Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland

Page created by Ian Todd
 
CONTINUE READING
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Corporate Profile
                                                                                     2017

Kintetsu World Express, Inc.
24th Fl, Shinagawa Intercity Tower A, 2-15-1 Konan, Minato-ku Tokyo 108-6024 Japan
Tel: 03-6863-6440 Fax: 03-5462-8501
http://www.kwe.co.jp
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
A Message from the President

                                               As globalization of the economy and industry accelerates,

                                               international logistics is becoming increasingly important

                                               as “the lifeblood of the world economy”. Our group

                                               companies will accurately grasp the needs of individual

                                               customers, designing optimal logistics and executing it in

                                               a fast-changing environment. We aim to be a true "Global

                                               Logistics Partner" that will be indispensable to business

                                               development, beyond the framework of conventional

                                               logistics companies. Our group will celebrate its 70th

                                               anniversary in 2018.

                                               Our challenge for the next future is already beginning.

                                    Representative Director
                                    President

                                    Nobutoshi Torii                                                         Contents

                                                                                                            02   A Message from the President /
                                                                                                                 Corporate Philosophy

     Corporate Philosophy                                                                                   04   About “KWE”

                                                                                                            06   Our Services 01 International Air Freight

     Contribute to the development of a global community                                                    08   Our Services 02 International Sea Freight

     through logistics services – by creating new values,                                                   10   Our Services 03 Logistics

                                                                                                            12   Our Global Network

     sustaining the environment and collaborating                                                           14   APL Logistics

     with our clients, shareholders and employees.                                                          15   International Management & Security Standard Certifications

                                                                                                            16   KWE Global System

                                                                                                            17   Our Corporate Social Responsibility

                                                                                                            18   Company Data / History / About Kintetsu Group
02                                                                                                                                                                             03
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
About “KWE”                                                                                                     Air Freight Exports (‘17/3)                                                            Sea Freight Exports (‘17/3)

                                                                                                                     495,947 556,640                                                    tons                                                                         TEUs
                                                                                                                                                                                                                                 APLL
     Global Network (as of Mar. 31, 2017)                                                                                Southeast Asia
                                                                                                                                                                                                                                 112,848
                                                                                                                         101,312
                                                                                                                                                            Japan                                             Southeast Asia
                                                                                                                                                            139,408                                           102,975                                Japan
                                                                                                                                   Air Freight                                                                                                       125,476
                                                                                                                                    Exports                                                                                Sea Freight
                                                                                                                                                                                                                            Exports                  The
                                                                                                                                    (weight:tons)          The                                                                                       Americas
                                                                                                                                                           Americas                                                            (Volume:TEUs)

                                                                                                                                                           84,490                                                                                    42,909
                                                                                                                      East Asia,
                                                                                                                      Oceania                                                                                                  East Asia,      Europe,
                                                                                                                                            Europe,
                                                                                                                      117,476               Middle East, and                                                                   Oceania         Middle East, and
                                                                                                                                            Africa                                                                             153,319         Africa
                                                                                                                                            53,261                                                                                             19,113

                                                                                                                     Medium-Term Management Plan (FY ending March 2017 - FY ending March 2019)

     46                                          351 848
                                                                                                                                                                                                     Vision
                                                                                                                                                                         A superior business partner supporting customer’s strategic
                                                                                                                                                                         objectives and activities by providing comprehensive innovative
                                                                                                                                                                         supply chain solution
                        Countries                  Cities                                                    Sites
                                                                                                                                                                                                    Slogan

                                                                                                                                                                      Going to the Next Phase!
                                                                                                                                                            ―Toward Air Freight Export 700,000 tons/Sea Freight Export 700,000 TEUs―
     Number of Employees (as of Mar. 31, 2017)     Net Sales・Operating Income (Consolidated)

      18,159
                                                                                                                                                                              Targets by March 2019(Revised on May 11, 2017)

                                                                                                                                                                         Net Sales:   568 billion yen      Operating Income:   18 billion yen
                                                                                                       474,330

                                                   (Million of Yen)
                                                                                           420,252                                                                                              Key Strategies
                                                                                327,192                                                                                1. Become an industry leader providing comprehensive services
                                                                      281,505                                                                                          2. Actively respond to customer’s logistics needs at production
                                                   247,977
                                                                                                                                                                          locations and consumer markets
                                                                                      16,563
                                                                                                   15,356
                                                                                                                                                                       3. Improve productivity by leveraging corporate capabilities
                                                           13,295          13,742                           13,075

                                                                                                                                                                                              Core Competences

                                                     2012 2013 2014 2015 2016                                                                       Maximize efficient utilization          Strengthen corporate risk                         Heighten quality of
                                                                                                                                                      of corporate resources                management capabilities                        operational performance
                                                           Net Sales            Operating Income

04                                                                                                                                                                                                                                                                          05
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Our Services 01

                         Preferred Carrier Program                                      Specialists By Commodity
International            KWE has contracted a strategic partnership with
                         more than ten airlines, making it possible to
                                                                                        Transportation of automobiles, healthcare equipment,
                                                                                        aircraft materials, and semiconductors requires

Air Freight
                         respond to all customer needs in terms of                      specialized handling and knowledge of the respective
                         schedule, space, and rates.                                    commodities. KWE employs and stations staff around
                                                                                        the world who are experienced in handling such
                                                                                        commodities, with an aim to provide distinguished
                                                                                        service and ensure all the handling needs of our
                                                                                        customers are met.

                                                                                        Air Freight Performance
                                                                                        Since its establishment, KWE has made air cargo
                                                                                        transportation its core business and strength. Among
                                                                                        the tens of thousands of forwarders handling air
                                                                                        cargo in the world, KWE’s handling volume is ranked
                                                                                        top 10 globally.

                                                                                        (Weight : tons)

                                                                                                                                  495,947
                                                                                                              478,564

                                                                                                                        457,461
                                                                                          442,514

                                                                                                    424,426
                                                                                          2012

                                                                                                     2013

                                                                                                              2014

                                                                                                                        2015

                                                                                                                                   2016
                                                                           Case Study

                                                                           Aircraft Engine Transport
                                                                           Aircraft engines are a special class of cargo that requires high
                                                                           transportation technology, as the weight of the aircraft engine is

 495,947
  AIR FREIGHT                                                              immense, often exceeding 10 tons with dimensions larger than 500 x
                                                                           300 x 300 cm. In general, large-sized cargo handling employs cranes,
                                                                           but the risk of cargo damage also increases as cargo is raised and
                                                                           lowered many times. Therefore, KWE has developed a method of using
                                                                           special vehicles with a roller bed, loading the cargo directly from the
                                                                           truck into the aircraft. With this method, the damage risk and loading
                                                                           timeframe are reduced.

                  tons
  (’17/3)

 06                                                                                                                                            07
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Our Services 02

                                                                                 556,640
                                                                                 SEA FREIGHT

International
Sea Freight
                                                                                                                                                TEUs
                                                                                 (’17/3)

                                                                                                                                                      Preferred Carrier Program
                                                                                                                                                      As with our air cargo business, we also have strategic,
                                                                                                                                                      established partnerships with several international
                                                                                                                                                      steamship lines, providing stability in an industry
                                                                                                                                                      undergoing substantial reorganization.

                                                                                                                                                      Vast Handling Experience
                                                                                                                                                      In recent years, we have expanded our handling of
                                                                                                                                                      commodities specific to sea freight transport,
                                                                                                                                                      gaining handling experience with goods such as
                                                                                                                                                      paper, coils, and raw materials. This integral work
                                                                                                                                                      bolsters KWE’s ability to provide high quality sea
                                                                                                                                                      freight transportation services.

                                                                                                  Sea Freight Performance

                                                                                                                                                                                               556,640
                                                                                                                                                      (Volume:TEU)

                                                                                                  Our sea freight volume has increased 83% over

                                                                                                                                                                                     455,062
                                                                                                  the past five years, and shows to be the most
                                                                                                  prominent area for growth in KWE. We intend to

                                                                                                                                                                           396,152
                                                                                                                                                                 362,341
                                                                                                  further expand on our group’s current efforts to
KWE’s NVOCC Services

                                                                                                                                                       304,429
                                                                                                  provide premium sea freight forwarding service
As a certified NVOCC, KWE provides diverse ocean freight transport services to                    to customers.
meet the ever-changing needs of our customers’ business models.

1. We cultivate partnerships with shipping companies across the globe to

                                                                                                                                                       2012

                                                                                                                                                                  2013

                                                                                                                                                                            2014

                                                                                                                                                                                      2015

                                                                                                                                                                                               2016
   meet the requisites of both our customers and regulatory bodies.
2. We oversee all aspects of the cargo process from pickup, to customs
                                                                                               Case Study
   clearance, to delivery—all at the customer’s request.
3. We effortlessly handle modal changes from sea freight transport to air,                     Carrier Selection in Consideration of Port             Trans-loading Service
   and vice versa.
                                                                                               Operation, Congestion, and Status                      Imports to US inland areas are usually carried by rail
4. We can easily move shipments across several countries by utilizing our
                                                                                               There are a total of 14 terminals in the Los Angeles   transport to the nearest container yard after it is
   globally established network of warehouses and logistics centers.
                                                                                               and Long Beach port complex. With intangible           unloaded at the Los Angeles and Long Beach ports.
                                                                                               factors such as weekend operations availability,       A proven option for transit time reduction is our
                                                                                               truck waiting times, container pickup appointments,    trans-loading service. Through this process, we can
                                                                                               and dock rail availability, KWE leverages these        set the delivery date and schedule the shipment
                                                                                               variables to provide seamless and optimal service      according to customer's specifications.
                                                                                               for our customers.

  08                                                                                                                                                                                                     09
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Our Services 03

Logistics

                                                           Globally Developed Vertical-Market Logistics Services
              KWE's Global Logistics Sites

             209
                                                           KWE provides high-quality logistics services in major cities around the world. We
                                                           also develop and operate optimal solutions that deal with a wide range of items
                                                           including: advanced electronic products, automobile-related goods, retail fashion,
                                                           aerospace commodities, and healthcare-related products.

                                              Warehouses
              Total area (1,449,058㎡)

              KWE’s logistics capabilities include
              a network of 209 warehouses with             U.S.A. (Detroit)      Canada (Toronto)        Netherlands (Amsterdam)   U.K. (London)

              a total area of 1,449,058 m².

                                                           Singapore             Vietnam (Hanoi)        Taiwan (Taoyuan)           Japan (Narita)

 10                                                                                                                                                 11
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Our Global Network
                                                                                            KWE   APLL   KWE & APLL

     Japan         Czech         UAE            Bangladesh    Singapore    Honduras
     Canada        France        Saudi Arabia   Cambodia      Thailand     Peru
     U.S.A.        Germany       Bahrain        India         Vietnam      Panama
     Brazil        Ireland       South Africa   Indonesia     Egypt        Pakistan
     Mexico        Italy         Australia      Laos          Turkey       Sri Lanka
     U.K.          Russia        China          Malaysia      Chile        Oman
     Belguim       Sweden        Korea          Myanmar       Costa Rica
     Netherlands   Switzerland   Taiwan         Philippines   Guatemala

                                                                                                                      East Asia &
                                                                                                                       Oceania
                   The Americas                                                                                                     Japan
                                                                                         Europe,
                                                                                       Middle East &
                                                                                          Africa     Southeast
                                                                                                        Asia

12                                                                                                                                      13
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
APL Logistics                                                                                                   International Management &
     In May 2015, APL Logistics Ltd. (APLL) became a member of KWE Group as a standalone business unit.
     APLL is a global leading third-party logistics provider and a go-to supply chain specialist for
                                                                                                                     Security Standard Certifications
     companies in Automotive, Consumer, Industrials, and Retail sectors. APLL provides international,                The KWE Group continually strives to improve by providing services to customers and improving the
     integrated end-to-end supply chain services in more than 60 countries, including both origin and                working environment for employees through the acquisition and operation of various standard
     destination services such as freight consolidation, warehousing, and distribution management. The               certifications.
     company also offers consulting solutions and uses IT for maximum supply chain visibility and control.
     APLL’s major lines of services include:

                                                                                                                     ■ ISO (International Organization for Standards) Certifications (as of Mar. 2017)
     International Logistics Services                                                                                ❶ ISO9001
     Under this category include Air and Ocean Forwarding, Purchase Order (PO) Management, Buyer's                    TC-1    U.S.A. / Canada
     Consolidation, as well as Customs Brokerage.
                                                                                                                      TC-2    France / Germany / U.K. / Ireland / Italy / Benelux / Russia
                                                                                                                              UAE / Saudi Arabia (Bahrain) / South Africa
     Intermodal and Trucking Logistics                                                                                TC-3    Japan (3 companies) / Hong Kong / Philippines / Singapore / Malaysia
     Rail and Road Transportation services are included in this category. As the market leader of                             Thailand (2 companies) / Korea / Taiwan / India / Indonesia / China (3 companies)
     intermodal services between the U.S. and Mexico, APLL manages seamless movements between
     truck and rail services. Rail freight service for finished vehicles is also offered in India.                   ❷ ISO14001

                                                                                                                      TC-2    France / Russia / South Africa
     Contract Logistics Services                                                                                      TC-3    Japan (2 sites) / Hong Kong (4 sites) / Philippines (2 sites) / Malaysia (2 sites) / Taiwan (2 sites)

     In addition to the Contract Logistics Services, we have developed additional value-added services, such
     as products delivery from suppliers in multiple countries to importers in multiple countries.                   ❸ ISO13485
                                                                                                                      TC-3    Japan (Baraki No. 4 Terminal)

                                                                                                                     ❹ OHSAS18001

     APLL Services Overview                                                                                           TC-3    Hong Kong / Philippines / Taiwan

                                                                                                    Contract
       Business                                                          Intermodal and             Logistics
                             International Logistics Services
       Segments                                                             Trucking                Services         ■ TAPA (Transported Asset Protection Association) Certification (as of Mar. 2017)

                                                                                                                      TC-1    Los Angeles / San Francisco
                                                                                                  Warehouse
                          International                                     Rail/ Road
                                                 PO Management                                   Management &
                      Freight Management                                Intermodal Service                            TC-2    London / Dublin
                                                                                                  Distribution
      What services
      do we offer?                                                                                                    TC-3    Narita / Hong Kong (4 sites) / Manila / Singapore (2 sites) / Kuala Lumpur
                                                                                                                              Penang / Incheon / Taoyuan / Shanghai (4 sites) / Shenzhen
                      Buyer's Consolidation     Customs Brokerage        Cross-border &       Value-added Services
                                                                        Domestic Trucking

                                                                                                                     ■ GDP (Good Distribution Practice) Certification (as of Mar. 2017)

                                                                                                                      TC-2    Germany / U.K. / Ireland / Italy / Benelux

                                                                                                                     ■ AEO (Authorized Economic Operator) Certification (as of Mar. 2017)

                                                                                                                      TC-1    U.S.A. (C-TPAT)

                                                                                                                      TC-2    France / Germany / U.K. / Ireland / Italy / Benelux / Switzerland

                                                                                                                      TC-3    Japan / Singapore (STP) / Thailand / Korea / Indonesia / Taiwan / Shenzhen

14                                                                                                                                                                                                                                    15
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
Customers

                                                                                                                                                                                                                                                                                                               Shareholders /
                                                                                                                                                                                                                                                                                                               Investors                                     Employees

     KWE Global System                                                                                                                                                    Our Corporate Social Responsibility                                                                                                                       KWE Group

     KWE utilizes UFS as its unified global system, which aims at improving the                                                                                           The KWE Group’s corporate activities are being deployed on a global scale and all relevant                                          Local Communities /                        Partner Companies /
                                                                                                                                                                                                                                                                                                              Governing                                  Suppliers
     efficiency of operations and provides transportation information to customers                                                                                        stakeholders are involved in this relationship: customers, shareholders, investors, partner                                         Administrations
     through CSS.                                                                                                                                                         companies, suppliers, local communities, governing administrations, and our employees.
                                                                                                                                                                          We aim to build a good relationship of trust with our stakeholders and promote
                                                                                                                                                                          responsible behavior.

                                                                                                                                                                                                                                                                                                                                    Global Environment

                                                                                                                                                                          ■ Environmental Initiatives and Efforts
                 KWE                                                                                Operation                                                             In addition to our corporate philosophy, to contribute to the development of a global community through logistics services,
                                                                                                                                                                          KWE Group sets forth the following policy to conserve the earth’s valuable natural resources and to preserve the
                                       Shipment        Export                 Import                                                                                      environment:
                                       Receiving     Customs     Transport   Customs     Delivery               Receiving        Processing    Inventory       Shipping
                                                     Clearance               Clearance

                                                                                                                                                                              KWE Group’s Environmental Policy
                                                        Forwarding Operation                                            Warehouse Management Operation
                                                                                                                                                                              ❶ We promote global pollution prevention and conduct continuous improvement activities.
                                                                                                                Input
                                                                                                                                                                              ❷ We comply with environmental protection laws, regulations, and requirements of each country that we operate in.
                                                                                                                                                                              ❸ From the aspect of environmental matters related to business activities, we define the following items as the key objectives on environmental management:

                                                             UFS                                                                    UWS                                          ■ Control greenhouse gas emissions (electricity consumption, exhaust gas emissions from vehicles and equipment).
                                                                                                                                                                                 ■ Reduce waste and promote recycling efforts.
                                                       UNIFIED FREIGHT SYSTEM                                                 UNIFIED WAREHOUSE SYSTEM
                                                                                                                                                                              ❹ We prevent environmental pollution in cooperation and collaboration with clients, affiliated companies, and subcontractors.
                                                   KWE Group’s logistics and freight                                        The Unified Warehouse System
                                                                                                                                                                              ❺ We make both KWE employees and the public aware of our environmental protection policy through internal and external communications.
                                                   forwarding platform that                                                 provides compatible inventory
                                                   corresponds with all of our                                              management and distribution.
                                                   freight transport and logistics
                                                   operations.
                                                                                                                                                                          ■ Welcoming Diversity

                                                                                                                                                                          The KWE Group offers an environment with zero tolerance for                                     world to challenge themselves by seeking opportunities
                                                                                Shipping Advice                                                     Warehouse             discrimination, fostering a business culture where each                                         within the Group in different countries. By compiling data on
                                                                                Shipment Tracking                                                   In & Out Inventory    person can work and perform their duties fairly and to the                                      outstanding local human resources in each company, it is
                                                                                                                                                                          best of their ability regardless of ethnicity, nationality, gender,                             possible to transfer appropriately skilled personnel to
                                                                                                                                                                          creed, or disability. The KWE Group’s personnel exchange
                                                                                                                                   UWS
                                                                                                                                                                                                                                                                          assignments beyond the framework of each of the local
                Customers                                                                                                                                                 program allows local employees in countries around the                                          companies.
                                                                 CSS                                                               View
                                                     CUSTOMER SERVICE SYSTEM                                                UNIFIED WAREHOUSE SYSTEM VIEW                 ■ Social Contribution Activities
                                                   The Customer Service System is                                           The Unified Warehouse System
                                                   KWE’s Internet-based customized                                          View is a system that allows                  The KWE Group is engaged in social contribution activities such as environmental protection, welfare, and cultural support. Such
                                                   cargo tracking system.                                                   customers to search inventory on              activities have involved 11 corporations and total 30 projects in the fiscal year of 2016.
                                                                                                                            a global basis.
                                                                                                                                                                          Contributions by KWE India                                                                       Contributions by KWE Thailand

                                                                                                                                                                          KWE India supports a project to promote girls’ education,                                        KWE Thailand participates in reforestation activities for
                                                                                                                                                                          called the “Girl’s Glory Project”, working hand-in-hand with a                                   mangrove trees to prevent coastline erosion caused by
                                                                                                                                                                          local non-government organization. In order to improve the                                       large-scale logging.
                                                                                                                                                                          hygiene of designated
                                                                                                                                                                          elementary schools
                                                                                                                                                                          in the project, we set
                                                                                                                                                                          up flush toilets. We
                                                                                                                                                                          also provide school
                                                                                                                                                                          bags and uniforms for
                                                                                                                                                                          children to wear to
                                                                                                                                                                          school.

16                                                                                                                                                                                                                                                                                                                                                                       17
Corporate Profile 2017 - Kintetsu World Express, Inc - KWE Switzerland
2015
                                                                                                                                           Acquired APL Logistics, a logistics company
                                                                                                                                           with strengths in logistics services and

Company Data
                                                                                                                                           various high-value-added services.
                                                                                                                                                                                                               About Kintetsu Group
Name of Corporation: Kintetsu World Express, Inc. (KWE)
Head Office:          24th Fl, Shinagawa Intercity Tower A,
                      2-15-1 Konan, Minato-ku Tokyo 108-6024 Japan                                                                                                                                             Kintetsu World Express is one of
Paid-in capital:      ¥7,216 million                                              2003
                                                                                  Stock listing upgraded to the
                                                                                                                                                                                                               group member companies of
Start of Business:    1948
Established:          1970
                                                                                  First Section of Tokyo Stock                                                                                                 Kintetsu Group Holdings Co., Ltd.,
                                                                                  Exchange.
Representative:       Nobutoshi Torii,                                                                                                                             2014
                                                                                                                                                                   Partially transferred ordinary shares of    Founded in 1910, Kintetsu Group Holdings Co., Ltd. is one
                      Representative Director                                                                                                                                                                  of the biggest railway companies in Japan.
                                                                                                                                                                   Panasonic Trading Service Japan Co., Ltd.
                      President                                                                                                                                    to Kintetsu World Express; the former’s
Types of Business:    1. Customs agent                                                                                                                             company name was changed to Kintetsu
                                                                                                                                                                   Panasonic Trading Service Co., Ltd.
                      2. Transportation agent
                                                                                                                                                  2011                                                                   The group engages business
                      3. Warehousing
                      4. Domestic and foreign air and ocean freight                                                               2010            Headquarters moved from
                                                                                                                                                  Marunouchi to Shinagawa.                                              Transportation       · Railway
                         forwarding business, trucking company agent                                                                                                                                                                         · Bus and taxi
                                                                                                     2002
                      5. Any business related to all of the above                                                                                                                                                                            · Logistics (KWE)
                                                                                                     Listed on the Second Section of
Stock market:         listed on the Tokyo Stock Exchange                                             Tokyo Stock Exchange.                                                                                                                   · Shipping
                       (First Section)
                                                                                  2000                                 2000
                                                                                  Listed on Nasdaq Japan
                                                                                  Market, a section of Osaka                                                                                                            Real Estate
                                                                                  Securities Exchange.                                                                                                                                        · Sale
                                                                                  (Delisted on Sep. 2004.)                                                                                                                                    · Leasing
                                                                                                                                                                                                                                              · Renovation
                                                                                                      1990

                                                                                                                                                                                                                        Retail and
                                                                                                         1989                                                                                                                                 · Department stores
                                                                                                                                                                                                                        Distribution
                                            1970
                                                                                     1980                The company name was changed
                                                                                                         to Kintetsu World Express, Inc.
                                                                                                                                                                                                                                              · Stores
                                                                                                                                                                                                                                              · Terminal stations
                                            Separated from Kinki Nippon                                                                                                                                                                       · Service and parking
                                            Tourist Co., Ltd. to become                                                                                                                                                                        areas of expressways
                                            independent as Kintetsu World
                                            Express, Inc.

                                                                    1970                                                                                                                                                Hotels and
                                                                                                                                                                                                                                              · Hotels and leisure
                                                                                                                                                                                                                        Leisure
                                                                                                                                                                                                                                              · Travel agency
                                                                              1969
                                                                              Established local subsidiaries in
                                                                              Hong Kong and the United States.
        1955                                       1960
        Trade name changed to
        Kinki Nippon Tourist Co., Ltd.
                                                                                                                                                                                                                        Other Businesses · Cultural business
                                                                                                                                                                                                                                              · Cable TV

                              1950
                                         1948
                                         The Operation Bureau of Kinki                                                                                                                                                 144 companies           (as of March 31, 2016)

               1940                      Nippon Railway Co., Ltd. began
                                         handling international freight and
                                         travel service.

 18                                                                                                                                                                                                                                                                     19
You can also read