Translation
July 31, 2020

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2021
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Yutaka Nagao, President
Atsushi Kashimoto, Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
August 14, 2020
Scheduled date of the commencement of dividend payment:—
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the first quarter of fiscal year 2021
(cumulative: from April 1, 2020 to June 30, 2020)(1) Consolidated operating results
Operating revenue
For the three months ended
June 30, 2020
June 30, 2019
(Note) Comprehensive income:Operating profit

Millions of yen% Millions of yen
392,015
2.7
9,953
381,7260.3(6,100)For the three months ended June 30, 2020:
For the three months ended June 30, 2019:
Basic earnings per share

For the three months ended
June 30, 2020
June 30, 2019

(Percentages represent year-on-year changes.)
Profit attributable toOrdinary profit
owners of parent% Millions of yen% Millions of yen%—
10,532—
3,453——(9,323)—(9,747)—
4,627 million yen (— %)(10,534) million yen (— %)Diluted earnings
per shareYen
9.04(24.72)Yen——(2) Consolidated financial position
As ofJune 30, 2020
March 31, 2020
(Reference) Equity:2.

Total assets
Net assets
Equity-to-asset ratio
Millions of yen
Millions of yen%
1,083,474
540,89649.2
1,100,739
562,835
50.4
As of June 30, 2020:
533,253 million yen
As of March 31, 2020: 555,173 million yen

Dividends
First quarter
Yen——

Second quarter
Yen
15.00

Annual dividends
Third quarter
Yen—

Fiscal year-end
Yen
26.00

—

16.00

Fiscal 2020
Fiscal 2021
Fiscal 2021 (Forecast)
16.00(Note) Revisions to the forecasts most recently announced: Yes
Breakdown of year-end dividends in fiscal year ended March 31, 2020:

Total

Ordinary dividends:
16.00 yen
Commemorative dividends: 10.00 yen

Yen
41.00
32.00

3.

Consolidated earnings forecasts for fiscal year 2021 (from April 1, 2020 to March 31, 2021)
Operating revenue

Operating profit

Millions of yen%
Millions of yen%
Half year
805,000
0.6
24,000 286.2
Full year
1,638,000
0.5
64,00043.2(Note) Revisions to the forecasts most recently announced: Yes(Percentages represent year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
24,000 779.0
14,000—37.12
63,00055.1
33,00047.8
88.28* Notes(1) Changes in significant subsidiaries during the three months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated financial
statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of the attached materials
to the quarterly financial results report on page 13.

(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 June 30, 2020:
411,339,992 shares
As of March 31, 2020:
411,339,992 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2020:
33,270,666 shares
As of March 31, 2020:
26,124,409 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended June 30, 2020:
381,972,729 shares
For the three months ended June 30, 2019:394,274,405 shares*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various
reasons. For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of
Accounts for the Three Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 8.

Attached Materials
Index
1. Qualitative Information on Settlement of Accounts for the Three Months............................................................... 2(1) Explanation of operating results ...................................................................................................................... 2(2) Explanation of financial position ...................................................................................................................... 8(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) Notes to consolidated financial statements ................................................................................................... 13(Notes to premise of going concern) ............................................................................................................. 13(Notes on significant changes in the amount of shareholders’ equity)........................................................... 13(Changes in scope of consolidation and equity method application) ............................................................. 13(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 13(Segment information, etc.) ........................................................................................................................... 13
3. Supplementary Information .................................................................................................................................. 15
Operating revenue by business............................................................................................................................ 15-1-

1. Qualitative Information on Settlement of Accounts for the Three Months(1) Explanation of operating results
During the first three months ended June 30, 2020, the economic environment deteriorated substantially due tothe global spread of the novel coronavirus disease (COVID-19). The outlook for economic recovery both inJapan and overseas remains unknown given uncertainties as to the status of COVID-19 transmission ahead
and timing as to when the pandemic might subside. Moreover, in the logistics industry COVID-19 has been
spurring accelerated growth in the e-commerce domain due to factors that include consumption from people
staying home amid a scenario of changes in lifestyles and the business environment brought about by
developments such as companies promoting telework arrangements and a shift to online services in the fieldsof medicine and education. On the other hand, the industrial business encountered dwindling overall economic
activity, including worldwide stagnation of the production activities in manufacturing industry and international
trade, sharply declining inbound travel demand due to restrictions placed on movement, and voluntarysuspension of business activities particularly in the service industry. Ramifications of this situation with respect
to the business environment going forward remain uncertain.
Under such circumstances, the Yamato Group aims to continuously contribute to the realization of a prosperous
society by creating a “new logistics ecosystem” that meets the needs of customers and society. To such ends,
we are promoting initiatives based on our transformation plan “YAMATO NEXT100,” which serves as a granddesign for management over the medium to long term. These initiatives involve engaging in business
transformations encompassing the threefold aims of giving rise to the digital transformation (DX) of TA-Q-BIN,
establishing an e-commerce ecosystem, and strengthening the corporate logistics business. These initiatives
also involve engaging in infrastructure transformations encompassing the threefold aims of renewing Groupmanagement systems, shifting to data-driven management style, and implementing sustainability initiatives.
During the three months ended June 30, 2020, we addressed the spread of COVID-19 while striving tocontinually provide logistics services, including TA-Q-BIN, with the safety of customers and employees as the
top priority. We have also been addressing diversifying needs by embarking on efforts to provide new delivery
services tailored to the burgeoning e-commerce domain. This has entailed striving to identify issues
encountered by our customers due to changes in lifestyles and the business environment. We have also beenworking to address customers’ business challenges. This has entailed strengthening account management on aGroup-wide basis and providing solutions tailored to pharmacies engaged in the remote prescription domain of
the telehealth field.
Our consolidated financial results for the three months ended June 30, 2020 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the three months
ended June 30, 2019
381,726(6,100)(9,323)For the three months
ended June 30, 2020
392,015
9,953
10,532(9,747)3,453

ChangeGrowth (%)

10,28816,05419,856

2.7－－

13,201－For the three months ended June 30, 2020, operating revenue amounted to 392,015 million yen, up 10,288
million yen from the previous year. This is largely attributable to having achieved an increase in the parcel
delivery volume as a result of having taken action in the burgeoning e-commerce domain.
For the three months ended June 30, 2020, operating expenses amounted to 382,062 million yen, down 5,765
million yen from the previous year. This is largely attributable to having incurred lower subcontracting expenses
as a result of having increased efficiency of collection and delivery through optimal allocation of management
resources and having promoted heightened efficiency of our trunk-route transportation. Meanwhile, thedecrease in operating expenses was incurred despite an increase in personnel expenses in part as a result of
having furnished consolation payments to compensate employees engaged in work on a daily basis so that weare able to maintain logistics services necessary for people’s lives and corporate activities, even undercircumstances whereby the government had declared a state of emergency associated with the spread of
COVID-19.
As a result, for the three months ended June 30, 2020, operating profit amounted to 9,953 million yen, up
16,054 million yen from the previous fiscal year.

-2-

Initiatives for the entire Yamato Group① In response to the spread of COVID-19 and to ensure that customers can use TA-Q-BIN with peace ofmind, we have been making sure that employees practice full hygiene management, implementing
contact-free deliveries and other infection prevention measures when interacting with customers, using our
website and other channels to share information, and continuing to provide logistics services, including
TA-Q-BIN.
② We have been engaging in reform of the Group management structure geared to achieving sustainablegrowth, and accordingly promoting initiatives to achieve our three business transformations and three
infrastructure transformations, based on our transformation plan “YAMATO NEXT100” which has beenformulated to serve as a grand design for management of the Yamato Group over the medium to long termgoing forward.
③ In order to promote “Inclusive Management” that enables personnel to focus more on our customers, wehave been shifting to data-driven management style which has involved streamlining and standardizing
our logistics operations through digital transformation (DX), and have been giving rise to objective andscientific decision-making largely by implementing demand and operating amount forecasts and making
optimal allocations of management resources, on the basis of data analysis.
④ In response to social needs, we have been working toward creating a logistics service that caters
specifically to the shift to e-commerce by industries and establishing an e-commerce ecosystem in orderto capitalize on the high growth potential of e-commerce. More specifically, we have started to provide our
new “EAZY” delivery service that improves convenience, safety, and efficiency with respect to purchase,delivery, and pick-up by connecting e-commerce users and e-commerce companies, and delivery service
providers across the board in real-time using digital information, through our partnerships with major
e-commerce companies.
⑤ In order to strengthen corporate logistics business, we have been combining the Group’s management
resources for corporate business such as specialist human resources at each Group company, logistics
and distribution functions, and the trunk-route transportation network connecting our distribution centers.
We have also been promoting initiatives for addressing customers’ business challenges and building a
database to provide solutions based on highly accurate, real-time information. Moreover, we have also
been strengthening management of our international business, continuing on from the previous fiscal year.
⑥ In order to strike a balance between sustainable growth and the development of a sustainable society, we
have been promoting sustainability initiatives, and have furthermore been taking steps to address material
issues that have been identified with the aim of increasing the efficiency of transportation and providing
delivery that is better for the planet, our lifestyles, and the economy, by attentively connecting people withresources and data. This effort has been underpinned by our dual visions in terms of paving the way to asustainable future, one of which is “Connect. Deliver the Future via Green Logistics.” and the other ofwhich is, “Through Co-Creation and Fair Business Activities, Help Create a Society That ‘Leaves No One
Behind.’”⑦ With the aim of revamping the Group’s management structure in order to further enhance a management
structure that enables us to confront customer and social needs, we have been promoting development ofa framework in order to shift to a management structure comprising four Business Divisions (Retail,
Regional Corporate, Global Corporate, and EC), a fully optimized organization structured according tocustomer segments effective from April 2021, and four Functional Divisions (Transportation, Platform, IT,
Professional Service).
Summary of each operating segment

 Delivery
The delivery volume of TA-Q-BIN and Kuroneko DM-Bin services are as follows.
(Million parcels / units)
Category
TA-Q-BIN
Kuroneko DM-Bin

For the three months
ended June 30, 2019419
273

For the three months
ended June 30, 2020
491
194

-3-

ChangeGrowth (%)
71
(79)

17.1
(29.1)

① In the Delivery Business, the Yamato Group concentrated on TA-Q-BIN-centered business development,
aiming to provide infrastructure that best suits our customers and contribute to enriching people’s lives.
② During the three months ended June 30, 2020, we have been taking steps to ensure consistent operationsof our TA-Q-BIN network, with the safety of customers and employees as the top priority in response to the
spread of COVID-19. In addition, we have been engaging in streamlining collection and delivery, labor
operations and administrative tasks by promoting digitization of our overall logistics operations, and inadvancing structural reform of trunk-route transportation for the purpose of optimizing the entire network
for streamlining transportation.
③ With respect to the burgeoning e-commerce domain, we have started to provide our new “EAZY” delivery
service that improves convenience, safety, and efficiency with respect to purchase, delivery, and pick-up
by connecting e-commerce users and e-commerce companies, and delivery service providers across theboard in real-time using digital information, through our partnerships with major e-commerce companies.
Continuing on from the previous fiscal year, we have been continuing to work in conjunction with flea
market websites and e-commerce companies to provide greater convenience by developing a service
environment where individual customers ship merchandise easily from convenience stores and PUDO
station open-type parcel lockers, and offering a service environment enabling customers who havepurchased a product to specify either a TA-Q-BIN Center, convenience store or PUDO station as alocation for pick-up.
④ As for individual customers, we have been taking steps to offer greater convenience by providing services
that enable such customers to complete TA-Q-BIN sending procedures using their smartphones, andproviding them with access to features such as online payment settlement and anonymous delivery.
Meanwhile with respect to corporate clients, we have been promoting initiatives for addressing theirbusiness challenges. Such efforts have involved striving to identify issues encountered by our customers
due to changes in the business environment and strengthening account management in coordinatedefforts of the Group. A specific example of such initiatives is our provision of solutions tailored topharmacies engaged in the remote prescription domain.
⑤ We have been taking steps to improve services for residents geared toward resolving issues facing
communities. In part, this has involved collaborating with numerous municipalities and companies in efforts
that entail helping those who have difficulties doing their shopping and helping to watch over elderly
residents. Moreover, we have also been helping to revitalize local industry particularly through initiatives
that involve supporting tourism and helping to expand sales channels for locally produced products.
⑥ Operating revenue amounted to 327,114 million yen, up 7.6% from the previous fiscal year owing to ahigher parcel delivery volume as a result of having taken action in the burgeoning e-commerce domain.
Operating profit amounted to 6,571 million yen, an improvement of 16,389 million yen from the previous
year due to factors that include a higher parcel delivery volume, increased efficiency of collection anddelivery through optimal allocation of management resources amid a scenario where there was a higher
rate of customers at home as a result of them refraining from going out, and efforts to promote heightened
efficiency of our trunk-route transportation.

 BIZ-Logistics① In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the TA-Q-BIN network with logistics functions, maintenanceand recall handling functions, cleansing functions for medical devices and international transportation
functions.
② For e-commerce, we are offering various one-stop services including placing and accepting orders, visualmonitoring of inventories for customers and enabling speedier shipments. Moreover, we have been
providing services to medical device-related business operators that help such customers revolutionize
logistics through our comprehensive support extending beyond delivery to encompass cleaning,
maintaining and relending surgical equipment returned by hospitals. During the three months ended June30, 2020, we took steps to strengthen ties with pharmaceutical distributors with our sights set on
developing more sophisticated solutions in the remote prescription domain, thereby addressing challenges
encountered by our customers due to changes in the business environment.
③ Operating revenue amounted to 33,693 million yen, down 2.9% from the previous fiscal year mainly
resulting from decreases in our handling of overseas lifestyle support services and fine art transport due torestrictions placed on movement and cancellations of art exhibitions associated with the spread of
COVID-19. Operating profit amounted to 157 million yen, down 80.1% from the previous year.
-4- Home Convenience① In the Home Convenience Business, we are working toward enabling customers to achieve greater
convenience and comfort in their lives through daily lifestyle support businesses that draw on the YamatoGroup’s nationwide network. During the three months ended June 30, 2020, we have worked to improve
the quality of our “My Moving” moving-related services for one-person households who are individual
customers and expand the service territory.
② Operating revenue amounted to 5,952 million yen, down 12.3% from the previous fiscal year mainly due toa decrease in moving demand as a result of the spread of COVID-19, as well as a decrease in ourhandling of some customer business as a result of carrying out adequate pricing initiatives with respect tothe “Raku Raku Household TA-Q-BIN” service. As for profits, the segment posted an operating loss of
2,128 million yen.

 e-Business① In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively developing solution platform business that combines logistics technology
and financial technology with information technology. In addition to the conventional information
technologies, we are promoting use of emerging technologies that harness artificial intelligence (AI), theInternet of things (IoT) and other such innovations to accelerate growth of the Yamato Group businesses.
② As a service for helping our customer streamline their operations and ensuring greater convenience of
end-users, we offer the “Multi-value Charge Service” which facilitates cashless payments involving
e-money and other payment options of a user’s choice, such that are made to individuals from businessenterprises involved in second-hand item purchasing and e-commerce returned merchandise. During thethree months ended June 30, 2020, we began offering “Telework Support Solutions” that enable users tobuild teleworking environments and make it possible for them to handle functions such as the placement
and acceptance of orders and billing using the Internet, thereby addressing challenges encountered by ourcustomers due to changes in the business environment.
③ Operating revenue amounted to 6,654 million yen, down 1.9% from the previous fiscal year mainly as aresult of system support for addressing the lower rate of taxation recoiling from the previous fiscal year,
and despite increased use of the “Web-based Shipment Control Service” for assisting withorder-acceptance and dispatching operations as a result of having taken action in the burgeoning
e-commerce domain. Operating profit amounted to 2,219 million yen, up 13.3% from the previous fiscal
year mainly due to firm results with respect to use of our highly profitable existing services.

 Financial① In the Financial Business, the Yamato Group has been developing settlement and financial services
tailored to a range of customer needs for payment collection of mail-order products andbusiness-to-business transaction settlement.
② With respect to our payment settlement services, in addition to providing our mainstay service “TA-Q-BIN
Collect,” we have also been promoting increased customer use of both our “Kuroneko Web Collect”
comprehensive internet-based transaction settlement service, “Kuroneko Pay After Delivery Services” andour e-money settlement services. During the three months ended June 30, 2020, we launched a program
to support adoption of our online “Kuroneko Bill Settlement” agency service for comprehensive billing thatarises in business-to-business receivables transactions but poses an obstacle to promoting teleworkarrangements, thereby addressing challenges encountered by our customers due to changes in thebusiness environment.
③ Operating revenue amounted to 10,168 million yen, down 47.5% from the previous fiscal year mainly due
to scope of consolidation changes associated with a partial transfer of Yamato Lease Co., Ltd., which
engages in the lease service business, and despite an increase in use of our “TA-Q-BIN Collect,”“Kuroneko Web Collect,” and “Kuroneko Pay After Delivery Services,” as a result of having taken action in
the burgeoning e-commerce domain. Operating profit amounted to 1,533 million yen, down 9.7% from theprevious year.

-5- Autoworks① In the Autoworks Business, we offer vehicle maintenance services that enable servicing without the needto stop business operations, thereby facilitating operational safety and extended vehicle uptime of
medium-sized transportation companies that have multiple locations. Furthermore, we provide services
that help our customers improve their asset utilization ratios, by adding options of “maintaining andsafeguarding logistics facilities and equipment, and improving such workplace environments,” along with“offering insurance plans tailored to customer risk management needs” which provide coverage for such
assets and employees.
② During the three months ended June 30, 2020, we launched business operations of our Kashiwa plant,
which constitutes our 26th location hosting a “Superworks” maintenance plant for achieving operational
efficiency. We also further strengthened our network and carried out initiatives to increase sales of ourmaintenance services through close communication with customers.
③ Operating revenue amounted to 5,479 million yen, down 14.1% from the previous year mainly as a resultof a decrease in fuel sales volume. Operating profit amounted to 1,193 million yen, down 16.8% from theprevious year.

 Other① The “JITBOX Charter service” provides transportation by transport box. The service takes advantage of its
network consisting of multiple companies and provides added value to customers through timely delivery
and frequent, right-volume delivery. During the three months ended June 30, 2020, we carried out
initiatives to increase sales of our services amid a scenario of stagnating economic activity associated withthe spread of COVID-19.
② Operating profit excluding dividends which Yamato Holdings Co., Ltd. received from the Group companies
decreased 89.6% from the previous fiscal year to 42 million yen.
ESG Initiatives① The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. Accordingly, its transport safety management practices in that regard involve drawing up its
Safety Management Regulations, building up its transport safety management systems, and formulating
fiscal year plans, all centered on respective Group companies whose main operations involve transport.
During the three months ended June 30, 2020, the Yamato Group carried out the “Zero Traffic Accidents
Campaign” in order to improve safety awareness on a Group-wide basis. In addition, since 1998 we havebeen holding our “Safety Classes for Children,” through which we convey the importance of traffic safety,
in day care facilities, kindergartens and elementary schools across Japan.
② Based on its corporate philosophy, the Yamato Group carries out business activities in accordance withthe law and social norms and actively promotes compliance management. Striving to maximize corporate
value by effectively utilizing the management resources of the Group is one of the top priorities ofmanagement, and we have implemented measures and bolstered management systems as part of ourcorporate governance initiative. Moreover, we engaged in efforts to furthermore strengthen our Group
governance with the aim of enhancing sound Group management. During the three months ended June30, 2020, we engaged in efforts that included strengthening the merchandise inspection systems of theoverall Yamato Group and upgrading the whistle-blower system.
③ The Yamato Group recognizes that its approximately 220,000 employees are the Group’s greatest asset,
and accordingly acts to create an employee-friendly and rewarding working environment where employees
can take a vibrant approach to work, in order to heighten employee satisfaction and to serve as acompany where a diverse range of talent chooses to work. Continuing on from the previous fiscal year, weare engaging in efforts that include building appealing personnel systems, adopting a performance
evaluation scheme that encourages independent and autonomous behavior, and re-establishing an
educational system.
④ The Yamato Group recognizes that climate change is a crucial issue with respect to making the notion of asustainable society a reality, and accordingly identifies and evaluates risks and opportunities associatedwith climate change. Moreover, we have been taking action to achieve the vision of virtually zero carbon-6-dioxide emissions (in-house emissions), established as a long-term goal, through efforts that involve
shifting to use of vehicles that produce lower carbon dioxide emissions, developing and introducing
next-generation mobility including electric vehicles, and handling collection and delivery in a manner that
does not involve use of automobiles. Moreover, we have been engaging in other initiatives that involve
reducing carbon dioxide emissions by heightening the efficiency of our trunk-route transportation to major
cities and extending operations served by our “Super-Full Trailer SF25,” which helps reduce long-haul
driver workloads. We also hold “Kuroneko Yamato Environmental Class” sessions designed to provide
support for environmental education of children who will bear responsibilities of the next generation. We
have held such classes on an ongoing basis nationwide since 2005.
⑤ 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).” During the three months ended June30, 2020, we promoted our “combined passenger-cargo” operations using scheduled-route passenger
buses and railways, thereby helping to improve lifestyle services for local residents by keeping scheduled
bus and railway networks running in hilly and mountainous areas where populations are substantiallydeclining and getting older, and also by streamlining distribution in those locations. In addition, forresidents in suburban areas which are undergoing changes with respect to people’s life stages, we havebeen providing support for community development geared to ensuring that local residents are able tolead comfortable lives. Our efforts have involved helping to revitalize local communities where we have ourbusiness locations, and providing such residents with lifestyle support services that include handling
shopping and housekeeping on their behalf.
⑥ Aspiring to be a company that continually evolves in step with society, led by Yamato Welfare Foundation,
the Yamato Group conducts various activities to help realize a society in which disabled people canexperience the joy of working autonomously. Specifically, we engage in ongoing programs that support
economic independence of people with disabilities, such that include actively employing people withdisabilities at the Swan Bakery which makes and sells bread, providing them with workplaces through theconsigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they take part intraining to acquire skills and knowledge necessary for employment.
⑦ The Yamato Group has been promoting sustainability initiatives with the aim of striking a balance between
sustainable growth and the development of a sustainable society, based on its transformation plan
“YAMATO NEXT100,” which serves as a grand design for management over the medium to long term.
Under our “Connect. Deliver the Future via Green Logistics” and “Through Co-Creation and Fair Business
Activities, Help Create a Society That ‘Leaves No One Behind’” visions for a sustainable future, we willachieve logistics that are friendly to the environment, lifestyle, and economy by connecting people,
resources, and data in a highly sophisticated manner, and making transportation more efficient. Moreover,
we will accordingly promote initiatives with respect to material issues identified in relation to theenvironment and material issues related to society, the former of which include Energy & Climate,
Atmosphere, Resource Circulation & Waste, and Resilience of Companies & Society, and the latter ofwhich include Labor, Human Rights & Diversity, Safety & Security, Data Utilization & Security, Supply
Chain Management, and Local Community.

-7-

(2) Explanation of financial position
Total assets were 1,083,474 million yen as of June 30, 2020, down 17,265 million yen from the end of theprevious fiscal year. The decrease was largely attributable decreases in investments in leases and assets forrent of 53,886 million yen and 11,059 million yen, respectively, associated with having excluded Yamato Lease
Co., Ltd. from the scope of consolidation, despite a 44,483 million yen increase in cash and deposits.
Liabilities increased 4,673 million yen to 542,577 million yen from the end of the previous fiscal year. The
increase was largely attributable to a 51,473 million yen increase in accrued expenses upon having recognizedscheduled payments of summer bonuses, despite a 20,312 million yen decrease in provision for bonuses, a
20,000 million yen decrease in short-term borrowings, and a 11,729 million yen decrease in income taxes
payable due to the payment of income taxes.
Total net assets were 540,896 million yen, down 21,938 million yen from the end of the previous fiscal year. The
major factors included the recording of profit attributable to owners of parent of 3,453 million yen, payment ofdividends of surplus of 10,015 million yen and purchase of treasury shares amounting to 16,365 million yen.
Accordingly, the equity ratio changed to 49.2% from 50.4% of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The economic environment deteriorated substantially due to the global spread of COVID-19. The outlook foreconomic recovery both in Japan and overseas remains unknown given uncertainties as to the status of
COVID-19 transmission ahead and timing as to when the pandemic might subside. Moreover, in the logistics
industry COVID-19 has been spurring accelerated growth in the e-commerce domain due to factors that include
consumption from people staying home amid a scenario of changes in lifestyles and the business environment
brought about by developments such as companies promoting telework arrangements and a shift to online
services in the fields of medicine and education. On the other hand, the industrial business encountereddwindling overall economic activity, including worldwide stagnation of the production activities in manufacturingindustry and international trade, sharply declining inbound travel demand due to restrictions placed on
movement, and voluntary suspension of business activities particularly in the service industry. Ramifications of
this situation with respect to the business environment going forward remain uncertain.
Amid that business environment, the Yamato Group has calculated its consolidated earnings forecasts basedon the premise that it will continue to provide TA-Q-BIN and other logistics services with the safety of customers
and employees as the top priority, underpinned by the assumption that the current situation will persist inJapan.
For the full fiscal year ending March 31, 2021, we deem that operating revenue is likely to exceed that of theprevious fiscal year largely as a result of our taking action in the burgeoning e-commerce domain. Meanwhile,
we deem that operating expenses are likely to fall below those of the previous fiscal year despite increases in
expenses associated with developing delivery networks and promoting structural reform, due to our ongoing
efforts to strengthen cost controls particularly through optimal allocations of management resources andheightened efficiency of our trunk-route transportation. As a result, operating profit is likely to exceed that of theprevious fiscal year.

-8-2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2020

As of June 30, 2020

AssetsCurrent assets
Cash and deposits

197,226

241,710Notes and accounts receivable - trade

213,980

204,784

Accounts receivable - installment

46,08845,264

Lease receivables and investments in leases

53,886―Merchandise and finished goods

552

458

Work in process

165

292

Raw materials and supplies

3,497

3,186

Other

28,92541,427

Allowance for doubtful accounts(1,439)(1,440)Total current assets

542,884

535,683

362,314364,913

Accumulated depreciation(208,753)(210,774)

Buildings and structures, net

153,561

154,138

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

Vehicles

214,177

209,053(193,345)(192,453)

20,831

16,599Land

175,158

175,158

Leased assets

31,26037,928

Accumulated depreciation(8,501)(11,684)

Leased assets, net

22,75926,244

161,292

135,219(109,768)(97,980)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

51,52437,238423,835

409,379

20,96522,416

Investment securities

40,31043,876

Other

74,30673,490Allowance for doubtful accounts(1,562)(1,372)

Total investments and other assets

113,054

115,994

557,855

547,790

1,100,739

1,083,474

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, 2020

As of June 30, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade147,081

142,332

Short-term borrowings

75,50055,500Current portion of bonds payable

10,00010,000

Lease obligations

3,578

5,037

Income taxes payable

20,377

8,647

Deferred installment income

5,028

4,846

Provision for bonuses

35,866

15,553

Other

111,379

167,541

Total current liabilities

408,811

409,459

Long-term borrowings

14,00014,000

Lease obligations

21,76024,718Retirement benefit liability

79,23079,820Non-current liabilities

Other

14,102

14,578

Total non-current liabilities

129,093

133,118

537,904

542,577

Share capital

127,234

127,234

Capital surplus

36,81336,813Retained earnings

441,746

435,184

Total liabilities
Net assets
Shareholders’ equity

Treasury shares(54,770)(71,136)

Total shareholders’ equity

551,024

528,096

8,157

9,370

Foreign currency translation adjustment(317)(1,209)Remeasurements of defined benefit plans(3,692)(3,004)

Total accumulated other comprehensive income

4,148

5,156

7,662

7,642

562,835

540,896

1,100,739

1,083,474

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

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

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the three months ended
June 30, 2019

For the three months ended
June 30, 2020

Operating revenue

381,726

392,015

Operating costs

374,114366,891

Operating gross profit

7,612

25,124

Selling, general and administrative expenses

13,713

15,171

Operating profit (loss)(6,100)9,953

Non-operating income
Interest income

38

57

Dividend income

399

379

Electric vehicle subsidies

―

373

Other

251

306

Total non-operating income

689

1,117

96

173

3,393

206

Other

422

158

Total non-operating expenses

3,911

537

(9,323)

10,532Gain on sales of non-current assets

10Gain on sales of investment securities―

38

Total extraordinary income

1

39

Loss on retirement of non-current assets

45

67

Impairment loss

45―

Loss on valuation of investment securities

0118

Loss associated with measures to address COVID-19

―

1,163

Total extraordinary losses

91

1,349

Profit (loss) before income taxes(9,413)

9,222

Income taxes

257

5,740

Profit (loss)(9,670)3,482

Profit attributable to non-controlling interests

76

29

Profit (loss) attributable to owners of parent(9,747)

3,453

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method

Ordinary profit (loss)
Extraordinary income

Extraordinary losses- 11 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the three months ended
June 30, 2019

For the three months ended
June 30, 2020

(9,670)3,482(1,978)1,350

Foreign currency translation adjustment

709

(892)

Remeasurements of defined benefit plans, net of tax

355

686

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

50

(0)

(863)

1,145

(10,534)

4,627

Comprehensive income attributable to owners of parent(10,407)

4,461

Comprehensive income attributable to non-controllinginterests

(126)

166

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities

Total other comprehensive income
Comprehensive income(Breakdown)- 12 -

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and equity method application)
Material changes in scope of consolidation
Effective from the three months ended June 30, 2020, Yamato Lease Co., Ltd. is excluded from the scope of
consolidation upon partial transfer of its shares.
Moreover, effective from the three months ended June 30, 2020, YMT-GB, an investment limited partnership,
has been established and is included in the scope of consolidation.
Material changes in scope of equity method application
Effective from the three months ended June 30, 2020, Yamato Lease Co., Ltd. is included in the scope of theequity method, having been excluded from the scope of consolidation upon 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 first quarter under review.
(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and profit or loss by reportable segment
For the three months ended June 30, 2019
(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

Financial

303,946

34,703

6,783

6,782

19,35813,705

3,038

2,494

10,478692

317,652(9,817)37,742792

9,278(2,991)

17,261
1,958

20,0501,697

Reconciliation(Note 3)

Amountrecorded inconsolidated
statement ofincome(Note 4)

DeliveryOperating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment profit (loss)

Autoworks

Other(Notes 1, 2)

Total

Operating revenue
Operating revenue from customers
6,379
3,771
381,726―
381,726
Inter-segment operating revenue or
7,984
43,80682,200(82,200)―transfers
Total
14,36347,578463,926(82,200)
381,726
Segment profit (loss)
1,433
36,712
29,787(35,888)(6,100)Notes: 1. Other includes business-to-business distribution via JITBOX Charter and shared services, etc.
2. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment profit is 36,523 million yen.
3. The adjustment of segment profit resulted from eliminating transactions among segments, etc.
4. An adjustment was made between segment profit and operating loss in the consolidated statement of income.

- 13 -

For the three months ended June 30, 2020
(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

Financial

327,11433,693

5,952

6,654

10,16814,439

3,360

2,182

11,3507

341,553
6,571

37,053157

8,135(2,128)18,004
2,219

10,176
1,533

Reconciliation(Note 3)

Amountrecorded inconsolidated
statement ofincome(Note 4)

DeliveryOperating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment profit (loss)

Autoworks

Other(Notes 1, 2)

Total

Operating revenue
Operating revenue from customers
5,479
2,953
392,015―392,015Inter-segment operating revenue or
8,089
37,42776,858(76,858)―
transfers
Total
13,56940,380468,874(76,858)
392,015
Segment profit (loss)
1,193
28,20637,753(27,799)
9,953
Notes: 1. Other includes business-to-business distribution via JITBOX Charter and shared services, etc.
2. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment profit is 29,568 million yen.
3. The adjustment of segment profit resulted from eliminating transactions among segments, etc.
4. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

- 14 -

3. Supplementary Information
Operating revenue by businessBusiness segment

Delivery

BIZ-Logistics

Home
Convenience

e-Business

Financial

Autoworks

Other

TA-Q-BIN
Kuroneko DM-Bin
Express
OthersEliminations
Total
Logistics
Trading logistics
service
OthersEliminations
Total
Home convenience
Eliminations
Total
Credit card solution
IT operating
Web-based mail ordersolution
OthersEliminations
Total
Payment
Lease service
Credit & Finance
OthersEliminations
Total
Truck solution
OthersEliminations
Total
JITBOX Charter service
OthersEliminations
Total
Total

For the three months ended For the three months ended
June 30, 2019
June 30, 2020
AmountRatio
AmountRatio(Millions of yen)(%)
(Millions of yen)(%)
280,23773.4
309,279
78.9
17,2604.5
13,073
3.3
10,042
2.6
9,240
2.4
23,0696.0
23,253
5.9(26,662)(7.0)(27,733)(7.1)
303,94679.6
327,114
83.4
23,690
6.2
24,2966.2

10.4(24.3)
(8.0)
0.8
4.0
7.6
2.6

Fiscal year ended March 31,
2020
AmountRatio(Millions of yen)(%)
1,217,572
74.7
64,104
3.9
41,608
2.6
97,4966.0(110,713)(6.8)
1,310,067
80.4
99,414
6.1

Change
(%)

9,723

2.5

10,0802.6

3.7

41,7962.6

8,000(6,711)
34,7039,280(2,496)
6,783
2,657
2,095

2.1
(1.8)
9.1
2.4
(0.7)
1.8
0.7
0.5

6,712
(7,395)33,6938,136(2,183)
5,952
2,530
1,923

1.7
(1.9)
8.6
2.1
(0.6)
1.5
0.6
0.5

(16.1)
10.2(2.9)(12.3)(12.5)(12.3)(4.8)(8.2)

31,669(28,946)
143,934
39,210(11,404)
27,805
11,529
8,138

1.9
(1.8)
8.8
2.4
(0.7)
1.7
0.7
0.5

1,266

0.3

1,043

0.3

(17.6)

6,190

0.4

12,267(11,504)
6,782
7,315
10,020
834
1,894
(706)
19,358
12,831
2,174(8,626)
6,379
3,261
45,928(45,417)
3,771
381,726

3.2
(3.0)
1.8
1.9
2.6
0.2
0.5
(0.2)
5.1
3.4
0.6
(2.3)
1.7
0.9
12.0
(11.9)
1.0
100.0

14,176
13,019
6,654
8,567
－
741
880
(20)
10,168
11,8802,310(8,710)5,479
2,629
39,306(38,982)
2,953
392,015

3.6
(3.3)
1.7
2.2
－
0.2
0.2
(0.0)
2.6
3.0
0.6
(2.2)
1.4
0.7
10.0
(9.9)
0.8
100.0

15.6
13.2
(1.9)
17.1
－
(11.2)(53.5)(97.1)(47.5)
(7.4)
6.3
1.0
(14.1)(19.4)(14.4)(14.2)(21.7)
2.7

53,309(48,589)
30,57929,44840,3063,344
6,848(2,875)77,07249,806
8,734(33,618)
24,922
13,37371,724(69,334)
15,763
1,630,146

3.3
(3.0)
1.9
1.8
2.5
0.2
0.4
(0.2)
4.7
3.1
0.5
(2.1)
1.5
0.8
4.4
(4.3)
1.0
100.0

- 15 -