
and between of
from
Exchange
air, ocean,
freight on
forwarder 28 March
and/or toground 2002.
fullCanada,
range The
transportation.
ofMexicoCompany
logistic The
the United
changed its States
name and
from Spectrum Shipping and
Company's
services,
other countries from services
a main include
market
aroundLogisticsthe world. airfreight
in USA The onto Asia,
Limited
services,
Oceania, toEurope,
be Santova
ocean freight and
Mediterranean, ocean Limited
services,
etc. to cover
Company's
February services
12,2007.The are delivered
Company through
changed a
its
and customs
worldwide
network of brokerage
destinations.
independent and
With other
commissiona tight services.
sales
name from
The Company
cooperation Santova
ofoperates Logistics
WICE partners Limited
along (shipping
five to
geographiclines),
agents
Santova andLimitedthird-party
on December capacity providers
19, 2011.
areas:
WICE
linkedhas the
togetheraAmericas;
power by of North of
choices
a series Asia;
in South
providing
technological Asia;
Europe,
customers
applications,andwith the
which Middle
variety are of East, Africa
customized
provided and and India.
Airfreight
services.In
coordinated Services
2013
by the The
marked
Company.Company
the 20th Theprovides
anniversary
Company's
airfreight
of successful
third-party services
history
capacity and ofacts
WICE
providers either
Brand.
consist as WICE
aoffreight
consolidator
becomes
independent a brandor as leader
an agent
contractors as for
a
providing the airline,
Thailand's truck top
which
freight
capacity carries
forwarder.
to the the shipment.
WICE appreciates
Company under As aexclusive
freight
to
consolidator,
continue our the Company
supporting
lease arrangements (the BCO Independent to purchases
all valued cargo
space
customers fromto
Contractors), airlines
assureon
unrelated our atrucking
volume
businessbasis quote
companies and
resells
"Strong
who providethat
You,space truck to
Strong its customers.
WICE".To
capacity todate, As a
we
the Company
freight forwarder,
successfully operated
under non-exclusive contractual the Company
3 branches receives
in the and
forwards
convenient
arrangements individual,
locations
(the Truck unconsolidated
which match our
Brokerage target
Carriers),
shipments
business. as the
WICE
air cargo carriers, agent
oceanof
headquarter cargothe inairline
Bangkok
carriers that was
and
carries
planned
railroads. the
with shipment.
Throughour own thisThedesign
networkCompany
and issuesand
of elegant
agents a
look
House
named
capacity Airway
WICE
providers Bill (HAWB)
Place. Othertogether
linked to its customers
branches by are ouras
the
Laem contract
Chabang
Landstar's of carriage and
Office intechnology
information Chonburi separately Province
systems,
receives
and a
Suvarnabhumi Master
Landstar operates an integrated Airway
Airport Bill fromwhich
Office the airline
is
when
very the freight
close
transportation to Sea isport
physically
management and Airport tendered.
solutions so that When
we
moving
can serve
business. shipments
customers
Transportation between
faster points
and
Logistics more where the
segment
nature or volume
efficient.To
The Company's ensure ofthebusiness
Transportationworld class does not
standard
Logistics of
facilitate
service
segment consolidation,
quality,
provides WICE a range it receives
obtained ISO and
of integrated 9001:
forwards
2000 in 2007
transportation individualand ISOshipments
management 9001: 2008 as the
solutions. agent of
certificates
the
in airline, which carries
Transportation services offered by the3rd, 4th
2010 from TUV NORD the
and shipment.
won the
Whether
and 5th SMEs
Company acting
include astruckload
National a consolidator
Awards or agent,
andinless-than-
2010
the Company
continue
truckload to offers
2012.
transportation, WICEits customers
israilalso knowledge
a member
intermodal, of
air
of optimum
TIFFA, TAFA, routing,
and CGLN
cargo, ocean cargo, expedited ground familiarity
under WCA with local
family and air
business
network,
delivery of practices,
FMC & NVOCC
time-critical knowledgeBond, WICE
freight, of export
heavy-haulensure and or
import
reliabilitydocumentation
specialized, and the United and
flexibility to every procedures,
States-Canada customer thethe
and
ability
United to
requirements, arrange
States-Mexico we forgo ancillary
for strongservices,
cross-border, overseasproject and
assistance
network
cargo and and with space
enlarge
customs availability
our
brokerage. scopeIndustriesof in periodsto
business of
peak demand. by theIntransportation
worldwide.Besides,
serviced itsWICE
airfreight values operations,
on humanthe
logistics
Company
resources,
segment include receives
teamwork, shipments
automotive trainingproducts,from
and its
customers,
development
building products, determines
to letmetals,
people thechemicals,
routing,
grow along with
consolidates
the organization,
foodstuffs, heavyshipments
as WICE
machinery, boundbelieves for athat
retail, particular
a
airport
good distribution
quality of servicepoint,
electronics, ammunition and explosives is and
as a selects
result ofthegood
and
airline
militaryfor
quality of transportation
people.
equipment. to the distribution
In addition, the
point. At the distribution
transportation logistics segment provides point, the Company
or its agent arranges
transportation services fortothe otherconsolidated lot
to be broken down
transportation into its component
companies, including logistics
shipments and for the transportation
and less-than-truckload service providers. of theThe
individual
Transportation shipments Logistics to their
segment's final truck
destinations.
transportationOcean services Freightinclude andan Ocean
array of
Services
truckloadThe Company operates
transportation for a range Expeditors
of
International Ocean,
commodities and less-than-truckload Inc. (EIO), an Ocean
Transportation
transportation services. Intermediary, The Companyalso known as
utilizes
Non-Vessel
an assortment Operating
of equipment, Common Carrier dry
including
(NVOCC),
and specialty which vans specializes
of various in sizes,
oceanunsided freight
services in trade lanes.
or platform trailers (including flatbeds, dropEIO also provides
service,
decks and onlight a smallerspecialty scale, to and from any
trailers),
location where the Company
temperature-controlled vans and has an office or
containers.
agent. Its ocean freight
The available truck transportation services services consist of
three basic services,
also include short-to-long whichhaul includemovement ocean of
freight
containers consolidation
by truck and (EIO), direct ocean
expedited ground and
forwarding
dedicated power-only truck capacity.EIO
and order management. The
contracts
Transportation with ocean Logistics shipping
segment lines has to obtain
BvD
Independe
NACE Rev. 2 nce Closing date
Core code (4 digits) Core NACE Rev. 2, text description Indicator Last avail. yr
4941 Freight transport by road B+ 12/31/2018

7990 Other reservation service and related A+ 12/31/2018


activities
4941 Freight transport by road A+ 12/29/2018

5020 Sea and coastal freight water transport A+ 2/28/2018

7990 Other reservation service and related A+ 12/31/2018


activities
Gross margin Profit margin Sales
Accounting practice % % th USD
Last avail. yr Last avail. yr Last avail. yr Last avail. yr
Local GAAP 8.98 0.92 8,263,584

Local GAAP 32.20 10.06 8,138,365

Local GAAP 14.53 7.11 4,618,960

IFRS n.a. 29.13 26,511

IFRS 31.86 7.57 56,460


Costs of goods Other operating Operating P/L ROA using P/L ROE using P/L
sold expenses [=EBIT] before tax before tax
th USD th USD th USD % %
Last avail. yr Last avail. yr Last avail. yr Last avail. yr Last avail. yr
7,521,383 524,680 217,520 1.08 3.19

5,517,992 1,823,810 796,563 24.69 41.19

3,947,963 339,262 331,735 23.79 47.81

n.a. 20,692 7,041 9.84 22.81

38,850 13,701 4,463 9.86 14.62


PRINCIPAL INFORMACIÓN FINANCIERA DE LAS COMPAÑÍAS COMPARABLES

COMPARABLE 1 CJ LOGISTICS CORPORATION m USD


ESTADO DE RESULTADOS 2018 2017 2016 2015
VENTAS / INGRESOS 6,642 5,036 4,312 4,148
COSTO DE VENTAS -5,936 -4,480 -3,844 -3,713
UTILIDAD BRUTA 706 556 468 435

GASTOS OPERATIVOS (Adm+Vtas) -443 -333 -284 -257


DEPRECIACION -43 -34 -25 -26
TOTAL GASTOS OPERATIVOS -486 -367 -309 -283

UTILIDAD OPERATIVA 220 189 159 152

Indicador PLI OM 3.31% 3.76% 3.69% 3.66%


Indicador PLI NCP 3.43% 3.90% 3.83% 3.80%
BALANCE GENERAL 2018 2017 2016 2015
CUENTAS POR COBRAR 1,332 999 788 872
INVENTARIOS 15 13 8 9

CUENTAS POR PAGAR 654 486 333 294

COMPARABLE 2 WICE LOGISTICS PUBLIC COMPANY LIMITEDth USD


ESTADO DE RESULTADOS 2018 2017 2016 2015
VENTAS / INGRESOS 42,727 28,537 18,885 20,332
COSTO DE VENTAS -25,660 -16,155 -10,515 -12,298
UTILIDAD BRUTA 17,067 12,381 8,370 8,034

GASTOS OPERATIVOS (Adm+Vtas) -12,386 -9,299 -6,171 -5,464


DEPRECIACION -855 -674 -367 -322
TOTAL GASTOS OPERATIVOS -13,241 -9,973 -6,539 -5,786

UTILIDAD OPERATIVA 3,826 2,408 1,831 2,247

Indicador PLI OM 8.95% 8.44% 9.70% 11.05%


Indicador PLI NCP 9.83% 9.22% 10.74% 12.43%
BALANCE GENERAL 2018 2017 2016 2015
CUENTAS POR COBRAR 8,175 6,907 2,960 2,665
INVENTARIOS - - - -

CUENTAS POR PAGAR 3,090 2,318 982 993


S COMPARABLES

COMPARABLE 3 SANTOVA LIMITED


PROM. 3 AÑOS ESTADO DE RESULTADOS 2018 2017 2016
5,330 VENTAS / INGRESOS 26,511 22,959 16,572
-4,753 COSTO DE VENTAS
577 UTILIDAD BRUTA 26,511 22,959 16,572

-353 GASTOS OPERATIVOS -20,407 -18,079 -13,388


-34 DEPRECIACION -286 -455 -252
-387 TOTAL GASTOS OPERATIVOS -20,692 -18,534 -13,640

189 UTILIDAD OPERATIVA 5,819 4,425 2,933

Indicador PLI OM 21.95% 19.27% 17.70%


Indicador PLI NCP 28.12% 23.88% 21.50%
PROM. 3 AÑOS BALANCE GENERAL 2018 2017 2016
1,040 CUENTAS POR COBRAR 49,308 41,391 36,743
12 INVENTARIOS - - -

491 CUENTAS POR PAGAR 11,286 9,110 13,458

COMPARABLE 4 LANDSTAR SYSTEM INC


PROM. 3 AÑOS ESTADO DE RESULTADOS 2018 2017 2016
30,050 VENTAS / INGRESOS 3,648,862 3,169,136 3,322,487
-17,444 COSTO DE VENTAS -3,102,519 -2,679,868 -2,821,603
12,606 UTILIDAD BRUTA 546,343 489,268 500,884

-9,285 GASTOS OPERATIVOS (Adm+Vtas) -261,815 -230,221 -230,076


-632 DEPRECIACION -40,560 -35,796 -29,102
-9,918 TOTAL GASTOS OPERATIVOS -302,375 -266,017 -259,178

2,688 UTILIDAD OPERATIVA 243,968 223,251 241,706

Indicador PLI OM 6.69% 7.04% 7.27%


Indicador PLI NCP 7.17% 7.58% 7.85%
PROM. 3 AÑOS BALANCE GENERAL 2018 2017 2016
6,014 CUENTAS POR COBRAR 631,164 463,102 462,699
- INVENTARIOS - - -

2,130 CUENTAS POR PAGAR 285,132 219,409 223,709


th USD COMPARABLE 5 EXPEDITORS INTNL OF WASHINGTON
2015 PROM. 3 AÑOS ESTADO DE RESULTADOS 2018 2017
18,306 22,014 VENTAS / INGRESOS 6,920,948 6,098,037
- COSTO DE VENTAS -4,601,759 -3,934,001
18,306 22,014 UTILIDAD BRUTA 2,319,189 2,164,036

-15,721 -17,291 GASTOS OPERATIVOS -1,569,619 -1,447,077


-285 -331 DEPRECIACION -49,310 -46,796
-16,005 -17,622 TOTAL GASTOS OPERATIVOS -1,618,929 -1,493,873

2,301 4,392 UTILIDAD OPERATIVA 700,260 670,163

12.57% Indicador PLI OM 10.12% 10.99%


14.37% Indicador PLI NCP 11.26% 12.35%
2015 PROM. 3 AÑOS BALANCE GENERAL 2018 2017
42,597 42,481 CUENTAS POR COBRAR 1,414,741 1,190,130
- - INVENTARIOS - -

14,954 11,285 CUENTAS POR PAGAR 866,305 726,571

th USD COMPARABLE 6
2015 PROM. 3 AÑOS ESTADO DE RESULTADOS 2018 2017
3,186,171 3,380,162 VENTAS / INGRESOS
-2,711,923 -2,867,997 COSTO DE VENTAS
474,248 512,165 UTILIDAD BRUTA - -

-222,301 -240,704 GASTOS OPERATIVOS (Adm+Vtas)


-27,575 -35,153 DEPRECIACION
-249,876 -275,857 TOTAL GASTOS OPERATIVOS - -

224,372 236,308 UTILIDAD OPERATIVA - -

7.04% Indicador PLI OM #DIV/0! #DIV/0!


7.58% Indicador PLI NCP #DIV/0! #DIV/0!
2015 PROM. 3 AÑOS BALANCE GENERAL 2018 2017
492,642 518,988 CUENTAS POR COBRAR
- - INVENTARIOS

220,077 242,750 CUENTAS POR PAGAR


EXPEDITORS INTNL OF WASHINGTON th USD
2016 2015 PROM. 3 AÑOS
6,616,632 6,564,721 6,545,206
-4,428,855 -4,583,294 -4,321,538
2,187,777 1,981,427 2,223,667

-1,420,281 -1,337,487 -1,478,992


-46,012 -49,292 -47,373
-1,466,293 -1,386,779 -1,526,365

721,484 594,648 697,302

10.90% 9.06%
12.24% 9.96%
2016 2015 PROM. 3 AÑOS
1,112,260 1,236,042 1,239,044
- - -

645,304 770,238 746,060

th USD
2016 2015 PROM. 3 AÑOS
#DIV/0!
#DIV/0!
- - -

#DIV/0!
#DIV/0!
- - -

- - -

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
2016 2015 PROM. 3 AÑOS
#DIV/0!
#DIV/0!

#DIV/0!
CJ Logistics Corporation

045-13 Seoul, Republic of Korea BvD ID number KR1101110006167


Publicly quoted company Latest account date 12/31/2018
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
m USD m USD m USD m USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
AR AR AR
Exchange rate: KRW/USD 0.00090 0.00093 0.00083
Assets
Total Current Assets 1,955 1,685 1,251 1,057
Net Stated Inventory 19 15 13 8
Raw Materials 9 5 4 4
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods 10 10 9 5
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 1,539 1,332 999 788
Accounts Receivable 1,548 1,339 1,006 798
Doubtful Accounts -9 -7 -6 -10
Others 397 339 239 260
Other Current Assets 106 94 39 41
Prepaid Expenses & Advances 143 98 83 132
Deferred Charges 2 2 2 1
Total Cash & Short Term Investment 146 144 115 85
Cash or Equivalent 146 144 115 85
Short Term Investment n.a. n.a. n.a. n.a.

Fixed Assets 5,105 4,209 3,320 2,781


Net Property, Plant & Equipment 2,993 2,283 1,689 1,513
Land 982 844 719 721
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land 982 844 719 721
Buildings 1,130 654 528 469
Total Buildings Depreciation -249 -193 -154 -135
Net Buildings 881 460 375 334
Plant & Machinery 983 726 537 519
Plant & Machinery Depreciation -355 -319 -251 -235
Net Stated Plant & Machinery 628 408 286 284
Transportation Equipment 324 319 267 215
Transportation Equipment Depreciation -162 -154 -130 -112
Net Transportation Equipment 161 164 137 103
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment 527 536 289 172
Other Property Plant & Equip. Deprec. -186 -129 -118 -101
Net Other Property Plant & Equipment 341 407 172 71
Accumulated Deprec., n.e.s. n.a. n.a. n.a. n.a.
Intangibles 1,563 1,358 1,130 781
Goodwill 960 768 611 332
Other Intangibles 603 589 520 449
Other Fixed Assets 549 567 501 487
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables 21 23 20 15
Investments 16 2 8 9
Long Term Associated Companies 84 91 102 98
Investment Properties 92 117 127 119
Other Long Term Assets 336 335 244 246

TOTAL ASSETS 7,060 5,893 4,572 3,838

Liabilities
Total Current Liabilities 2,343 1,766 1,128 1,096
Loans 1,162 694 427 605
Current Portion of LT Debt 343 248 124 427
Current loans & overdrafts 819 445 303 179
Trade Creditors 738 654 486 333
Other 444 417 215 158
Other Short Term Debt 0 0 0 0
Other Creditors 212 298 127 103
Income Tax Payable 20 22 12 5
Social Expenditure Payable n.a. n.a. n.a. n.a.
Dividends Payable n.a. n.a. n.a. n.a.
Other Current Liabilities 212 97 76 50

Non Current Liabilities 2,331 1,912 1,501 760


Total LT Interest Bearing Debt 1,457 1,399 1,060 593
Bank Loans 373 438 326 266
Debentures & Convertible Debt 1,047 923 711 324
Lease Liabilities 37 39 24 3
Other Long Term Interest Bearing Debt n.a. n.a. n.a. n.a.
Other Non-Current Liabilities 874 513 440 168
Pension Fund Provisions n.a. n.a. n.a. n.a.
Deferred Taxes n.a. n.a. 0 n.a.
Provisions 109 75 65 75
Deferred Revenue 28 0 2 3
Other LT Non-Interest Bearing Debt 311 54 48 48
Minority Interest 427 384 326 41

TOTAL LIABILITIES AND DEBT 4,674 3,678 2,629 1,857

Total Shareholders Equity 2,386 2,215 1,943 1,981


Share Capital 102 107 94 97
Common Stock / Shares 102 107 94 97
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares n.a. n.a. n.a. n.a.
Redeemable Prefered Shares n.a. n.a. n.a. n.a.
Other 2,284 2,109 1,848 1,884
Share Premiums 2,047 2,116 1,876 1,932
Treasury Shares -409 -475 -421 -434
Revaluation Reserves -47 -50 -39 -12
Retained Earnings 538 536 448 414
Other Shareholders Reserves 155 -18 -16 -16

TOTAL LIABILITIES AND EQUITY 7,060 5,893 4,572 3,838

Net Assets 2,813 2,599 2,268 2,023


Net Debt 2,472 1,949 1,372 1,113
Enterprise Value 5,886 4,933 4,754 4,829

Number of employees n.a. n.a. n.a. n.a.

Profit & loss account


Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
m USD m USD m USD m USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
AR AR AR
Exchange rate: KRW/USD 0.00090 0.00093 0.00083
Total Revenues 8,264 6,642 5,036 4,312
Gross Sales 8,264 6,642 5,036 4,312
Adjustments / Excise Tax n.a. n.a. n.a. n.a.
Net Sales 8,264 6,642 5,036 4,312
Other Revenues n.a. n.a. n.a. n.a.
Cost of Goods Sold -7,521 -5,936 -4,480 -3,844
Research & Development Expenses n.a. n.a. n.a. n.a.
Other Operating Items -479 -443 -333 -284
EBITDA 263 263 223 185
Total Depreciation, Amort. & Depl. -46 -43 -34 -25
Depreciation -15 -19 -15 -12
Amortization & Depletion -31 -24 -18 -14
Operating Income after Deprec. & Amort. 218 220 189 159
Unusual / Exceptional Items -67 -92 -70 -46
Earnings before Interest & Tax 150 128 119 113
Financial Revenue 4 4 3 2
Financial Expenses -77 -52 -42 -45
Financial P/L -73 -48 -39 -43
Other Non Oper./ Financial Inc./ Exp. -1 -12 -5 -2
Earnings before Tax 76 68 75 68
Income Taxes -30 -32 -19 -15
Earnings after Tax 46 36 56 54
Minority Interest -12 -7 -10 -3
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax n.a. n.a. n.a. -12
Preferred Dividends n.a. n.a. n.a. n.a.
Net Profit 34 29 46 39

Ordinary Dividends n.a. n.a. n.a. n.a.


Dividend Share Capital Other n.a. n.a. n.a. n.a.
01110006167
/2018

31/12/2015 31/12/2014 31/12/2013 31/12/2012 31/12/2011 31/12/2010 31/12/2009


m USD m USD m USD m USD m USD m USD m USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
AR AR AR AR AR AR AR
0.00085 0.00091 0.00095 0.00093 0.00087 0.00088 0.00086

1,057 1,150 1,260 633 705 644 584


8 9 14 13 13 13 11
4 5 9 9 9 9 9
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
5 4 5 4 4 3 2
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
788 872 906 432 439 497 411
798 879 920 442 449 504 415
-10 -8 -14 -10 -10 -7 -5
260 270 340 188 254 134 163
41 124 195 5 26 27 81
132 39 47 41 26 32 52
1 1 1 1 3 1 10
85 105 96 142 200 74 19
85 105 96 142 200 74 19
n.a. n.a. n.a. 0 n.a. n.a. 0

2,781 2,982 3,107 2,795 2,416 2,500 2,385


1,513 1,632 1,801 1,658 1,477 1,712 1,553
721 758 759 682 644 661 595
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
721 758 759 682 644 661 595
469 513 535 420 388 826 736
-135 -131 -118 -104 -87 -196 -169
334 383 417 316 301 630 567
519 532 439 391 355 346 308
-235 -230 -139 -210 -182 -186 -167
284 302 300 181 173 160 140
215 237 257 240 168 185 170
-112 -120 -122 -120 -111 -139 -129
103 117 136 120 57 46 42
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
172 165 278 403 336 248 238
-101 -93 -90 -42 -34 -33 -29
71 72 188 361 302 215 209
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
781 851 825 433 320 338 351
332 354 355 101 94 180 180
449 497 470 332 226 159 170
487 499 482 703 619 450 481
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
15 13 7 5 2 1 0
9 11 21 98 102 163 85
98 47 14 87 85 77 296
119 146 151 139 125 n.a. n.a.
246 282 289 375 305 210 100

3,838 4,132 4,367 3,428 3,121 3,144 2,969

1,096 791 907 561 512 779 737


605 258 349 245 194 425 432
427 60 113 173 103 349 214
179 198 236 72 91 76 218
333 294 324 174 164 172 155
158 240 234 142 154 182 150
0 0 0 0 0 0 0
103 97 81 42 37 76 66
5 6 5 1 19 22 15
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
50 138 147 99 99 84 69

760 1,305 1,359 729 688 680 670


593 1,133 1,239 557 532 518 527
266 638 763 486 454 431 398
324 490 463 56 61 88 128
3 4 14 15 18 n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
168 172 119 171 156 161 143
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. 81 18 n.a. n.a.
75 76 40 19 58 105 89
3 3 n.a. n.a. n.a. n.a. n.a.
48 55 50 35 34 3 4
41 38 29 37 45 54 50

1,857 2,096 2,265 1,290 1,200 1,459 1,407

1,981 2,037 2,101 2,138 1,921 1,684 1,562


97 104 108 107 99 101 98
97 104 108 107 99 101 98
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,884 1,933 1,993 2,031 1,822 1,584 1,464
1,932 2,056 2,142 2,051 1,906 1,937 3,875
-434 -481 -501 -448 -416 n.a. -412
-12 -20 -11 12 14 44 20
414 400 378 415 318 58 75
-16 -23 -15 2 0 -455 -2,095

3,838 4,132 4,367 3,428 3,121 3,144 2,969

2,023 2,075 2,130 2,175 1,966 1,738 1,612


1,113 1,285 1,492 661 526 870 940
4,829 5,353 3,654 2,802 2,012 2,763 2,051

n.a. n.a. n.a. n.a. n.a. n.a. n.a.

31/12/2015 31/12/2014 31/12/2013 31/12/2012 31/12/2011 31/12/2010 31/12/2009


m USD m USD m USD m USD m USD m USD m USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
AR AR AR AR AR AR AR
0.00085 0.00091 0.00095 0.00093 0.00087 0.00088 0.00086
4,312 4,148 3,596 2,454 2,247 2,251 1,931
4,312 4,148 3,596 2,454 2,247 2,251 1,931
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
4,312 4,148 3,596 2,454 2,247 2,251 1,931
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-3,844 -3,713 -3,314 -2,213 -2,043 -1,999 -1,697
n.a. n.a. n.a. n.a. n.a. 0 0
-284 -257 -206 -103 -89 -92 -83
185 178 76 138 115 160 151
-25 -26 -15 -5 -7 -24 -21
-12 -13 -10 -2 -5 -6 -6
-14 -14 -5 -2 -2 -18 -16
159 152 61 134 109 136 129
-46 -31 -62 -3 -42 19 -45
113 121 -1 130 67 156 84
2 14 17 18 12 6 42
-45 -60 -57 -32 -43 -52 -39
-43 -46 -40 -14 -31 -47 3
-2 4 -2 -1 2 1 -3
68 79 -43 115 38 110 84
-15 -13 29 -31 -30 -42 -20
54 66 -14 84 8 69 64
-3 -2 4 12 3 1 -2
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-12 -12 -43 -19 63 -9 -59
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
39 52 -53 77 73 60 3

n.a. n.a. n.a. n.a. n.a. n.a. n.a.


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Expeditors International of Washington INC

Seattle, WA 98104, United States of America BvD ID number US911069248


Publicly quoted company Latest account date 12/31/2018
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K
Assets
Total Current Assets 2,734,816 2,541,452 2,218,579 1,976,509
Net Stated Inventory n.a. n.a. n.a. n.a.
Raw Materials n.a. n.a. n.a. n.a.
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods n.a. n.a. n.a. n.a.
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 1,581,530 1,414,741 1,190,130 1,112,260
Accounts Receivable 1,596,875 1,427,599 1,199,377 1,120,080
Doubtful Accounts -15,345 -12,858 -9,247 -7,820
Others 1,153,286 1,126,711 1,028,449 864,249
Other Current Assets 229,551 75,612 54,014 56,453
Prepaid Expenses & Advances n.a. n.a. n.a. n.a.
Deferred Charges n.a. n.a. n.a. n.a.
Total Cash & Short Term Investment 923,735 1,051,099 974,435 807,796
Cash or Equivalent 923,735 1,051,099 974,435 807,796
Short Term Investment n.a. n.a. n.a. n.a.

Fixed Assets 579,743 575,556 572,292 589,068


Net Property, Plant & Equipment 504,105 525,203 536,572 524,724
Land 144,521 147,261 172,310 162,923
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land n.a. n.a. n.a. n.a.
Buildings 473,663 416,597 467,096 468,607
Total Buildings Depreciation n.a. n.a. n.a. n.a.
Net Buildings n.a. n.a. n.a. n.a.
Plant & Machinery n.a. n.a. n.a. n.a.
Plant & Machinery Depreciation n.a. n.a. n.a. n.a.
Net Stated Plant & Machinery n.a. n.a. n.a. n.a.
Transportation Equipment n.a. n.a. n.a. n.a.
Transportation Equipment Depreciation n.a. n.a. n.a. n.a.
Net Transportation Equipment n.a. n.a. n.a. n.a.
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment 332,898 381,627 303,818 278,217
Other Property Plant & Equip. Deprec. n.a. n.a. n.a. n.a.
Net Other Property Plant & Equipment n.a. n.a. n.a. n.a.
Accumulated Deprec., n.e.s. -446,977 -420,282 -406,652 -385,023
Intangibles 7,927 7,927 7,927 7,927
Goodwill 7,927 7,927 7,927 7,927
Other Intangibles n.a. n.a. n.a. n.a.
Other Fixed Assets 67,711 42,426 27,793 56,417
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables n.a. n.a. n.a. n.a.
Investments n.a. n.a. n.a. n.a.
Long Term Associated Companies n.a. n.a. n.a. n.a.
Investment Properties n.a. n.a. n.a. n.a.
Other Long Term Assets 67,711 42,426 27,793 56,417

TOTAL ASSETS 3,314,559 3,117,008 2,790,871 2,565,577

Liabilities
Total Current Liabilities 1,326,839 1,093,119 929,931 861,373
Loans n.a. n.a. n.a. n.a.
Current Portion of LT Debt n.a. n.a. n.a. n.a.
Current loans & overdrafts n.a. n.a. n.a. n.a.
Trade Creditors 902,259 866,305 726,571 645,304
Other 424,580 226,814 203,360 216,069
Other Short Term Debt 0 0 0 0
Other Creditors n.a. n.a. n.a. n.a.
Income Tax Payable 18,424 20,494 17,858 29,498
Social Expenditure Payable n.a. n.a. n.a. n.a.
Dividends Payable n.a. n.a. n.a. n.a.
Other Current Liabilities 406,156 206,320 185,502 186,571

Non Current Liabilities 882 32,031 16,302 12,211


Total LT Interest Bearing Debt 0 0 0 0
Bank Loans n.a. n.a. n.a. n.a.
Debentures & Convertible Debt n.a. n.a. n.a. n.a.
Lease Liabilities n.a. n.a. n.a. n.a.
Other Long Term Interest Bearing Debt n.a. n.a. n.a. n.a.
Other Non-Current Liabilities 882 32,031 16,302 12,211
Pension Fund Provisions n.a. n.a. n.a. n.a.
Deferred Taxes 0 29,516 13,727 9,528
Provisions n.a. n.a. n.a. n.a.
Deferred Revenue n.a. n.a. n.a. n.a.
Other LT Non-Interest Bearing Debt n.a. n.a. n.a. n.a.
Minority Interest 882 2,515 2,575 2,683

TOTAL LIABILITIES AND DEBT 1,327,721 1,125,150 946,233 873,584

Total Shareholders Equity 1,986,838 1,991,858 1,844,638 1,691,993


Share Capital 1,716 1,764 1,799 1,821
Common Stock / Shares 1,716 1,764 1,799 1,821
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares 0 0 0 0
Redeemable Prefered Shares n.a. n.a. n.a. n.a.
Other 1,985,122 1,990,094 1,842,839 1,690,172
Share Premiums 1,896 546 2,642 31
Treasury Shares n.a. n.a. n.a. n.a.
Revaluation Reserves n.a. n.a. n.a. n.a.
Retained Earnings 2,088,707 2,063,512 1,944,789 1,771,379
Other Shareholders Reserves -105,481 -73,964 -104,592 -81,238

TOTAL LIABILITIES AND EQUITY 3,314,559 3,117,008 2,790,871 2,565,577

Net Assets 1,987,720 1,994,373 1,847,213 1,694,676


Net Debt -923,735 -1,051,099 -974,435 -807,796
Enterprise Value 10,827,923 10,444,499 8,578,206 7,599,446

Number of employees 17,400 16,500 16,000 15,397

Profit & loss account


Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K
Total Revenues 8,138,365 6,920,948 6,098,037 6,616,632
Gross Sales 8,138,365 6,920,948 6,098,037 6,616,632
Adjustments / Excise Tax n.a. n.a. n.a. n.a.
Net Sales 8,138,365 6,920,948 6,098,037 6,616,632
Other Revenues n.a. n.a. n.a. n.a.
Cost of Goods Sold -5,517,992 -4,601,759 -3,934,001 -4,428,855
Research & Development Expenses n.a. n.a. n.a. n.a.
Other Operating Items -1,769,791 -1,569,619 -1,447,077 -1,420,281
EBITDA 850,582 749,570 716,959 767,496

Total Depreciation, Amort. & Depl. -54,019 -49,310 -46,796 -46,012


Depreciation -54,019 -49,310 -46,796 -46,012
Amortization & Depletion n.a. n.a. n.a. n.a.
Operating Income after Deprec. & Amort. 796,563 700,260 670,163 721,484
Unusual / Exceptional Items n.a. n.a. n.a. n.a.
Earnings before Interest & Tax 796,563 700,260 670,163 721,484
Financial Revenue 19,153 13,204 11,580 10,421
Financial Expenses n.a. n.a. n.a. n.a.
Financial P/L 19,153 13,204 11,580 10,421
Other Non Oper./ Financial Inc./ Exp. 2,613 5,131 5,113 4,784
Earnings before Tax 818,329 718,595 686,856 736,689
Income Taxes -179,531 -267,480 -254,323 -277,192
Earnings after Tax 638,798 451,115 432,533 459,497
Minority Interest -1,591 -1,038 -1,726 -2,274
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax -19,008 39,268 n.a. n.a.
Preferred Dividends n.a. n.a. n.a. n.a.
Net Profit 618,199 489,345 430,807 457,223

Ordinary Dividends -156,999 -150,495 -145,123 -135,673


Dividend Share Capital Other n.a. n.a. n.a. n.a.
1069248
/2018

31/12/2015 31/12/2014 31/12/2013 31/12/2012 31/12/2011 31/12/2010 31/12/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K

1,976,509 2,289,250 2,415,269 2,357,599 2,286,883 2,140,355 1,787,830


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,112,260 1,236,042 1,073,500 1,031,376 934,752 1,003,884 810,369
1,120,080 1,243,161 1,082,195 1,040,759 945,133 1,018,520 824,604
-7,820 -7,119 -8,695 -9,383 -10,381 -14,636 -14,235
864,249 1,053,208 1,341,769 1,326,223 1,352,131 1,136,471 977,461
56,453 65,486 49,384 53,140 46,888 42,776 42,539
n.a. 20,279 18,396 12,102 10,415 8,706 8,338
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
807,796 967,443 1,273,989 1,260,981 1,294,828 1,084,989 926,584
807,796 927,107 1,247,652 1,260,842 1,294,356 1,084,465 925,929
n.a. 40,336 26,337 139 472 524 655

589,068 601,655 599,543 596,526 579,944 538,824 535,892


524,724 538,415 563,064 556,204 538,806 498,648 495,701
162,923 166,252 171,072 n.a. 167,037 163,291 165,528
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
468,607 467,115 467,342 n.a. 400,487 372,788 372,470
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
278,217 276,804 272,932 881,799 267,763 244,220 222,075
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-385,023 -371,756 -348,282 -325,595 -296,481 -281,651 -264,372
7,927 7,927 7,927 7,927 10,557 11,643 12,865
7,927 7,927 7,927 7,927 7,927 7,927 7,927
n.a. n.a. n.a. n.a. 2,630 3,716 4,938
56,417 55,313 28,552 32,395 30,581 28,533 27,326
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
56,417 55,313 28,552 32,395 30,581 28,533 27,326

2,565,577 2,890,905 3,014,812 2,954,125 2,866,827 2,679,179 2,323,722

861,373 983,783 870,200 842,558 796,145 861,978 708,386


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
645,304 770,238 648,156 641,593 606,628 652,161 546,675
216,069 213,545 222,044 200,965 189,517 209,817 161,711
0 0 0 0 0 0 0
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
29,498 21,077 21,743 21,970 20,072 31,948 16,166
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
186,571 192,468 200,301 178,995 169,445 177,869 145,545

12,211 38,714 59,829 83,868 67,044 76,295 62,329


0 0 0 0 0 0 0
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
12,211 38,714 59,829 83,868 67,044 76,295 62,329
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
9,528 35,514 58,281 78,997 60,613 69,047 53,989
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
2,683 3,200 1,548 4,871 6,431 7,248 8,340

873,584 1,022,497 930,029 926,426 863,189 938,273 770,715

1,691,993 1,868,408 2,084,783 2,027,699 2,003,638 1,740,906 1,553,007


1,821 1,916 2,025 2,064 2,120 2,120 2,120
1,821 1,916 2,025 2,064 2,120 2,120 2,120
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
0 0 0 0 0 0 0
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,690,172 1,866,492 2,082,758 2,025,635 2,001,518 1,738,786 1,550,887
31 1,113 1,647 1,283 13,260 13,412 18,265
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,771,379 1,903,196 2,087,376 2,018,618 1,991,222 1,717,249 1,532,018
-81,238 -37,817 -6,265 5,734 -2,964 8,125 604

2,565,577 2,890,905 3,014,812 2,954,125 2,866,827 2,679,179 2,323,722

1,694,676 1,871,608 2,086,331 2,032,570 2,010,069 1,748,154 1,561,347


-807,796 -967,443 -1,273,989 -1,260,981 -1,294,828 -1,084,989 -926,584
7,599,446 7,643,653 7,822,941 7,004,247 7,389,905 10,509,668 6,446,386

15,397 14,670 13,910 13,700 13,590 12,880 12,010

31/12/2015 31/12/2014 31/12/2013 31/12/2012 31/12/2011 31/12/2010 31/12/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K
6,616,632 6,564,721 6,080,257 5,992,215 6,161,537 5,967,573 4,092,283
6,616,632 6,564,721 6,080,257 5,992,215 6,161,537 5,967,573 4,092,283
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
6,616,632 6,564,721 6,080,257 5,992,215 6,161,537 5,967,573 4,092,283
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-4,428,855 -4,583,294 -4,197,404 -4,156,845 -4,254,021 -4,273,374 -2,707,977
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-1,420,281 -1,337,487 -1,282,709 -1,264,632 -1,252,413 -1,108,656 -957,750
767,496 643,940 600,144 570,738 655,103 585,543 426,556

-46,012 -49,292 -48,071 -39,940 -36,776 -38,313 -41,555


-46,012 -49,292 -48,071 -39,940 -36,776 -36,900 -40,035
n.a. n.a. n.a. n.a. n.a. -1,413 -1,520
721,484 594,648 552,073 530,798 618,327 547,230 385,001
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
721,484 594,648 552,073 530,798 618,327 547,230 385,001
10,421 10,773 11,810 12,763 10,235 7,002 10,177
n.a. n.a. n.a. n.a. n.a. -576 -499
10,421 10,773 11,810 12,763 10,235 6,426 9,678
4,784 5,468 8,713 6,832 9,466 10,412 8,193
736,689 610,889 572,596 550,393 638,028 564,068 402,872
-277,192 -231,429 -222,585 -217,424 -251,785 -219,863 -162,475
459,497 379,460 350,011 332,969 386,243 344,205 240,397
-2,274 -2,572 -1,485 391 -564 -33 -180
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
457,223 376,888 348,526 333,360 385,679 344,172 240,217

-135,673 -124,634 -123,292 -117,263 -106,011 -84,872 -80,555


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Janel Corporation

Lynbrook, NY 11563, United States of America BvD ID number US861005291


Publicly quoted company Latest account date 9/30/2018
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 30/09/2018 30/09/2017 30/09/2016 30/09/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual
Local GAAP Local GAAP Local GAAP
8-K 10-K/A 10-K/A
Assets
Total Current Assets 23,056 16,646 14,615 14,228
Net Stated Inventory 2,391 350 357 n.a.
Raw Materials n.a. n.a. n.a. n.a.
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods n.a. n.a. n.a. n.a.
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 19,726 14,983 13,059 13,085
Accounts Receivable n.a. 15,152 13,289 13,285
Doubtful Accounts n.a. -169 -230 -200
Others 939 1,313 1,199 1,143
Other Current Assets n.a. n.a. n.a. n.a.
Prepaid Expenses & Advances 354 325 234 201
Deferred Charges n.a. n.a. n.a. n.a.
Total Cash & Short Term Investment 585 988 965 943
Cash or Equivalent 585 988 965 943
Short Term Investment n.a. n.a. n.a. n.a.

Fixed Assets 27,855 22,102 21,958 9,483


Net Property, Plant & Equipment 3,787 393 287 77
Land n.a. n.a. n.a. n.a.
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land n.a. n.a. n.a. n.a.
Buildings n.a. n.a. n.a. n.a.
Total Buildings Depreciation n.a. n.a. n.a. n.a.
Net Buildings n.a. n.a. n.a. n.a.
Plant & Machinery n.a. n.a. n.a. n.a.
Plant & Machinery Depreciation n.a. n.a. n.a. n.a.
Net Stated Plant & Machinery n.a. n.a. n.a. n.a.
Transportation Equipment n.a. n.a. n.a. n.a.
Transportation Equipment Depreciation n.a. n.a. n.a. n.a.
Net Transportation Equipment n.a. n.a. n.a. n.a.
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment n.a. n.a. n.a. n.a.
Other Property Plant & Equip. Deprec. n.a. n.a. n.a. n.a.
Net Other Property Plant & Equipment 3,787 393 287 77
Accumulated Deprec., n.e.s. n.a. n.a. n.a. n.a.
Intangibles 23,805 21,594 21,460 9,303
Goodwill 11,458 9,745 9,087 n.a.
Other Intangibles 12,347 11,849 12,373 9,303
Other Fixed Assets 263 115 210 103
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables n.a. n.a. n.a. n.a.
Investments n.a. n.a. n.a. n.a.
Long Term Associated Companies n.a. n.a. n.a. n.a.
Investment Properties n.a. n.a. n.a. n.a.
Other Long Term Assets 263 115 210 103

TOTAL ASSETS 50,911 38,748 36,572 23,712

Liabilities
Total Current Liabilities 29,643 23,519 19,140 19,241
Loans 897 1,357 1,357 496
Current Portion of LT Debt 897 1,357 1,357 496
Current loans & overdrafts n.a. n.a. n.a. n.a.
Trade Creditors 16,798 13,326 10,003 11,901
Other 11,948 8,836 7,780 6,844
Other Short Term Debt 9,730 6,139 6,498 5,983
Other Creditors n.a. n.a. n.a. n.a.
Income Tax Payable n.a. n.a. n.a. n.a.
Social Expenditure Payable n.a. n.a. n.a. n.a.
Dividends Payable 470 1,125 14 n.a.
Other Current Liabilities 1,748 1,572 1,268 860

Non Current Liabilities 6,241 4,010 5,890 997


Total LT Interest Bearing Debt 4,175 3,003 5,088 919
Bank Loans 4,175 3,003 5,088 919
Debentures & Convertible Debt n.a. n.a. n.a. n.a.
Lease Liabilities n.a. n.a. n.a. n.a.
Other Long Term Interest Bearing Debt n.a. n.a. n.a. n.a.
Other Non-Current Liabilities 2,066 1,007 802 79
Pension Fund Provisions n.a. n.a. n.a. n.a.
Deferred Taxes 1,131 257 0 n.a.
Provisions n.a. n.a. n.a. n.a.
Deferred Revenue n.a. n.a. n.a. n.a.
Other LT Non-Interest Bearing Debt 254 79 79 79
Minority Interest 681 671 724 n.a.

TOTAL LIABILITIES AND DEBT 35,884 27,529 25,031 20,238

Total Shareholders Equity 15,027 11,219 11,542 3,474


Share Capital 1 1 7,713 1
Common Stock / Shares 1 1 1 1
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares 0 0 0 0
Redeemable Prefered Shares n.a. n.a. 7,712 n.a.
Other 15,026 11,218 3,829 3,473
Share Premiums 15,872 12,312 5,410 8,436
Treasury Shares -240 -240 n.a. n.a.
Revaluation Reserves n.a. n.a. n.a. n.a.
Retained Earnings -606 -854 -1,581 -4,963
Other Shareholders Reserves n.a. n.a. n.a. n.a.

TOTAL LIABILITIES AND EQUITY 50,911 38,748 36,572 23,712

Net Assets 15,708 11,890 12,266 3,474


Net Debt 14,217 9,511 11,978 6,455
Enterprise Value 18,874 14,248 14,348 7,855

Number of employees n.a. n.a. n.a. n.a.

Profit & loss account


Annual report/Consolidated 30/09/2018 30/09/2017 30/09/2016 30/09/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual
Local GAAP Local GAAP Local GAAP
8-K 10-K/A 10-K/A
Total Revenues 67,519 77,774 75,337 74,740
Gross Sales 67,519 77,774 75,337 74,740
Adjustments / Excise Tax n.a. n.a. n.a. n.a.
Net Sales 67,519 77,774 75,337 74,740
Other Revenues n.a. n.a. n.a. n.a.
Cost of Goods Sold -47,108 -59,636 -59,455 -62,740
Research & Development Expenses n.a. n.a. n.a. n.a.
Other Operating Items -18,618 -15,154 -13,045 -10,061
EBITDA 1,793 2,984 2,837 1,939

Total Depreciation, Amort. & Depl. -907 -879 -679 -401


Depreciation -100 -113 -85 -401
Amortization & Depletion -807 -766 -595 n.a.
Operating Income after Deprec. & Amort. 886 2,105 2,158 1,538
Unusual / Exceptional Items n.a. n.a. n.a. n.a.
Earnings before Interest & Tax 886 2,105 2,158 1,538
Financial Revenue n.a. n.a. n.a. n.a.
Financial Expenses -498 -790 -675 -504
Financial P/L -498 -790 -675 -504
Other Non Oper./ Financial Inc./ Exp. -10 53 n.a. n.a.
Earnings before Tax 378 1,368 1,483 1,034
Income Taxes -130 -493 2,100 -150
Earnings after Tax 248 875 3,584 884
Minority Interest n.a. n.a. n.a. n.a.
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax n.a. -147 -202 -244
Preferred Dividends -438 -517 -395 -242
Net Profit -190 210 2,986 398

Ordinary Dividends n.a. n.a. n.a. n.a.


Dividend Share Capital Other n.a. n.a. n.a. n.a.
1005291
2018

30/09/2015 30/09/2014 30/09/2013 30/09/2012 30/09/2011 30/09/2010 30/09/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K

14,228 9,450 4,663 9,004 7,380 8,446 6,799


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
13,085 8,564 3,615 4,578 5,862 6,842 4,616
13,285 8,722 4,010 4,903 6,151 6,949 4,702
-200 -158 -394 -325 -290 -107 -85
1,143 886 1,048 4,426 1,518 1,604 2,183
n.a. n.a. 348 3,508 876 98 409
201 221 75 78 115 97 239
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
943 665 626 839 527 1,410 1,535
943 665 626 774 475 1,355 1,483
n.a. n.a. 0 66 52 55 52

9,483 7,265 83 95 5,013 2,897 3,226


77 17 22 38 460 111 180
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. 129 126 724 675 728
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
77 17 n.a. n.a. n.a. n.a. n.a.
n.a. n.a. -107 -88 -264 -563 -548
9,303 7,172 n.a. n.a. 3,272 1,715 1,876
n.a. n.a. n.a. n.a. n.a. n.a. 547
9,303 7,172 n.a. n.a. 3,272 1,715 1,329
103 77 61 57 1,281 1,071 1,170
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
103 77 61 57 1,281 1,071 1,170

23,712 16,715 4,746 9,099 12,393 11,342 10,025

19,241 12,822 4,847 7,028 6,665 6,613 4,308


496 467 n.a. n.a. 336 581 544
496 467 n.a. n.a. 336 581 544
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
11,901 8,037 3,031 3,925 4,537 4,517 3,217
6,844 4,318 1,816 3,103 1,793 1,516 547
5,983 4,003 1,431 1,601 1,051 951 125
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
860 315 384 1,501 741 564 422

997 944 79 79 1,204 92 1,585


919 865 0 0 1,125 14 1,506
919 865 n.a. n.a. 1,125 14 1,506
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
79 79 79 79 79 79 79
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
79 79 79 79 79 79 79
n.a. n.a. n.a. n.a. n.a. n.a. n.a.

20,238 13,766 4,925 7,106 7,869 6,706 5,893

3,474 2,948 -179 1,993 4,524 4,637 4,132


1 1 n.a. n.a. 22 20 19
1 1 n.a. n.a. 21 19 18
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
0 0 n.a. n.a. 1 1 1
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3,473 2,948 -179 1,993 4,502 4,617 4,113
8,436 8,308 n.a. n.a. 4,695 4,098 3,964
n.a. n.a. n.a. n.a. -49 -11 -11
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-4,963 -5,360 n.a. n.a. -131 542 174
n.a. n.a. -179 1,993 -14 -11 -14

23,712 16,715 4,746 9,099 12,393 11,342 10,025

3,474 2,948 -179 1,993 4,524 4,637 4,132


6,455 4,671 806 762 1,986 137 640
7,855 6,198 1,786 1,636 5,151 6,570 16,852

n.a. n.a. n.a. 78 79 69 62

30/09/2015 30/09/2014 30/09/2013 30/09/2012 30/09/2011 30/09/2010 30/09/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K
74,740 47,940 44,745 49,837 98,397 88,429 71,663
74,740 47,940 44,745 49,837 98,397 88,429 71,663
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
74,740 47,940 44,745 49,837 98,397 88,429 71,663
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-62,740 -41,362 -38,480 -43,018 -88,868 -79,572 -63,419
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-10,061 -6,647 -6,434 -6,758 -9,631 -7,501 -7,716
1,939 -69 -169 62 -103 1,355 528

-401 -28 -19 -31 -338 -214 -1,368


-401 -28 -19 -31 -55 -53 -302
n.a. n.a. n.a. n.a. -283 -161 -1,066
1,538 -97 -188 30 -440 1,142 -840
n.a. n.a. n.a. n.a. 0 0 n.a.
1,538 -97 -188 30 -440 1,142 -840
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-504 -144 -121 -95 -133 -96 -210
-504 -144 -121 -95 -133 -96 -210
n.a. 0 -5 0 n.a. n.a. n.a.
1,034 -241 -314 -65 -573 1,045 -1,050
-150 -22 -17 -1,221 228 -447 326
884 -263 -331 -1,286 -345 598 -724
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-244 -72 -1,827 -1,392 -312 -215 -517
-242 -27 -15 -15 -15 -15 -15
398 -362 -2,173 -2,694 -673 368 -1,256

n.a. n.a. n.a. 0 0 0 0


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Landstar System INC

Jacksonville, FL 32224, United States of America BvD ID number US061313069


Publicly quoted company Latest account date 12/29/2018
Headquarters/parent
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 29/12/2018 30/12/2017 31/12/2016 26/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K
Assets
Total Current Assets 971,429 961,203 737,407 656,118
Net Stated Inventory n.a. n.a. n.a. n.a.
Raw Materials n.a. n.a. n.a. n.a.
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods n.a. n.a. n.a. n.a.
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 691,604 631,164 463,102 462,699
Accounts Receivable 698,017 637,295 468,263 467,026
Doubtful Accounts -6,413 -6,131 -5,161 -4,327
Others 279,825 330,039 274,305 193,419
Other Current Assets 40,031 38,695 28,848 30,076
Prepaid Expenses & Advances n.a. n.a. n.a. n.a.
Deferred Charges n.a. n.a. n.a. n.a.
Total Cash & Short Term Investment 239,794 291,344 245,457 163,343
Cash or Equivalent 199,736 242,416 178,897 114,520
Short Term Investment 40,058 48,928 66,560 48,823

Fixed Assets 409,135 391,257 359,184 335,400


Net Property, Plant & Equipment 284,032 276,011 272,843 225,927
Land 15,259 15,259 15,259 9,148
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land n.a. n.a. n.a. n.a.
Buildings 58,018 57,758 56,413 39,532
Total Buildings Depreciation n.a. n.a. n.a. n.a.
Net Buildings n.a. n.a. n.a. n.a.
Plant & Machinery 398,404 363,377 342,813 311,449
Plant & Machinery Depreciation n.a. n.a. n.a. n.a.
Net Stated Plant & Machinery n.a. n.a. n.a. n.a.
Transportation Equipment n.a. n.a. n.a. n.a.
Transportation Equipment Depreciation n.a. n.a. n.a. n.a.
Net Transportation Equipment n.a. n.a. n.a. n.a.
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment 62,504 58,317 48,732 48,389
Other Property Plant & Equip. Deprec. n.a. n.a. n.a. n.a.
Net Other Property Plant & Equipment n.a. n.a. n.a. n.a.
Accumulated Deprec., n.e.s. -250,153 -218,700 -190,374 -182,591
Intangibles 38,232 39,065 31,134 31,134
Goodwill 38,232 39,065 31,134 31,134
Other Intangibles n.a. n.a. n.a. n.a.
Other Fixed Assets 86,871 76,181 55,207 78,339
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables n.a. n.a. n.a. n.a.
Investments n.a. n.a. n.a. n.a.
Long Term Associated Companies n.a. n.a. n.a. n.a.
Investment Properties n.a. n.a. n.a. n.a.
Other Long Term Assets 86,871 76,181 55,207 78,339

TOTAL ASSETS 1,380,564 1,352,460 1,096,591 991,518

Liabilities
Total Current Liabilities 535,818 548,643 380,311 369,537
Loans 43,561 42,051 45,047 42,499
Current Portion of LT Debt 43,561 42,051 45,047 42,499
Current loans & overdrafts n.a. n.a. n.a. n.a.
Trade Creditors 314,134 285,132 219,409 223,709
Other 178,123 221,460 115,855 103,329
Other Short Term Debt 55,339 42,242 36,251 35,609
Other Creditors n.a. n.a. n.a. n.a.
Income Tax Payable n.a. n.a. n.a. n.a.
Social Expenditure Payable n.a. n.a. n.a. n.a.
Dividends Payable 0 62,985 n.a. n.a.
Other Current Liabilities 122,784 116,233 79,604 67,720

Non Current Liabilities 157,922 153,145 173,723 155,744


Total LT Interest Bearing Debt 84,864 83,062 93,257 81,793
Bank Loans 84,864 83,062 93,257 81,793
Debentures & Convertible Debt n.a. n.a. n.a. n.a.
Lease Liabilities n.a. n.a. n.a. n.a.
Other Long Term Interest Bearing Debt n.a. n.a. n.a. n.a.
Other Non-Current Liabilities 73,058 70,083 80,466 73,951
Pension Fund Provisions n.a. n.a. n.a. n.a.
Deferred Taxes 40,320 36,737 53,583 52,474
Provisions n.a. n.a. n.a. n.a.
Deferred Revenue n.a. n.a. n.a. n.a.
Other LT Non-Interest Bearing Debt 30,429 30,141 26,883 21,477
Minority Interest 2,309 3,205 n.a. n.a.

TOTAL LIABILITIES AND DEBT 693,740 701,788 554,034 525,281

Total Shareholders Equity 686,824 650,672 542,557 466,237


Share Capital 679 677 676 674
Common Stock / Shares 679 677 676 674
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares n.a. n.a. n.a. n.a.
Redeemable Prefered Shares n.a. n.a. n.a. n.a.
Other 686,145 649,995 541,881 465,563
Share Premiums 226,852 209,599 199,414 195,841
Treasury Shares -1,376,111 -1,167,600 -1,167,437 -1,116,765
Revaluation Reserves n.a. n.a. n.a. n.a.
Retained Earnings 1,841,279 1,611,158 1,512,993 1,389,975
Other Shareholders Reserves -5,875 -3,162 -3,089 -3,488

TOTAL LIABILITIES AND EQUITY 1,380,564 1,352,460 1,096,591 991,518

Net Assets 689,133 653,877 542,557 466,237


Net Debt -56,030 -123,989 -70,902 -3,442
Enterprise Value 3,877,392 4,244,650 3,492,529 2,552,268

Number of employees 1,306 1,273 1,197 1,223

Profit & loss account


Annual report/Consolidated 29/12/2018 30/12/2017 31/12/2016 26/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K
Total Revenues 4,618,960 3,648,862 3,169,136 3,322,487
Gross Sales 4,618,960 3,648,862 3,169,136 3,322,487
Adjustments / Excise Tax n.a. n.a. n.a. n.a.
Net Sales 4,618,960 3,648,862 3,169,136 3,322,487
Other Revenues n.a. n.a. n.a. n.a.
Cost of Goods Sold -3,947,963 -3,102,519 -2,679,868 -2,821,603
Research & Development Expenses n.a. n.a. n.a. n.a.
Other Operating Items -295,692 -261,815 -230,221 -230,076
EBITDA 375,305 284,528 259,047 270,808

Total Depreciation, Amort. & Depl. -43,570 -40,560 -35,796 -29,102


Depreciation -43,570 -40,560 -35,796 -29,102
Amortization & Depletion n.a. n.a. n.a. n.a.
Operating Income after Deprec. & Amort. 331,735 243,968 223,251 241,706
Unusual / Exceptional Items n.a. n.a. n.a. n.a.
Earnings before Interest & Tax 331,735 243,968 223,251 241,706
Financial Revenue n.a. n.a. n.a. n.a.
Financial Expenses -3,354 -3,166 -3,794 -2,949
Financial P/L -3,354 -3,166 -3,794 -2,949
Other Non Oper./ Financial Inc./ Exp. n.a. n.a. n.a. n.a.
Earnings before Tax 328,381 240,802 219,457 238,757
Income Taxes -116,843 -83,336 -82,107 -91,068
Earnings after Tax 211,538 157,466 137,350 147,689
Minority Interest 68 92 n.a. n.a.
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax 43,675 19,530 n.a. 0
Preferred Dividends n.a. n.a. n.a. n.a.
Net Profit 255,281 177,088 137,350 147,689

Ordinary Dividends -25,933 -78,923 -14,332 -13,088


Dividend Share Capital Other n.a. n.a. n.a. n.a.
1313069
/2018

26/12/2015 27/12/2014 28/12/2013 29/12/2012 31/12/2011 25/12/2010 26/12/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K

656,118 732,328 682,468 591,944 551,792 420,917 426,612


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
462,699 492,642 378,732 408,787 368,377 307,350 278,854
467,026 496,980 382,505 417,437 374,968 312,674 284,401
-4,327 -4,338 -3,773 -8,650 -6,591 -5,324 -5,547
193,419 239,686 303,736 183,157 183,415 113,567 147,758
30,076 38,735 88,495 73,345 74,571 45,595 37,714
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
163,343 200,951 215,241 109,812 108,844 67,972 110,044
114,520 163,944 180,302 74,284 80,900 44,706 85,719
48,823 37,007 34,939 35,528 27,944 23,266 24,325

335,400 311,884 288,228 287,477 256,657 262,965 222,180


225,927 202,203 177,329 158,953 142,146 132,649 116,656
9,148 9,148 9,148 7,982 7,982 7,982 1,921
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
39,532 38,790 33,160 33,622 33,688 33,558 17,967
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
311,449 267,685 245,430 230,213 204,117 188,176 183,247
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
48,389 47,261 47,576 46,135 42,163 40,763 38,331
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-182,591 -160,681 -157,985 -158,999 -145,804 -137,830 -124,810
31,134 31,134 31,134 57,470 57,470 57,470 57,470
31,134 31,134 31,134 57,470 57,470 57,470 57,470
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
78,339 78,547 79,765 71,054 57,041 72,846 48,054
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
78,339 78,547 79,765 71,054 57,041 72,846 48,054

991,518 1,044,212 970,696 879,421 808,449 683,882 648,792

369,537 410,451 375,660 344,339 331,113 278,346 258,635


42,499 35,064 27,567 19,016 17,212 22,172 24,585
42,499 35,064 27,567 19,016 17,212 22,172 24,585
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
223,709 220,077 157,796 188,981 163,307 137,297 121,030
103,329 155,310 190,297 136,342 150,594 118,877 113,020
35,609 34,629 27,780 33,647 25,905 24,877 28,919
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. 9,957
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. 44,794 n.a. n.a. n.a. n.a. n.a.
67,720 75,887 162,517 102,695 124,689 94,000 74,144

155,744 145,500 140,555 155,628 176,759 153,772 122,141


81,793 76,257 73,938 95,125 115,130 99,439 68,313
81,793 76,257 73,938 95,125 115,130 99,439 68,313
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
73,951 69,243 66,617 60,503 61,629 54,333 53,828
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
52,474 47,474 42,446 38,607 34,135 23,662 23,013
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
21,477 21,769 24,171 21,896 27,494 31,468 30,680
n.a. n.a. n.a. n.a. n.a. -797 135

525,281 555,951 516,215 499,967 507,872 432,118 380,776

466,237 488,261 454,481 379,454 300,577 251,764 268,016


674 673 670 669 666 665 663
674 673 670 669 666 665 663
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
465,563 487,588 453,811 378,785 299,911 251,099 267,353
195,841 189,012 179,807 173,976 165,712 169,268 161,261
-1,116,765 -955,613 -899,028 -839,517 -813,684 -763,182 -660,446
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,389,975 1,255,374 1,173,044 1,042,956 947,156 844,132 766,040
-3,488 -1,185 -12 1,370 727 881 498

991,518 1,044,212 970,696 879,421 808,449 683,882 648,792

466,237 488,261 454,481 379,454 300,577 250,967 268,151


-3,442 -55,001 -85,956 37,976 49,403 78,516 11,773
2,552,268 3,189,795 2,540,483 2,475,764 2,297,127 2,089,482 1,982,665

1,223 1,211 1,217 1,369 1,351 1,353 1,374

26/12/2015 27/12/2014 28/12/2013 29/12/2012 31/12/2011 25/12/2010 26/12/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP Local GAAP
10-K 10-K 10-K 10-K 10-K 10-K 10-K
3,322,487 3,186,171 2,666,255 2,772,362 2,630,079 2,401,728 2,010,064
3,322,487 3,186,171 2,666,255 2,772,362 2,630,079 2,401,728 2,010,064
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3,322,487 3,186,171 2,666,255 2,772,362 2,630,079 2,401,728 2,010,064
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-2,821,603 -2,711,923 -2,258,282 -2,348,445 -2,217,583 -2,005,713 -1,664,091
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-230,076 -222,301 -203,716 -197,965 -207,764 -231,240 -208,703
270,808 251,947 204,257 225,952 204,732 164,775 137,270

-29,102 -27,575 -27,667 -25,213 -23,905 -24,804 -23,528


-29,102 -27,575 -27,667 -25,213 -23,905 -24,804 -23,528
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
241,706 224,372 176,590 200,739 180,827 139,971 113,742
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
241,706 224,372 176,590 200,739 180,827 139,971 113,742
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
-2,949 -3,177 -3,211 -3,110 -3,109 -3,623 -4,030
-2,949 -3,177 -3,211 -3,110 -3,109 -3,623 -4,030
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
238,757 221,195 173,379 197,629 177,718 136,348 109,712
-91,068 -82,386 -64,457 -71,063 -66,175 -49,766 -39,762
147,689 138,809 108,922 126,566 111,543 86,582 69,950
n.a. n.a. n.a. n.a. n.a. 932 445
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
0 0 37,087 3,215 1,464 n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
147,689 138,809 146,009 129,781 113,007 87,514 70,395

-13,088 -56,479 -33,981 -33,981 -9,983 -9,422 -8,686


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Santova Limited

4001 Durban, South Africa BvD ID number ZA199801811806


Publicly quoted company Latest account date 2/28/2018
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 28/02/2018 28/02/2017 29/02/2016 28/02/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
IFRS IFRS IFRS
AR AR AR
Exchange rate: ZAR/USD 0.08511 0.07678 0.06226
Assets
Total Current Assets 63,862 52,423 47,378 50,999
Net Stated Inventory n.a. n.a. n.a. n.a.
Raw Materials n.a. n.a. n.a. n.a.
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods n.a. n.a. n.a. n.a.
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 49,308 41,391 36,743 42,597
Accounts Receivable 49,794 42,210 37,926 43,632
Doubtful Accounts -486 -819 -1,183 -1,035
Others 14,553 11,032 10,635 8,402
Other Current Assets 4,418 3,213 2,240 4,089
Prepaid Expenses & Advances 912 773 696 452
Deferred Charges n.a. n.a. n.a. n.a.
Total Cash & Short Term Investment 9,223 7,047 7,699 3,862
Cash or Equivalent 9,223 7,047 7,699 3,862
Short Term Investment n.a. n.a. n.a. n.a.

Fixed Assets 18,212 16,374 16,327 12,100


Net Property, Plant & Equipment 1,734 1,423 1,562 682
Land n.a. n.a. n.a. n.a.
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land n.a. n.a. n.a. n.a.
Buildings 171 147 112 107
Total Buildings Depreciation -117 -127 -81 -70
Net Buildings 54 21 31 37
Plant & Machinery 1,190 922 1,060 63
Plant & Machinery Depreciation -34 -23 -59 -28
Net Stated Plant & Machinery 1,156 899 1,000 35
Transportation Equipment 263 315 307 416
Transportation Equipment Depreciation -192 -205 -155 -213
Net Transportation Equipment 71 109 152 203
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment 1,449 1,165 862 950
Other Property Plant & Equip. Deprec. -995 -771 -483 -542
Net Other Property Plant & Equipment 454 395 379 408
Accumulated Deprec., n.e.s. n.a. n.a. n.a. n.a.
Intangibles 15,439 13,704 13,877 10,518
Goodwill 14,761 13,704 13,540 10,232
Other Intangibles 678 n.a. 337 286
Other Fixed Assets 1,039 1,246 887 899
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables n.a. n.a. n.a. n.a.
Investments n.a. n.a. n.a. n.a.
Long Term Associated Companies n.a. n.a. n.a. n.a.
Investment Properties n.a. n.a. n.a. n.a.
Other Long Term Assets 1,039 1,246 887 899

TOTAL ASSETS 82,074 68,797 63,705 63,099

Liabilities
Total Current Liabilities 44,755 37,741 34,893 41,524
Loans 1,324 19,111 17,529 24,855
Current Portion of LT Debt 1,324 1,577 1,159 696
Current loans & overdrafts n.a. 17,534 16,370 24,159
Trade Creditors 11,286 9,110 13,458 14,954
Other 32,145 9,520 3,906 1,716
Other Short Term Debt 22,561 0 0 0
Other Creditors 3,448 2,617 n.a. n.a.
Income Tax Payable 617 307 498 233
Social Expenditure Payable 987 n.a. 1,356 1,294
Dividends Payable n.a. n.a. n.a. n.a.
Other Current Liabilities 4,532 6,596 2,051 188

Non Current Liabilities 1,900 2,989 4,752 1,764


Total LT Interest Bearing Debt 1,791 2,806 3,552 1,617
Bank Loans n.a. n.a. n.a. n.a.
Debentures & Convertible Debt n.a. n.a. n.a. n.a.
Lease Liabilities n.a. n.a. n.a. n.a.
Other Long Term Interest Bearing Debt 1,791 2,806 3,552 1,617
Other Non-Current Liabilities 109 183 1,201 146
Pension Fund Provisions 109 n.a. n.a. n.a.
Deferred Taxes 0 73 n.a. n.a.
Provisions n.a. 109 93 146
Deferred Revenue n.a. n.a. n.a. n.a.
Other LT Non-Interest Bearing Debt n.a. n.a. 1,107 0
Minority Interest n.a. n.a. n.a. n.a.

TOTAL LIABILITIES AND DEBT 46,655 40,730 39,646 43,288

Total Shareholders Equity 35,419 28,067 24,059 19,811


Share Capital 18,682 16,478 13,329 12,490
Common Stock / Shares 18,682 16,478 13,329 12,490
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares n.a. n.a. n.a. n.a.
Redeemable Prefered Shares n.a. n.a. n.a. n.a.
Other 16,737 11,589 10,730 7,321
Share Premiums n.a. n.a. n.a. n.a.
Treasury Shares -272 -125 -62 0
Revaluation Reserves 3 n.a. n.a. n.a.
Retained Earnings 18,157 11,986 6,352 5,083
Other Shareholders Reserves -1,151 -272 4,440 2,237

TOTAL LIABILITIES AND EQUITY 82,074 68,797 63,705 63,099

Net Assets 35,419 28,067 24,059 19,811


Net Debt 16,453 14,871 13,382 22,611
Enterprise Value 57,771 56,787 52,828 63,463

Number of employees 328 323 321 284

Profit & loss account


Annual report/Consolidated 28/02/2018 28/02/2017 29/02/2016 28/02/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
IFRS IFRS IFRS
AR AR AR
Exchange rate: ZAR/USD 0.08511 0.07678 0.06226
Total Revenues 27,733 24,707 17,269 19,678
Gross Sales 25,753 22,297 16,014 17,563
Adjustments / Excise Tax 758 662 559 743
Net Sales 26,511 22,959 16,572 18,306
Other Revenues 1,222 1,748 697 1,372
Cost of Goods Sold n.a. n.a. n.a. n.a.
Research & Development Expenses 0 0 0 0
Other Operating Items -20,407 -18,079 -13,388 -15,721
EBITDA 7,327 6,628 3,882 3,958
Total Depreciation, Amort. & Depl. -286 -455 -252 -285
Depreciation -240 -225 -181 -211
Amortization & Depletion -45 -229 -70 -74
Operating Income after Deprec. & Amort. 7,041 6,173 3,630 3,673
Unusual / Exceptional Items n.a. n.a. n.a. n.a.
Earnings before Interest & Tax 7,041 6,173 3,630 3,673
Financial Revenue 3,414 1,290 790 1,004
Financial Expenses -2,375 -705 -265 -256
Financial P/L 1,039 585 525 748
Other Non Oper./ Financial Inc./ Exp. n.a. n.a. n.a. n.a.
Earnings before Tax 8,080 6,758 4,155 4,421
Income Taxes -2,014 -1,797 -1,049 -1,047
Earnings after Tax 6,065 4,961 3,107 3,374
Minority Interest -1 -140 -74 -60
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax n.a. n.a. n.a. n.a.
Preferred Dividends n.a. n.a. n.a. n.a.
Net Profit 6,064 4,821 3,033 3,314

Ordinary Dividends -955 -759 -540 -499


Dividend Share Capital Other n.a. n.a. n.a. n.a.
801811806
2018

28/02/2015 28/02/2014 28/02/2013 29/02/2012 28/02/2011 28/02/2010 28/02/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
IFRS IFRS IFRS IFRS IFRS IFRS IFRS
AR AR AR AR AR AR AR
0.08603 0.09334 0.11175 0.13457 0.14360 0.12962 0.09950

50,999 51,818 48,601 46,455 39,554 24,428 21,862


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
42,597 44,874 41,228 43,105 35,729 22,887 20,215
43,632 45,398 41,706 43,331 36,530 23,757 20,942
-1,035 -523 -478 -226 -800 -870 -727
8,402 6,943 7,372 3,350 3,825 1,541 1,648
4,089 3,419 4,108 1,589 1,775 900 933
452 85 126 41 113 81 60
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3,862 3,439 3,138 1,721 1,937 560 655
3,862 3,439 3,138 1,721 1,937 560 655
n.a. n.a. n.a. n.a. n.a. n.a. n.a.

12,100 13,201 13,766 9,847 10,399 6,779 3,868


682 835 928 1,126 1,226 1,159 867
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
107 161 185 202 149 127 58
-70 -105 -93 -77 -53 -29 -14
37 56 92 125 95 98 44
63 68 70 84 90 80 61
-28 -27 -27 -27 -23 -16 -8
35 40 43 57 67 64 53
416 535 473 477 579 498 454
-213 -299 -260 -193 -259 -178 -225
203 236 212 284 320 320 229
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
950 1,228 1,321 1,653 1,639 1,162 828
-542 -725 -740 -993 -895 -485 -288
408 503 581 660 745 677 540
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
10,518 11,568 12,279 8,122 8,614 5,123 2,582
10,232 11,278 11,944 7,709 8,074 4,531 2,418
286 290 336 413 540 592 164
899 798 558 599 559 496 420
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
899 798 558 599 559 496 420

63,099 65,018 62,366 56,302 49,953 31,207 25,731

41,524 43,681 40,298 38,980 34,276 19,924 17,798


24,855 20,187 15,786 18,626 15,672 8,155 9,539
696 742 383 21 22 42 38
24,159 19,446 15,402 18,605 15,651 8,113 9,501
14,954 20,606 22,278 18,706 16,774 10,947 7,790
1,716 2,887 2,234 1,648 1,830 822 468
0 19 19 33 23 13 16
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
233 390 383 34 85 103 47
1,294 n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
188 2,478 1,832 1,581 1,723 706 406

1,764 2,808 5,533 992 1,068 1,014 533


1,617 2,611 4,180 22 46 54 8
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1,617 2,611 4,180 22 46 54 8
146 197 1,354 970 1,023 960 526
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. 0 0 2 n.a.
146 166 220 266 289 277 224
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
0 31 1,134 388 492 545 301
n.a. n.a. n.a. 316 241 136 0

43,288 46,488 45,831 39,971 35,345 20,938 18,331

19,811 18,530 16,535 16,331 14,609 10,269 7,400


12,490 13,606 16,238 19,539 198 163 129
12,490 13,606 16,238 19,539 198 163 129
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
7,321 4,924 297 -3,209 14,411 10,106 7,271
n.a. n.a. n.a. n.a. 21,515 18,707 14,310
0 n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
5,083 2,334 -241 -3,641 -7,283 -8,766 -7,092
2,237 2,591 538 432 179 166 53

63,099 65,018 62,366 56,302 49,953 31,207 25,731

19,811 18,530 16,535 16,646 14,850 10,405 7,400


22,611 19,378 16,846 16,960 13,804 7,661 8,907
63,463 41,287 33,010 31,597 29,612 12,723 15,362

284 300 337 n.a. n.a. n.a. n.a.

28/02/2015 28/02/2014 28/02/2013 29/02/2012 28/02/2011 28/02/2010 28/02/2009


th USD th USD th USD th USD th USD th USD th USD
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual Unqual Unqual Unqual
IFRS IFRS IFRS IFRS IFRS IFRS IFRS
AR AR AR AR AR AR AR
0.08603 0.09334 0.11175 0.13457 0.14360 0.12962 0.09950
19,678 21,420 20,780 23,014 294,487 193,817 187,942
17,563 20,009 19,741 22,488 293,573 193,567 187,586
743 n.a. n.a. n.a. n.a. n.a. n.a.
18,306 20,009 19,741 22,488 293,573 193,567 187,586
1,372 1,411 1,039 526 914 249 356
n.a. n.a. n.a. n.a. -272,862 -180,860 -175,822
0 0 0 0 0 0 0
-15,721 -15,918 -15,849 -17,135 -16,339 -11,001 -9,493
3,958 5,502 4,931 5,879 5,286 1,956 2,628
-285 -324 -343 -508 -569 -346 -195
-211 -252 -243 -267 -285 -220 -166
-74 -72 -100 -241 -283 -126 -29
3,673 5,177 4,588 5,371 4,718 1,610 2,432
n.a. n.a. n.a. n.a. n.a. n.a. 0
3,673 5,177 4,588 5,371 4,718 1,610 2,433
1,004 426 212 179 325 473 338
-256 -1,523 -1,032 -1,439 -1,544 -1,194 -1,849
748 -1,097 -820 -1,260 -1,218 -721 -1,511
n.a. -345 -27 -66 -165 0 182
4,421 3,735 3,740 4,046 3,334 888 1,103
-1,047 -861 -936 -1,018 -846 -346 -321
3,374 2,874 2,805 3,028 2,488 543 782
-60 -19 -46 -57 -52 -57 -7
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3,314 2,855 2,759 2,971 2,436 486 776

-499 -414 -381 0 0 0 0


n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Wice Logistics Public Company Limited

10120 Bangkok, Thailand BvD ID number TH0107558000156


Publicly quoted company Latest account date 12/31/2018
This company is the Global Ultimate Owner of the Corporate Group

Detailed format (listed cos)

Balance sheet
Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
IFRS IFRS IFRS
AR AR AR
Exchange rate: THB/USD 0.03082 0.03060 0.02791
Assets
Total Current Assets 24,524 18,602 15,223 14,638
Net Stated Inventory n.a. n.a. n.a. n.a.
Raw Materials n.a. n.a. n.a. n.a.
Work in Progress n.a. n.a. n.a. n.a.
Finished Goods n.a. n.a. n.a. n.a.
Inventory Prepayments n.a. n.a. n.a. n.a.
Net Accounts Receivable 12,702 8,175 6,907 2,960
Accounts Receivable 12,716 8,187 6,938 2,998
Doubtful Accounts -14 -12 -30 -38
Others 11,822 10,427 8,316 11,678
Other Current Assets 1,435 1,204 964 820
Prepaid Expenses & Advances 858 n.a. n.a. n.a.
Deferred Charges n.a. n.a. n.a. n.a.
Total Cash & Short Term Investment 9,530 9,223 7,352 10,858
Cash or Equivalent 6,417 6,232 4,843 2,617
Short Term Investment 3,113 2,990 2,510 8,241

Fixed Assets 19,229 15,174 14,560 4,637


Net Property, Plant & Equipment 6,888 4,386 4,206 4,428
Land 746 728 664 659
Total Land Depreciation n.a. n.a. n.a. n.a.
Net Stated Land 746 728 664 659
Buildings 2,026 1,645 1,501 1,490
Total Buildings Depreciation -943 -715 -578 -499
Net Buildings 1,083 930 923 991
Plant & Machinery n.a. n.a. n.a. n.a.
Plant & Machinery Depreciation n.a. n.a. n.a. n.a.
Net Stated Plant & Machinery n.a. n.a. n.a. n.a.
Transportation Equipment 5,917 3,755 3,438 3,233
Transportation Equipment Depreciation -1,668 -1,328 -1,016 -674
Net Transportation Equipment 4,249 2,427 2,422 2,559
Leased Assets n.a. n.a. n.a. n.a.
Leased Assets Depreciation n.a. n.a. n.a. n.a.
Net Leased Assets n.a. n.a. n.a. n.a.
Other Property Plant & Equipment 1,937 1,281 1,091 626
Other Property Plant & Equip. Deprec. -1,127 -980 -894 -408
Net Other Property Plant & Equipment 810 301 197 218
Accumulated Deprec., n.e.s. n.a. n.a. n.a. n.a.
Intangibles 12,204 10,650 9,998 11
Goodwill 4,309 3,042 2,774 n.a.
Other Intangibles 7,894 7,609 7,224 11
Other Fixed Assets 137 138 355 198
Exploration n.a. n.a. n.a. n.a.
Long Term Receivables n.a. n.a. n.a. n.a.
Investments n.a. n.a. n.a. n.a.
Long Term Associated Companies n.a. n.a. n.a. n.a.
Investment Properties n.a. n.a. n.a. n.a.
Other Long Term Assets 137 138 355 198

TOTAL ASSETS 43,754 33,776 29,783 19,275

Liabilities
Total Current Liabilities 10,964 4,666 4,293 2,082
Loans 124 23 200 401
Current Portion of LT Debt 124 23 200 401
Current loans & overdrafts n.a. n.a. n.a. n.a.
Trade Creditors 8,432 3,090 2,318 982
Other 2,407 1,552 1,776 699
Other Short Term Debt 0 0 0 0
Other Creditors 1,633 875 1,004 401
Income Tax Payable 479 334 424 127
Social Expenditure Payable n.a. n.a. n.a. n.a.
Dividends Payable n.a. n.a. n.a. n.a.
Other Current Liabilities 295 343 348 170

Non Current Liabilities 3,292 1,578 1,425 545


Total LT Interest Bearing Debt 229 0 22 220
Bank Loans 7 n.a. n.a. n.a.
Debentures & Convertible Debt n.a. n.a. n.a. n.a.
Lease Liabilities 222 0 22 220
Other Long Term Interest Bearing Debt n.a. n.a. n.a. n.a.
Other Non-Current Liabilities 3,063 1,577 1,404 325
Pension Fund Provisions 559 515 382 308
Deferred Taxes 1,127 1,023 995 n.a.
Provisions n.a. n.a. n.a. n.a.
Deferred Revenue n.a. n.a. n.a. n.a.
Other LT Non-Interest Bearing Debt 1,376 39 27 17
Minority Interest 0 0 0 0

TOTAL LIABILITIES AND DEBT 14,256 6,244 5,718 2,627

Total Shareholders Equity 29,498 27,532 24,065 16,647


Share Capital 10,045 9,974 9,097 8,313
Common Stock / Shares 10,045 9,974 9,097 8,313
Participation Shares n.a. n.a. n.a. n.a.
Preferred Shares n.a. n.a. n.a. n.a.
Redeemable Prefered Shares n.a. n.a. n.a. n.a.
Other 19,453 17,558 14,968 8,334
Share Premiums 10,717 10,642 9,706 6,329
Treasury Shares n.a. n.a. n.a. n.a.
Revaluation Reserves n.a. 199 184 303
Retained Earnings 3,896 3,590 2,306 1,403
Other Shareholders Reserves 4,839 3,128 2,772 299

TOTAL LIABILITIES AND EQUITY 43,754 33,776 29,783 19,275

Net Assets 29,498 27,532 24,065 16,647


Net Debt -9,176 -9,199 -7,131 -10,237
Enterprise Value 63,949 93,530 58,367 36,648

Number of employees n.a. n.a. n.a. n.a.

Profit & loss account


Annual report/Consolidated 31/12/2018 31/12/2017 31/12/2016 31/12/2015
th USD th USD th USD th USD
12 months 12 months 12 months
Unqual Unqual Unqual
IFRS IFRS IFRS
AR AR AR
Exchange rate: THB/USD 0.03082 0.03060 0.02791
Total Revenues 57,015 42,910 28,904 19,105
Gross Sales 56,460 42,727 28,537 18,885
Adjustments / Excise Tax n.a. n.a. n.a. n.a.
Net Sales 56,460 42,727 28,537 18,885
Other Revenues 555 182 367 220
Cost of Goods Sold -38,850 -25,660 -16,155 -10,515
Research & Development Expenses 0 0 0 0
Other Operating Items -12,724 -12,386 -9,299 -6,171
EBITDA 5,441 4,863 3,449 2,419
Total Depreciation, Amort. & Depl. -977 -855 -674 -367
Depreciation -559 -509 -674 -367
Amortization & Depletion -418 -347 0 -1
Operating Income after Deprec. & Amort. 4,463 4,008 2,775 2,052
Unusual / Exceptional Items n.a. n.a. n.a. n.a.
Earnings before Interest & Tax 4,463 4,008 2,775 2,052
Financial Revenue n.a. n.a. n.a. n.a.
Financial Expenses -150 -6 -21 -38
Financial P/L -150 -6 -21 -38
Other Non Oper./ Financial Inc./ Exp. n.a. n.a. n.a. n.a.
Earnings before Tax 4,313 4,003 2,754 2,014
Income Taxes -808 -712 -461 -335
Earnings after Tax 3,505 3,291 2,293 1,679
Minority Interest -540 -546 -139 0
Other n.a. n.a. n.a. n.a.
Extraordinary Items after Tax n.a. n.a. n.a. n.a.
Preferred Dividends n.a. n.a. n.a. n.a.
Net Profit 2,964 2,745 2,154 1,679

Ordinary Dividends -2,410 -1,594 -1,172 -1,574


Dividend Share Capital Other n.a. n.a. n.a. n.a.
7558000156
/2018

31/12/2015 31/12/2014 31/12/2013 31/12/2012


th USD th USD th USD th USD
12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual
IFRS IFRS IFRS IFRS
AR AR AR AR
0.02771 0.03034 0.03048 0.03265

14,638 7,058 6,481 7,588


n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
2,960 2,665 2,740 2,650
2,998 2,701 2,776 2,688
-38 -36 -36 -39
11,678 4,393 3,741 4,938
820 692 734 258
n.a. n.a. n.a. 423
n.a. n.a. n.a. n.a.
10,858 3,701 3,007 4,257
2,617 2,452 1,479 2,232
8,241 1,248 1,528 2,026

4,637 3,818 2,447 1,858


4,428 3,753 2,363 1,798
659 722 n.a. n.a.
n.a. n.a. n.a. n.a.
659 722 n.a. n.a.
1,490 1,522 1,122 1,201
-499 -470 -396 -364
991 1,051 726 838
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
3,233 2,436 1,651 1,118
-674 -597 -453 -288
2,559 1,839 1,198 831
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
626 655 925 626
-408 -515 -486 -496
218 140 439 130
n.a. n.a. n.a. n.a.
11 2 3 2
n.a. n.a. n.a. n.a.
11 2 3 2
198 63 81 58
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
198 63 81 58

19,275 10,876 8,928 9,446

2,082 1,884 2,542 5,168


401 347 205 114
401 347 205 114
n.a. n.a. n.a. n.a.
982 993 1,058 4,463
699 543 1,278 591
0 0 0 0
401 147 394 361
127 141 260 1
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
170 255 624 229

545 552 505 347


220 372 379 254
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
220 372 379 254
n.a. n.a. n.a. n.a.
325 181 126 94
308 174 126 94
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
17 6 n.a. n.a.
0 n.a. 0 0

2,627 2,436 3,047 5,515

16,647 8,440 5,881 3,931


8,313 6,310 5,486 490
8,313 6,310 5,486 490
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
8,334 2,130 396 3,442
6,329 n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
303 318 n.a. n.a.
1,403 1,625 -64 3,072
299 187 460 369

19,275 10,876 8,928 9,446

16,647 8,440 5,881 3,931


-10,237 -2,982 -2,422 -3,890
36,648 n.a. n.a. n.a.

n.a. n.a. n.a. n.a.

31/12/2015 31/12/2014 31/12/2013 31/12/2012


th USD th USD th USD th USD
12 months 12 months 12 months 12 months
Unqual Unqual Unqual Unqual
IFRS IFRS IFRS IFRS
AR AR AR AR
0.02771 0.03034 0.03048 0.03265
19,105 20,531 1,679 20,784
18,885 20,332 1,614 20,581
n.a. n.a. n.a. n.a.
18,885 20,332 1,614 20,581
220 199 65 203
-10,515 -12,298 -963 -15,817
0 0 0 0
-6,171 -5,464 -516 -4,068
2,419 2,769 201 898
-367 -322 -29 -212
-367 -321 -29 -211
-1 -1 0 -1
2,052 2,447 172 686
n.a. n.a. n.a. n.a.
2,052 2,447 172 686
n.a. n.a. n.a. n.a.
-38 -54 -3 -8
-38 -54 -3 -8
n.a. n.a. n.a. n.a.
2,014 2,393 169 679
-335 -499 -39 -177
1,679 1,894 130 502
0 0 0 -26
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
1,679 1,894 130 476

-1,574 -182 -3,079 n.a.


n.a. n.a. n.a. n.a.