Translation
May 10, 2023

Consolidated Financial Results for the Year Ended 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 ordinary general meeting of shareholders: June 23, 2023
Scheduled date of the commencement of dividend payment:
June 2, 2023
Scheduled date of the submission of annual securities report:
June 16, 2023
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes(Amounts less than 1 million yen are discarded.)

1. Consolidated financial results for fiscal year 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results
Operating revenue

Operating profit

For the year ended Millions of yen% Millions of yen
March 31, 2023
1,800,668
0.4
60,085
March 31, 2022
1,793,618
5.8
77,199(Note) Comprehensive income:For the year ended March 31, 2023:
For the year ended March 31, 2022:
Basic earnings per
share(Percentages represent year-on-year changes.)
Profit attributable toOrdinary profit
owners of parent

Diluted earnings
per share%
Millions of yen(22.2)
58,066(16.2)
84,33046,114 million yen ((2.5)%)
47,276 million yen ((35.5)%)%(31.1)(10.3)

Millions of yen
45,89855,956

Ratio of operating
profit to operating
revenue

Ratio of ordinary
profit to total assets

Return on equity%(18.0)(1.3)

For the year ended
Yen
Yen
%
%
%
March 31, 2023
126.64
—
7.6
5.3
3.3
March 31, 2022
151.03
—
9.6
7.7
4.3
(Reference) Share of loss (profit) of entities accounted for using equity method: For the year ended March 31, 2023: (4,158) million yen
For the year ended March 31, 2022: (242) million yen(2) Consolidated financial position
Total assets
As ofMarch 31, 2023
March 31, 2022
(Reference) Equity:

Net assets

Equity-to-asset ratio

Millions of yen
Millions of yen
1,107,587
616,430
1,086,854
598,233
As of March 31, 2023:
610,380 million yen As of March 31, 2022:

Net assets per share

%
55.1
54.3
590,542 million yen

Yen
1,684.87
1,611.34(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

For the year ended

Millions of yen

Millions of yen

Millions of yen

Millions of Yen

March 31, 2023

89,95352,016(49,420)(58,943)(38,617)(54,456)

183,225
180,603

March 31, 2022

2.

Dividends
Annual dividendsFirstquarter

Fiscal year
ended
March 31, 2022
March 31, 2023
March 31, 2024
(Forecast)3.

Secondquarter

Third
quarter

Fiscalyear-end

Total

Total annual
dividends

Payout ratio(consolidated)

Dividends onequity(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

—
—

23.00
23.00

—
—

23.00
23.00

46.00
46.00

16,985
16,686

30.5
36.3

2.9
2.8

—

23.00

—

23.00

46.00

32.2

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

Half year
Full year

Millions of yen
896,000
1,860,000(Percentages represent year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Operating profit
%
1.4
3.3

Millions of yen
13,00080,000%(28.0)
33.1

Millions of yen
13,00081,000%(28.9)
39.5

Millions of yen
6,000
50,000%(42.1)
8.9

Yen
16.81
142.78* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) 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(3) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of March 31, 2023:
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 March 31, 2023:
17,552,067 shares
As of March 31, 2022:
22,084,421 sharesc. Average number of shares during the period
For the year ended March 31, 2023:
362,445,520 shares
For the year ended March 31, 2022:
370,487,598 shares(Note) For details of the number of shares used to calculate consolidated basic earnings per share, please see “3. Consolidated
Financial Statements and Significant Notes Thereto, (5) Notes to consolidated financial statements (Per share information)” on
page 24 of the attached materials to the financial results report.

*Financial results reports are exempt from audit 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. Overview of Operating Results andOthers, (4) Future outlook” on page 7 of the attached materials to the financial results report.
• The Company plans to post supplementary materials on financial results on the Company’s website promptly after the announcement of thefinancial results.

Attached Materials
Index
1. Overview of Operating Results and Others .............................................................................................................. 2(1) Overview of operating results for the fiscal year ended March 31, 2023 ........................................................... 2(2) Overview of financial position for the fiscal year ended March 31, 2023 ........................................................... 7(3) Overview of cash flows for the fiscal year ended March 31, 2023 ..................................................................... 7(4) Future outlook.................................................................................................................................................... 7(5) Operational and financial issues to be addressed ............................................................................................. 8
2. Fundamental Approach to Selection of Accounting Standards................................................................................. 9
3. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 10(1) Consolidated balance sheet ............................................................................................................................ 10(2) Consolidated statement of income and consolidated statement of comprehensive income ............................ 13(3) Consolidated statement of changes in equity .................................................................................................. 16(4) Consolidated statement of cash flows ............................................................................................................. 18(5) Notes to consolidated financial statements ..................................................................................................... 20(Notes to premise of going concern)................................................................................................................ 20(Significant matters forming the basis of preparing the consolidated financial statements)............................. 20(Segment information, etc.) ............................................................................................................................. 21(Per share information) .................................................................................................................................... 24(Important subsequent matters) ...................................................................................................................... 25
4. Others .................................................................................................................................................................... 26
Operating revenue by segment .............................................................................................................................. 26-1-

1. Overview of Operating Results and Others(1) Overview of operating results for the fiscal year ended March 31, 2023
During the fiscal year ended March 2023, the impact of COVID-19 weakened, and there was progress towards
the normalization of economic activity. On the other hand, the global economy seems to be moving towards a
slowdown, due to reasons including the major central banks in the U.S. and Europe continuing their monetary
tightening, in order to address worldwide inflation, including energy prices remaining high, as well as the rise in
raw material prices, caused by the instability in global affairs. With consumer spending becoming more sluggish
here in Japan due to the rise in prices, it 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 full year ended March 31, 2023 are as follows:(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Net profit attributable toowners of parent

Fiscal year ended
March 31, 2022
1,793,618
77,19984,330Fiscal year ended
March 31, 2023
1,800,668
60,08558,06655,95645,898ChangeGrowth (%)

7,050(17,114)(26,264)0.4(22.2)(31.1)(10,057)(18.0)For the fiscal year ended March 31, 2023, operating revenue was 1 trillion 800,668 million yen, up 7,050 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 740,583 million yen, up 24,164 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 fiscal year ended March 31, 2023, operating profit was 60,085 million yen, down 17,114
million yen from the previous year.

-2-

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 Structural reforms of our network operations
In order to address the growing EC demand, we are continuing to build the EC logistics network with asimplified operation process covering sorting, transportation and last-mile deliveries, mainly in the urban
areas. In addition, we continued to work on improving productivity of the overall logistics network andoptimizing operating costs, by consolidating and enlarging the TA-Q-BIN Sales offices, in contrast with ourprevious strategy of opening many small offices, in order to be able to make adjustments more flexibly inaccordance with fluctuations in parcel volume, as well as 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, our HR strategy, improving
capital efficiency, and strengthening sustainable management.
As for our digital 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.
As for our HR strategy, we are working to create an environment that maximizes the value created by
employees, such as by establishing a multi-track talent management structure, in which employees cantake ownership in their own growth, and brings out the best of our diverse range of talent.
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 fiscal year
ended March 2021” and “Carbon neutrality (in-house emissions) in 2050”. In September 2022, weannounced 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.

-3-

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. As thestarting point of business for the entire Group, has been working to provide value that addresses the needsof 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 and capturingchanges in our customers in their lifestyles and business environments, and working with the sales 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 throughefforts to upgrade various services other than those involving transportation that are beneficial in terms ofpeople’s lives and business.
② In the fiscal year ended March 2023, we began a service that facilitates the process for corporate clients
sending TA-Q-BIN using smartphones, with the aim of further enhancing customer experience, as well as
starting the new payment service “Nyan-Pay” which accommodates smartphone payments, in order topromote cashless payments. Moreover, 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 and operatorsof parcel lockers in the ground floor lobby areas of condominiums, to allow users to send parcels fromparcel lockers without having to interact with anybody, in order to make our services more convenient.
③ Operating revenue of the Retail Business Unit from external clients amounted to 894,574 million yen, up
0.1% from the previous fiscal year, as a result of our efforts to provide optimal sending and receiving ofparcels in accordance with diversifying needs. Operating expenses increased 5.1% from the previous fiscal
year due to the increase in expenses related to the promotion of our Medium-term management plan “OneYAMATO 2023”, and operating profit declined 12,165 million yen from the previous fiscal 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 and delivery networks. Moreover, we are focusing on
making proposals in our sales activities to provide comprehensive value, such as through one-stop
management of clients’ logistics operations by the Yamato Group, covering the entire process starting from-4-

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 fiscal year ended March 2023, we signed the “Co-Creation Logistics Partnership Agreement” with ageneral food manufacturer, with the aim of optimizing the entire supply chain from raw material
procurement to sales. We also signed the “Lead Logistics Partner Contract” with a tire maker, to lower totallogistics cost by optimizing their logistics and inventory management, enhancing their value proposition tocustomers, and realizing logistics with a low environmental burden by making visible and reducing GHG
emissions. We are continuing to make maximum use of Yamato Group’s management resources,
expanding value provision to the “End to End” of supply chains, such as by establishing a D2C (Direct toConsumer) distribution scheme for a food products company, 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, and sign the“Lead Logistics Partner Contract” to establish a sustainable supply chain that can accommodate changes
in the business environment of the restaurant industry.
⑤ Operating revenue from customers amounted to 846,053 million yen, up 4.2% 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 3.4% from the previous fiscal year due tofactors including the increase in expenses related to the promotion of our Medium-term management plan
“One YAMATO 2023”, and operating profit declined 4,040 million yen from the previous fiscal year.
(Reference)(Million parcels / units)
Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY
Nekopos
Kuroneko DM-Bin

Fiscal year ended March Fiscal year ended March
2022
2023
1,890
1,926
384
413
824
800

Change35
28(23)

Growth (%)
1.9
7.4
(2.9)

 Other① During the fiscal year ended March 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 60,040 million yen, down 31.8% from the previous year. Operating
profit was 13,900 million yen, down 2,658 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 fiscal year ended March 2023, 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” and “Campaign to Prevent Work-related
Accidents” 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-5-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
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. Moreover, in March
2023, we signed a logistics partnership contract with a sports organization that aims to coexist as amember of the local community. Going forward, Yamato will utilize its logistics network and management
resources as “Official Logistics Partner”, and establish optimal logistics that takes into consideration theappearance of sports facilities as well as the flow of customers in them, thereby contributing to realizing asustainable local community in which sports facilities are integrated with the city.
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) Overview of financial position for the fiscal year ended March 31, 2023
Total assets were 1,107,587 million yen as of March 31, 2023, up 20,732 million yen from the end of theprevious fiscal year. This was largely attributable to the 13,138 million yen increase in property, plant andequipment due to the opening of new facilities and the acquisition of vehicles, mainly in the Retail Business
Unit, as well as the 10,093 million yen increase in deferred tax assets.
Liabilities increased 2,535 million yen to 491,156 million yen from the end of the previous fiscal year. This waslargely attributable to a 7,384 million yen increase in lease liabilities, and a 5,000 million yen decrease in shortterm borrowings.
Total net assets were 616,430 million yen, up 18,196 million yen from the end of the previous fiscal year. The
major factors included Profit attributable to owners of parent being 45,898 million yen, as well as the 16,783
million yen of dividends of surplus and the purchase of 10,001 million yen of treasury shares.
As a result, the equity ratio increased to 55.1% from the 54.3% in the previous fiscal year.
(3) Overview of cash flows for the fiscal year ended March 31, 2023
Net cash generated by operating activities amounted to 89,953 million yen, which is an increase of 37,937
million yen compared with the previous fiscal year. This is largely attributable to a 27,053 million yen increase inaccrued consumption taxes and a 25,578 million yen decrease in the payment of income taxes, as well as profit
before income taxes being 56,815 million yen, which was a decrease of 24,224 million yen.
Net cash used in investing activities amounted to 49,420 million yen, which is a decrease of 9,522 million yen
compared with the previous fiscal year. This is largely attributable to the payment of 7,313 million yen for sale ofshares of subsidiaries resulting in change in scope of consolidation in the previous fiscal year, other paymentsof 7,769 million yen, and payments related to the purchase of property, plant and equipment decreasing by
5,343 million yen, as well as the 13,922 million yen decrease in proceeds from sale of investment securities.
Net cash used in financing activities was 38,617 million yen, which is a decrease of 15,838 million yen
compared to the previous fiscal year. This is largely attributable to the 14,000 million yen repayment of longterm borrowings in the previous fiscal year.
As a result of the above, cash and cash equivalents were 183,225 million yen as of March 31, 2023, up 2,621
million yen from the end of the previous fiscal year.
(4) Future outlook
The Yamato Group is operating in a business environment in which the impact from COVID-19 is weakening,and progress has been made towards the normalization of economic activities, but the trend of a slowdown in
the global economy has been intensified by factors such as the continuing monetary tightening by major U.S.
and European central banks to counter global inflation, including high energy prices and raw material prices
remaining high due to the destabilization of global affairs. Furthermore, in Japan, it remains difficult to anticipate
a full-fledged economic recovery, with personal consumption being stagnant due to the rise in prices.
Under such circumstances, Yamato Group continue to promote “Structural reform of network operations” and“Expansion of corporate business domain” to realize the sustainable enhancement of corporate value through"helping to enrich our society" as stated in our management philosophy.
For the fiscal year ending March 31, 2024, we will optimize pricing in light of changes in the external
environment and promote business structure reforms aimed at sustainable growth.
As for the full-year consolidated earnings forecast, we are forecasting operating revenue of 1 trillion 860 billion
yen, operating profit of 80 billion yen, ordinary profit of 81 billion yen and profit attributable to owners of parentof 50 billion yen.

-7-(5) Operational and financial issues to be addressed
The Yamato Group is operating in a business environment in which the impact from COVID-19 is weakening,and progress has been made towards the normalization of economic activities, but the trend of a slowdown in
the global economy has been intensified by factors such as the continuing monetary tightening by major U.S.
and European central banks to counter global inflation, including high energy prices and raw material prices
remaining high due to the destabilization of global affairs. Furthermore, in Japan, it remains difficult to anticipate
a full-fledged economic recovery, with personal consumption being stagnant due to the rise in prices. In
addition, the logistics industry is having to deal with the medium- to long-term declining trend of the workingage population, while also facing challenges such as the regulation to set a “cap to overtime work (the 2024
issue)", associated with the Workstyle Reform Law which was made public in 2018, as well as the response to
climate change. Against this backdrop, the Yamato Group will continue to accelerate the following initiatives torealize the sustainable enhancement of corporate value through "helping to enrich our society" as stated in ourmanagement philosophy.
In order to address the continuous rise in costs due to factors such as the abovementioned issues faced by thelogistics industry as well as inflation, Yamato Group has revised the reported fares from April 3, 2023. We will
review the reported fares every year reflecting the impact of the external environment, while responding to ourlogistics partners etc. in a timely and appropriate manner, thereby maintaining and strengthening ourtransportation & delivery network, as well as establishing an environment in which we can continue to provide
high-quality services to our customers.
① Structural reform of network operations
In order to address the changing and diversifying needs of customers, as well as achieve higher flexibility
depending on the workload at the time, we are promoting a structural reform of our network operations.
With the aim of maintaining and enhancing the safety and quality of the existing TA-Q-BIN network andoperations, as well as securing a good work environment and the motivation of our employees, while also
optimizing operating costs, we will subdivide and specialize our job definitions, allocate human resources
appropriately based on their roles, while also consolidating and enlarging our facilities, and improving theefficiency of work operations through the use of IT systems. Moreover, in order to reduce the administrative
operations of our frontline employees, we will continue to promote business process re-engineering (BPR)
by standardizing our operations as well as digitizing such tasks.
② Expansion of corporate business domain
Various risk factors are becoming more serious, including environmental issues, and blocs being formed
around the world in politics and the economy, as well as in the supply chain. Under these circumstances,
we are positioning the solution business, in which we seek to solve challenges faced by our clients
throughout the entire supply chain, as a new growth area to focus on.
In providing solutions, our sales and operations teams will work together, and based on a deep
understanding of our clients’ industry, as well as their business objectives and strategies, we will makemaximum use of Yamato Group’s management resources including our facilities and transportation &delivery network in Japan and overseas, our logistics functions including contract logistics and global
forwarding, as well as our finance and IT systems. We are aiming not only to manage and operate ourclients’ logistics, but to become their LLP (Lead Logistics Partner), involved in setting strategies and plans
for their logistics. Based on our intensive client base built so far through the TA-Q-BIN business, we will
create optimal proposals based on sales information that is consolidated to our headquarters, facilitating
frontline sales initiatives as well as sophisticating our solutions and operational design, providing value toclients across the entire supply chain which stems from Japan to overseas, by streamlining backyard
operations related to stores and e-commerce operations, reducing opportunity loss in sales and optimizing
inventories.
Moreover, with the aim of achieving carbon neutrality in 2050, we will promote green logistics, including the
introduction of EVs and temperature-controlled transportation that does not use dry ice, which will reduce
our own emissions, while also making the GHG emissions of our clients more visible, and building a supply
chain with a lower environmental burden, thereby optimizing the inventory held by clients as well as theirproduction activity, and reducing our clients’ GHG emissions, contributing to establishing sustainablelogistics.
③ Promoting strategies for achieving sustainable enhancement of corporate value-8-

The Yamato Group is working on its digital strategy, HR strategy, and strengthening its sustainable
management as well as governance, to build the foundation for expanding our value provision to the “Endto End” of supply chains, and realizing sustainable corporate value enhancement.
As for our digital strategy, we are strengthening our DX promotion structure, and working to promote DX
that is integrated with our businesses, such as enhancing value provision to clients using the digitalplatform, as well as the optimization of management resources. Our HR strategy is aimed at building the
optimal talent portfolio to create new value-add, and to improve the work environment and motivation of
our diverse range of employees.
In enhancing our sustainable management, we are working on each of the materialities that we havespecified, based on our 2 Visions for enhancing corporate value over the mid-to-long term, and realizing asustainable society; “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 will continue to promote measures such as “introducing 20,000 EVs”,“introducing 810 solar power generation facilities” and “raising the usage rate of renewable energy-based
electricity”, in order to achieve the target of “Carbon neutrality (in-house emissions) in 2050” and “48%reduction in GHG in 2030, compared to fiscal year ended March 2021”.
As for the society, we will continue to respect the diversity of talent, and create a workplace environment
which brings out the best of our employees, while addressing various social issues and promoting regional
development through co-creation, in order to realize a prosperous society.
In enhancing our governance, we will strengthen corporate governance by separating management
supervision and execution, and maintaining and enhancing management transparency, and promote
structural reforms through a governance structure with an emphasis on the speed of decision-making.

2. Fundamental Approach to Selection of Accounting Standards
The Yamato Group has adopted Japanese GAAP because the Group engages in business primarily in Japan.
However, we intend to give ongoing consideration to IFRS and other accounting standards aligned withupcoming expansion into other locations overseas.

-9-

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

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

182,644

185,373

Notes and accounts receivable – trade, and contract
assets

218,922

216,251

Accounts receivable - installment

48,05550,509Merchandise and finished goods

186

168

Work in process

167

322

Raw materials and supplies

1,861

2,089

Other

30,462

31,406

Allowance for doubtful accounts(1,456)(1,474)

Total current assets

480,844484,647

376,844381,218

Accumulated depreciation(219,830)(227,735)

Buildings and structures, net

157,013

153,483

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

Machinery and equipment

77,631

77,642

Accumulated depreciation(56,029)(58,689)

Machinery and equipment, net

21,601

18,953

197,104

196,140(171,897)(165,934)

VehiclesAccumulated depreciation

25,20730,205Land

Vehicles, net

179,650

179,811

Leased assets

39,65347,257

Accumulated depreciation(11,286)(13,110)

Leased assets, net

28,36634,146

Construction in progress

3,165

12,379Other

59,98861,173

Accumulated depreciation(45,114)(47,136)

Other, net

14,873

14,037429,878

443,017

Software38,58838,149

Other

7,058

5,609

Total intangible assets

45,64643,759Total property, plant and equipment
Intangible assets- 10 -

(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Investments and other assets
Investment securities

47,97242,758Long-term loans receivable

6,162

5,258

Leasehold deposits

20,51922,317

15

20

Deferred tax assets

54,19764,291

Other

3,229

3,513

Retirement benefit asset

Allowance for doubtful accounts(1,611)(1,996)

Total investments and other assets

130,484

136,163

606,010

622,940

1,086,854

1,107,587

Notes and accounts payable - trade

165,346

160,766

Short-term borrowings

15,00010,000Total non-current assets
Total assets
Liabilities
Current liabilities

Lease liabilities

4,850

5,415

Income taxes payable

14,395

16,911

Deferred installment income

4,714

4,797

Provision for bonuses

38,942

36,918

Other

109,558

109,949

Total current liabilities

352,807344,758

26,03832,858Non-current liabilities
Lease liabilities
Deferred tax liabilities

1,913

482

Retirement benefit liability

94,141

98,295

－

162

Other

13,71914,599Total non-current liabilities

135,814

146,398

488,621491,156

Provision for share awards for directors (and other officers)

Total liabilities- 11 -

(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Net assets
Shareholders’ equity
Share capital

127,234

127,234

Capital surplus

36,81336,839Retained earnings

464,494473,891

Treasury shares(49,551)(39,835)

Total shareholders’ equity

578,991

598,130

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

11,4989,280

Foreign currency translation adjustment

(513)

1,781

Remeasurements of defined benefit plans

565

1,188

11,551

12,250Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 12 -

7,690

6,049

598,233

616,430

1,086,854

1,107,587

(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Operating revenue

1,793,618

1,800,668

Operating costs

1,654,085

1,687,241

Operating gross profit

139,532

113,426

27,49826,046

Selling, general and administrative expenses
Personnel expenses
Provision for bonuses

1,084

1,077

Retirement benefit expenses

711

1,190

Provision for share awards for directors (and otherofficers)－

162

Commission expenses

10,895

9.364

Taxes and dues

10,133

9.399

815

677

Depreciation

2,529

2,494

Other

10,4605,359

Total selling, general and administrative expenses

62,33353,341

77,19960,085Interest income

192

245

Dividend income

1,369

1,669

Gain on sales of vehicles

355

298

Rental income

246

434

Gain on investments in investment partnerships

4,510

－

Other

1,943

1,537

Total non-operating income

8,618

4,184

Provision of allowance for doubtful accounts

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

785

904

Share of loss of entities accounted for using equity method

242

4,158

Other

459

1,140

Total non-operating expenses

1,487

6,203

84,33058,0663

95

15,312

1,970

55

125

Gain on liquidation of subsidiary

1,210

－

Gain on transition of retirement benefit plan

1,419

－

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

Other
Total extraordinary income- 13 -

37

15

18,0382,207

(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Extraordinary losses
Loss on retirement of non-current assets

360

499

Impairment loss

2,420

1,994

Loss on sale of investment securities

3,104

4

Loss on valuation of investment securities

48

2

Dismantlement expenses－

753

Provision of allowance for doubtful accounts

190

182

Loss on revision of retirement benefit plan

14,999－206

21

21,328

3,458

Profit before income taxes

81,04056,815

Income taxes-current

29,29323,017

Income taxes-deferred(5,324)(11,623)

Total income taxes

23,968

11,393

Profit57,07145,421

Other
Total extraordinary losses

Profit (loss) attributable to non-controlling interests

1,115

(476)

Profit attributable to owners of parent

55,95645,898- 14 -

(Consolidated statement of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitFiscal year ended
March 31, 2023

57,07145,421(5,415)(2,222)

793

2,292

(5,282)

677

108

(54)

(9,795)692

47,276

46,11447,21046,59766(483)

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
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 toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 15 -

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

127,234

Retained earnings

36,813

431,571

Cumulative effects of changes
in accounting policies
Restated balance

Total shareholders’equityTreasury shares(39,549)

556,070(3,343)
127,234

36,813(3,343)428,228(39,549)

552,727

Changes during period
Dividends of surplus(19,689)(19,689)

Profit attributable to owners ofparent55,95655,956

Purchase of treasury shares
Disposal of treasury shares0(10,002)(10,002)

0

0

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period–

036,266(10,002)26,263

127,234

36,813

464,494(49,551)

578,991

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

15,883(1,316)

5,730

20,297

7,919

584,287(229)(3,572)

7,689

580,714

Cumulative effects of changes
in accounting policies
Restated balance

15,883(1,316)

5,730

20,297

Changes during period
Dividends of surplus(19,689)

Profit attributable to owners ofparent55,956

Purchase of treasury shares(10,002)

Disposal of treasury shares0

Net changes in items otherthan shareholders’ equity(4,384)

Total changes during period
Balance at end of period803(5,164)(8,745)(4,384)803(5,164)(8,745)

1

17,51911,498(513)

565

11,551

7,690

598,233- 16 -

1(8,744)

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

127,234

Retained earnings

36,813

Total shareholders’equityTreasury shares

464,494(49,551)

578,991

Changes during period
Dividends of surplus(16,783)(16,783)

Profit attributable to ownersof parent

45,89845,898Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
shares(0)Change in ownershipinterest of parent due totransactions with noncontrolling interests25(10,001)(10,001)

(0)

0

0

(19,717)

19,717−25

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

25

9,397

9,715

19,138127,234

36,839473,891(39,835)

598,130

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

11,498(513)

565

11,551

7,690

598,233

Changes during period
Dividends of surplus(16,783)

Profit attributable to ownersof parent

45,898Purchase of treasury shares(10,001)

Disposal of treasury shares

0Cancellation of treasury
shares−Change in ownershipinterest of parent due totransactions with noncontrolling interests

25

Net changes in items otherthan shareholders’ equity(2,218)2,295

Total changes during period(2,218)

2,295

622

699

(1,641)

18,196

Balance at end of period

9,280

1,781

1,188

12,2506,049

616,430622- 17 -

699(1,641)(942)

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Cash flows from operating activities
Profit before income taxes

81,04056,815

Depreciation

35,57041,626

Impairment loss

2,420

1,994

Increase (decrease) in retirement benefit liability

21,822

4,633

Increase (decrease) in provision for bonuses(757)(2,056)

Interest and dividend income(1,561)(1,914)

Interest expenses

785

904

Share of loss (profit) of entities accounted for using
equity method

242

4,158

Loss (gain) on sales of non-current assets

0

(94)

Loss on retirement of non-current assets

360

499

(12,208)(1,965)

Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables

48

2(13,433)

1,234

Decrease (increase) in inventories

144

(356)

Increase (decrease) in trade payables

11,536(5,259)Other, net(28,261)

9,845

Subtotal

97,748110,066

Interest and dividends received

1,784

1,948

Interest paid

(778)

(900)

Income taxes paid

(46,738)(21,160)

Net cash provided by (used in) operating activities

52,01689,953(2,040)(4,107)

Proceeds from withdrawal of time deposits

270

4,107

Purchase of property, plant and equipment(40,778)(35,435)

Proceeds from sales of property, plant andequipment

348

1,391

Purchase of investment securities(5,690)(1,751)

Proceeds from sales of investment securities

18,872

4,950

Payments for sales of shares of subsidiaries
resulting in change in scope of consolidation(7,313)−

Loan advances(5,574)(3,191)

Proceeds from collection of loans receivable

6,556

3,930

Other payments(27,945)(20,175)

Other proceeds

4,351

862

(58,943)(49,420)

Cash flows from investing activities
Payments into time deposits

Net cash provided by (used in) investing activities- 18 -

(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(5,000)(5,000)

Repayments of lease liabilities(5,662)(5,689)

Repayments of long-term borrowings(14,000)–

Purchase of treasury shares(10,057)(10,025)

Dividends paid

(19,670)(16,770)

Dividends paid to non-controlling interests

(70)

(380)

Purchase of shares of subsidiaries not resulting inchange in scope of consolidation

−

(777)

Proceeds from sale of shares of subsidiaries not
resulting in change in scope of consolidation−

18

Other, net

5

7(54,456)(38,617)

701

705

Net increase (decrease) in cash and cash equivalents(60,681)

2,621

Cash and cash equivalents at beginning of period

241,284

180,603

Cash and cash equivalents at end of period

180,603183,225

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents- 19 -

(5) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Significant matters forming the basis of preparing the consolidated financial statements)
1. Scope of consolidation(1) Number of consolidated subsidiaries: 29
Names of major consolidated subsidiaries:
Yamato Transport Co., Ltd.
Okinawa Yamato Transport Co., Ltd.
YAMATO TRANSPORT U. S. A., INC.
YAMATO ASIA PTE. LTD.
YAMATO INVESTMENT (HONG KONG) LIMITED YAMATO BOX CHARTER CO., LTD
Yamato System Development Co., Ltd.
Yamato Autoworks Co., Ltd.
In the fiscal year under review, Yamato Web Solutions Co., Ltd. has been excluded from the scope of
consolidation given that it has ceased to exist as a result of an absorption-type merger in which Yamato
System Development Co., Ltd. is the surviving company.
(2) Non-consolidated subsidiaries, etc.
OTL ASIA SDN. BHD. and certain other subsidiaries are not included within the scope of consolidation.
The total assets, operating revenue, profit, and retained earnings of these non-consolidated subsidiaries
are immaterial and, even taken together as a group, they do not exert a significant influence on the
consolidated financial statements.
2.

Application of equity method(1) Number of affiliates accounted for using equity method: 24
Names of major equity method affiliates:
Packcity Japan Co., Ltd.
GDEX BERHAD
Yamato Home Convenience Co., Ltd.
Yamato Lease Co., Ltd.
Effective from the fiscal year under review, Sweetmag Solutions (M) Sdn. Bhd. and another company
have been included in the scope of the equity method, due to equity method affiliate GDEX BERHAD
newly acquiring the shares.
(2) Non-consolidated subsidiaries and affiliates not accounted for using equity method
Entities not subject to the equity method such as OTL ASIA SDN. BHD. and certain other nonconsolidated subsidiaries and YAMATO UNYU (THAILAND) CO., LTD. and certain other affiliatedcompanies are excluded from the scope of entities accounted for using the equity method because they
do not exert a significant influence on the consolidated financial statements even when taken together asa group, given immateriality of their profit, retained earnings and other financial results corresponding tothe ownership held by the Company.
(3) Special note on the application of equity method
The fiscal year-end dates of certain entities accounted for using the equity method differ from theconsolidated fiscal year-end date, and accordingly the financial statements have been prepared on thebasis of the financial statements and provisional financial results for the respective fiscal years of each of
those entities.

- 20 -

(Segment information, etc.)
1. Segment information(1) Summary of reportable segment
The reportable segments of the Yamato Group are constituent units of the Yamato Group whose separate
financial information can be obtained. The Board of Directors of the Company periodically examines thesesegments to decide on the allocation of management resources and evaluate business performance.
The Yamato Group is operated through a Group management structure, under Yamato Holdings Co., Ltd.
which is a pure holding company, and manages business operations by customer segment, with the Retail
Business Unit which manages retail business that provides delivery services to individuals and mid-to-small
sized corporations, the Corporate Business Unit which manages corporate business, global SCM business andEC business that provide transportation services etc. to large corporations, and Other.
Accordingly, Yamato Group’s two reportable segments are the Retail Business Unit and the Corporate
Business Unit.
Type of services by reportable segment
Reportable segment
Retail Business Unit
Corporate Business Unit
Other

Type of services
Small parcel delivery services for consumers and mid-to-small sized corporations
Transportation services for large corporations, planning and operation of logistics
centers, customs services, air cargo agency services
Development and operation of IT systems, car maintenance services, sales of fuel,non-life insurance agency services, cargo vehicle transportation services(2) Method of calculating operating revenue, profit/loss, assets and other items by reportable segment
The accounting method used for reported business segments complies with accounting policy that has been
adopted in preparing the consolidated financial statements.

- 21 -

(3) Information regarding the amounts of operating revenue, profit/loss, assets and other items by reportablesegment
Fiscal year ended March 31, 2022
(Millions of yen)

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from893,396
812,185
88,035
1,793,618
1,793,618–
customers
Inter-segment operating revenue
279,017
26,090121,163426,271(426,271)–
or transfers
Total
1,172,414
838,276
209,198
2,219,889(426,271)
1,793,618
Segment profit (loss)
44,463
17,17816,55978,200(1,001)
77,199Segment assets (Note 4)
749,717
194,571
156,572
1,100,861(14,006)
1,086,854
OthersDepreciation
17,53813,264
3,811
34,615909
35,524
Investment in entities accounted
630
6,667
–
7,298
5,661
12,959for using equity method
Increases of property, plant andequipment and intangible assets
56,586
12,066
7,245
75,8982,673
78,572(Note 4)
Notes: 1. Other includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development) and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. Adjustments made are as follows.
(1) The adjustment of negative 1,001 million yen of segment profit includes group-wide expenses which have not been
allocated to each reportable segment (general administrative expenses of the Company, which is a pure holding company) ofnegative 10,384 million yen, as well as eliminations of transactions among segments of 9,382 million yen.
(2) The adjustment of negative 14,006 million yen of segment assets includes eliminations of inter-segment receivables andpayables, etc. of negative 108,626 million yen and group-wide assets of 94,619 million yen not allocated to each reportablesegment.
(3) The adjustment of 5,661 million yen of investment in entities accounted for using the equity method pertains to the amount ofinvestment in those entities accounted for using equity method which are not allocated to respective reportable segments.
(4) The adjustment of 2,673 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment amount.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
4. The segment assets and the increase in property, plant and equipment and intangible assets of the Retail Business Unit includes
the 524,780 million yen of segment assets of the Transport Department and Headquarter of Yamato Transport Co., Ltd., as well as
the 36,936 million yen increase in its plant and equipment and intangible assets.

- 22 -

Fiscal year ended March 31, 2023
(Millions of yen)

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from894,574
846,053
60,0401,800,668
1,800,668–
customers
Inter-segment operating revenue
323,337
16,454
111,991
451,783(451,783)–
or transfers
Total
1,217,911
862,508
172,0322,252,452(451,783)
1,800,668
Segment profit (loss)
32,29813,13813,90059,337
747
60,085
Segment assets (Note 4)
788,000
181,737
142,258
1,111,996(4,409)1,107,587
OthersDepreciation
21,883
14,796
4,097
40,777780
41,557
Investment in entities accounted
768
4,309
–
5,077
4,311
9,389
for using equity method
Increases of property, plant andequipment and intangible assets
38,9729,101
2,324
50,398
5,292
55,691(Note 4)
Notes: 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. Adjustments made are as follows.
(1) The adjustment of 747 million yen of segment profit includes group-wide expenses which have not been allocated to eachreportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 7,385
million yen, as well as eliminations of transactions among segments of 8,132 million yen.
(2) The adjustment of negative 4,409 million yen of segment assets includes eliminations of inter-segment receivables andpayables, etc. of negative 112,276 million yen and group-wide assets of 107,867 million yen not allocated to each reportablesegment.
(3) The adjustment of 4,311 million yen of investment in entities accounted for using the equity method pertains to the amount ofinvestment in those entities accounted for using equity method which are not allocated to respective reportable segments.
(4) The adjustment of 5,292 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment amount.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
4. The segment assets and the increase in property, plant and equipment and intangible assets of the Retail Business Unit includes
the 540,416 million yen of segment assets of the Transport Department and Headquarter of Yamato Transport Co., Ltd., as well as
the 23,630 million yen increase in its plant and equipment and intangible assets.

- 23 -

2.

Information regarding impairment losses of non-current assets by reportable segment
Fiscal year ended March 31, 2022
(Millions of yen)
Retail Business
Unit

Corporate
Business Unit–

700

Impairment
loss

Other

Corporate or
eliminations

Total

1,719

2,420

–

Consolidated
2,420

Fiscal year ended March 31, 2023
(Millions of yen)
Retail Business
Unit

Corporate
Business Unit

748

280

Impairment
Loss

Other

Corporate or
eliminations

Total
966

1,994

–

Consolidated
1,994(Per share information)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net assets per share (Yen)
1,611.34
1,684.87
Basic earnings per share (Yen)
151.03126.64
Notes: 1. The Company’s shares held by the Board Benefit Trust (BBT), which is booked as the shares held in own name in theshareholders’ equity section are included in the shares held in own name that are deducted from the number of shares
outstanding as of the end of the fiscal period, when calculating net assets per share, and is included in the shares held in own
name that are deducted from the average number of shares during the period, when calculating net profit per share. The numberof shares held in own name as of the end of the fiscal periods that were deducted when calculating net assets per share was483,000 shares as of the end of the previous fiscal year, and 483,000 shares as of the end of this fiscal year. The average numberof shares held in own name during the fiscal periods that were deducted when calculating net profit per share was 483,000 shares
as of the end of the previous fiscal year, and 483,000 shares as of the end of this fiscal year.
2. Diluted earnings per share is not presented since no potential shares exist.
3. The basis for calculating “basic earnings per share” is as follows.
Fiscal year ended
Fiscal year ended
March 31, 2022
March 31, 2023
Profit attributable to owners of parent (Millions of yen)Amount not belonging to ordinary shareholders (Millions of yen)

55,95645,898––

Profit attributable to owners of parent concerning common shares (Millions of yen)

55,95645,898Average number of common shares during the period (Thousands of shares)

370,487

362,445- 24 -(Important subsequent matters)
Purchase and cancellation of treasury shares
At its meeting held on May 10, 2023, the Board of Directors resolved matters related to the purchase of treasury
shares of the Company in accordance with the provisions of the Articles of Incorporation, pursuant to Article 459,
paragraph (1), item (i) of the Companies Act, and also resolved cancellation of treasury shares of the Company inaccordance with the provisions of Article 178 of the Companies Act.
1. Reason of purchase and cancellation of treasury shares
The Company purchases and cancels its treasury shares to improve capital efficiency and enhanceshareholder returns.
2. Content of matters related to the purchase of treasury shares
Type of shares to be purchased
Common shares of the Company
Total number of shares to be purchased
Up to 22,000,000 shares(Ratio to the total number of issued shares (excluding
treasury shares): 6.06%)(Note) The aforementioned treasury shares do not include
the Company’s shares held by BBT (Board Benefit Trust).
Total acquisition price of shares to be purchased
Up to 50.0 billion yen
Acquisition period
From May 17, 2023 to February 29, 2024
Acquisition method
Through the market
3. Content of cancellation of treasury shares
Type of shares to be cancelled
Total number of shares to be cancelled
Scheduled date of share cancellation

Common shares of the Company
All of the treasury shares to be purchased through 2. above
March 29, 2024

- 25 -

4. 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
Other
Eliminations
Total
Transportation income
Other
Eliminations
Total
Total

Fiscal year ended
March 31, 2022
AmountRatio(Millions of yen)(%)
1,144,359
63.8
3,587
0.2
28,183
1.6(282,733)(15.8)
893,39649.8
598,306
33.4
249,637
13.9
33,022
1.8(68,780)(3.8)
812,185
45.3
50,967
2.8
176,558
9.8(139,490)(7.8)
88,0354.9
1,793,618
100.0- 26 -

Fiscal year ended
March 31, 2023
AmountRatio(Millions of yen)(%)
1,191,264
66.2
3,352
0.2
25,858
1.4(325,901)(18.1)
894,57449.7
617,22134.3
259,525
14.4
33,3571.9(64,051)(3.6)
846,05347.0
24,616
1.4
155,187
8.6(119,763)(6.7)
60,0403.3
1,800,668
100.0

Change
(%)
4.1
(6.6)
(8.3)
15.3
0.1
3.2
4.0
1.0
(6.9)
4,2
(51.7)(12.1)(14.1)(31.8)
0.4