Translation
February 9, 2022

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2022
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange
9064
https://www.yamato-hd.co.jp/
Yutaka Nagao, President
Toshizo Kurisu, Executive Officer and Vice President, Responsible for Finance
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
February 10, 2022
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 2022
(cumulative: from April 1, 2021 to December 31, 2021)(1) Consolidated operating results

For the nine months ended
December 31, 2021
December 31, 2020
(Note) Comprehensive income:(Percentages represent year-on-year changes.)
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
1,372,386
5.9
79,172(11.8)
85,183(6.5)
47,779(16.0)
1,295,676
3.0
89,74779.2
91,13094.6
56,87081.1
For the nine months ended December 31, 2021:
49,283 million yen ((20.7) %)For the nine months ended December 31, 2020:
62,108 million yen (91.7 %)Basic earnings per share

Diluted earnings
per share

For the nine months ended
Yen
Yen
December 31, 2021
128.78—December 31, 2020
151.58—(Note) The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year 2022, and figures in the consolidated operating results
for the nine months ended December 31, 2021, are those after applying the accounting standard and relevant revised ASBJ regulations.

(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
December 31, 2021
1,195,800
610,240
50.4
March 31, 2021
1,089,991
584,287
52.9(Reference) Equity:
As of December 31, 2021:
602,136 million yen As of March 31, 2021: 576,367 million yen(Note) The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year 2022, and figures in the consolidated financial position
as of December 31, 2021, are those after applying the accounting standard and relevant revised ASBJ regulations.

-1-

2.

Dividends
First quarter
Yen——

Annual dividends
Third quarter
Yen——

Second quarter
Yen
16.00
23.00

Fiscal 2021
Fiscal 2022
Fiscal 2022 (Forecast)(Note) Revisions to the forecasts most recently announced: None3.

Fiscal year-end
Yen
30.00

Total

23.00

Yen
46.00
46.00

Consolidated earnings forecasts for fiscal year 2022 (from April 1, 2021 to March 31, 2022)
Operating revenue

Operating profit

Millions of yen%
Millions of yen%
Full year
1,780,000
5.0
70,000 (24.0)(Note) Revisions to the forecasts most recently announced: Yes(Percentages represent year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
76,200 (19.0)
50,000 (11.8)
134.95* 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. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated financial
statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of the attachedmaterials to the quarterly financial results report on page 15.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Yes
b. Changes other than a:Yesc. Changes in accounting estimates:
Yes
d. Restatement:
None(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated
financial statements (Changes in accounting policies)” of the attached materials to the quarterly financial results report on page15.

(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of December 31, 2021:
388,575,592 shares
As of March 31, 2021:
388,575,592 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2021:
17,551,317 shares
As of March 31, 2021:
17,550,515 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2021:
371,024,707 shares
For the nine months ended December 31, 2020:
375,172,368 shares*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
*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 the Company considers 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) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 10.
• The Company plans to post supplementary materials on quarterly financial results on the Company’s website promptly after theannouncement of the quarterly financial results.

-2-

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Nine Months................................................................. 4(1) Explanation of operating results ...................................................................................................................... 4(2) Explanation of financial position .................................................................................................................... 10(3) Explanation of consolidated earnings forecasts and other forward-looking statements ................................ 10
2. Consolidated Financial Statements and Significant Notes Thereto ...................................................................... 11(1) Consolidated balance sheet .......................................................................................................................... 11(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 13
Consolidated statement of income (cumulative) ............................................................................................ 13
Consolidated statement of comprehensive income (cumulative) .................................................................. 14(3) Notes to consolidated financial statements ................................................................................................... 15(Notes to premise of going concern) ............................................................................................................. 15(Notes on significant changes in the amount of shareholders’ equity)........................................................... 15(Changes in scope of consolidation and equity method application) ............................................................. 15(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 15(Changes in accounting policies)................................................................................................................... 15(Additional information).................................................................................................................................. 16(Segment information, etc.) ........................................................................................................................... 17(Important subsequent matters) .................................................................................................................... 19
3. Supplementary Information .................................................................................................................................. 20
Operating revenue by segment ............................................................................................................................ 20-3-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Explanation of operating results
During the nine months ended December 31, 2021, the economic environment exhibited signs of improving
business sentiment amid gradual resumption of economic activity associated with authorities having fully liftedstate of emergency declarations with the number of new cases of the novel coronavirus disease (COVID-19)
having remained stable at low levels nationwide. Still, the outlook for full-scale economic recovery remains
difficult to project due to rapid proliferation of new coronavirus variants, which is in addition to an ongoing
scenario of global supply chain disruptions, high raw material prices, US dollar appreciation, and high crude oil
prices.
Meanwhile, COVID-19 has accelerated growth in the e-commerce domain across all industries amid a scenario
of changes in consumer behavior and lifestyles brought about by developments such as companies promoting
telework arrangements and a shift to online services in the fields of medicine and education.
Under such circumstances, the Yamato Group embarked on a new Group management structure centered on
the “New Yamato Transport,” which combines management resources of our respective Group companies, withthe aim of sustainably increasing its corporate value through contribution to the creation of an enriched society
as stated under its Management Philosophy. In addition, we took steps to furthermore provide comprehensive
value by meeting the needs of our customers and society by transforming supply chains in response tochanging lifestyles and changing distribution structure, based on the medium-term management plan, “OneYamato 2023,” with the fiscal year ending March 31, 2024 set as its final fiscal year.
Our consolidated financial results for the nine months ended December 31, 2021 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the nine months ended
December 31, 2020
1,295,676
89,747
91,130For the nine months ended
December 31, 2021
1,372,386
79,172
85,18356,87047,779ChangeGrowth (%)

76,710(10,574)(5,946)

5.9(11.8)(6.5)(9,090)(16.0)For the nine months ended December 31, 2021, operating revenue amounted to 1,372,386 million yen, up
76,710 million yen from the year-ago period.
This is largely attributable to our having achieved an increase in parcel delivery volume as a result of taking
action in the burgeoning e-commerce domain, and also a result of our having focused on optimizing logistics forcustomers.
Operating expenses amounted to 1,293,213 million yen, up 87,285 million yen from the year-ago period.
This was due to factors that include an increase in strategic costs associated with our promotion of themedium-term management plan, “One Yamato 2023,” in addition to factors that include an increase intransportation costs associated with higher delivery volume, along with a rising unit price of fuel, despite
progress achieved in optimizing costs by making optimal allocations of management resources.
As a result, for the nine months ended December 31, 2021, operating profit amounted to 79,172 million yen,down 10,574 million yen from the year-ago period.
Ordinary profit amounted to 85,183 million yen, down 5,946 million yen from the year-ago period despite
recording of 4,240 million yen in gain on investments in investment partnerships.
Profit attributable to owners of parent amounted to 47,779 million yen, down 9,090 million yen from the yearago period mainly due to recording of 14,999 million yen in loss on revision of retirement benefit plan under
extraordinary losses.
In addition, the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year
under review.
In addition, effective from the first quarter of the fiscal year under review, the Company and its domestic
consolidated subsidiaries have changed from the declining-balance method to the straight-line method as theirdepreciation method for property, plant and equipment in order to allocate costs in a manner that better reflects
actual use of assets, and have accordingly modified useful lives of some vehicles.
Details are shown on “2. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes toconsolidated financial statements (Changes in accounting policies).”-4-

In January 2022, the Company transferred 51% of the Company’s holdings of issued common shares of
Yamato Home Convenience Co., Ltd. (“YHC”) to ART CORPORATION. Effective from the fourth quarter of the
fiscal year under review, the Company will make YHC an equity method affiliate rather than its current
designation as a consolidated subsidiary, given that the Company holds 49% of the voting rights in YHC, downfrom 100% previously as a result of the transfer of shares.
Initiatives for the entire Yamato GroupThe Yamato Group has been continuously working to increase its corporate value based on the medium-term
management plan, “One Yamato 2023,” aiming to provide comprehensive value with respect to diversifying
needs of customers and society.
Furthermore, in response to the spread of COVID-19 and to ensure that customers can use TA-Q-BIN withpeace of mind, we have continued to take steps that include making sure that employees practice full hygiene
management, promoting workplace vaccinations among employees who wish to be vaccinated, and otherwise
placing focus on implementing contact-free deliveries and other infection prevention measures when interactingwith customers, using our website to share information, and continuing to provide logistics services, including
TA-QBIN.
① Increasing productivity across the entire Yamato GroupIn order to address the changing and increasingly diverse needs of our customers, we have continued
working to optimally allocate the Group’s management resources while striving to improve the accuracy ofour demand and operating amount forecasts on the basis of data analysis. In addition, we have beencoordinating efforts to the Retail Business Unit, Corporate Business Unit, Transportation Function Division,and Digital Function Division with respect to optimizing and standardizing our delivery process bytransforming work operations, and shifting to automation and digitization, thereby increasing the amount oftime frontline personnel interact with our customers, expanding our collection and delivery capabilities, andenabling us to make improvements in safety and quality. In September 2021, Yamato Management
Service Co., Ltd., which handles bookkeeping and accounting operations as well as personnel affairs forrespective companies of the Yamato Group, was combined with Yamato Transport Co., Ltd. by means ofabsorption-type merger, thereby enabling us to make progress in achieving optimal allocations ofspecialist human resources in our accounting and HR operations. Moreover, our Professional Service
Function Division has been operating under the “One Yamato Structure” in spearheading efforts to reduce
the administrative and indirect operations workload of our frontline personnel by engaging in businessprocess re-engineering (BPR), which has involved standardizing and digitizing such tasks.
② Increasing operating revenue through growth in the corporate client domain
For our corporate clients who have been coping with changes in consumer behavior and lifestyles causedby the spread of COVID-19, we have been working to provide comprehensive value across entire
customer supply chains, which has involved building transportation networks with the addition of networks
for corporate enterprises to TA-Q-BIN and EAZY transportation modes, and organically combining thatwith respective sites of the Yamato Group.
In addition, we have been continuing to tap expanding e-commerce (EC) demand by promoting systemic
development of our EAZY CREW delivery partners, while also proposing solutions in upstream domains oflogistics, particularly in areas that include e-commerce company procurement and inventory liquidation.
We have also been placing focus on providing comprehensive value in part by launching the “digital returnand sending service” for e-commerce companies, which entails shifting to digital procedures for returns ofpurchased merchandise, simplifying procedures in terms of hassles encountered when purchasers would
previously make a return request by telephone or in preparing delivery slips, and making it possible toreturn items without the need for delivery slips from nearby business offices, PUDO Station parcel lockers,
and certain convenience stores. Moreover, we served as the official logistics services partner of the Tokyo
2020 Olympic Games held from July to September 2021, which involved facilitating smooth and safe
operations with respect to logistics design and implementation during the event by providing
comprehensive logistics services in addition to TA-Q-BIN.
③ Promoting strategies for achieving sustainable enhancement of corporate value
With the aim of sustainably enhancing our corporate value, we have engaged in initiatives under our
medium-term management plan “One Yamato 2023” plan that involve promoting data and innovation-5-

strategies, reforming management structure and reinforcing governance, engaging in HR strategy which
supports “Innovating Delivery Business,” improving capital efficiency, and strengthening sustainable
management.
Our data strategy aims at maintaining digital data and enhancing digital platforms to achieve moresophisticated use of date. Meanwhile, our innovation strategy moved forward with initiatives to promote
open innovation, which entails discovering and collaborating with startups, as well as to invest in such
startups with the aim of creating new businesses, particularly using the “KURONEKO Innovation Fund.”We are also working on strengthening governance based on the new Group management structure
through ongoing efforts to strengthen corporate governance. This will entail separating management
supervision and execution, maintaining and enhancing management transparency, as well as enhancing
governance with an emphasis on decision-making speed.
When it comes to HR strategy which supports “Innovating Delivery Business,” we will promote initiatives
for enhancing our digital education programs with the aims of increasing digital literacy of all employees
including management and rapidly developing digitally literate employees. In order to strike a balance
between sustainable growth and the development of a sustainable society, we have been engaging inbusiness in a manner that involves considering the environment and society, in part by streamlining
transportation in a manner that involves attentively connecting people with resources and data. These
efforts have been underpinned by our dual visions, one of which is “Connect. Deliver the Future via Green
Logistics.” and the other of which is, “Through Co-Creation and Fair Business Activities, Help Create aSociety That ‘Leaves No One Behind.”
Business strategies of each segment
The Company has changed its classification of reportable segments, effective from the first quarter of the fiscal
year under review. As such, figures for the previous corresponding period have been restated to the newreportable segments to enable segment comparisons.

 Retail Business Unit
① The Retail Business Unit provides high-quality parcel delivery services such as TA-Q-BIN and hasotherwise been working to provide value that addresses needs of our customers by drawing on the
distinctive characteristics of TA-Q-BIN in terms of its points of contact with a broad range of customers.
The business unit continued to focus on proposing solutions that draw on the Group’s management
resources in collaboration with the Corporate Business Unit, in a manner whereby frontline personnel
grasp customer changes associated with lifestyles and the business environment, thereby serving as astarting point for business of the entire Yamato Group. Moreover, it has also been working in collaboration
with the Platform Function Division, in part through efforts to provide services that make delivery and pickup more convenient, particularly the “Kuroneko Members” service, which has more than 50 million
registered members, and the “Yamato Business Members” service, which is used by more than 1.3 million
corporate clients, and also through efforts to upgrade various services other than those involving
transportation that are beneficial in terms of people’s lives and business.
② During the nine months ended December 31, 2021, we took steps to improve customer convenience withrespect to the “TA-Q-BIN Request by Smartphone” service, which enables customers to complete TA-QBIN sending procedures using their smartphones via a service-specific website that makes it possible forthem to take care of everything from preparing shipping labels to paying TA-Q-BIN fees. Such
improvements included expanding the list of delivery options available in terms of targeting leisureinterests through delivery options such as Golf TA-Q-BIN, Ski TA-Q-BIN, Airport TA-Q-BIN, and Round-Trip
TA-Q-BIN, and also adding online receipt download functionality.
③ Working in collaboration with the Transportation Function Division and Digital Function Division, the Retail
Business Unit continued to strive to improve the accuracy of demand and operating amount forecasts in
respective geographic regions, and has been endeavoring to increase productivity by appropriately
allocating personnel and by heightening efficiency of collection and delivery and of our trunk-routetransportation.
④ In terms of profitability, operating revenue from customers amounted to 687,910 million yen, up 1.9% fromthe same period of the previous fiscal year, mainly as a result of the business unit having engaged inefforts to optimally deliver parcels in alignment with diversifying needs and it having focused on acquiring
parcels from small businesses in collaboration with the Corporate Business Unit. Operating revenue of the
Retail Business Unit overall amounted to 899,104 million yen, down 2.6% from the same period of the-6-

previous fiscal year, as a result of parcels from e-commerce companies, which had shown a dramaticincrease in the previous fiscal year, having been shifted to the Corporate Business Unit.
Although operating expenses decreased by 1.6% from the same period of the previous fiscal year largely
due to lower personnel expenses, and despite higher transportation costs associated with rising unit priceof fuel and higher delivery volume, operating profit decreased by 17.8% from the same period of theprevious fiscal year.

 Corporate Business Unit
① The Corporate Business Unit has been seeking to provide value across entire corporate logistics supply
chains, including midstream and upstream domains of business. To such ends, the business unit has been
taking on initiatives that include planning supply chain management (SCM) strategies that contribute tocustomers’ business decisions, above and beyond improving and streamlining logistics operations, andfurthermore engaging in account management, which involves developing effective projects and assuming
responsibility through to management and operations.
② Moreover, for retailers who are developing physical stores and e-commerce omni-channel sales
frameworks, the business unit has been promoting efforts to optimize inventory and distribution throughcentralized management, thereby liquidating sales inventories with customers’ omni-channel operations by
combining restructured business facilities and transportation networks under the “One Yamato Structure.”
We also focused our efforts on proposal-based sales that contribute to providing comprehensive value by
engaging in integrated management encompassing all of the Yamato Group’s logistics services forcompanies, extending from procurement of merchandise for stores and merchandise for official online
shopping websites, to storage, packaging and delivery.
③ For the ever-growing e-commerce domain, the business unit has been promoting sales expansion of the“EAZY” delivery service, which enables greater purchase, delivery and pick-up convenience and safety. In
addition, to optimize logistics for e-commerce vendors with stores in online shopping malls, we used ourpartnerships with major e-commerce companies to implement initiatives to further improve convenienceand expand sales for services that completely or partially replace operational functions from order
receiving to shipping and delivery. Furthermore, the business unit has also been engaging in efforts
involving cross-border e-commerce amid growing demand, such that involve achieving shorter lead times
up through delivery by seamlessly linking import customs clearance systems with the domestic delivery
network.
④ During the nine months ended December 31, 2021, the business unit has been actively engaging in a
focused marketing approach that has led to greater use of new TA-Q-BIN services, while tapping needs
involving items we had not previously handled such as furniture and household appliances, as well as
locally sourced rice and specialty products, as a result of our offering TA-Q-BIN delivery for larger items toaddress needs for increasingly diverse and larger parcel sizes among corporate clients serving a wider
range of business domains.
⑤ Operating revenue from customers amounted to 619,937 million yen, up 10.4% from the same period of
the previous fiscal year, mainly as a result of the business unit tapping growing e-commerce demand,promoting logistics optimization of corporate clients, and flexible response for recovery of import-export
freight movement, which had been stagnant due to the global spread of COVID-19. Meanwhile, operating
profit amounted to 21,438 million yen, down 32.0% from the same period of the previous fiscal year mainly
due to factors on the expenditure front in terms of an increase in transportation costs associated withhigher delivery volume, as well as an increase in strategic costs associated with our promotion of themedium-term management plan, “One Yamato 2023.”(Reference)(Million parcels / units)
For the nine months
ended
December 31, 2020

For the nine months
ended
December 31, 2021

Parcel delivery

1,599

1,739

140

8.8

Kuroneko DM-Bin

619

623

4

0.7

Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY/Nekopos-7-

ChangeGrowth (%)

 Other① During the nine months ended December 31, 2021, we promoted efforts to expand sales for transportation
by transport box taking advantage of its network consisting of multiple companies and for vehicle
maintenance services.
② Operating revenue from customers was 64,538 million yen, up 8.3% from the same period of the previous
fiscal year. Operating profit was 12,880 million yen, up 8,231 million yen from the same period of theprevious fiscal year.
ESG Initiatives① The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. Accordingly, its transport safety management practices in that regard involve drawing up its
Safety Management Regulations, building up its transport safety management systems, and formulating
fiscal year plans, all centered on respective Group companies whose main operations involve transport.
During the nine months ended December 31, 2021, we cultivated safety awareness, which involved
holding awards ceremonies to recognize drivers who have remained accident-free for many years in ten
locations nationwide. Due to COVID-19, we refrained from holding our “Safety Classes for Children,” which
we have been continually offering to children in day care facilities, kindergartens and elementary schools
across Japan since 1998 with the aim of convey the importance of traffic safety.
② Striving to maximize corporate value is one of the top priorities of management, and we have implemented
measures and bolstered management systems in our corporate governance initiative. In addition, we havebeen carrying out business activities in accordance with the law and social norms and actively promoting
compliance management, based on our Group Corporate Philosophy. During the nine months ended
December 31, 2021, we drew up the Yamato Group Human Rights Policy, following on our Yamato Group
Environmental Policy established in August 2021, for the purpose of identifying, preventing and addressing
risk of human rights violations associated with business activities, while also clearly expressing ourintentions within the Company and beyond with respect to fulfilling our responsibilities for respecting
human rights in alignment with needs of the times and international policies.
③ The Yamato Group has been working toward strengthening sustainable management upon having
formulated its Sustainable Medium-Term Environmental Plan 2023 and Medium-Term Social Plan 2023,
underpinned by the two visions of “Connect. Deliver the Future via Green Logistics” and “Through CoCreation and Fair Business Activities, Help Create a Society That Leaves No One Behind,” set forth in thetransformation plan “YAMATO NEXT100,” which serves as a grand design for management over the
medium to long term.
④ Under the “Environmental” component of the plan, we have set aggregate targets for reducing theenvironmental burden of our business activities and have otherwise set targets for areas in the logistics
industry where the Yamato Group is able to bring about widespread use of innovative technology, such aswith respect to materials and vehicles. We are furthermore working to create environmental value on thebasis of having also set targets in terms of engaging in green logistics in collaboration with diverse
partners and providing products and services that have less impact on the environment. During the ninemonths ended December 31, 2021, we embarked on field testing of collection and delivery operations
enlisting compact battery electric vehicle (BEV) trucks featuring a walk-through, ultra-low-floor design withthe aim of introducing drivers to very practical low-carbon vehicles placing due consideration on theenvironment. We have continued taking action to achieve the vision of virtually zero carbon dioxide
emissions (in-house emissions) by 2050, established as a long-term goal. This entails efforts that include
adopting collection and delivery methods that do not generate greenhouse gas emissions through use ofhand trucks, bicycles and other such modes of transportation, and using electricity derived from renewableenergy. Due to COVID-19, we refrained from holding our “Kuroneko Yamato Environmental Class”
sessions, which we have been continually offering nationwide since 2005, with the aim of providing
support for environmental education of children who will bear responsibilities of the next generation.
⑤ In addition, under the “Social” component of the plan, we have been continuing to take on initiatives thatinvolve developing a work environment in which we respect diverse personnel and in which employees areable to play active roles, while also working to realize an enriched society in part by addressing social
challenges and promoting community development enlisting a co-creation approach. During the ninemonths ended December 31, 2021, we set our sights on developing a sustainable pharmaceutical networkby embarking on field testing to assess the economic feasibility of using unmanned drones to transport-8-

items such as pharmaceutical products required by locally-based medical institutions and prescription
medicine delivered to private residences. This involved working in collaboration with participants that
include the town of Wake in Okayama Prefecture and pharmaceutical manufacturers and wholesalers.
⑥ Aiming to create more sustainable social value, the Yamato Group promotes initiatives for sharing value
with society based on the concept of “Creating Shared Value (CSV).” We continue to engage in various
initiatives to such ends. For instance, we have been operating our community-based Neko Support Station
locations enlisting close local ties and facilitating healthy and sustainable development of local
communities, along with lifestyles of safety and comfort among local residents. We have also been setting
up housekeeping support services, monitoring services that use “HelloLight” IoT light bulbs, consultation
services for everyday life, and holding events that enable interaction among community members.
⑦ Aspiring to be a company that continually evolves in step with society, led by Yamato Welfare Foundation,
the Yamato Group conducts various activities to help realize a society in which disabled people canexperience the joy of working autonomously. Specifically, we engage in ongoing programs that support
economic independence of people with disabilities, such that include actively employing people withdisabilities at the Swan Bakery which makes and sells bread, providing them with workplaces through theconsigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they take part intraining to acquire skills and knowledge necessary for employment.

-9-(2) Explanation of financial position
Total assets were 1,195,800 million yen as of December 31, 2021, up 105,809 million yen from the end of theprevious fiscal year. The major factor in this was an increase of 81,997 million yen in notes and accounts
receivable - trade, and contract assets.
Liabilities increased 79,855 million yen to 585,559 million yen from the end of the previous fiscal year. The
increase was largely attributable to a 46,448 million yen increase in notes and accounts payable - trade and a
36,000 million yen increase in short-term borrowings.
Total net assets were 610,240 million yen, up 25,953 million yen from the end of the previous fiscal year. Thiswas mainly due to the recording of profit attributable to owners of parent of 47,779 million yen while we paid
dividends of surplus of 19,689 million yen.
Accordingly, the equity ratio changed to 50.4% from 52.9% of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
Amid a situation where the economic environment continues to be affected by the spread of COVID-19, theoutlook for full-scale economic recovery remains difficult to project due to rapid proliferation of new coronavirus
variants, which is in addition to an ongoing scenario of global supply chain disruptions, high raw material prices,
US dollar appreciation, and high crude oil prices. Meanwhile, COVID-19 has accelerated growth in the ecommerce domain across all industries amid a scenario of changes in consumer behavior and lifestyles
brought about by developments such as companies promoting telework arrangements and a shift to online
services in the fields of medicine and education.
Under such circumstances, the Yamato Group has been working to provide comprehensive value in addressing
needs of its customers and society with its sights set on transforming the supply chain in response to changing
lifestyles and distribution structures, based on the medium-term management plan, “One Yamato 2023,” withthe fiscal year ending March 31, 2024 set as its final fiscal year.
During the fiscal year ending March 31, 2022, we will continue to address growing e-commerce demand byaccelerating development of our e-commerce delivery networks, improving pick-up convenience, and providing
solutions tailored to e-commerce companies and sellers. In addition, working in collaboration with ourrespective Business Divisions and Functional Divisions operating under the One Yamato Structure, we will also
increase operating revenue by not only organically combining TA-Q-BIN, e-commerce delivery, and middle-mile
networks with our network of business facilities, and streamlining distribution but also by focusing on providing
value across the entire supply chain through efforts that involve making backyard operations related to storesand e-commerce operations more efficient, reducing sales opportunity loss and optimizing inventories.
As for expenditures, we will continue to focus on optimizing costs, which will involve enlisting data analysis withrespect to making optimal allocations of management resources and further streamlining trunk-routetransportation, while also promoting strategies encompassing transformation of networks with the aim oftapping increasing demand particularly with respect to e-commerce, based on the medium-term management
plan, “One Yamato 2023.”
The Yamato Group has made changes to the consolidated earnings forecasts for the full year of the fiscal year
ending March 31, 2022 since the announcement made on November 12, 2021.

- 10 -

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2021

As of December 31, 2021

AssetsCurrent assets
Cash and deposits

241,523

209,495

Notes and accounts receivable - trade212,766––

294,763

Accounts receivable – installment

45,643

48,627

Merchandise and finished goods

392

252

Work in process

117

198

Notes and accounts receivable – trade, and contract
assetsRaw materials and supplies

1,770

2,009

Other

27,50840,386

Allowance for doubtful accounts(1,341)(1,431)

Total current assets

528,379

594,301

367,718

372,821

Accumulated depreciation(214,421)(217,909)

Buildings and structures, net

153,296

154,912

199,976

203,620(185,268)(180,887)

14,70822,733

Land

174,140

178,917

Leased assets

36,645

39,124

Accumulated depreciation(10,467)(12,222)

Leased assets, net

26,17826,902

Non-current assets
Property, plant and equipment
Buildings and structures

VehiclesAccumulated depreciation
Vehicles, net

Other137,034

139,655

Accumulated depreciation(99,046)(100,407)

Other, net

37,98839,247406,312422,71229,55541,245Investment securities

52,23160,843

Other

74,89278,151

Allowance for doubtful accounts(1,379)(1,455)

Total investments and other assets

125,744

137,539561,612

601,498

1,089,991

1,195,800

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

Total non-current assets
Total assets- 11 -

(Millions of yen)
As of March 31, 2021

As of December 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade153,860

200,308

Short-term borrowings

34,00070,000

Lease obligations

5,054

5,187

Income taxes payable

32,099

9,894

Deferred installment income

4,781

4,777

Provision for bonuses

40,173

14,664Other

119,401

146,098

Total current liabilities

389,369

450,931

Lease obligations

26,09824,641Retirement benefit liability

71,83490,189Other

18,401

19,797

Total non-current liabilities

116,334

134,627505,704

585,559

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,81336,813Retained earnings

431,571456,318

Treasury shares(39,549)(39,551)

Total shareholders’ equity

556,070

580,814

Valuation difference on available-for-sale securities

15,883

19,721

Foreign currency translation adjustment(1,316)(921)

Remeasurements of defined benefit plans

5,730

2,522

Total accumulated other comprehensive income

20,297

21,321

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets- 12 -

7,919

8,104

584,287

610,240

1,089,991

1,195,800

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2020

For the nine months ended
December 31, 2021

Operating revenue

1,295,676

1,372,386

Operating costs

1,158,103

1,245,685

Operating gross profit

137,572

126,701

Selling, general and administrative expenses

47,82547,528Operating profit

89,747

79,172

Interest income

159

144

Dividend income

915

1,330

Gain on investments in investment partnerships

222

4,240

Other

1,279

1,395

Total non-operating income

2,577

7,110

Interest expenses

537

595

Share of loss of entities accounted for using equity method

331

266

Other

325

238

Non-operating income

Non-operating expenses

Total non-operating expenses

1,194

1,100

91,13085,183Gain on sale of non-current assets

706

1

Gain on sale of investment securities

38

881

Gain on liquidation of subsidiary

–

1,210

Gain on transition of retirement benefit plan

–

1,419

Other

220

53

Total extraordinary income

965

3,566

Loss on retirement of non-current assets

236

274

Impairment losses

222

1,555

Ordinary profit
Extraordinary income

Extraordinary losses

Loss on sale of investment securities–

431

Loss on valuation of investment securities

354

48

Loss on revision of retirement benefit plan–

14,999Loss associated with measures to address COVID-19

1,163

–

2

202

1,980

17,510

Profit before income taxes

90,115

71,239

Income taxes

33,08623,289Profit57,02847,950

Other
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 13 -

158

170

56,87047,779

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2020

For the nine months ended
December 31, 2021

57,02847,950

Valuation difference on available-for-sale securities

3,858

4,152

Foreign currency translation adjustment

(834)

385

Remeasurements of defined benefit plans, net of tax

2,057(3,212)

(1)

7

5,079

1,333

62,10849,283Comprehensive income attributable to owners of parent

61,68948,804Comprehensive income attributable to non-controllinginterests

419

479

ProfitOther comprehensive income

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 14 -

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and equity method application)
Material changes in scope of consolidation
Effective from the first quarter of the fiscal year under review, Yamato Global Express Co., Ltd., Yamato
Logistics Co., Ltd., Yamato Global Logistics Japan Co., Ltd., Yamato Packing Service Co., Ltd., Yamato
Packing Technology Institute Co., Ltd., and Yamato Financial Co., Ltd., are excluded from the scope of
consolidation given that they have ceased to exist as a result of an absorption-type merger in which Yamato
Transport Co., Ltd. is the surviving company.
Effective from the second quarter of the fiscal year under review, Yamato Management Service Co., Ltd. is
excluded from the scope of consolidation given that it has ceased to exist as a result of an absorption-typemerger in which Yamato Transport Co., Ltd. is the surviving company. In addition, Yamato (China) Transport
Co., Ltd. is also excluded from the scope of consolidation upon conclusion of liquidation.
Material changes in scope of equity method application
Effective from the third quarter of the fiscal year under review, SCG YAMATO EXPRESS CO., LTD. andGUANGZHOU WISEPOWER TRANSPORTATION & DISTRIBUTION GROUP CO., LTD. are excluded from thescope of equity method due to sale of such equity holdings.
(Application of specific accounting for preparing the quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses are calculated by multiplying the profit before income taxes by the reasonably estimated effective
tax rates after the application of tax effect accounting to the profit before income taxes for the fiscal year
including the third quarter under review.
(Changes in accounting policies)
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year underreview, and it has recognized revenue at the time the control of promised goods or services is transferred to thecustomer at the amount expected to be received upon exchange of said goods or services. As such, whereas
revenue derived from certain business transactions including transportation income involving the YamatoGroup’s mainstay service, TA-Q-BIN, was previously recognized when parcels, etc. were consigned to TA-QBIN, the Company will now recognize such revenue upon fulfillment of performance obligations.
The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations is subject
to the transitional treatment provided for in the proviso to paragraph 84 of the Accounting Standard for Revenue
Recognition. The cumulative effect of the retrospective application, assuming the new accounting policy had
been applied to periods prior to the beginning of the first quarter of the fiscal year under review was added to or
deducted from the opening balance of retained earnings of the first quarter of the fiscal year under review, andthus the new accounting policy was applied from such opening balance. However, by applying the method set
forth in item (1) of the supplementary provisions of paragraph 86 of the Accounting Standard for Revenue
Recognition, modifications to contracts carried out prior to the beginning of the first quarter of the fiscal year
under review were accounted for based on the contractual terms after all contract modifications were reflected.
Consequently, this cumulative effect was added to or deducted from the opening balance of retained earningsof the first quarter of the fiscal year under review.
For the nine months ended December 31, 2021, as a result of this change, operating revenue increased by 381
million yen, and operating costs decreased by 1,595 million yen, while operating profit, ordinary profit and profit
before income taxes each increased by 1,976 million yen. In addition, retained earnings as of the beginning of
the fiscal year under review decreased by 3,343 million yen.
Due to the application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations,“Notes and accounts receivable - trade” under current assets of the consolidated balance sheet as of the end of
the previous fiscal year has been included in “Notes and accounts receivable - trade, and contract assets”- 15 -

under current assets from the consolidated balance sheet as of the end of the first quarter of the fiscal year
under review. In accordance with the transitional treatment provided for in paragraph 89-2 of the AccountingStandard for Revenue Recognition, figures for the previous fiscal year have not been restated in accordancewith the new approach to presentation.
Application of Accounting Standard for Fair Value Measurement
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year underreview. In the future, the Company will furthermore apply new accounting policy stipulated by the AccountingStandard for Fair Value Measurement and relevant ASBJ regulations subject to the transitional treatment
provided for in paragraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2 of the“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). In addition, thisapplication has no impact on the consolidated financial statements is immaterial.
Changes in accounting policies which are difficult to distinguish from changes in accounting estimates andchanges in accounting estimates
Changes in depreciation method for property, plant and equipment and changes in useful life
Effective from the first quarter of the fiscal year under review, the Company and its domestic consolidated
subsidiaries have changed to the straight-line method as their depreciation method for property, plant andequipment (excluding leased assets) from the declining-balance method previously (however, the straight-line
method has been adopted for buildings acquired on or after April 1, 1998 (excluding facilities attached tobuildings) and for facilities attached to buildings and structures acquired on or after April 1, 2016). Overseas
consolidated subsidiaries have been using the straight-line method thus far.
Based on its medium-term management plan, “One Yamato 2023,” the Yamato Group has transitioned to its“One Yamato” management structure, which has involved transforming to a fully optimized organization
structured according to customer segments and further accelerating management. To such ends, Yamato
Transport Co., Ltd. carried out absorption-type mergers and absorption-type company splits involving sevenGroup companies in April 2021. In so doing, we were able to review our use of property, plant and equipment inJapan.
We consequently changed to the straight-line method, upon having deemed that the straight-line method of
allocating costs more rationally reflects actual use of assets given that we expect our asset use in Japan toremain consistent.
In addition, the Company and its domestic consolidated subsidiaries conducted surveys on actual use ofproperty, plant and equipment, on the occasion of reviewing changes to the depreciation method of property,
plant and equipment. Effective from the first quarter of the fiscal year under review, they consequently revised
useful life figures of some vehicles based on more realistic, economically feasible forecast periods. This change
will apply into the future.
As a result, operating profit, ordinary profit, and profit before income taxes for the first nine months of the fiscal
year under review are each 9,117 million yen increased more than would have been the case using theprevious method.
(Additional information)
Revision of retirement benefit plan
In April 2021, the Company resolved to revise its retirement benefit plan in terms of accordingly changing
benefit levels of the lump-sum benefit plan with July 2021 serving as the date of revision with respect to its
regulations and October 2021 serving as the date on which the regulations take effect, and in terms of carryingout transition of its corporate pension fund plan to a defined contribution pension plan from the defined-benefit
corporate pension plan.
For the accounting treatment associated with transition of the plan, the Company has applied the “Accounting
for Transfer between Retirement Benefit Plans” (ASBJ Guidance No. 1, December 16, 2016) and the “Practical
Solution on Accounting for Transfer between Retirement Benefit Plans” (ASBJ PITF No. 2, February 7, 2007).
As a result, with respect to past service costs incurred due to changes made to benefit levels of the lump-sum
benefit plan, the Company recorded loss on revision of retirement benefit plan of 14,999 million yen under
extraordinary losses for the second quarter of the fiscal year under review. Furthermore, with respect to gains
and losses arising from plan transition upon transition of the corporate pension fund plan to a defined
contribution pension plan from the defined-benefit corporate pension plan, the Company recorded a gain on- 16 -

transition of retirement benefit plan of 1,419 million yen under extraordinary income for the third quarter of the
fiscal year under review.
(Segment information, etc.)[Segment information]
I. For the nine months ended December 31, 2020
1.

Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

Operating revenue
Operating revenue from
customers
Inter-segment operating revenue
or transfers
Total
Segment profit

Retail Business
Unit

Corporate
Business Unit

674,769

561,307

Other(Note 1)59,599Total

Reconciliation(Note 2)

1,295,676–

Amountrecorded inconsolidated
statement ofincome(Note 3)
1,295,676

248,365

34,55386,981

369,900(369,900)–

923,134
56,197595,860
31,530146,581
4,648

1,665,576
92,376(369,900)(2,629)1,295,676
89,747

Notes: 1. Other includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development), and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. The reconciliation of negative 2,629 million yen of segment profit includes group-wide expenses of negative 12,971 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 10,342 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2. Information regarding impairment losses of non-current assets or goodwill, etc. by reportable segment(Significant impairment losses on non-current assets)
Descriptions are omitted, as the value is immaterial.

- 17 -

II. For the nine months ended December 31, 2021
1.

Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

Operating revenue
Operating revenue from
customers
Inter-segment operating revenue
or transfers
Total
Segment profit

Retail Business
Unit

Corporate
Business Unit

687,910

619,937

Other(Note 1)64,538

Total

Reconciliation(Note 2)

1,372,386–

Amountrecorded inconsolidated
statement ofincome(Note 3)
1,372,386

211,193

20,864

94,014

326,073(326,073)–

899,104
46,178640,80221,438

158,553
12,8801,698,460
80,497(326,073)(1,324)

1,372,386
79,172

Notes: 1. Other includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development), and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. The reconciliation of negative 1,324 million yen of segment profit includes group-wide expenses of negative 8,425 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 7,100 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2. Disclosure of changes, etc. in reportable segments(Changes in reportable segments)
Effective from the first quarter of the fiscal year under review, the Company has changed its classification ofreportable segments to reflect its transition to a management structure consisting of four Business Divisions(Retail, Corporate, Global SCM, and EC) and four Functional Divisions in April 2021.
The change mainly involves transition to a dual business unit structure consisting of the “Retail Business Unit” andthe “Corporate Business Unit” based on customer segments, from the previous six operating segment structure
based on categories of business at that time.
The segment information for the nine months ended December 31, 2020 has been prepared and presented
according to the new classification of reportable segments.
(Application of Accounting Standard for Revenue Recognition, etc.)
The Company has applied the “Accounting Standard for Revenue Recognition, etc.” from the beginning of the firstquarter of the fiscal year under review as stated under “2. Consolidated Financial Statements and Significant
Notes Thereto, (3) Notes to consolidated financial statements (Changes in accounting policies),” and has likewisechanged its method of calculating business segment profit or loss as a result of it having changed its accounting
method for revenue recognition.
As a result, for the first nine months of the fiscal year under review, operating revenue and segment profit in the
Retail Business Unit were 928 million yen and 928 million yen higher, respectively, than would have been the caseusing the previous method; operating revenue and segment profit in the Corporate Business Unit were 1,197
million yen and 748 million yen higher, respectively, and; operating revenue and segment profit in Other were1,745 million yen lower and 299 million yen higher, respectively.
(Changes in depreciation method for property, plant and equipment and changes in useful life)
Effective from the first quarter of the fiscal year under review, the Company has changed to the straight-line
method as its depreciation method for property, plant and equipment (excluding leased assets), as stated under “2.
Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated financial statements(Changes in accounting policies).” In addition, the Company has reviewed useful lives of some vehicles. Thischange will apply into the future.
As a result, for the first nine months of the fiscal year under review, segment profit in the Retail Business Unit,
Corporate Business Unit and Other were 7,668 million yen, 1,186 million yen, and 262 million yen higher,
respectively, than would have been the case using the previous method.

- 18 -

3. Information regarding impairment losses of non-current assets or goodwill, etc. by reportable segment(Significant impairment losses on non-current assets)
In Other segment, the Company has decreased the book value of an asset group with diminished profitability to
the recoverable value, and has accordingly recorded impairment losses of 1,555 million yen for the nine months
ended December 31, 2021.
(Important subsequent matters)
Purchase and cancellation of treasury shares
At its meeting held on February 9, 2022, the Board of Directors resolved matters related to the purchase oftreasury shares of the Company in accordance with the provisions of the Articles of Incorporation, pursuant to
Article 459, paragraph (1), item (i) of the Companies Act, and also resolved cancellation of treasury shares of
the Company in accordance with the provisions of Article 178 of the Companies Act.
1. Reason of purchase and cancellation of treasury shares
The Company purchases and cancels its treasury shares to implement flexible capital policies inaccordance with changes in the business environment with the aim of enhancing shareholder value.
2. Content of matters related to the purchase of treasury shares
Type of shares to be purchased
Common shares of the Company
Total number of shares to be purchased
Up to 10,000,000 shares(Ratio to the total number of issued shares (excluding
treasury shares): 2.69%)(Note) The aforementioned treasury shares do not include
the Company’s shares held by BBT (Board Benefit Trust).
Total acquisition price of shares to be purchased
Up to 20.0 billion yen
Acquisition period
From February 16, 2022 to May 31, 2022
Acquisition method
Through the market
3. Content of cancellation of treasury shares
Type of shares to be cancelled
Common shares of the Company
Total number of shares to be cancelled
All of the treasury shares to be purchased through 2. above
Scheduled date of share cancellation
June 23, 2022

- 19 -

3. Supplementary Information
Operating revenue by segment
Business segment
IncomeFor the nine months ended
December 31, 2020
AmountRatio(Millions of yen)(%)

For the nine months ended
December 31, 2021
AmountRatio(Millions of yen)(%)

Transportation income
894,89669.1
877,403
63.9
Logistical support income
8,607
0.7
3,328
0.2
Retail Business Unit
Others25,4592.0
21,138
1.5
Eliminations(254,193)(19.6)(213,959)(15.6)
Total
674,76952.1
687,910
50.1
Transportation income
493,76338.1
468,258
34.1
Logistical support income
159,259
12.3
179,120
13.1
Corporate Business
Other
18,661
1.4
24,943
1.8
Unit
Eliminations(110,377)(8.5)(52,385)
(3.8)
Total
561,30743.3
619,93745.2
Transportation income
33,937
2.6
36,665
2.7
Other
125,606
9.7
136,287
9.9
Other
Eliminations(99,944)(7.7)(108,414)
(7.9)
Total
59,5994.6
64,538
4.7
Total
1,295,676
100.0
1,372,386
100.0
Due to the shift of the management structure from the first quarter of the fiscal year under review, the Company
discloses the details of operating revenue by segment instead of operating revenue by business, which was disclosed
until the previous fiscal year.

- 20 -

Change(%)(2.0)(61.3)(17.0)(15.8)
1.9
(5.2)
12.5
33.7
(52.5)
10.4
8.0
8.5
8.5
8.3
5.9