Translation
January 30, 2012

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2012
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Toshizo Kurisu, Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
February 10, 2012
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 2012
(cumulative: from April 1, 2011 to December 31, 2011)(1) Consolidated operating results
For the nine months ended
December 31, 2011
December 31, 2010
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen%
Millions of yen%
971,698
2.0
64,2180.2
65,121(0.5)
24,216 (32.3)
953,055
3.4
64,0893.5
65,446
3.5
35,757
4.3
For the nine months ended December 31, 2011: 22,926 million yen (-33.0%)
For the nine months ended December 31, 2010: 34,194 million yen ( — %)Net income per share

For the nine months ended
December 31, 2011
December 31, 2010

Yen
56.29
78.80

Net income pershare - fully diluted
Yen
54.91
—

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
December 31, 2011
933,388525,865
55.4
March 31, 2011
899,363524,505
57.3(Reference) Equity:
As of December 31, 2011: 517,152 million yen As of March 31, 2011: 515,602 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2011—
11.00
Fiscal 2012—
11.00
Fiscal 2012 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
11.00
—
11.00

Total
Yen
22.00
—
22.00

3.

Consolidated earnings forecasts for fiscal year 2012 (from April 1, 2011 to March 31, 2012)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,265,000
2.3
67,0004.2(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
68,0003.1
21,000(36.8)
48.82

4. Others(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 “Application of specific accounting for preparing the quarterly consolidated financial statements” of the attachedmaterials to the quarterly financial results report on page 7.

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revision to accounting standards, etc.:
Noneb. Changes in accounting policies other than a.:
Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of December 31, 2011
468,052,892 shares
As of March 31, 2011
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2011
37,904,958 shares
As of March 31, 2011
28,716,928 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2011
430,192,472 shares
For the nine months ended December 31, 2010
453,768,736 shares*Indication regarding execution of quarterly review procedures

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

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “Qualitative information on consolidated earnings
forecasts” of the attached materials to the quarterly financial results report on page 6.
• The Company plans to hold a financial results meeting for analysts on Tuesday January 31, 2012. The materials distributed at this financial
results meeting shall be posted on the Company’s website after the meeting has been held.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Nine Months................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts .............................................................................. 6
2. Matters Regarding Summary Information (Others) .................................................................................................. 7
Application of specific accounting for preparing the quarterly consolidated financial statements............................. 7
3. Consolidated Financial Statements.......................................................................................................................... 8(1) Consolidated balance sheets ............................................................................................................................ 8(2) Consolidated statements of income and consolidated statements of comprehensive income ........................ 10
Consolidated statements of income (cumulative) ............................................................................................ 10
Consolidated statements of comprehensive income (cumulative)................................................................... 11(3) Notes to premise of going concern.................................................................................................................. 12(4) Segment information, etc................................................................................................................................. 12(5) Notes on significant changes in the amount of shareholders’ equity ............................................................... 13
4. Supplementary Information .................................................................................................................................... 14
Operating revenue by business................................................................................................................................ 14-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Qualitative information on consolidated operating results
In terms of the business environment during the nine months ended December 31, 2011, there were signs of atrend towards recovery on the back of demand related to recovery from the Great East Japan Earthquake.
However, with the global economy in slowdown due to the effect of the European debt crisis, the impact of thestrong yen, and disruptions in the supply chain resulting from the floods in Thailand, the pace of recovery has
weakened, and the outlook for the overall Japanese economy is uncertain. Operating in this environment, theYamato Group worked to achieve greater sophistication of its existing businesses, particularly the Takkyubin
Business, to realize the objectives of the Long-Term Management Plan “DAN-TOTSU Management Plan 2019”
and the Medium-Term Management Plan “DAN-TOTSU Three-Year Plan HOP.” The Group promoted services
such as dispersed inventory in response to the changes in the societal structures and distribution systems thathave been brought about by the earthquake. In addition, in order to offer the functions possessed by eachcompany of the Yamato Group in a format that is most suited to our customer’s needs, we conductedproposal-type marketing centered on “Solutions Lab,” which is an organizational structure designed to act as a
one-stop point of contact for corporate customers.
The results of the Delivery Business were higher, compared to the year-ago period, with respect to Takkyubindelivery volume, which is attributable to the enhancements we made to the Takkyubin related services as wellas efforts to expand our corporate clients’ sales and support them in finding solutions to management
challenges.
In the non-delivery businesses, in addition to expanding our sales of services that utilize the Group’s
management resources we continued to establish business in new locations and develop new services as a
strategic move towards future growth.
Our consolidated financial results for the nine months ended December 31, 2011 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the nine months
ended December 31, 2010
953,055
64,08965,44635,757For the nine months
ended December 31, 2011
971,698
64,21865,121
24,216

Change18,642
129(325)(11,540)

Growth (%)
2.0
0.2
(0.5)
(32.3)

Initiatives for the entire Yamato Group
a.

b.

c.

While expanding its Delivery Business, which centers on Takkyubin, the Yamato Group is working tocreate new value to make the lives of customers more convenient by utilizing a multiple assortment of the
management resources accumulated in the Group. By proceeding with the expansion of its services into
the Asia region, the Group aims to expand its business area and strengthen the growth momentum of theentire Yamato Group.
Inside the Japanese market, the Group strove to enhance the functions of “Kuroneko Members,” amembership service, and developed support services for the ever-expanding mail-order companies andnet supermarket businesses. The Group shall continue in the future to offer convenience to both senders
and receivers of parcels by creating services that utilize the Yamato Group’s unique functions and by
expanding the market of these services.
In its business evolution into the Asia region, the Group focused its energies on further expanding its
business area and started the Takkyubin service in Malaysia in September 2011. Moving forward, by
proactively promoting the development of various services centered on Takkyubin, the Yamato Group aims
to contribute to the realization of an affluent society in the Asia region.

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Summary of each operating segment

 Delivery
The delivery volumes of Takkyubin and Kuroneko Mail services are as follows.
Category
Takkyubin
Kuroneko Mail

a.
b.

c.

d.

e.

For the nine months
ended December 31, 2010
1,055
1,750

For the nine months
ended December 31, 2011
1,107
1,644

(Million parcels / units)
Change51(105)

Growth (%)
4.9
(6.0)

In the Delivery Business, driven by the basic corporate philosophy of “Total Reliability,” the Yamato Group
works on Takkyubin-centered business evolution in order to make the lives of customers more convenient.
For individual customers, we started issuing membership cards with added e-money functionality for ourmembership service “Kuroneko Members.” With the new membership cards, in addition to the preexisting
function of printing of receipt slips, customers can now use the cards to pay when sending parcels, orwhen receiving parcels by “Takkyubin Collect,” which significantly improved convenience when sending
and receiving parcels. In addition, opportunities have expanded for customers to use the membership cardin daily life such as when doing regular shopping.
For corporate clients, we supported their efforts to expand sales and find solutions to management
challenges by proposing services that utilize the Takkyubin function and a multiple assortment of theGroup’s management resources. As a result, we increased delivery volumes, mainly from corporate clientssuch as mail-order companies and net supermarket businesses.
As part of reforms being carried out in the pickup and delivery operations, to raise delivery quality andboost productivity, we utilized teams of part-time employees called “Field Casts” and conducted en-massedelivery during the time zones that our customers are most frequently at home. In the nine months ended
December 31, 2011, we steadily expanded the pickup/delivery areas in which Field Casts are utilized.
Operating revenue amounted to 788,350 million yen, up 2.2% from the year-ago period as a result of
Takkyubin delivery volumes that have continued to fare well, despite a decline in the delivery volume of
Kuroneko Mail due to the impact of stricter parcel acceptance policies that emphasize compliance. Despite
the Group taking measures to improve productivity and more appropriately allocate personnel, operating
income amounted to 45,305 million yen, down 1.3% from the year-ago period, due to the effect ofadditional subcontracting expenses from efforts to improve delivery quality.

 BIZ-Logistics
a.
b.

c.

d.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the Takkyubin network with international transportation
functions and warehouse management functions.
For corporate clients requiring international transportation of products, the Group provides the value of
expanding sales opportunities by shortening transportation times and cost reduction by transportation not
requiring warehouse bases through its “Global Direct” international intermodal transportation service that isinterlinked with the Takkyubin network. During the nine months ended December 31, 2011, there was an
expansion in usage of this service for transportation of cosmetics and food materials to overseas
destinations.
As part of logistics systems provided to the mail-order industry, the Group works on developing the “Today
Shopping Service” that meets the need of purchasers who “want to receive the product quickly.” By
ensuring the product in storage is in our safekeeping beforehand, we are able to offer delivery in as short atime as four hours from ordering. In the nine months ended December 31, 2011, in addition to its operationof existing services, the Group started operation of new logistics systems that are capable of same-day
shipment of products whenever required by the customer without the product in our safekeeping, andcustomers expanded their use of this service.
The Yamato Group is expanding its service provided to digital appliance manufacturers to return repaired
digital appliances within three days at the earliest by comprehensively support product collection, repair,and return delivery. In the nine months ended December 31, 2011, we began to provide to not just
manufacturing companies but also Internet mail-order companies an “Extended Warranty Service” as awarranty for repair costs for a set period after the expiry of the manufacturer’s warranty period.

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e.

Operating revenue amounted to 61,750 million yen, down 1.9% from the year-ago period due to a decline
in the number of consigned orders for recall related services. Operating income was 2,712 million yen, up
2.9% from the year-ago period as a result of concerted efforts to constrain costs such as by reducing
outsourcing costs.

 Home Convenience
a.
b.

c.

d.

In the Home Convenience Business, we are working to offer convenience and comfort to customers’ lives
by providing lifestyle support services that utilize the nationwide network of the Yamato Group.
As part of our delivery service for furniture and electronic appliances, we provide “Delivery & Installation”
services that meet the needs of consumers who “want to use the product immediately” by providing
assembly and installation at the same time as delivery. In the nine months ended December 31, 2011,
despite an increase in the number of delivery and installation orders of energy-saving appliances due to agreater energy-saving consciousness, operating results of this service was lower overall compared to theyear-ago period due to the high number of installations in the previous fiscal year accompanying the endof the eco-point program.
In the moving-related services, the Yamato Group has been offing the value of multiple
pickup-and-deliveries as required and suitable fee structures reflecting the amount of furniture through theutilization of transportation by transport boxes, which is a management resource of the Group. Additionally,by promoting these services together with rental or recycling services for electronic appliances, we arecontributing to reducing the amount of household property that needs to be transported when moving. In
the nine months ended December 31, 2011, the service performed firmly as a result of expanded sales ofthe moving service for corporate customers and measures to boost the traveling sales of recycled
electrical appliances.
Despite the expanded use of moving-related services, operating revenue amounted to 34,821 million yen,down 3.8% from the year-ago period due to the correction following the high number of installations
accompanying the end of the eco-point program in the nine months of the previous year. Although costs
were constrained by improving productivity and integrating operations, operating loss was 1,174 millionyen.

 e-Business
a.
b.

c.

d.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
To customers who must manage products on an individual basis such as medical device manufacturers
and customers who handle personal information, the Yamato Group offers services that contribute tobetter visualization of the flow of items by utilizing freight-tracking know-how from the Takkyubin service. In
the nine months ended December 31, 2011, customers expanded their use of our services for managing
individual units and our equipment maintenance services for products.
To provide customers with support for management of promoted items, the Yamato Group is promoting
packaged services for the printing, warehousing and delivery of promoted items and pamphlets. In thenine months ended December 31, 2011, our services offering printing and delivery of the exact number ofpamphlets needed whenever required gained favorable response from customers.
Operating revenue amounted to 26,301 million yen, an increase of 6.8% from the year-ago period as aresult of an expansion of new customers of services that contribute to better visualization of the flow andlocation of items, and expanded use by existing customers of services related to the management ofpromoted items. Operating income was 5,123 million yen, down 3.6% from the year-ago period due to anincrease in anticipatory investment for e-money related services.

 Financiala.
b.

In the Financial Business, the Yamato Group is endeavoring to respond to every means of payment
settlement to meet the needs of customers from payment collection on mail-order product delivery to B2Btransaction settlement.
As part of settlement services for the mail-order industry, the type of e-money that can be used to make

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c.

d.

settlements when paying for goods at the time they are ordered on the Internet or when paying uponreceipt of the delivered product was expanded to improve convenience for the purchasing customer. In
addition, we also made progress in our development of settlement services compatible with smartphones
and tablets.
We provided our corporate clients with a comprehensive money collection agent service forbusiness-to-business transactions called “Kuroneko Anshin Settlement Service” to support these clientswith their sales and purchases. In the nine months ended December 31, 2011, there was an expansion inuse by new customers and these services performed firmly.
Operating revenue was up 3.5% from the year-ago period to 40,830 million yen due to an increase in thenumber of payment settlement transactions of the Takkyubin Collect, which was boosted by support for
e-money. Operating income was 7,889 million yen, up 2.3% from the year-ago period.

 Truck Maintenance
a.

b.

c.

In the Truck Maintenance Business, the Yamato Group, through leveraging the technology that has been
surely developed from the servicing and maintenance operations of Yamato Group vehicles as amanagement resource, is offering customers who use trucks, buses and other vehicles in their operations
the value of improved vehicle maintenance convenience, compliance with statutory vehicle inspections,and reduced maintenance expenses.
In the nine months ended December 31, 2011, we continuously promoted our “Off-Time Vehicle
Inspection,” whereby vehicle inspections are conducted in the hours that are convenient to the customer,
and our “12-Month Fixed-Price Maintenance Package,” which evens out the monthly vehicle maintenanceexpenses, and the number of vehicles serviced increased. In addition, operations were newly commenced
at the Gunma Plant in October, 2011 and the Kyoto Plant in November in order to further expand thebusiness area.
Operating revenue amounted to 15,749 million yen, up 7.4% from the year-ago period due to expansion ofservices such as the “12-Month Fixed-Price Maintenance Package” and an increase in the number ofvehicles serviced. Operating income was 2,094 million yen, up 20.0% from the year-ago period.

 Othera.

b.

The “JITBOX Charter service” is a service that provides transportation by transport box. The service takes
advantage of its Group network consisting of multiple companies and provides value to customers throughdelivery timed to suit the customer’s needs and frequent, right-volume delivery. In the nine months ended
December 31, 2011, there were increases in event-related transportation orders and collection requests
related to the replacement of arcade game machines, and the handling volume of the Yamato Groupexceeded that of the year-ago period.
Operating income excluding dividends which Yamato Holdings Co., Ltd. received from Group companies
increased 45.3% from the year-ago period to 957 million yen.

CSR Initiatives
a.

b.

c.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the nine months ended December 31, 2011, in addition to continuously expanding the
introduction of “See-T Navi,” an independent on-board system designed with safety in mind, the Group
conducted “Safety Classes for Children” in elementary schools and other sites across Japan and promoted
experience-simulated safety education for drivers.
The Yamato Group recognizes that initiatives to address environmental problems are challenges to beshared by all humanity, and we take the initiative to proactively promote environmental protection activities.
In the nine months ended December 31, 2011, aiming to reduce CO2 emissions in pickup and delivery
operations, the Yamato Group utilized electric vehicles and promoted various other initiatives such as
operating pickup and delivery operations by roadway tram. In addition, electricity conservation measures,such as disconnecting some lights, were carried out on a Group-wide basis.
Aspiring to be a company that has a strong bond of trust with the local community, the Yamato Group
promotes various activities to help realize a society in which disabled people can freely enjoy a lifestyle asa member of the workforce. For example, led by Yamato Welfare Foundation, we actively employ disabled
people in the Swan Bakery that makes and sells bread, provide workplaces through the consigned delivery

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d.

of Kuroneko Mail, and operate job-finding support facilities that conduct training of skills and knowledge
necessary for employment.
To assist in the recovery from the Great East Japan Earthquake, the Yamato Group has been providing
support for the transportation of supplies, and employees in the Group have been actively participating involunteer activities. In addition, the Group is making a donation of 10 yen for each Takkyubin package fora one-year period aiming to support restoration of industry and the revival of the agriculture and fishingindustries of the earthquake affected areas. This donation is expected to exceed 13.0 billion yen over a full
year. By making the donation via the specified donation system of public interest incorporated foundation
Yamato Welfare Foundation, the full amount of the donation will be tax exempt and the money will be
donated to organizations, etc. conducting restoration activities. In the nine months ended December 31,
2011, the Yamato Group committed a total amount of 8,492 million yen in assistance, including
construction expenses for a temporary fish market in Minami Sanriku-cho, Miyagi Prefecture, and a day
nursery in Noda-mura, Iwate Prefecture.

(2) Qualitative information on consolidated financial position(Assets, Liabilities and Net assets)
Total assets were 933,388 million yen as of December 31, 2011, up 34,024 million yen from the end of theprevious fiscal year. Major factor included an increase in notes and accounts receivable-trade of 54,683 million
yen on one hand, and the decrease of cash and deposits of 17,657 million yen due to the purchase of property,
plant and equipment and the purchase of treasury stock on the other.
Liabilities increased 32,664 million yen to 407,522 million yen from the end of the previous fiscal year. Major
factor behind this was the increase of notes and accounts payable-trade of 43,324 million yen.
Total net assets were 525,865 million yen, up 1,359 million yen from the end of the previous fiscal year. Major
factors included an increase in retained earnings of 14,722 million yen due to the recording of net income of
24,216 million yen and the payment of 9,564 million yen for the appropriation from surplus on one hand, andthe purchase of treasury stock of 11,883 million yen on the other.
Accordingly, the equity ratio changed to 55.4% from the previous fiscal year’s 57.3%.
(3) Qualitative information on consolidated earnings forecasts
Looking forward at the state of the economy, the situation remains uncertain because factors such as the
slowdown of the global economy caused by the European debt crisis and the effect of the strong yen.
Under these circumstances, the Yamato Group shall further strengthen its revenue base, despite being affectedby the stricter parcel acceptance policies of Kuroneko Mail, through promoting the expansion of services thatutilize a multiple assortment of the management resources accumulated in the Group. With a firm commitment
to constraining costs, we shall further improve profitability by continuing with measures to improve productivity.
After considering the effect of laws and regulations related to the lowering of the corporate tax rate that waspromulgated on December 2, 2011, the Yamato Group has changed the consolidated earnings forecasts for thefull year of the fiscal year ending March 31, 2012 since the announcement made on October 28, 2011.

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2. Matters Regarding Summary Information (Others)
Application of specific accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
Tax expenses are calculated by multiplying the income before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the income before income taxes for the fiscal
year including the third quarter under review.
(Additional information)
Effect of change in corporation tax rates
The “Act for Partial Revision of the Income Tax Act, etc. for the Purpose of Creating Taxation System
Responding to Changes in Economic and Social Structures” (Act No. 114 of 2011) and the “Act on Special
Measures for Securing Financial Resources Necessary to Implement Measures for Reconstruction following
the Great East Japan Earthquake” (Act No. 117 of 2011) were promulgated on December 2, 2011. In line withthese changes, the effective statutory tax rate used to measure deferred tax assets and liabilities will bechanged from 40.0% to 38.0% for temporary differences expected to be eliminated in the fiscal years beginningon or after April 1, 2012. The rate will be changed to 35.6% for the fiscal years beginning on or after April 1,
2015. As a result of this change, deferred tax assets (the amount after deduction of deferred tax liabilities)
decreased by 2,760 million yen (of which 2,459 million yen is the effect of the change in tax rates) and income
taxes increased by 2,835 million yen (of which 2,533 million yen is the effect of the change in tax rates).

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3. Consolidated Financial Statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2011

As of December 31, 2011

AssetsCurrent assets
Cash and deposits

209,177

191,520

Notes and accounts receivable-trade142,095

196,779

Accounts receivable-installment

41,15137,020

Lease investment assets

17,506

18,366Merchandise and finished goods

804

764

Work in process

173

288

Raw materials and supplies

1,735

2,417

Other

41,09744,952

Allowance for doubtful accounts(3,486)(2,371)

Total current assets

450,255

489,737

271,232

272,775

Accumulated depreciation(154,721)(160,160)

Buildings and structures, net

116,510

112,615

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

179,978

184,985(165,059)(170,191)

14,91914,794Land

182,420

182,332

Lease assets

24,826

26,113

Accumulated depreciation(8,820)(11,504)

Lease assets, net

16,005

14,609125,018

128,428(86,719)(84,016)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

38,29944,412

368,155

368,763

Goodwill

779

626

Other

14,415

15,783

Total intangible assets

15,194

16,410Investment securities

22,90919,151

Other

45,441

41,288

Allowance for doubtful accounts(2,278)(1,647)

Allowance for investment loss

(315)

(315)

65,75858,476449,108

443,650

899,363

933,388

Total property, plant and equipment
Intangible assets

Investments and other assets

Total investments and other assets
Total noncurrent assets
Total assets-8-

(Millions of yen)
As of March 31, 2011

As of December 31, 2011

Liabilities
Current liabilities
Notes and accounts payable-trade113,698

157,023

Short-term loans payable

21,63827,492

Lease obligations

5,297

4,989

Income taxes payable

20,447

15,472

Deferred installment income

6,363

5,239

Provision for bonuses

29,731

10,327

Other

67,156

84,947

Total current liabilities

264,332

305,490

Noncurrent liabilities
Bonds with subscription rights to shares

20,00020,000Long-term loans payable

43,131

33,670

Lease obligations

11,306

10,281

Provision for retirement benefits

28,47030,932

7

7

7,608

7,140

110,525

102,031374,857

407,522

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

311,569

326,292

Treasury stock(44,630)(56,513)

Total shareholders’ equity

515,488518,328

Provision for directors’ and auditors’ retirement benefits
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity

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

1,501

800

Foreign currency translation adjustment(1,386)(1,976)114(1,175)

Minority interests

8,902

8,713

Total net assets

524,505

525,865

899,363

933,388

Total accumulated other comprehensive income

Total liabilities and net assets-9-(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

Operating revenue

953,055

971,698

Operating cost

866,749884,659

Operating gross profit

86,30687,038Selling, general and administrative expenses

22,217

22,819Operating income

64,08964,218Non-operating income
Interest income

71

51

Dividends income

442

512

Other

2,142

1,548

Total non-operating income

2,656

2,112

Interest expenses

662

574

Other

636

635

Total non-operating expenses

1,299

1,209

65,446

65,121

2

77

Reversal of allowance for doubtful accounts

131—

Reversal of allowance for investment loss

91

—

Other

1

—

226

77

Loss on retirement of noncurrent assets

140

288

Impairment loss—

143

Loss on valuation of investment securities

2

1,981

Donation for earthquake recovery initiatives—

11,078Loss on adjustment for changes of accounting standard for
asset retirement obligations

1,642

—

Other

396

846

Total extraordinary losses

2,181

14,339

Income before income taxes and minority interests

63,49050,859

Income taxes

27,502

26,593

Income before minority interests

35,98824,265230

49

35,757

24,216

Non-operating expenses

Ordinary income
Extraordinary income
Gain on sales of noncurrent assets

Total extraordinary income
Extraordinary loss

Minority interests in income
Net income- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

35,98824,265

Valuation difference on available-for-sale securities(1,129)(790)

Foreign currency translation adjustment

(664)

(548)

Total other comprehensive income(1,793)(1,339)34,19422,92634,121

22,98972(62)

Income before minority interests
Other comprehensive income

Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests- 11 -

(3) Notes to premise of going concern
Not applicable.
(4) Segment information, etc.
[Segment information]
Information regarding amounts of operating revenue and income or loss by reportable segment
For the nine months ended December 31, 2010
BIZ-Logistics

e-Business

Financial

771,353

62,94936,215

24,62539,452

38,770

9,053

11,152

18,3083,528

810,124
45,91372,003
2,636

47,368(972)

42,934
5,315

42,9807,709

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

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

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
14,664
3,793
953,055—
953,055(2) Inter-segment operating revenue or
19,822
43,429144,064(144,064)—
transfers
Total
34,48747,223
1,097,120(144,064)
953,055
Segment income (loss)
1,745
19,80082,148(18,059)
64,089Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 18,712 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 12 -

For the nine months ended December 31, 2011
BIZ-Logistics

e-Business

Financial

788,350

61,75034,821

26,301

40,83039,333

9,002

10,77520,093

3,149

827,684
45,30570,753
2,712

45,597(1,174)

46,394
5,123

43,9797,889

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

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

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
15,7493,893
971,698—
971,698(2) Inter-segment operating revenue or
20,78436,235
139,374(139,374)—transfers
Total
36,534
40,1281,111,072(139,374)
971,698
Segment income (loss)
2,094
11,52773,478(9,260)64,218Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 10,218 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

(5) Notes on significant changes in the amount of shareholders’ equity
Not applicable.

- 13 -

4. Supplementary Information
Operating revenue by businessBusiness segment

Delivery

BIZ-Logistics

Home
Convenience

e-Business

Financial

Truck
Maintenance

Other

Takkyubin
Kuroneko Mail
Express
OthersEliminations
Total
Trading logistics
service
Retail logistics service
Multi maintenance
Export Factory
OthersEliminations
Total
Delivery & Installation
Moving solution
Merchandise
distribution
Eliminations
Total
e-logistics solution
Credit card solution
IT operating solution
Web-based mail ordersolution
OthersEliminations
Total
Takkyubin Collect
Lease
Shopping credit
OthersEliminations
Total
Truck maintenance
OthersEliminations
Total
JITBOX Charter
service
OthersEliminations
Total
Total

For the nine months
ended December 31, 2010
AmountRatio(Millions of yen)(%)
643,308
67.5
112,319
11.8
35,1303.7
43,897
4.6(63,301)(6.7)
771,35380.9

For the nine months
ended December 31, 2011
AmountRatio(Millions of yen)(%)
667,16368.7
103,276
10.6
33,218
3.4
48,287
5.0(63,595)(6.6)
788,350
81.1

3.7
(8.1)
(5.4)
10.0
0.5
2.2

Fiscal year ended
March 31, 2011
AmountRatio(Millions of yen)(%)
821,293
66.4
147,890
11.9
45,4603.7
64,054
5.2(83,047)(6.7)
995,65180.5

26,142

2.7

25,1442.6(3.8)

34,057

2.8

21,446
7,430
3,009
24,710(19,789)
62,94916,657
17,192

2.3
0.8
0.3
2.6
(2.1)
6.6
1.8
1.8

21,0796,822
2,975
25,373(19,645)
61,75015,176
17,297

2.2
0.7
0.3
2.6
(2.0)
6.4
1.6
1.8

(1.7)
(8.2)
(1.1)
2.7
(0.7)
(1.9)
(8.9)
0.6

27,63910,203
3,929
32,280(26,102)82,007
21,24524,868

2.2
0.8
0.3
2.6
(2.1)
6.6
1.7
2.0

13,531

1.4

13,1391.3(2.9)

17,1491.4(11,165)
36,215
6,691
4,730
3,268

(1.2)
3.8
0.7
0.5
0.3

(10,792)
34,821
7,154
5,300
3,309

(1.1)
3.6
0.7
0.5
0.3

(3.3)
(3.8)
6.9
12.1
1.3

(14,266)
48,997
8,972
6,384
4,402

(1.1)
4.0
0.7
0.5
0.4

Change
(%)

5,269

0.6

5,385

0.6

2.2

6,682

0.5

26,672(22,007)
24,62525,992
12,133
3,966
942(3,582)39,45232,526
3,759(21,620)
14,664

2.8
(2.3)
2.6
2.8
1.3
0.4
0.1
(0.4)
4.2
3.4
0.4
(2.3)
1.5

27,846(22,695)
26,30126,805
13,128
3,089
1,013(3,206)
40,83034,251
3,961(22,463)
15,749

2.9
(2.3)
2.7
2.8
1.3
0.3
0.1
(0.3)
4.2
3.5
0.4
(2.3)
1.6

4.4
3.1
6.8
3.1
8.2
(22.1)
7.5(10.5)
3.5
5.3
5.4
3.9
7.4

35,290(28,933)
32,79834,152
16,3395,118
1,263(4,481)
52,392
42,486
4,896(27,685)
19,696

2.9
(2.3)
2.7
2.8
1.3
0.4
0.1
(0.4)
4.2
3.4
0.4
(2.2)
1.6

2,065

0.2

2,194

0.2

6.2

2,733

0.2

46,145(44,416)
3,793
953,055

4.9
(4.7)
0.4
100.0

38,871(37,172)
3,893
971,698

4.0
(3.8)
0.4
100.0

(15.8)(16.3)
2.6
2.0

54,685(52,443)
4,975
1,236,520

4.4
(4.2)
0.4
100.0

- 14 -