Translation
January 29, 2014

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2014
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Kenichi Shibasaki, Managing Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
February 13, 2014
Scheduled date of the commencement of dividend payment:—
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the third quarter of fiscal year 2014
(cumulative: from April 1, 2013 to December 31, 2013)(1) Consolidated operating results
For the nine months ended
December 31, 2013
December 31, 2012
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen%
Millions of yen%
1,046,682
6.3
59,674(4.9)
60,654(5.3)
33,232(4.5)
984,2211.3
62,760(2.3)
64,016(1.7)
34,79043.7
For the nine months ended December 31, 2013: 38,274 million yen (8.7%)
For the nine months ended December 31, 2012: 35,213 million yen (53.6%)
Net income per share

For the nine months ended
December 31, 2013
December 31, 2012

Yen
78.43
80.88

Net income pershare - fully diluted
Yen
76.48
78.90

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
December 31, 2013
1,059,702
570,948
53.0
March 31, 2013
950,152
542,914
56.2(Reference) Equity:
As of December 31, 2013: 562,087 million yen As of March 31, 2013: 534,451 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2013—
11.00
Fiscal 2014—
12.00
Fiscal 2014 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
12.00
—
12.00

Total
Yen
23.00
—
24.00

3.

Consolidated earnings forecasts for fiscal year 2014 (from April 1, 2013 to March 31, 2014)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,360,000
6.1
67,0001.2(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
68,0000.0
36,0002.4
84.96* Notes(1) Changes in significant subsidiaries during the nine months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Matters Regarding Summary Information (Notes), Application of specific accounting for preparing thequarterly consolidated financial statements” of the attached materials to the quarterly financial results report on page 6.

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of December 31, 2013
461,345,492 shares
As of March 31, 2013
461,345,492 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2013
37,635,573 shares
As of March 31, 2013
37,631,001 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2013
423,712,124 shares
For the nine months ended December 31, 2012
430,145,623 shares*Indication regarding execution of quarterly review procedures

At the time of the disclosure of this quarterly financial results report, the quarterly review procedures in accordance with the Financial
Instruments and Exchange Act are in progress.

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of Accounts
for the Nine Months, (3) Qualitative information on consolidated earnings forecasts” of the attached materials to the quarterly financial results
report on page 6.
• The Company plans to hold a financial results meeting for analysts on January 30, 2014. The materials distributed at this financial resultsmeeting shall be posted on the Company’s website after the meeting has been held.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Nine Months................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts .............................................................................. 6
2. Matters Regarding Summary Information (Notes).................................................................................................... 6
Application of specific accounting for preparing the quarterly consolidated financial statements............................. 6
3. Consolidated Financial Statements.......................................................................................................................... 7(1) Consolidated balance sheets ............................................................................................................................ 7(2) Consolidated statements of income and consolidated statements of comprehensive income .......................... 9
Consolidated statements of income (cumulative)............................................................................................... 9
Consolidated statements of comprehensive income (cumulative) ................................................................... 10(3) Notes to consolidated financial statements ..................................................................................................... 11(Notes to premise of going concern) ...................................................................................................................... 11(Segment information, etc.) .................................................................................................................................... 11(Notes on significant changes in the amount of shareholders’ equity) ................................................................... 12(Important Subsequent Matters)............................................................................................................................. 12
4. Supplementary Information .................................................................................................................................... 13
Operating revenue by business................................................................................................................................ 13-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Qualitative information on consolidated operating results
With respect to the business environment during the nine months ended December 31, 2013, the internet
mail-order market continued to expand, while consumer spending, corporate earnings and employment levels
moved toward recovery on the back of economic measures and monetary easing pursued by the government
and the Bank of Japan. Operating in this environment, the Yamato Group worked to establish new networks
that will realize a revolution in logistics, create new services, and achieve greater sophistication of its existing
businesses in order to achieve the objectives of the Long-Term Management Plan “DAN-TOTSU Management
Plan 2019” and the Medium-Term Management Plan “DAN-TOTSU Three-Year Plan HOP.”
In the Delivery Business, revenues steadily increased due to a significant increase in TA-Q-BIN delivery volume,particularly in the internet mail-order market. Meanwhile, in October last year we found there to be
insufficiencies regarding company rules for “Cool TA-Q-BIN” deliveries, and accordingly took preventative
action geared toward regaining customer confidence. We also worked toward improving delivery systems tobetter sustain and raise quality of deliveries, as we grappled with increasing TA-Q-BIN delivery volumes.
Consequently, our earnings declined due to a significant increase in one-off costs.
In the non-delivery businesses, we aggressively pursued proposal-based sales through alliances withrespective Group companies, with the aim of helping corporate clients find solutions to management
challenges.
Our consolidated financial results for the nine months ended December 31, 2013 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the nine months
ended December 31, 2012
984,22162,76064,016
34,790For the nine months
ended December 31, 2013
1,046,682
59,67460,65433,232

Change62,460(3,085)(3,361)(1,557)Growth (%)
6.3
(4.9)
(5.3)
(4.5)

Initiatives for the entire Yamato Group
a.

b.

c.

In order to contribute to growth strategies for the Japanese economy, the Yamato Group is promoting
strategies based on a “value networking” design that will bring about a revolution in logistics. We are also
involved in establishing partnership platforms with government bodies and other companies as part ofinitiatives aimed at revitalizing local communities throughout Japan.
Drawing on strategies based on our “value networking” design, we launched full scale operations at our“Haneda Chronogate” facility, the Yamato Group’s largest logistics center, and also at our “Atsugi
Gateway” facility, one of our centers poised to help us achieve dramatically faster TA-Q-BIN delivery
speeds. We also launched our “International Cool TA-Q-BIN” delivery service in October 2013, andotherwise made strides toward providing new sources of value through our international small-lot
transportation services. Looking ahead, we will continue to promote these strategies while also creating
new markets to generate further growth for the Yamato Group. To this end, we will work to realize“non-stop logistics” to link swiftly to networks while providing added value together with a “cloud-type
network” that enables shipments regardless of location, type or volume; “visualization of logistics” thatenables senders and receivers to share delivery information; and optimization of logistics thatsimultaneously meets the needs of both senders (supply) and receivers (procurement).
For the establishment of partnership platforms with government bodies and other companies, we carriedout a wide variety of efforts including the provision of services to the elderly combining shopping support
with supervision, the establishment of public-private-partnership offices aimed at the revitalization ofindustry and local communities, and the conclusion of disaster cooperation agreements with a number of
local government bodies.

-2-Summary of each operating segmentz Delivery
The delivery volumes of TA-Q-BIN and Kuroneko Mail services are as follows.
Category
TA-Q-BIN
Kuroneko Mail

a.
b.

c.
d.

e.

For the nine months
ended December 31, 2012
1,157
1,589

For the nine months
ended December 31, 2013
1,284
1,571

(Million parcels / units)
Change127(18)

Growth (%)
11.0
(1.1)

In the Delivery Business, the Yamato Group concentrated on TA-Q-BIN-centered business evolution,
aiming to provide infrastructure that best suits our customers and contribute to enriching people’s lives.
To address our failure to fully implement in-house rules for the “Cool TA-Q-BIN” delivery service, whichcame to light in October last year, we have taken steps to ensure sound temperature control in part byestablishing a division with full-time employees dedicated to the task of maintaining and improving service
quality, and also by encouraging adoption of requisite equipment and supplies. We also worked toward
systemic improvements primarily by increasing numbers of key employees in order to facilitate better
delivery quality, even at times when grappling with considerable increases in TA-Q-BIN delivery volumes.
With respect to services for individual customers, the Yamato Group began a service that allows Kuroneko
Members to change the day and time of receiving delivery using the Internet-based parcel inquiry system,
thereby further improving convenience regarding when TA-Q-BIN deliveries are received.
With respect to corporate clients, TA-Q-BIN delivery volume increased significantly, partially as a result of
growing use of such services in the internet mail-order and medium- and small-lot commercial markets,and also due to our active pursuit of opportunities drawing on intra-group alliances in TA-Q-BIN shipping
while simultaneously offering various added-value services.
Operating revenue amounted to 845,119 million yen, up 5.9% from the year-ago period as a result of alarge increase in TA-Q-BIN delivery volume. Operating income amounted to 40,054 million yen, down
12.1% from the year-ago period owing to increased expenses in relation to improving systems with the aimof maintaining and raising quality of deliveries.

z BIZ-Logistics
a.
b.

c.

d.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the TA-Q-BIN network with international transportation
functions and logistics functions.
The Yamato Group provides a variety of services targeting clients who depend on internationaltransportation, including air and sea transportation services, small-lot international intermodaltransportation services that are interlinked with our TA-Q-BIN network, as well as a packaging andcustoms services. During the nine months ended December 31, 2013, we opened the “Akita Ryutsu Trinity
Center,” which provides integrated logistics, information and settlement functions to support small- andmid-sized companies in their global expansion efforts.
With respect to the Yamato Group’s services geared toward the mail-order industry andbusiness-to-business delivery and procurement logistics, we are developing services that link our
TA-Q-BIN network with our proprietary FRAPS logistics system in an effort to address myriad customer
requests such as for shorter times between order and delivery by dividing stocks of goods across multiple
regions, as well as demands for outsourcing of product dispatching operations exclusively during peaktimes. In the nine months ended December 31, 2013, we achieved steady growth in terms of numbers ofcustomers using these services, and strove to broaden our scope of business with the September 2013
launch of our “Kumamoto flow-through center” which has adopted our FRAPS logistics system.
The Yamato Group handles repairs and other such services that deliver comprehensive support to
manufacturers for product collection, repair and delivery operations. During the nine months ended
December 31, 2013, the Yamato Group took on new business from manufacturers and worked towardfurther expanding the scope of these services with introduction of the “Kuroneko Extended Warranty
Service (Direct)” for internet mail-order purchases of household electrical appliances, which enables
customers to extend product warranties after receiving such goods.

-3-

e.

Operating revenue amounted to 66,094 million yen, up 4.5% from the year-ago period mainly due to theincreased use of services by the mail-order industry and by the pharmaceuticals and medical devices
related industries, despite a decline in the delivery volume of trade freight. Operating income was 2,567
million yen, down 19.8% from the year-ago period as our efforts to reduce subcontracting expenses were
not enough to cover the decline in the delivery volume of trade freight.

z Home Convenience
a.
b.

c.

d.

In the Home Convenience Business, we are working toward enabling customers to achieve greater
convenience and comfort in their lives by providing lifestyle support services that draw on the YamatoGroup’s nationwide network.
With respect to individual customers, the Yamato Group operated a variety of services to assist in daily life
centered on its moving-related services. In the nine months ended December 31, 2013, we have beenpromoting our moving-related services, while also proactively developing services such as our“Comfortable Lifestyle Support Service” which helps eliminate everyday inconveniences involving housecleaning and collection of unwanted items, as well as our traveling sales services where we offer furnitureand household electrical appliances to customers in remote areas.
With respect to services for corporate clients, we provide office relocation services, event support services,
as well as delivery and installation agent services involving consumer durables and products. In the ninemonths ended December 31, 2013, we have been offering services entailing solutions platforms tailored tocustomer needs such as in the areas of logistics processing, installation and maintenance involving
household and commercial equipment.
Operating revenue amounted to 33,915 million yen, up 8.0% from the year-ago period as a result of
expansion of our delivery and installation-agent services for mail-order firms and equipment manufacturers.
Although we posted an operating loss of 1,199 million yen, profits overall improved by 671 million yen
compared with the year-ago period owing to our efforts to bolster productivity and control costs.

z e-Business
a.
b.

c.

d.

e.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
With respect to services to assist with mail-order operations, the Yamato Group offers functions tocomprehensively support various operations from website construction to receipt of product orders,dispatch information processing, printing of delivery slips and freight tracking. In the nine months ended
December 31, 2013, in sales of order management and sales support systems, there was firm growth in
new users.
With respect to our customer support services involving arrangements for promotional items, we offer
on-demand printing capabilities whereby we print and deliver specific numbers of pamphlets and othersuch materials required by customers, precisely when they are needed. In the nine months ended
December 31, 2013, we attracted more users to our “mail printing and delivery services” through which we
provide support beginning with the printing of direct mail, all the way to its delivery.
In the e-money related services, the Yamato Group offers solutions through collaboration between thee-Business and the Financial Business. It has been promoting installation and operation of a multie-money settlement terminal that allows settlement by multiple types of e-money with a single device. In
the nine months ended December 31, 2013, we worked to further expand our e-money related services
through initiatives that included increasing terminal sales and taking part in trials of e-money settlement
systems installed in amusement facilities.
Operating revenue amounted to 30,667 million yen, up 12.1% from the year-ago period, largely due to thegrowth of the mail-order related services and the e-money related services. Operating income was 6,141
million yen, up 22.0% from the year-ago period.

z Financiala.

In the Financial Business, the Yamato Group is endeavoring to respond to every means of payment
settlement to meet the needs of customers from payment collection on mail-order product delivery to B2B

-4-

b.

c.

d.

transaction settlement.
With respect to the mail-order market, we have been enhancing our internet shopping products andservices, and actively broadening capabilities and redoubling efforts in regard to our “Kuroneko Web
Collect” comprehensive internet-based transaction settlement service. In the nine months ended
December 31, 2013, we worked to upgrade and expand such services with the aim providing greater
consumer convenience through strategies that included linking our services with mail order-related
services of outside firms.
In our lease services business, we draw on our leasing capabilities in our efforts to provide management
support tailored to transportation companies and distribution-related entities. In the nine months ended
December 31, 2013, we helped our customers expand their operations through efforts that included
introducing them to sellers of quality, pre-owned trucks that have been fully maintained and thoroughly
cleaned, and by collaborating with our Autoworks and other businesses in delivering services that
contribute to our customers’ safety, environmental conservation and quality enhancement initiatives.
Operating revenue amounted to 46,591 million yen, up 9.3% from the year-ago period, mainly owing to theincreased volume of TA-Q-BIN Collect and the increased number of e-money settlement transactions dueto the increased number of businesses with large mail-order companies. Operating income was 7,151
million yen, up 7.4% from the year-ago period.

z Autoworks
a.
b.
c.

d.

Effective from the three months ended June 30, 2013, the Truck Maintenance Business has beenrenamed the Autoworks Business.
In the Autoworks Business, the Yamato Group is offering customers who use trucks, buses and othervehicles in their operations the value of improved vehicle maintenance convenience, compliance withstatutory vehicle inspections, and reduced maintenance expenses.
In the nine months ended December 31, 2013, the Yamato Group steadily increased the number ofvehicles serviced as a result of the increased use of the “12-Month Fixed-Price Maintenance Package,”which evens out the monthly vehicle maintenance expenses. We also pursued sales of a simplified digitaltachograph, expanded business involving services where we perform basic vehicle repair, inspection andother such tasks on-site at customer business locations, and otherwise worked toward rolling out a rangeof different services.
Operating revenue amounted to 19,106 million yen, up 10.1% from the year-ago period due to an increasein the number of vehicles serviced. Operating income was 2,800 million yen, up 27.5% from the year-ago
period.

z Othera.

b.

The “JITBOX Charter service” provides transportation by transport box. The service takes advantage of its
Group network consisting of multiple companies and provides value to customers through timely delivery
and frequent, right-volume delivery. In the nine months ended December 31, 2013, handling volume
increased steadily, mainly as a result of growth in service usage by customers including manufacturing
companies and an increase in transportation orders related to events.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from the Group
companies decreased 1.7% from the year-ago period to 782 million yen.

CSR Initiativesa.

b.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the nine months ended December 31, 2013, a total of more than 2.3 million people have now
participated in the “Safety Classes for Children” that the Group has continuously conducted as an initiative
to provide a local community-oriented service. In addition, the Group promoted various initiatives such as
conducting the “Zero Accident Campaign” which is a safety campaign deployed horizontally throughout theentire group, and the introduction and expansion of on-board systems designed with safety in mind.
The Yamato Group has formulated “Nekology” (combining “Kuroneko” with “ecology”), which is anenvironmental protection philosophy and guideline for environmental activities for the entire Group, and istaking the initiative to proactively promote environmental protection activities. During the nine months
ended December 31, 2013, the Group embarked on various initiatives premised on our “Nekology”

-5-

c.

d.

philosophy, even exhibiting at Japan’s largest environmental trade fair, “Eco-products 2013,” in order tocommunicate details of such initiatives to wider audience and so that we can engage in activities geared
toward protecting the environment together with local communities.
Aspiring to be a company that has a strong bond of trust with the local community, the Yamato Group
promotes various activities to help realize a society in which disabled people can freely enjoy a lifestyle asa member of the workforce. For example, led by Yamato Welfare Foundation, we actively employ disabled
people in the Swan Bakery that makes and sells bread, provide workplaces through the consigned deliveryof Kuroneko Mail, and operate job-finding support facilities that conduct training of skills and knowledge
necessary for employment.
Aiming to create more sustainable social value, the Yamato Group promoted initiatives for sharing value
with society based on “Creating Shared Value (CSV).” In the nine months ended December 31, 2013, theYamato Group worked in collaboration with local governments in numerous regions to develop services
such as supervision of elderly persons as part of TA-Q-BIN pickup and delivery operations.

(2) Qualitative information on consolidated financial position(Assets, liabilities and net assets)
Total assets were 1,059,702 million yen as of December 31, 2013, up 109,549 million yen from the end of theprevious fiscal year. The major factors in this were an increase of 59,040 million yen in notes and accounts
receivable-trade and an increase of 39,611 million yen in property, plant and equipment accompanying theconstruction of logistics facilities such as Haneda Chronogate.
Liabilities increased 81,515 million yen to 488,753 million yen from the end of the previous fiscal year. The
major factors in this were an increase in notes and accounts payable-trade of 56,255 million yen and anincrease in other current liabilities of 33,137 million yen due to the reporting of scheduled payments related topurchase of noncurrent assets.
Total net assets were 570,948 million yen, up 28,033 million yen from the end of the previous fiscal year. One of
the major factors was an increase in retained earnings of 23,063 million yen due to the recording of net incomeof 33,232 million yen and the payment of dividends from surplus of 10,169 million yen.
Accordingly, the equity ratio changed to 53.0% from the previous fiscal year’s 56.2%.
(3) Qualitative information on consolidated earnings forecasts
Looking toward the future of the economy, we anticipate recovery of consumer spending and corporate
earnings on the back of economic measures and monetary easing through the government and the Bank ofJapan, as well as ongoing growth in the internet mail-order market. However, the economic outlook will most
likely remain uncertain due in part to the consumption tax hike and risk of an economic downturn overseas.
In this environment, the Yamato Group will target further growth through initiatives focusing on sustaining andimproving service quality centered around our Delivery Business.
In terms of earnings, we intend to increase TA-Q-BIN delivery volumes primarily involving parcels in thecontinually-expanding mail-order market, while taking steps to bolster profitability. In the non-delivery business,
we will leverage the strengths of our “last mile” network and expand our revenue base by encouraging
collaboration among our consolidated Group companies.
On the cost front, we will work toward developing our systems for pickup, delivery and processing with the aimof handling greater TA-Q-BIN volumes while sustaining and improving service quality, and at the same time we
intend to consistently pursue measures toward improving productivity in that regard.
Based on the above, the Yamato Group has made changes to the consolidated earnings forecasts for the fullyear of the fiscal year ending March 31, 2014 since the announcement made on October 30, 2013.

2. Matters Regarding Summary Information (Notes)
Application of specific accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
Tax expenses are calculated by multiplying the income before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the income before income taxes for the fiscal
year including the third quarter under review.

-6-3. Consolidated Financial Statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2013

As of December 31, 2013

AssetsCurrent assets
Cash and deposits

213,619

206,613

Notes and accounts receivable-trade163,789

222,830

Accounts receivable-installment

37,45640,407

Lease investment assets

22,376

29,840

Merchandise and finished goods

852

833

Work in process

161

394

Raw materials and supplies

2,587

2,582

Other

47,21949,648

Allowance for doubtful accounts(1,654)(1,700)Total current assets

486,408

551,450

281,096

331,807

Accumulated depreciation(173,496)(175,131)

Buildings and structures, net

107,600

156,676

Noncurrent assets
Property, plant and equipment
Buildings and structures

VehiclesAccumulated depreciation
Vehicles, net
Land
Lease assets

182,678

190,436(168,721)(172,012)

13,957

18,424

187,107

188,490

23,54823,951

Accumulated depreciation(12,512)(14,545)

Lease assets, net

11,036

9,405

153,817

141,212(90,362)(91,441)

Other
Accumulated depreciation
Other, net

63,454

49,771

383,157

422,768

16,80917,005Investment securities

22,59728,450Other

42,587

41,735

Allowance for doubtful accounts(1,184)(1,485)

Allowance for investment loss

(222)

(222)

Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets
Total noncurrent assets
Total assets-7-

63,77868,478463,744508,251

950,152

1,059,702

(Millions of yen)
As of March 31, 2013

As of December 31, 2013

Liabilities
Current liabilities
Notes and accounts payable-trade138,288

194,543

Short-term loans payable

29,814

31,660

Lease obligations

4,714

4,841

Income taxes payable

22,441

14,849Deferred installment income

5,006

5,386

Provision for bonuses

29,082

10,672

Other

70,192

103,329

Total current liabilities

299,539

365,283

Noncurrent liabilities
Bonds with subscription rights to shares

20,00020,000Long-term loans payable

32,20944,229Lease obligations

7,042

5,019

Provision for retirement benefits

38,17842,928Other

10,268

11,292

Total noncurrent liabilities

107,698

123,470

407,238

488,753

Capital stock

127,234

127,234

Capital surplus

111,290111,290

Retained earnings

347,358

370,422

Treasury stock(56,495)(56,505)

Total shareholders’ equity

529,387

552,442

Valuation difference on available-for-sale securities

6,095

10,168Foreign currency translation adjustment(1,032)(523)

Total accumulated other comprehensive income

5,063

9,644

Minority interests

8,463

8,861

Total net assets

542,914570,948

950,152

1,059,702

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Total liabilities and net assets-8-(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2012

For the nine months ended
December 31, 2013

Operating revenue

984,221

1,046,682

Operating cost

895,695

959,478

Operating gross profit

88,52587,203

Selling, general and administrative expenses

25,76527,528Operating income

62,76059,674Non-operating income
Interest income

58

63

Dividends income

541

514

Other

1,455

1,282

Total non-operating income

2,055

1,859

Interest expenses

472

324

Other

326

555

Total non-operating expenses

799

879

64,01660,654Gain on sales of noncurrent assets

53

13

Other

12

0

Total extraordinary income

66

14

Loss on retirement of noncurrent assets

154

190

Loss on valuation of investment securities

1,175

3

Other

456

3

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss

1,787

197

Income before income taxes and minority interests

Total extraordinary losses

62,29560,471

Income taxes

27,731

27,169

Income before minority interests

34,56433,302

Minority interests in income (loss)

(225)

69

34,79033,232

Net income-9-Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2012

For the nine months ended
December 31, 2013

34,56433,302

Valuation difference on available-for-sale securities

582

4,431

Foreign currency translation adjustment

66

541

Total other comprehensive income

649

4,972

35,21338,274Comprehensive income attributable to owners of the parent

35,42937,814Comprehensive income attributable to minority interests

(215)

460

Income before minority interests
Other comprehensive income

Comprehensive income(Breakdown)- 10 -

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and income or loss by reportable segment
For the nine months ended December 31, 2012

(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business

Financial

797,919

63,22331,39727,35542,64442,2729,130

11,021

20,9032,914

840,192
45,59372,3543,201

42,418(1,871)

48,2585,034

45,558
6,661

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)

Autoworks

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
17,3484,332
984,221—984,221(2) Inter-segment operating revenue or
44,401
152,128(152,128)—
21,484transfers
Total
38,832
48,734
1,136,349(152,128)
984,221
Segment income (loss)
2,197
18,471
79,290(16,530)
62,760Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment income is 17,553 million yen.
3. The adjustment of segment income resulted from eliminating transactions among segments.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 11 -

For the nine months ended December 31, 2013
BIZ-Logistics

e-Business

Financial

845,119

66,09433,91530,667

46,59145,2199,293

11,22722,4462,708

890,338
40,05475,3872,567

45,142(1,199)53,1146,141

49,2997,151

Reconciliation(Note 4)

Amountrecorded inconsolidated
statements ofincome(Note 5)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)(Millions of yen)Home
Convenience

Autoworks(Note 1)

Other
(Notes 2,3)

Total

Operating revenue(1) Operating revenue from customers
19,106
5,188
1,046,682—
1,046,682(2) Inter-segment operating revenue or
21,99951,747
164,642(164,642)—
transfers
Total
41,10556,935
1,211,325(164,642)
1,046,682
Segment income (loss)
2,800
24,87082,387(22,713)59,674
Notes: 1. Effective from the three months ended June 30, 2013, the reportable segment “Truck Maintenance” has been renamed“Autoworks.” The segment information for the nine months ended December 31, 2012 is presented using the name after thechange.
2. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
3. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment income is 24,104 million yen.
4. The adjustment of segment income resulted from eliminating transactions among segments.
5. We made an adjustment between segment income and operating income in the consolidated statements of income.

(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.
(Important Subsequent Matters)
Purchase and retirement of treasury stock
At the meeting held on January 29, 2014, the Board of Directors resolved matters related to the purchase oftreasury stock of the Company, in accordance with the provisions of the Articles of Incorporation, pursuant to
Article 459, Paragraph 1, Item 1 of the Companies Act of Japan, and also resolved to retire treasury stock of
the Company in accordance with the provisions of Article 178 of the Companies Act of Japan.
1. Reason of purchase and retirement of treasury stock
The Company purchases and retires its treasury stock in order to implement flexible capital policies inaccordance with changes in the business environment, and also with the aim of enhancing shareholder value.
2. Contents of matters related to the purchase of treasury stock
Type of shares to be purchased
Common stock of the Company
Total number of shares to be purchased
Up to 6,500,000 shares (ratio to the total number of issued
shares (excluding treasury stock) 1.53%)
Total acquisition price of shares to be purchased Up to 10 billion yen
Acquisition period
From January 30, 2014 to March 31, 2014
Acquisition method
Through the market
3. Contents to retirement of treasury stock
Type of shares to be retired
Total number of shares to be retired
Scheduled date of share retirement

Common stock of the Company
6,660,500 shares (ratio to the total number of issued
shares 1.44%)
February 10, 2014

- 12 -

4. Supplementary Information
Operating revenue by businessBusiness segment

For the nine months
ended December 31, 2012
AmountRatio(Millions of yen)(%)
69.8
687,270
9.8
96,7183.3
32,6134.9
47,850(6.7)(66,532)
81.1
797,919
2.6
25,652
2.3
22,786
0.6
6,334
0.3
2,815
2.7
26,646(2.1)(21,013)
63,2236.4
2.8
27,873
1.5
14,561(1.1)(11,037)
3.2
31,397
0.8
7,622
0.5
5,179
0.3
3,192

For the nine months
ended December 31, 2013
AmountRatio(Millions of yen)(%)
741,760
70.9
95,124
9.1
34,056
3.2
45,743
4.4(71,565)(6.8)
845,11980.8
27,588
2.6
23,160
2.2
7,339
0.7
2,805
0.3
27,331
2.6(22,130)(2.1)
66,094
6.3
29,3882.8
15,7801.5(11,253)(1.1)
33,915
3.2
7,952
0.7
5,886
0.6
3,650
0.3

Change(%)

Fiscal year ended
March 31, 2013
AmountRatio(Millions of yen)(%)
880,17168.6
128,309
10.0
42,635
3.3
65,116
5.1(88,013)(6.8)
1,028,219
80.2
36,4792.8
30,180
2.4
8,714
0.7
3,701
0.3
35,296
2.8(27,566)(2.2)
86,806
6.8
40,586
3.2
18,788
1.5(14,773)(1.2)
44,601
3.5
10,137
0.8
7,092
0.6
4,383
0.3

TA-Q-BIN
7.9
Kuroneko Mail
(1.6)
Express
4.4
Delivery
Others(4.4)
Eliminations
7.6
Total
5.9
Trade logistics service
7.5
Retail logistics service
1.6
Multi maintenance
15.9
BIZ-Logistics Export Factory(0.4)
Others
2.6
Eliminations
5.3
Total
4.5
Home convenience
5.4
Business convenience
8.4
HomeConvenience Eliminations
2.0
Total
8.0
e-logistics solution
4.3
Credit card solution
13.6
IT operating solution
14.3
Web-based
mail
order
e-Business
0.6
6,200
0.6
12.7
7,075
5,504
solution
Others3.0
31,0393.0
4.6
39,73929,687
Eliminations(2.4)(24,062)(2.3)
1.0(31,368)(23,830)
Total
2.8
30,6672.9
12.1
37,06027,355TA-Q-BIN Collect
2.9
30,1952.9
6.3
37,71028,402Lease
1.4
15,1381.5
12.0
18,124
13,518Credit & Finance
0.2
2,418
0.2
(6.0)
3,278
2,572
Financial
Others
0.1
1,606
0.2
42.2
1,584
1,129
Eliminations(0.3)(2,767)(0.3)(7.1)(3,987)(2,979)Total
4.3
46,591
4.5
9.3
56,71042,644
Truck maintenance
3.7
38,057
3.6
4.9
47,27936,276
Others
0.5
4,933
0.5
10.9
5,909
4,449
Autoworks
Eliminations(2.4)(23,884)(2.3)
2.2(29,960)(23,378)
Total
1.8
19,1061.8
10.1
23,22817,348JITBOX Charter service
0.2
3,329
0.3
28.7
3,504
2,586
Others4.8
54,7185.2
15.7
56,58747,273
Other
Eliminations(4.6)(52,859)(5.0)
16.1(54,345)(45,526)
Total
0.4
5,188
0.5
19.7
5,746
4,332
Total
100.0
1,046,682
100.0
6.3
1,282,373
984,221* Effective from the three months ended June 30, 2013, the segment “Truck Maintenance” has been renamed “Autoworks.”- 13 -

0.5
3.1
(2.4)
2.9
2.9
1.4
0.3
0.1
(0.3)
4.4
3.7
0.4
(2.3)
1.8
0.3
4.4
(4.3)
0.4
100.0