Translation
November 1, 2023

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2024
<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:
November 8, 2023
Scheduled date of the commencement of dividend payment:
December 8, 2023
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 second quarter of fiscal year ending March 31, 2024
(cumulative: from April 1, 2023 to September 30, 2023)(1) Consolidated operating results
Operating revenue(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

For the second
quarter of the fiscal Millions of yen% Millions of yen%
Millions of yen%
Millions of yen
year ending/ended
March 31, 2024
866,582(1.9)
12,358(31.5)
12,641(30.8)
5,384
March 31, 2023
883,755
2.1
18,048(43.0)
18,275(50.5)
10,358(Note) Comprehensive income:For the second quarter of the fiscal year ending March 31, 2024: 10,342 million yen ((15.0)%)
For the second quarter of the fiscal year ended March 31, 2023: 12,170 million yen ((41.3)%)
Basic earnings per share
For the second quarter of the
fiscal year ending/ended
March 31, 2024
March 31, 2023

Diluted earnings
per share

Yen

Yen

15.07
28.57

—
—

(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
September 30, 2023
1,117,973
589,556
52.2
March 31, 2023
1,107,587
616,430
55.1(Reference) Equity:
As of September 30, 2023:
583,267 million yen As of March 31, 2023:
610,380 million yen%(48.0)(29.2)

2.

Dividends
Annual dividends
First quarter

Second quarter

Third quarter

Fiscal year-end

Total

Fiscal year ending/ended

Yen

Yen

Yen

Yen

Yen

March 31, 2023
March 31, 2024

—
—

23.00
23.00

—

23.00

46.00

—

23.00

46.00

March 31, 2024 (Forecast)(Note) Revisions to the forecasts most recently announced: None3.

Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2023 to March 31, 2024)
Operating revenue

Operating profit

Millions of yen%
Millions of yen
Full year
1,785,000 (0.9)
65,000(Note) Changes from most recently announced forecast: Yes%
8.2(Percentages represent year-on-year changes)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
65,00011.9
52,00013.3
148.21* Notes(1) Changes in significant subsidiaries during the period (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, (4) 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 14.

(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 September 30, 2023:
379,824,892 shares
As of March 31, 2023:
379,824,892 sharesb. Number of treasury shares as of the end of the period
As of September 30, 2023:
28,598,758 shares
As of March 31, 2023:
17,552,067 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2023:
357,157,582shares
For the six months ended September 30, 2022:
362,616,940 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 Six Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” on page 8 of theattached materials to the quarterly financial results report.
• 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 Six 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 .................................. 8
2. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 9(1) Consolidated balance sheet ............................................................................................................................ 9(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 11
Consolidated statement of income (cumulative) ............................................................................................ 11
Consolidated statement of comprehensive income (cumulative) .................................................................. 12(3) Consolidated statement of cash flows ........................................................................................................... 13(4) Notes to consolidated financial statements ................................................................................................... 14(Notes to premise of going concern) ............................................................................................................. 14(Notes on significant changes in the amount of shareholders’ equity)........................................................... 14(Changes to the scope of consolidation and/or the application of the equity method)................................... 14(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 14(Segment information, etc.) ........................................................................................................................... 15
3. Others .................................................................................................................................................................. 16
Operating revenue by segment ............................................................................................................................ 16-1-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Summary of operating results
During the six months ended September 30, 2023, there are signs of inflation slowing down globally, due tofactors including increased stability in the COVID-19 pandemic, as well as in natural resources and energy
prices, which had been rising due to the instability in global affairs. Meanwhile in Japan, it remains hard to
anticipate a full-fledged economic recovery, due to factors such as the current further weakening of theJapanese yen, despite the fact that companies are continuing to pass on the rise in costs to their prices, as wellas the recovery in consumption of services and capital expenditures
Moreover, COVID-19 has triggered a change in consumption behavior and lifestyles, as well as the expansionof e-commerce in various industries, driven by more people working from home, as well as medical treatment
and education taking place online.
Under these circumstances, the Yamato Group is promoting initiatives to provide comprehensive value toaddress the diversifying needs of customers and society, in order to achieve sustainable corporate valueenhancement through “Helping to enrich our society” which is part of our Management Philosophy, under theGroup management structure in which we brought together the management resources of each Group
company.
Our consolidated financial results for the six months ended September 30, 2023 are as follows:(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the six months
ended September 30, 2022
883,755
18,04818,275For the six months
ended September 30, 2023
866,582
12,35812,641

10,3585,384

ChangeGrowth (%)(17,172)(5,690)(5,633)(1.9)(31.5)(30.8)(4,974)(48.0)For the six months ended September 30, 2023, operating revenue was 866,582 million yen, down 17,172
million yen from the same period of the previous year. This was attributable to factors such as our priceoptimization efforts, while parcel volume and demand for international transportation declined.
Operating expenses was 854,224 million yen, down 11,482 million yen from the same period of the previous
year. This was attributable to factors such as our focus on optimizing operating expenses, in the face of thecontinuing increase in costs due to changes in the external environment such as natural resource prices,energy prices and hourly wages.
As a result, for the six months ended September 30, 2023, operating profit was 12,358 million yen, down 5,690
million yen from the same period of the previous year.
In the six months ended September 30, 2023, the Yamato Group made a resolution in the Board of Directors’
meeting held on July 27 to enter into a strategic business alliance with World Holdings Co., Ltd., andtransferred 51% of the shares of our consolidated subsidiary Yamato Staff Supply Co. Ltd., to World Staffing
Co., Ltd., which is a consolidated subsidiary of World Holdings Co., Ltd. Following this share transfer, the ratioof voting rights of Yamato Staff Supply Co. Ltd. owned by Yamato Holdings Co., Ltd. became 49%, making
Yamato Staff Supply Co. Ltd. an entity accounted for using the equity method of Yamato Holdings Co., Ltd.
from the second quarter of the current consolidated fiscal year.
Moreover, as a result of the above, the 14,055 employees of Yamato Staff Supply Co. Ltd., which were includedin the “Other” segment as of the end of the previous consolidated fiscal year, have been excluded starting fromthe second quarter of the current consolidated fiscal year.

Initiatives for the entire Yamato GroupThe Yamato Group is working on initiatives to realize sustainable corporate value enhancement through“Helping to enrich our society”, which is in our management philosophy, and to enhance the comprehensive
value provision to address the diversifying needs of customers and society. In order to address the rise in costs
resulting from changes in the external environment, we are optimizing our pricing, as well as responding to cost
increases at our business partners in a timely and appropriate manner, thereby maintaining and strengthening-2-the transportation and delivery network as well as establishing an environment to continue providing higher
quality services to our customers.
① Structural reforms of our network operations
We are working to establish and expand a designated network optimized for the diversifying needs forlogistics, including the EC demand as well as the shift in BtoB logistics towards small-lot and highfrequency deliveries. We are also promoting initiatives to reinforce our existing network, such as
consolidating and enlarging the TA-Q-BIN Sales offices, in contrast with our previous strategy of opening
many small offices, in order to be able to make adjustments more flexibly in accordance with fluctuations
in parcel volume, as well as redefining the functions of our Terminals, and making transportation anddelivery, sorting and administration more efficient.
In the six months ended September 30, 2023, based on the Basic Agreement signed with Japan Post
Group, we are using the management resources of both Groups to establish transportation services that
improve the convenience for customers and grow our businesses, while addressing the “2024 Problem”
faced by the logistics industry, as well as carbon neutrality.
② Enhancing value provision to corporate clients
Amid the increasing risk factors such as global politics and economics as well as supply chains forming“blocks”, together with environmental issues, the Yamato Group has positioned the solutions business,
which aims to solve clients’ management issues across the entire supply chain, as a new growth area. In
this context, the Yamato Group continues to establish and expand dedicated networks by integrating sales
and operations, while utilizing the Group’s management resources to the fullest, in order to expand the value
we provide to the entire supply chain, from Japan to the world.
In addition, the Yamato Group is promoting green logistics, such as the introduction of EVs andtemperature-controlled deliveries without using dry ice, in order to achieve our goal of net zero
greenhouse gas (GHG) emissions (own emissions) by 2050. In the six months ended September 30,
2023, we continued developing the GHG emissions visualization tool that is in conjunction with theinternational standard ISO 14083:2023, with the aim of optimizing inventory owned by clients and theirproduction activities, and building a supply chain with less environmental impact, while at the same timeworking to reduce our own emissions.
③ Promoting strategies for achieving sustainable enhancement of corporate value
The Yamato Group is working to promote digital and HR strategies, as well as enhancing sustainable
management and governance, which will serve as the platform to expand the value provided to the supply
chain on an “End to End” basis, while realizing the sustainable enhancement of corporate value.
As for our digital strategy, we are establishing a structure that integrates “Business and Digital”, while
expanding the value provided to clients and improving operational efficiency, by utilizing our digital
information platform “Yamato Digital Platform”, which can grasp all sorts of information on a real-timebasis, and connect it to both internal and external systems. In the six months ended September 30, 2023,
we began developing an organizational structure to collect and analyze customers’ voices, as well as
promote the improvement and design of services, using digital technologies, with the aim of further
enhancing the value customers feel when they experience our services.
In terms of our HR strategy, we are establishing the optimal talent portfolio to create new value-add, as
well as accommodating a diverse variety of employees and boosting their motivation, based on our“Human Resources Management Policy” that links the growth of employees to the growth of the Group.
As for strengthening our sustainable management, we are promoting initiatives to address the materiality
specified based on our two visions, towards mid to long-term corporate value enhancement and realizing asustainable society, of “Connect. Deliver the Future via Green Logistics” and “Through Co-Creation andFair Business Activities, Help Create a Society That ‘Leaves No One Behind’”.
In terms of the environment, we are continuing to promote measures such as “introducing 20,000 EVs”,“introducing 810 solar power generation equipment” and “improving the usage rate of renewable energybased electricity”, in order to achieve the target of “48% reduction in GHG in 2030, compared to fiscal year
ended March 2021” and “net zero GHG emissions (own emissions) by 2050”. In the six months ended
September 30, 2023, we began the introduction of approximately 900 2-ton EV trucks nationwide.
Moreover, we are promoting measures to realize sustainable logistics, including initiatives to optimize EV-3-

operations, utilize electricity derived from renewable sources, and the development of an energy
management system.
In terms of the society, we are continuing to work on initiatives to realize an enriched society valuing thediversity of our talent, and creating a work environment that brings out the best of our employees, while
addressing various social issues, and helping to build local communities through co-creation.
As for enhancing our governance, we will continue to reinforce our corporate governance, by measures
such as separating the oversight and execution in our management, as well as maintaining andstrengthening management transparency. We are also engaging in business structural reforms through agovernance structure focusing on the speed of decision-making.
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, whileserving as the starting point of business for the entire Group, and has been working to provide value that
addresses the needs of our customers by utilizing our strength of having points of contact with customers
that is originates 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. The Retail Business Unit has also been working to provide services that make sending andreceiving 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 1.6 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 The Retail Business Unit is working to reinforce the TA-Q-BIN network, with the aim of enhancing
productivity of the overall network operations. In the six months ended September 30, 2023, we continued
to conduct trials to consolidate and enlarge TA-Q-BIN sales offices mainly in the urban areas, in contrast
with our previous strategy of opening many small offices, as well as establish a network designated totemperature-controlled deliveries, while establishing a system to flexibly adjust the delivery area and routes
based on fluctuations in the workload.
③ Operating revenue of the Retail Business Unit from external clients amounted to 430,789 million yen, down
1.6% year-on-year, as a result of the rise in the unit price of parcels, while there was a decline in volume.
Operating profit increased 6,861 million yen year-on-year, due to factors including progress made in
optimizing operating costs.

 Corporate Business Unit
① The Corporate Business Unit is integrating sales and operations and promoting the establishment andexpansion of the designated network, with the aim of enhancing value provision to the entire supply chainthat connects Japan to the world, while taking a step further than improving the quality and efficiency oflogistics operations, to strengthen account management, which involves making improvement proposals
based on management issues faced by clients, and engaging in effective project development as well as
management and operations.
② In the urban areas where EC demand is concentrated, the Unit has been building an EC logistics networkwith more simplified operations covering sorting, transportation and last-mile deliveries, as well as using
our partnerships with major e-commerce companies to implement initiatives to further improve
convenience and expand sales for services that completely or partially replace operational functions fromorder receiving to shipping and delivery, with the aim of optimizing logistics for e-commerce vendors withstores in online shopping malls.

-4-③ In cross border EC for which growth is accelerating, we are working on initiatives to enhance value
provided on an “End to End” basis over the supply chain, such as connecting the IT system for importcustoms clearance with the domestic delivery network, in order to shorten the lead-time to delivery. In thesix months ended September 30, 2023, we began operating a new scheme using the 3-temperature zone
logistics network (regular temperature, chilled and frozen), with the aim of expanding the “meal services
business” of a restaurant chain operator with which we signed the Lead Logistics Partner agreement. Byutilizing this scheme, in which we have secured a shipment and delivery structure that can adapt flexibly todemand, as well as stable transportation capacity, we will optimize the entire supply chain, which will leadto lower GHG emissions, as well as contribute to productivity improvement of customers of the meal
services by adjusting the delivery times.
④ Operating revenue from customers was 407,446 million yen, down 2.1% year-on-year, mainly as a result of
the decline in international transportation volume. Operating profit declined 12,658 million yen year-onyear, due to factors including the increase in expenses to consign deliveries to the Retail Unit.
(Reference)(Million parcels / units)
Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY
Nekopos
Kuroneko DM-Bin

For the six months
For the six months
ended September 30, ended September 30,
2022
2023
940
911
209
212
400
372

ChangeGrowth (%)
(28)
2
(28)

(3.0)
1.4
(7.1)

 Other① During the six months ended September 30, 2023, 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 28,346 million yen, down 4.7% year-on-year. Operating profit was
6,811 million yen, down 3.8% year-on-year.
Initiatives such as safety and regional co-creation① 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 six months ended September 30, 2023, we continued to conduct the “Traffic Safety Class forChildren” at kindergartens and elementary schools. Moreover, the entire Yamato Group carried out the“Zero Traffic Accidents Campaign” and “Campaign to Prevent Work-related Accidents” in order to improvesafety awareness.
② 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. Moreover, in the six
months ended September 30, 2023, Yamato Transport signed a basic agreement regarding the partnershipwith a retailer that operates drug stores in Hokkaido. In order to address social issues faced by Hokkaido,
such as population decline, the aging society and declining birthrate, as well as the difficulty of maintaining
logistics networks due to the vast area and snowfall, and to realize a sustainable regional economy,
Yamato Group is working to enhance shopping support using the TA-Q-BIN sales offices and mobile-5-vending vehicles, make it possible to receive parcels at drug stores, have items purchased in storesdelivered to people’s homes, as well as provide efficient and stable deliveries of merchandise to retailers.
③ 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, and operating job-finding support
facilities where they take part in training to acquire skills and knowledge necessary for employment.

-6-(2) Explanation of financial position(Assets, liabilities and net assets)
Total assets were 1,117,973 million yen as of September 30, 2023, up 10,386 million yen from the end of theprevious fiscal year. The increase was largely attributable to the increase in cash and deposits of 4,940 million
yen, while investment securities increased 6,348 million yen due to mark-to-market evaluation and otherfactors.
Liabilities increased 37,261 million yen to 528,417 million yen from the end of the previous fiscal year. The
increase was largely attributable to the 20,000 million yen increase in short-term borrowings, while bonds
payable increased 20,000 million yen due to the issuance of green bonds.
Total net assets were 589,556 million yen, down 26,874 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 5,384 million yen, and conducting 8,343
million yen of dividends of surplus, as well as the acquisition of 28,851 million yen of our own shares.
As a result, the equity ratio changed to 52.2% from 55.1% in the previous fiscal year.
(Cash flows)
Net cash provided by operating activities for the six months ended September 30, 2023 amounted to 24,000
million yen. Compared with the same period of the previous fiscal year, the amount of net cash provided
decreased by 3,238 million yen. This is largely attributable to the profit before income taxes being 10,266
million yen, and income decreasing by 7,165 million yen, and the 1,524 million yen decrease in consumption
taxes payable, while accrued expenses increased 6,227 million yen.
Net cash used in investing activities was 19,161 million yen, a decrease in spending of 12,330 million yen
compared with net cash provided in investing activities in the same period of the previous fiscal year. This islargely attributable to a 6,008 million yen decrease in purchase of property, plant and equipment, the 5,253
million yen decrease in other expenses, and the 1,265 million yen proceeds from the sale of the shares of a
subsidiary with a subsequent change in the scope of consolidation in the six months ended September 30,
2023.
Net cash from financing activities was 413 million yen, an increase of 17,663 million yen compared with net
cash used in financial activities in the same period of the previous fiscal year. This was largely attributable tothe 19,928 million yen increase from the issuance of bonds, the net increase of 15,600 million yen in short-termborrowings, as well as the 18,834 million yen spent to acquire our own shares in the six months ended
September 30, 2023.
As a result of the above, cash and cash equivalents were 189,452 million yen as of September 30, 2023, up
6,227 million yen from the end of the previous fiscal year.

-7-(3) Explanation of consolidated earnings forecasts and other forward-looking statements
In the business environment surrounding Yamato Group, there are signs of inflation slowing down globally, due
to factors including increased stability in the COVID-19 pandemic, as well as in natural resources and energy
prices, which had been rising due to the instability in global affairs. Meanwhile in Japan, it remains hard to
anticipate a full-fledged economic recovery, due to factors such as the current further weakening of theJapanese yen, despite the fact that companies are continuing to pass on the rise in costs to their prices, as wellas the recovery in consumption of services and capital expenditures
Under these circumstances, the Yamato Group is promoting initiatives to provide comprehensive value toaddress the diversifying needs of customers and society, in order to achieve sustainable corporate valueenhancement through “Helping to enrich our society” which is part of our Management Philosophy, under theGroup management structure in which we brought together the management resources of each Group
company.
As for the full-year earnings forecast, operating revenue is expected to be lower than the previous forecast, due
to the current demand trends as well as the performance in the first half of the fiscal year. Operating profit isexpected to be lower than the previous forecast, although the Company will continue to focus on optimizing
operating costs. Ordinary profit and profit attributable to owners of parent are expected to be below theprevious forecast, due to the decrease in operating profit.
Due to these and other factors, the Yamato Group has made changes to the consolidated earnings forecasts
for the fiscal year ending March 31, 2024, since the announcement made on August 3, 2023. The change is asfollows;
Consolidated earnings forecasts for the full year of the fiscal year ending March 31, 2024
Operatingrevenue
Millions of yen
Forecast as of August 3,
2023 (A)New Forecast (B)Forecast Change (B-A)
Forecast Change (%)

Millions of yen

Millions of yen

Profit attributable toowners of parent
Millions of yen

1,820,000

80,00080,00058,000165.37

1,785,000(35,000)(1.9)

65,000(15,000)(18.8)

65,000(15,000)(18.8)

52,000(6,000)(10.3)

148.21——

Operating profit-8-

Ordinary profit

Basic earnings
per shareYen

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of September 30, 2023

AssetsCurrent assets
Cash and deposits

185,373

190,314

Notes and accounts receivable - trade, and contract
assets216,251

215,216

Accounts receivable - installment

50,50951,939Merchandise and finished goods

168

145

Work in process

322

176

Raw materials and supplies

2,089

1,872

Other

31,40633,494

Allowance for doubtful accounts(1,474)(1,465)

Total current assets

484,647

491,693381,218

388,767

Accumulated depreciation(227,735)(231,803)

Buildings and structures, net

153,483

156,964

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

196,140

192,844(165,934)(165,371)

30,20527,473

179,811

179,820

47,25748,466

Accumulated depreciation(13,110)(14,360)

Leased assets, net

34,146

34,105

151,195

151,610(105,825)(108,308)

Other
Accumulated depreciation
Other, net

45,36943,302443,017441,665

43,75943,202

Investment securities

42,75849,107

Other

95,40094,374

Allowance for doubtful accounts(1,996)(2,070)Total investments and other assets

136,163

141,411

622,940626,279

1,107,587

1,117,973

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

Total non-current assets
Total assets-9-

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade160,766

150,113

Short-term borrowings

10,00030,000

Lease liabilities

5,415

6,023

Income taxes payable

16,911

9,005

Deferred installment income

4,797

4,992

Provision for bonuses

36,91842,950Other

109,949

116,701

Total current liabilities

344,758

359,786

Bonds payable－

20,000

Lease liabilities

32,85832,329Retirement benefit liability

98,295100,098

Other

15,244

16,203

Total non-current liabilities

146,398

168,630

491,156

528,417

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,83936,839Retained earnings

473,891

470,932

Treasury shares(39,835)(68,676)

Total shareholders’ equity

598,130

566,329

Valuation difference on available-for-sale securities

9,280

12,842Foreign currency translation adjustment

1,781

3,232

Remeasurements of defined benefit plans

1,188

862

Total accumulated other comprehensive income

12,25016,937

6,049

6,289

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

616,430

589,556

1,107,587

1,117,973

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the six months ended
September 30, 2022

For the six months ended
September 30, 2023

Operating revenue

883,755

866,582

Operating costs

839,037

827,450

Operating gross profit

44,71839,132

Selling, general and administrative expenses

26,66926,773Operating profit

18,04812,358Non-operating income
Interest income

109

181

Dividend income

1,248

1,107

–

479

Other

1,193

858

Total non-operating income

2,551

2,627

Interest expenses

405

690

Share of loss of entities accounted for using equity method

1,324

855

Green Innovation Fund Project Subsidy

Non-operating expenses

Other

595

797

Total non-operating expenses

2,324

2,344

18,275

12,641

1

3

Gain on sales of investment securities

–

1,377

Penalty income

75－

Total extraordinary income

76

1,381

Loss on retirement of non-current assets

151

201

Loss on valuation of investment securities

2－

Payments for retirement and other

–

3,545

Dismantlement expenses

753

－

Other

12

10

Total extraordinary losses

920

3,756

Profit before income taxes

17,432

10,266

Income taxes

6,989

4,832

Profit (loss)

10,442

5,434

Ordinary profit
Extraordinary income
Gain on sales of non-current assets

Extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 11 -

83

50

10,3585,384

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the six months ended
September 30, 2022

For the six months ended
September 30, 2023

10,442

5,434

Valuation difference on available-for-sale securities(1,156)

3,783

Foreign currency translation adjustment

2,729

1,430

Remeasurements of defined benefit plans, net of tax

169

(295)

Share of other comprehensive income of entities accounted
for using equity method

(15)

(10)

1,727

4,908

12,17010,342

12,073

10,07096

271

ProfitOther comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 12 -

(3) Consolidated statement of cash flows(Millions of yen)
For the six months ended
September 30, 2022

For the six months ended
September 30, 2023

Profit before income taxes

17,432

10,266

Depreciation

20,667

21,594

Increase (decrease) in retirement benefit liability

2,610

1,803

Increase (decrease) in provision for bonuses

6,345

6,125

Share of loss (profit) of entities accounted for using equity
method1,324

855

Cash flows from operating activities

Decrease (increase) in trade receivables

3,914

(814)

Increase (decrease) in trade payables(17,523)(13,006)

Other, net

2,414

7,635

Subtotal

37,18534,460Interest and dividends received

1,362

1,283

Interest paid

(437)

(713)

Income taxes paid

(10,872)(11,030)

Net cash provided by (used in) operating activities

27,23824,000(20,867)(14,858)

Proceeds from sale of property, plant and equipment

143

198

Purchase of investment securities

(873)

(951)

Proceeds from sale of investment securities

2,212

－

–

1,265

(696)

(986)

Cash flows from investing activities
Purchase of property, plant and equipment

Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Loan advances
Proceeds from collection of loans receivable

1,099

1,099

Other payments(15,330)(10,077)

Other proceeds

2,820

5,149

(31,492)(19,161)

Net increase (decrease) in short-term borrowings

5,000

20,600

Repayments of lease liabilities(2,819)(2,877)–

19,928Purchase of treasury shares(10,024)(28,858)

Dividends paid

(8,433)(8,346)

Purchase of shares of subsidiaries not resulting in change inscope of consolidation

(612)

－

Proceeds from sale of shares of subsidiaries not resulting inchange in scope of consolidation

18－

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from issuance of bonds

Other, net

(377)

(32)

(17,249)

413

1,009

974

Net increase (decrease) in cash and cash equivalents(20,494)

6,227

Cash and cash equivalents at beginning of period

180,603183,225

Cash and cash equivalents at end of period

160,109

189,452

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 13 -

(4) 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 to the scope of consolidation and/or the application of the equity method)
Major changes to the scope of consolidation
During the six months ended September 30, 2023, Yamato Staff Supply Co., Ltd. has been removed from thescope of consolidation, as a result of the partial transfer of its shares.
Major changes to the scope of the equity method
During the six months ended September 30, 2023, Yamato Staff Supply Co., Ltd. has been removed from thescope of consolidation, and included in the scope of the equity method, as a result of the partial transfer of its
shares.
(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 second quarter under review.

- 14 -

(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and profit or loss by reportable segment
For the six months ended September 30, 2022

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

(Millions of yen)Amountrecorded in
Reconciliation
consolidated(Note 2)
financialstatements(Note 3)Operating revenue
Operating revenue from437,653
416,363
29,738883,755–
883,755
customers
Inter-segment operating
143,7318,774
56,054
208,560(208,560)–
revenue or transfers
Total
581,384
425,137
85,793
1,092,316(208,560)
883,755
Segment profit (loss)(1,479)12,517
7,080
18,118(69)
18,048Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies).
2. The adjustment of negative 69 million yen of segment profit includes group-wide expenses of negative 3,890 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 3,821 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

For the six months ended September 30, 2023

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

(Millions of yen)Amountrecorded in
Reconciliation
consolidated(Note 2)
financialstatements(Note 3)Operating revenue
Operating revenue from
430,789
407,446
28,346
866,582－
866,582
customers
Inter-segment operating－
166,264
6,818
57,940231,023(231,023)
revenue or transfers
Total
597,053414,265
86,286
1,097,606(231,023)
866,582
Segment profit (loss)
5,382
(140)
6,811
12,052305
12,358Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies).
2. The adjustment of 305 million yen of segment profit includes group-wide expenses of negative 3,740 million yen not allocated toeach reportable segment (general and administrative expenses of the Company as a pure holding company) and eliminatingtransactions among segments of 4,046 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

- 15 -

3. Others
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 six months ended
September 30, 2022
AmountRatio(Millions of yen)(%)
567,698
64.2
1,394
0.2
13,5181.5(144,957)(16.4)
437,65349.5
299,21233.9
133,795
15.1
16,6291.9(33,275)(3.8)
416,36347.1
12,152
1.4
77,4888.8(59,902)(6.8)
29,738
3.4
883,755
100.0- 16 -For the six months ended
September 30, 2023
AmountRatio(Millions of yen)(%)
581,596
67.1
1,838
0.2
14,6691.7(167,314)(19.3)
430,78949.7
304,95435.2
115,345
13.3
15,9391.8(28,792)(3.3)
407,44647.0
11,595
1.3
78,1499.0(61,398)(7.1)
28,346
3.3
866,582
100.0

Change
(%)
2.4
31.8
8.5
15.4
(1.6)
1.9
(13.8)(4.2)(13.5)
(2.1)
(4.6)
0.9
2.5
(4.7)
(1.9)