Translation
February 6, 2023

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2023
<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 8, 2023
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 2023
(cumulative: from April 1, 2022 to December 31, 2022)(1) Consolidated operating results

For the nine months ended
December 31, 2022
December 31, 2021
(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%
1,395,967
1.7
66,400(16.1)
64,235(24.6)
39,087(18.2)
1,372,386
5.9
79,172(11.8)
85,183(6.5)
47,779(16.0)For the nine months ended December 31, 2022:
41,099 million yen ((16.6)%)
For the nine months ended December 31, 2021:
49,283 million yen ((20.7%))
Basic earnings per share

For the nine months ended
December 31, 2022
December 31, 2021

Diluted earnings
per shareYen
107.83128.78Yen——(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
December 31, 2022
1,160,733
611,58152.2
March 31, 2022
1,086,854
598,233
54.3(Reference) Equity:
As of December 31, 2022: 605,367 million yen As of March 31, 2022:
590,542 million yen

2.

Dividends
First quarter
Yen——

Second quarter
Yen
23.00
23.00

Fiscal 2022
Fiscal 2023
Fiscal 2023 (Forecast)(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen——

Fiscal year-end
Yen
23.00
23.00

Total
Yen
46.00
46.00

3.

Consolidated earnings forecasts for fiscal year 2023 (from April 1, 2022 to March 31, 2023)
Operating revenue

Operating profit

Millions of yen%
Millions of yen%
Full year
1,809,000
0.9
61,000 (21.0)(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
58,000 (31.2)
45,000 (19.6)
124.16* 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 12.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement:
None(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, 2022:
379,824,892 shares
As of March 31, 2022:
388,575,592 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2022:
17,551,621 shares
As of March 31, 2022:
22,084,421 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2022:
362,501,978 shares
For the nine months ended December 31, 2021:
371,024,707 shares*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit firm.
*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 7.
• The Company plans to post supplementary materials on quarterly financial results on the Company’s website promptly after theannouncement of the quarterly financial results.

Attached Materials
Index
1. Qualitative Information on Settlement of Accounts for the Nine months................................................................. 2(1) Summary of operating results.......................................................................................................................... 2(2) Explanation of financial position ...................................................................................................................... 7(3) Explanation of consolidated earnings forecasts and other forward-looking statements .................................. 7
2. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 8(1) Consolidated balance sheet ............................................................................................................................ 8(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 10
Consolidated statement of income (cumulative) ............................................................................................ 10
Consolidated statement of comprehensive income (cumulative) .................................................................. 11(3) Notes to consolidated financial statements ................................................................................................... 12(Notes to premise of going concern) ............................................................................................................. 12(Notes when there are significant changes in amounts of equity) ................................................................. 12(Changes to the scope of consolidation and/or the application of the equity method)................................... 12(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 12(Segment information, etc.) ........................................................................................................................... 13
3. Supplementary Information .................................................................................................................................. 14
Operating revenue by segment ............................................................................................................................ 14-1-

1. Qualitative Information on Settlement of Accounts for the Nine months(1) Summary of operating results
During the third quarter of the fiscal year ending March 2023, domestic demand was on a gradual recovery
trend, with the normalization of economic activity, despite the lingering impact of COVID-19. On the other hand,inflationary pressure around the world is continuing, driven by the prices of natural resources and energy
remaining high as well as the rise in raw material prices, due to the instability in global affairs. There are signsof slowdown in the economies of the U.S. and Europe, which have been continuously raising interest rates, andit remains hard to anticipate a full-fledged economic recovery.
Moreover, COVID-19 has triggered a change in consumption behavior and lifestyles and the expansion of ecommerce in various industries, driven by more people working from home, as well as medical treatment andeducation taking place online.
Under these circumstances, the Yamato Group focused on providing comprehensive value to address theneeds of customers and society, in order to achieve sustainable corporate value enhancement through “Helping
to enrich our society” which is part of our Management Philosophy, under the Group management structure inwhich we brought together the management resources of each Group company, and based on the Mediumterm management plan “One YAMATO 2023” with the fiscal year ending March 2024 as the final year, towards
innovating the supply chain to address changes in people’s lifestyles and the distribution structure.
Our consolidated financial results for the nine months ended December 31, 2022 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, 2021
1,372,386
79,172
85,183For the nine months
ended December 31, 2022
1,395,967
66,40064,23547,77939,087

ChangeGrowth (%)

23,580(12,772)(20,948)1.7(16.1)(24.6)(8,692)(18.2)For the nine months ended December 31, 2022, operating revenue was 1 trillion 395,967 million yen, up 23,580
million yen from the previous year.
This was largely attributable to the increase in parcel delivery volume as a result of capturing demand from the
e-commerce domain where growth is continuing, as well as our focus on optimizing logistics for customers.
Operating expenses was 1 trillion 329,566 million yen, up 36,353 million yen from the previous year.
This was due to the increase in costs associated with the promotion of our Medium-term management plan
“One YAMATO 2023”, such as the fact that we are still in the process of optimizing transportation and delivery
operations between the EC logistics network, which we are building to address the growing EC demand, and in
our existing network, in addition to higher hourly wages, fuel unit prices and electricity costs.
As a result, for the nine months ended December 31, 2022, operating profit was 66,400 million yen, down
12,772 million yen from the previous year.
Initiatives for the entire Yamato GroupThe Yamato Group has been working to stably provide logistics services, including TA-Q-BIN, while paying
consideration to hygiene management of our employees. Moreover, based on the Medium-term management
plan “One YAMATO 2023”, which aims to provide comprehensive value to address the diversifying needs ofcustomers and society, we have continued to implement the following measures:① Enhancing value provision to corporate clients
In response to growing EC demand and changes in the supply chain of corporate customers, our Sales
Drivers and the sales people covering corporate clients worked together to solve challenges faced by ourclients and continue to provide value to cover the entire supply chain, through measures such as making
maximum use of our facilities and the transportation & delivery network, achieving both inventory
optimization as well as shortening the shipment and delivery lead-time, thereby helping clients optimize
their logistics costs.

-2-

② Structural reforms of our network operations
In order to address the growing EC demand, we continued to build the EC logistics network with a more
simple operation process covering sorting, transportation and last-mile deliveries, mainly in the urban
areas. We also promoted initiatives such as consolidating and enlarging the TA-Q-BIN Sales offices,
redefining the functions of our terminals, enhancing operational efficiency using IT systems, and improving
safety, quality and the work environment.
③ Promoting strategies for achieving sustainable enhancement of corporate value
With the aim of sustainably enhancing our corporate value, we are engaging in initiatives under our
Medium-term management plan “One YAMATO 2023” that involves promoting data and innovation
strategies, reforming the management structure and reinforcing governance, engaging in an HR strategy
which supports “Innovating Delivery Business,” improving capital efficiency, and strengthening sustainable
management.
As for our data strategy, we continued to develop digital data and strengthen digital platforms in order tofurther enhance our use of data. We are also providing services using digital data and improving ouroperations using digital data.
Meanwhile, we made progress in our innovation strategy with initiatives to promote open innovation, which
entails discovering and collaborating with startups, as well as to invest in such startups with the aim ofcreating new businesses.
We are also working on sophisticating corporate governance, separating management supervision andexecution, maintaining and enhancing management transparency, as well as strengthening governancewith an emphasis on the speed of our decision-making.
As for strengthening our sustainable management, we are promoting management that considers theenvironment and society through measures such as connecting people, resources and information at ahigh level, and making our transportation more efficient, in order to achieve both sustainable growth andsustainable social development, under our two visions of “Connect. Deliver the Future via Green Logistics”
and “Through Co-Creation and Fair Business Activities, Help Create a Society That Leaves No One
Behind”. In terms of the environment, we are promoting measures such as “introducing 20,000 EVs”,“introducing 810 solar power generation facilities” and “improving the usage rate of renewable energybased electricity”, in order to achieve the target of “48% reduction in GHG in 2030, compared to FY March2021” and “Climate neutrality (in-house emissions) in 2050”. In the nine months ended December 2022,
we announced our endorsement of the Task Force on Climate-related Financial Disclosures (“TCFD”) and,based on TCFD, disclosed on our corporate website information on the risks and opportunities fromclimate change that may affect our business activities. Yamato will continue to accelerate its sustainability
initiatives including those related to climate change and addressing social issues, thereby promoting
sustainable corporate growth.
Business strategies of each segment

 Retail Business Unit
① The Retail Business Unit provides high-quality small-lot parcel delivery services such as TA-Q-BIN, and as
the starting point of business for the entire Group, has been working to provide value that addresses theneeds of our customers by utilizing our strength of having points of contact with customers that isoriginates through the provision of TA-Q-BIN services, with our front-line employees monitoring andcapturing changes in our customers in their lifestyles and business environments, and working with thesales people in charge of corporate clients and proposing solutions that utilize the Group’s management
resources. It has also been working to provide services that make delivery and pick-up 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 1.5 million corporate clients, and also
through efforts to upgrade various services other than those involving transportation that are beneficial interms of people’s lives and business.
② In the nine months ended December 31, 2022, we enhanced functions for when customers make requests
on the web for TA-Q-BIN parcels to be picked up, as well as collaborate with flea market operators andoperators of parcel lockers in the ground floor lobby areas of condominiums, to allow users to send parcels-3-from parcel lockers without having to interact with anybody, in order to make our services more convenientand offer an even better customer experience.
③ Operating revenue of the Retail Business Unit from external clients amounted to 694,010 million yen, up
0.9% from the previous year, as a result of our efforts to provide optimal sending and receiving of parcels
in accordance with diversifying needs. Operating expenses increased 5.8% from the previous year due tothe increase in expenses related to the promotion of our Medium-term management plan “One YAMATO
2023”, and operating profit declined 10,324 million yen from the previous year.

 Corporate Business Unit
① The Corporate Business Unit provides value across entire corporate logistics supply chains, including the
midstream and upstream domains of business. In order to do so, the Unit takes on initiatives that included
planning supply chain management (SCM) strategies that contribute to clients’ business decisions, aboveand beyond improving and streamlining logistics operations, and it furthermore engaged in accountmanagement, which involved developing effective strategies and assuming responsibility through tomanagement and operation.
② In the urban areas where the growing EC demand is concentrated, the Unit has been building an EC
logistics network with more simplified operations covering sorting, transportation and last-mile deliveries.
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. Moreover, for cross-border EC where demand is growing, we arepromoting initiatives to seamlessly link the import and customs-related system and the domestic delivery
network, thereby shortening the delivery lead-time.
③ For retailers who are developing physical stores and e-commerce omni-channel sales frameworks, the Unit
has been promoting efforts to optimize inventory and logistics through centralized management, thereby
making clients’ inventories in their omni-channel operations more fluid, by combining the consolidated andenlarged business facilities with the transportation networks. Moreover, we are focusing on making
proposals in our sales activities to provide comprehensive value, such as through one-stop management ofclients’ logistics operations by the Yamato Group, covering the entire process starting from procuring
merchandise for their physical stores as well as their official e-commerce sites, to the storage, packaging
and sending of such merchandise.
④ In the third quarter of the fiscal year ending March 2023, we worked on innovating the entire supply chainof our customers, such as reducing the total logistics cost by optimizing the logistics and inventory
management of a car component maker with which we signed the Lead Logistics Partner contract in
September 2022, enhancing their value proposition to customers, and realizing logistics with a low
environmental burden by making visible and reducing GHG emissions. We are continuing to makemaximum use of Yamato Group’s management resources, providing value on an “End to End” basis fromthe upstream to the downstream of supply chains, such as by establishing a D2C (Direct to Consumer)
distribution scheme for a company that sells food products, by making use of Yamato Transport’s sorting
facilities that have the temperature-control function integrated in them, as well as signing a logistics
partnership contract with an apparel company in order to build a sustainable supply chain.
⑤ Operating revenue from customers amounted to 656,967 million yen, up 6.0% from the previous fiscal
year, mainly as a result of the Unit tapping the growing e-commerce demand, as well as promoting logistics
optimization of corporate clients. Operating expenses increased 5.1% from the previous year due to factors
including the increase in expenses related to the promotion of our Medium-term management plan “OneYAMATO 2023”, and operating profit declined 2,501 million yen from the previous year.

-4-

(Reference)(Million parcels / units)
Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY
Nekopos
Kuroneko DM-Bin

For the nine months
ended December 31,
2021
1,454
284
623

For the nine months
ended December 31,
2022
1,492
311
607

ChangeGrowth (%)
37
26
(16)

2.6
9.4
(2.7)

 Other① During the nine months ended December 31, 2022, we continued to promote efforts to expand sales fortransportation by transport box taking advantage of the network consisting of multiple corporate groups
and for vehicle maintenance services.
② Operating revenue from customers was 44,989 million yen, down 30.3% from the previous year. Operating
profit was 11,169 million yen, down 1,710 million yen from the previous 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
annual plans, all centered on respective Group companies whose main operations involve transport.
During the nine months ended December 31, 2022, we resumed the “Traffic Safety Class for Children” atkindergartens and elementary schools, which we had suspended due to COVID-19. Moreover, the entire
Yamato Group carried out the “Zero Traffic Accidents Campaign” in order to improve safety awareness.
② For the Yamato Group, enhancing corporate value is one of the most important management priorities, and
the Group is engaged in various initiatives to strengthen its management structure, as part of its corporate
governance effort. Based on the Group’s corporate philosophy, we conduct business activities inaccordance with laws and social norms, and are promoting compliance-based management.
③ The Yamato Group has been working to strengthen its sustainable management, by establishing the
Sustainable Medium-Term Environmental Plan 2023 and Medium-Term Social Plan 2023, based on our
two visions outlined in the transformation plan “YAMATO NEXT100”; “Connect. Deliver the Future via
Green Logistics” and “Through Co-Creation and Fair Business Activities, Help Create a Society That
Leaves No One Behind”.
④ Under the “Environmental” component of the Sustainable Medium-Term Environmental Plan 2023 andMedium-Term Social Plan 2023, together with the quantitative targets to lower the environmental burden
from our business activities, we have set targets for areas such as materials and vehicles, where thelogistics industry can contribute in spreading innovative technologies. The Yamato Group is aiming forgreen logistics in partnership with our diverse partners, as well as providing products and services with alow environmental burden, thereby creating environmental value. Moreover, as one of the initiatives toachieve carbon neutrality, we are continuing to work on the projects selected in July 2022 by the New
Energy and Industrial Technology Development Organization (NEDO): the "Introduction and Operation ofEVs for the Realization of Green Delivery," an independent proposal project, and the “Establishment andLarge-Scale Trial of an Energy Management System for the Dissemination of Commercial Electric
Vehicles," which is a joint project.
⑤ Under the “Social” component of the Sustainable Medium-Term Environmental Plan 2023 and MediumTerm Social Plan 2023, the Yamato Group respects the diversity of its people, and established a work
environment that brings out the best of employees, addressing various social issues, and creating anenriched society through measures such as promoting regional development through collaborations. We
will further contribute to realizing a society that respects human rights and diversity, through the build-up of
knowledge to improve universal manners, such as using the “Universal Manner Qualification” for YamatoGroup employees to learn about the appropriate way to offer support to disabled customers when receiving-5-and sending parcels from their homes and from the TA-Q-BIN Offices, as well as spreading that knowledge
through our employees responsible for facing customers.
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 operate the Neko
Support Station as a local community facility that supports the healthy and sustainable development of thelocal community, and the safe and comfortable lives of people in the area. We also provide housekeeping
support services, monitoring services that use “HelloLight” IoT light bulbs, consultation services foreveryday life, and hold events that enable interaction among community members.
⑦ Aspiring to be a company that continually evolves in step with society, and led by the Yamato Welfare
Foundation, the Yamato Group conducts various activities to help realize a society in which disabled
people can experience 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
with disabilities at the Swan Bakery which makes and sells bread, providing them with workplaces throughthe consigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they takepart in training to acquire skills and knowledge necessary for employment.

-6-(2) Explanation of financial position
Total assets were 1,160,733 million yen as of December 31, 2022, up 73,878 million yen from the end of theprevious fiscal year. The increase was largely attributable to the increase in notes and accounts receivable trade, and contract assets of 77,245 million yen.
Liabilities increased 60,530 million yen to 549,151 million yen from the end of the previous fiscal year. The
increase was attributable to the 29,499 million yen increase in notes and accounts payable - trade, the 17,449
million yen increase in accrued consumption taxes, and the 10,000 million yen increase in short-termborrowings.
Total net assets were 611,581 million yen, up 13,348 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 39,087 million yen, and conducting
16,783 million yen of dividends of surplus, as well as the acquisition of 10,000 million yen of our own shares.
As a result, the equity ratio changed to 52.2% from 54.3% in the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
In terms of the current economic environment surrounding the Yamato Group, domestic demand is gradually
recovering, driven by the normalization of economic activity despite the lingering effect of COVID-19. On theother hand, global inflationary trends are continuing, with the price of natural resources and energy remaining
high due to instability in global affairs, and the hike in raw material prices, while there are signs of economic
slowdown in the U.S. and Europe, where policy rates have been raised continuously, making it hard to foreseea full-fledged economic recovery.
Under such circumstances, Yamato Group has been working to provide comprehensive value in addressing theneeds of 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.
As for the full-year earnings forecast, operating revenue is expected to be lower than the previous forecast, due
to the status of earnings in the third quarter as well as current demand trends. Operating profit is expected to
be lower than the previous forecast, due to the decline in operating expenses in accordance with lower
operating revenue being limited. Profit attributable to owners of parent will remain unchanged, due to the
expected booking of deferred tax assets and income taxes-deferred, in relation to the review of tax effectaccounting.
The changes from the previously announced full-year consolidated earnings forecast (announced on November
7, 2022) is as follows:
Consolidated earnings forecast for the full year of the fiscal year ending March 31, 2023

Previous forecast (A)New forecast (B)Change (B-A)
Change (%)

Operatingrevenue
Millions of yen
1,835,000
1,809,000(26,000)(1.4)

Operating profit
Millions of yen
75,00061,000(14,000)(18.7)-7-

Ordinary profit
Millions of yen
72,00058,000(14,000)(19.4)

Profit attributable toowners of parent
Millions of yen
45,00045,0000
0.0

Basic earnings
per shareYen
124.16124.16——

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and deposits

182,644

165,477

Notes and accounts receivable - trade, and contract
assets

218,922

296,168

Accounts receivable - installment

48,05551,019Merchandise and finished goods

186

91

Work in process

167

159

Raw materials and supplies

1,861

2,055

Other

30,462

38,959Allowance for doubtful accounts(1,456)(1,457)

Total current assets

480,844552,473

376,844379,686

Accumulated depreciation(219,830)(226,603)

Buildings and structures, net

157,013

153,082

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

197,104

198,244(171,897)(170,798)

25,20727,445

179,650

179,804

39,65341,650

Accumulated depreciation(11,286)(12,367)

Leased assets, net

28,36629,282

140,785

151,044(101,144)(104,654)

Other
Accumulated depreciation
Other, net

39,64046,389429,878

436,005

45,64644,585Investment securities

47,97245,355

Other

84,12484,092

Allowance for doubtful accounts(1,611)(1,779)Total investments and other assets

130,484

127,668

606,010608,260

1,086,854

1,160,733

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

Total non-current assets
Total assets-8-

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

165,346

194,845

Short-term borrowings

15,00025,000

Lease liabilities

4,850

5,616

Income taxes payable

14,395

16,737

Deferred installment income

4,714

4,823

Provision for bonuses

38,942

13,841

Other

109,558

145,648

Total current liabilities

352,807406,513

Lease liabilities

26,03827,756Retirement benefit liability

94,141

98,006

Other

15,633

16,874

Total non-current liabilities

135,814142,637

488,621549,151

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,81336,834Retained earnings

464,494

467,080

Treasury shares(49,551)(39,834)

Total shareholders’ equity

578,991

591,315

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

11,498

10,374Foreign currency translation adjustment

(513)

2,893

Remeasurements of defined benefit plans

565

784

11,551

14,052

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

-9-

7,690

6,214

598,233

611,581

1,086,854

1,160,733

(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, 2021

For the nine months ended
December 31, 2022

Operating revenue

1,372,386

1,395,967

Operating costs

1,245,685

1,288,090

Operating gross profit

126,701

107,876

Selling, general and administrative expenses

47,52841,476

Operating profit

79,172

66,400Non-operating income
Interest income

144

177

Dividend income

1,330

1,620

Gain on investments in investment partnerships

4,240

–

Other

1,395

1,471

Total non-operating income

7,110

3,268

Interest expenses

595

626

Share of loss of entities accounted for using equity method

266

3,994

Non-operating expenses

Other

238

812

Total non-operating expenses

1,100

5,434

85,18364,235Gain on sales of non-current assets

11Gain on sales of investment securities

881–

Penalty income

53

127

Gain on liquidation of subsidiary

1,210

–

Gain on introduction of retirement benefit plan

1,419

–

–

0

3,566

130

Ordinary profit
Extraordinary income

Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets

274

313

Impairment losses

1,555

1,111

Loss on sale of investment securities

431

4

Loss on valuation of investment securities

48

2

Dismantlement expenses–

753

14,999–202

1217,5102,197

Profit before income taxes

71,23962,168

Income taxes

23,28923,554

Profit47,95038,613

Profit attributable to non-controlling interests

170

(473)

Profit attributable to owners of the parent

47,77939,087

Loss on revision of retirement benefit plan
Other
Total extraordinary losses- 10 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2021

For the nine months ended
December 31, 2022

47,95038,613

Valuation difference on available-for-sale securities

4,152(1,138)Foreign currency translation adjustment

385

3,390

(3,212)

252

7

(19)

1,333

2,485

49,28341,099Comprehensive income attributable to owners of parent

48,804

41,588Comprehensive income attributable to non-controllinginterests

479

(488)

ProfitOther comprehensive income

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 11 -

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes when there are significant changes in amounts of equity)
Not applicable.
(Changes to the scope of consolidation and/or the application of the equity method)
Major changes to the scope of consolidation
During the three months ended June 30, 2022, Yamato Web Solutions Co., Ltd. has been dissolved, with
Yamato System Development Co., Ltd. as the surviving company, and has been removed from the scope of
consolidation.
(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 three months ended December 31, 2022.

- 12 -

(Segment information, etc.)[Segment information]
I. 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), etc.
2. The adjustment 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.

II.

Information regarding impairment losses related to non-current assets or goodwill etc. for eachreporting segment(Major impairment losses related to non-current assets)
In segment “Other”, an impairment loss of 1,555 million yen was booked in the nine months ended
December 31, 2021, as a result of lowering the book value of the asset group for which profitability
has declined, to the value equal to the amount that can be collected.

For the nine months ended December 31, 2022
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 (loss)

Retail Business
Unit

Corporate
Business Unit

694,010

656,967

Other(Note 1)

44,989Total

Reconciliation(Note 2)

1,395,967–

Amountrecorded inconsolidated
statement ofincome(Note 3)
1,395,967

244,345

12,92885,967343,241(343,241)–

938,355
35,853669,896
18,936130,957
11,1691,739,208
65,960(343,241)440

1,395,967
66,400Notes: 1. “Other” includes Yamato System Development Co., Ltd. (information systems development), and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies), etc.
2. The adjustment of 440 million yen of segment profit includes group-wide expenses of negative 5,605 million yen not allocated toeach reportable segment (general and administrative expenses of the Company as a pure holding company) and eliminatingtransactions among segments of 6,045 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2.

Information regarding impairment losses related to non-current assets or goodwill etc. for eachreporting segment(Major impairment losses related to non-current assets)
In segment “Other”, an impairment loss of 908 million yen was booked in the nine months ended
December 31, 2022, as a result of lowering the book value of the asset group for which profitability
has declined, to the value equal to the amount that can be collected.

- 13 -

3. Supplementary Information
Operating revenue by segment
Business segment
IncomeRetail Business Unit

Corporate Business
Unit

Other

Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
OthersEliminations
Total
Total

For the nine months ended
December 31, 2021
AmountRatio(Millions of yen)(%)
877,403
63.9
3,328
0.2
21,138
1.5(213,959)(15.6)
687,91050.1
468,258
34.1
179,120
13.1
24,943
1.8(52,385)(3.8)
619,93745.2
36,665
2.7
136,2879.9(108,414)(7.9)
64,5384.7
1,372,386
100.0- 14 -For the nine months ended
December 31, 2022
AmountRatio(Millions of yen)(%)
917,000
65.7
2,342
0.2
20,886
1.5(246,219)(17.6)
694,01049.7
478,21734.3
203,01114.5
25,8341.9(50,095)(3.6)
656,967
47.1
18,6381.3
118,288
8.5(91,936)(6.6)
44,9893.2
1,395,967
100.0

Change(%)
4.5(29.6)
(1.2)
15.1
0.9
2.1
13.3
3.6
(4.4)
6.0
(49.2)(13.2)(15.2)(30.3)
1.7