Translation
October 31, 2012

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2013
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Kenichi Shibasaki, Managing Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
November 12, 2012
Scheduled date of the commencement of dividend payment:
December 10, 2012
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the second quarter of fiscal year 2013
(cumulative: from April 1, 2012 to September 30, 2012)(1) Consolidated operating results

For the six months ended
September 30, 2012
September 30, 2011
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen%
Millions of yen%
617,298
0.6
18,034(20.5)
18,926(18.8)
8,083
37.5
613,526
2.6
22,67612.1
23,3079.0
5,877 (44.0)
For the six months ended September 30, 2012: 7,061 million yen (26.6%)
For the six months ended September 30, 2011: 5,576 million yen ((31.3)%)
Net income per share

For the six months ended
September 30, 2012
September 30, 2011

Yen
18.79
13.66

Net income pershare - fully diluted
Yen
18.33
13.33

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
September 30, 2012
902,903525,755
57.3
March 31, 2012
919,294
523,783
56.0(Reference) Equity:
As of September 30, 2012: 517,217 million yen As of March 31, 2012: 514,996 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2012—
11.00
Fiscal 2013—
11.00
Fiscal 2013 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
11.00
—
11.00

Total
Yen
22.00
—
22.00

3.

Consolidated earnings forecasts for fiscal year 2013 (from April 1, 2012 to March 31, 2013)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,308,000
3.7
70,0005.0(Note) Revisions to the forecasts most recently announced: None

(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
71,0004.6
38,00092.0
88.34* Notes(1) Changes in significant subsidiaries during the six 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. Matters Regarding Summary Information (Notes), (1) Application of specific accounting for preparing thequarterly consolidated financial statements” of the attached materials to the quarterly financial results report on page 7.

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes due to revision to accounting standards, etc.: Yes
b. Changes other than a:
Nonec. Changes in accounting estimates:
Yes
d. Restatement of prior period financial statements after error corrections:
None(Note) Effective from the first quarter ended June 30, 2012, a change has been made to the depreciation method and this change falls into thecase where “it is difficult to distinguish between change in accounting policy and change in accounting estimate.” For details, please see“2. Matters Regarding Summary Information (Notes), (2) Changes in accounting policies, changes in accounting estimates, andrestatement of prior period financial statements after error corrections” of the attached materials to the quarterly financial results reporton page 7.

(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of September 30, 2012
468,052,892 shares
As of March 31, 2012
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of September 30, 2012
37,907,814 shares
As of March 31, 2012
37,905,955 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2012
430,146,068 shares
For the six months ended September 30, 2011
430,214,860 shares*Indication regarding execution of quarterly review procedures

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

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of Accounts
for the Six Months, (3) Qualitative information on consolidated earnings forecasts” of the attached materials to the quarterly financial results
report on page 7.
• The Company plans to hold a presentation meeting for analysts on November 1, 2012. After holding the meeting, the Company plans to post
the financial results explanatory material distributed at the meeting on the Company’s website.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Six Months..................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts .............................................................................. 7
2. Matters Regarding Summary Information (Notes).................................................................................................... 7(1) Application of specific accounting for preparing the quarterly consolidated financial statements...................... 7(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period
financial statements after error corrections........................................................................................................ 7
3. Consolidated Financial Statements.......................................................................................................................... 8(1) Consolidated balance sheets ............................................................................................................................ 8(2) Consolidated statements of income and consolidated statements of comprehensive income ........................ 10
Consolidated statements of income (cumulative) ............................................................................................ 10
Consolidated statements of comprehensive income (cumulative)................................................................... 11(3) Consolidated statements of cash flows ........................................................................................................... 12(4) Notes to premise of going concern.................................................................................................................. 14(5) Segment information, etc................................................................................................................................. 14(6) Notes on significant changes in the amount of shareholders’ equity ............................................................... 15
4. Supplementary Information .................................................................................................................................... 16
Operating revenue by business................................................................................................................................ 16-1-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Qualitative information on consolidated operating results
Regarding the business environment during the six months ended September 30, 2012, although the mail-ordermarket continued to expand, conditions continued to be unpredictable because of concerns about the overseas
economic slowdown resulting from the European debt crisis, and the prolonged strong yen, among otherfactors. Operating in this environment, the Yamato Group worked to achieve greater sophistication of its
existing businesses, particularly the TA-Q-BIN Business, to realize the objectives of the Long-Term
Management Plan “DAN-TOTSU Management Plan 2019” and the Medium-Term Management Plan
“DAN-TOTSU Three-Year Plan HOP,” and took steps to create new value by utilizing a multiple assortment of
the management resources within the Group and construct an intermodal transportation platform in the Asian
region.
In the Delivery Business, while implementing new services and campaigns for individual customers, the YamatoGroup strove to promote proposal-based sales to support corporate clients in their efforts to expand their sales
channels and solve management challenges. As a result, the TA-Q-BIN delivery volume increased from theyear-ago period, but the delivery volume of Kuroneko Mail declined, affected by stricter parcel acceptancepolicies. In addition, due to an increase in investment-oriented expenses, which accompanied measures toreform the pickup and delivery operations, profits declined from the year-ago period.
In the non-delivery businesses, in addition to further expanding sales of e-money related services and creating
new services in the Home Convenience Business, we expanded bases in the Truck Maintenance Business.
Our consolidated financial results for the six months ended September 30, 2012 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the six months
ended September 30, 2011
613,526
22,67623,307
5,877

For the six months
ended September 30, 2012
617,298
18,03418,926
8,083

Change3,771(4,641)(4,381)2,206

Growth (%)
0.6(20.5)(18.8)
37.5

Initiatives for the entire Yamato Group
a.

b.

c.

Aiming to strengthen the growth momentum of the entire Yamato Group, the Group is focusing its energies
on expanding its business area through greater penetration of its services in the Asia region. Moreover inJapan, while striving to enhance existing functions particularly in relation to TA-Q-BIN and creating newservices, we are providing local community-oriented services and functions in each region throughout
Japan.
In its business development in the Asian region, the Yamato Group is boosting sales activities in the areas
where TA-Q-BIN is being promoted and enhancing overseas bases for trade logistics, as well as
strengthening its logistics function that interlinks the countries and regions. In the first six months ended
September 30, 2012, the Group aimed to realize next-day delivery and Cool TA-Q-BIN services forsmall-lot transportation in the Asia region and proceeded with the construction of an intermodaltransportation platform that utilizes Okinawa’s international logistics hub.
In the Japanese market, in addition to creating new services and proposing composite services that havebeen tailored to suit the individual needs of corporate clients, the Yamato Group, through collaboration
with the governments of each region, has commenced the provision of services that support local
residents and companies. The Group is committed to improving convenience to corporate as well as
individual customers by promoting the utilization of the accumulated functions and network of the entire
Yamato Group, the Group is also committed to contributing to regional society.

-2-Summary of each operating segment

 Delivery
The delivery volumes of TA-Q-BIN and Kuroneko Mail services are as follows.
Category
TA-Q-BIN
Kuroneko Mail

a.
b.

c.

d.

e.

f.

For the six months
ended September 30, 2011
683
1,089

For the six months
ended September 30, 2012
713
1,038

(Million parcels / units)
ChangeGrowth (%)
30
(50)

4.4
(4.7)

In the Delivery Business, the Yamato Group concentrated on TA-Q-BIN-centered business evolution,
aiming to provide infrastructure that best suits our customers and contribute to enriching peoples lives.
With respect to services for individual customers, the Yamato Group, celebrating the fifth year of offering
the “Kuroneko Members” membership service, launched the “Kuroneko Point Campaign” whereby
Kuroneko Members can collect points such as when sending or receiving TA-Q-BIN from August this year
and exchange those points for original goods. In addition, we improved convenience when receiving
TA-Q-BIN by launching a service that allows customers to choose participating convenience stores as thedelivery receiver for mail-order product purchases.
For corporate clients, to support clients in expanding sales channels and improving their business
operations, the Group promoted proposal-based sales that utilize a multiple assortment of the
management resources in the Group, interlinking the TA-Q-BIN service with logistics functions, information
processing functions, and financial technology functions. As a result, TA-Q-BIN delivery volumes increased
with greater usage primarily by mail-order industry clients.
In the Kuroneko Mail service, the Yamato Group promoted comprehensive proposal-based sales that offer
mailing services inclusive of enveloping printed materials. In the first six months ended September 30,
2012, despite greater usage by new customers, the effect of stricter parcel acceptance policies led to a
decline in the delivery volume compared with the year-ago period.
Aiming to realize improved delivery quality and productivity, the Yamato Group has establishedteam-based pick-up and delivery involving part-time employees called "Field Casts" and Sales Drivers. We
conducted en-masse delivery during the time zones that our customers are most frequently at home. In
the first six months ended September 30, 2012, we constructed the Field Cast framework, putting in placea base that we can expect to provide future growth.
Operating revenue amounted to 495,366 million yen, up 1.0% from the year-ago period as a result of
TA-Q-BIN delivery volumes that have continued to fare well, particularly for corporate clients, despite adecline in the delivery volume of Kuroneko Mail due to the impact of stricter parcel acceptance policies.
Operating income was 7,571 million yen, down 27.6% from the year-ago period, as a result of an increasein expenses incurred by investment in the Field Casts.

 BIZ-Logistics
a.
b.

c.

d.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the TA-Q-BIN network with international transportation
functions and logistics functions.
For corporate clients requiring international transportation, the Yamato Group provides a variety ofservices, including air and sea transportation services, small-lot international intermodal transportation
service that is interlinked with the TA-Q-BIN network, as well as a packaging and customs services. During
the first six months ended September 30, 2012, there was firm growth in imports of overseas products by
mail-order companies, etc.
As part of logistics systems provided to the mail-order industry, the Yamato Group focused on businessevolution centered on the "Today Shopping Service" that offers delivery in as short a time as four hours
from ordering. In the first six months ended September 30, 2012, we increased our revenue owing to an
expansion of usage of services by existing and new customers.
The Yamato Group provides comprehensive support services to manufacturing companies including returnof repaired products and recall-related operations. During the first six months ended September 30, 2012,
the evolution of this business accelerated. The number of recall contracts received increased and a“Return and Exchange Support Service” was newly launched whereby the products for replacement are

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e.

f.

handed over when collecting the faulty items.
For customers who handle pharmaceutical products and medical devices, the Group has constructedadvanced sanitary management and security systems. By utilizing distribution centers dedicated to thesecustomers, the Group provides services that support all these customers’ needs ranging from thewarehousing of pharmaceutical products through to the delivery of these products as well as cleaning andmaintenance services for medical devices. In the six months ended September 30, 2012, the delivery
volume of existing customers increased and use by new customers expanded.
Operating revenue amounted to 41,831 million yen, up 2.1% from the year-ago period due to an
expansion of use of the small-lot international intermodal transportation service and services for the
mail-order industry, among other factors. Operating income was 2,214 million yen, up 49.4% from theyear-ago period.

 Home Convenience
a.
b.

c.

d.

In the Home Convenience Business, we are working to offer convenience and comfort to customers’ lives
by providing lifestyle support services that utilize the nationwide network of the Yamato Group.
In our services for individual customers, we provide a moving service designed for the moving needs ofsingle persons, and a rental and recycle service for furniture and electronics, among other services. In thesix months ended September 30, 2012, we offered lifestyle support services suited to various customer life
stages, such as moving services for small volumes aimed at individuals who get transferred by themselves,and comprehensive cleaning services including house cleaning, tidying and organizing and collection of
unwanted items aimed at dual-income families and the elderly.
In our services for corporate customers, in addition to office relocation services and moving services
associated with personnel transfers, we also provided delivery and installation agent services for electronic
products and household equipment. In the six months ended September 30, 2012, as it is now possible tosell electricity to the electric power companies under the renewable energy procurement system, thenumber of installation and maintenance requests for eco-household facilities has grown.
Operating revenue amounted to 21,060 million yen, down 15.1% from the year-ago period because of thelull in comparison with the heavy moving demand following the Great East Japan Earthquake and theincreased demand for furniture and electronic appliance delivery associated with the switch to terrestrial
digital TV that existed in the previous fiscal year. On the cost front, moreover, although steps were taken to
improve productivity and constrain costs, this was insufficient to cover the decline in revenue andoperating loss was 1,163 million yen.

 e-Business
a.
b.

c.

d.

e.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
In the e-money related services, the Yamato Group offers solutions through collaboration between thee-Business and the Financial Business. It has been promoting installation and operation of a multie-money settlement terminal that allows settlement by multiple types of e-money with a single device. In
the six months ended September 30, 2012, the installation of e-money terminals and the use of e-money
systems expanded for a wide range of customers including large distribution companies, tenants ofcommercial facilities, and medium- and small-sized service businesses.
To customers who must manage products on an individual basis, the Yamato Group offers services that
contribute to better visualization of the flow of items by utilizing freight-tracking know-how from the
TA-Q-BIN system. In the six months ended September 30, 2012, use by both existing customers and newcustomers expanded, and such services performed firmly.
To customers who operate mail-order businesses, the Group developed services that provide total
services including information management functions beginning with the acceptance of orders and ending
with the delivery of the product, as well as sales data analysis functions. In the six months ended
September 30, 2012, we launched automatic generation services for mail-order applications designed forsmartphones and tablet devices, and provided comprehensive support from order acceptance to productdelivery.
Operating revenue amounted to 17,762 million yen, an increase of 0.7% from the year-ago period as aresult of the expansion of e-money related and mail-order related services. Operating income was 2,647-4-

million yen, down 5.7% from the year-ago period due to anticipatory investment for e-money related
services.

 Financial
a.
b.

c.

d.
e.

In the Financial Business, the Yamato Group is endeavoring to respond to every means of payment
settlement to meet the needs of customers from payment collection on mail-order product delivery to B2Btransaction settlement.
For the mail-order industry, by taking advantage of intra-group cooperation, shipments were firm forlarge-lot mail-order industry clients. In addition, the Group strengthened proposal-based sales of solutions
that utilized intra-group management resources aimed at small-lot mail-order industry clients. As a result,in the first six months ended September 30, 2012, the number of transactions was higher than the
year-ago period.
We provide our corporate clients with a comprehensive money collection agent service forbusiness-to-business transactions called “Kuroneko Anshin Settlement Service.” Through this service, we
provide value through improving business efficiency, and managing accounts receivable and reducing riskof debt collection. In the first six months ended September 30, 2012, through sales promotion activities,
such as direct mail and utilizing intra-group cooperation, the number of participating stores with contracts
increased.
In the lease business, we took steps to provide business support mostly involving leasing and installment
sales of vehicles for transportation operators. In the first six months ended September 30, 2012, thenumber of new lease contracts steadily expanded.
Operating revenue was up 2.5% from the year-ago period to 27,011 million yen due to an increase in thenumber of payment settlement transactions of the TA-Q-BIN Collect. Operating income was 4,177 million
yen, down 18.8% from the year-ago period due to the effect of a reversal of an allowance for doubtful
accounts in the year-ago period.

 Truck Maintenance
a.

b.
c.

In the Truck Maintenance Business, the Yamato Group, through leveraging the technology that has been
surely developed from the servicing and maintenance operations of Yamato Group vehicles as amanagement resource, is offering customers who use trucks, buses and other vehicles in their operations
the value of improved vehicle maintenance convenience, compliance with statutory vehicle inspections,and reduced maintenance expenses.
In the first six months ended September 30, 2012, we offered our “12-Month Fixed-Price MaintenancePackage,” which evens out the monthly vehicle maintenance expenses. We also strove to expand ourbusiness areas, beginning operation at the Okayama Plant in September.
Operating revenue amounted to 11,671 million yen, up 9.0% from the year-ago period due to the increasein the number of vehicles serviced. Operating income was 1,517 million yen, up 2.1% from the year-ago
period.

 Othera.

b.

The “JITBOX Charter service” is a service that provides transportation by transport box. The service takes
advantage of its Group network consisting of multiple companies and provides value to customers throughtimely delivery and frequent, right-volume delivery. In the six months ended September 30, 2012, theGroup increased the number of transportation orders of large equipment for manufacturing companies,
and the handling volume exceeded that of the year-ago period. In addition, we developed returnable
material suited for the transportation of precision equipment, among other items, and strove to provide anenvironmentally friendly and safe transportation service.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from Group
companies decreased 23.1% from the year-ago period to 423 million yen.

CSR Initiativesa.

The fundraising campaign the “Great East Japan Earthquake Life, Industry Infrastructure Recovery, and

-5-

b.

c.

d.

e.

Rebuilding Relief Fund” that was administered by Yamato Welfare Foundation to assist in the recovery
from the Great East Japan Earthquake ended on June 30, 2012. The total amount of funds raised, mostly
from a program carried out by Yamato Transport last year to donate 10 yen for every TA-Q-BIN parcel wedeliver, amounted to 14,200 million yen. In turn, 31 projects, including those to rehabilitate industry in theaffected region and those to revive agriculture and fisheries, were nominated as recipients.
The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the six months ended September 30, 2012, the Group continuously conducted activities in
the local communities. For example, more than 2 million people have now participated in the “Safety
Classes for Children” held in day-care facilities, kindergartens and elementary schools across Japan. In
addition, we conducted safety education for employees and promoted the introduction and expansion of“See-T Navi,” an on-board system designed with safety in mind, among other initiatives.
The Yamato Group recognizes that initiatives to address environmental problems are challenges to beshared by all humanity, and we take the initiative to proactively promote environmental protection activities.
In the six months ended September 30, 2012, we formulated “Nekology” (combining “Kuroneko” with“ecology”), which is an environmental protection philosophy and guideline for environmental activities forthe entire Yamato Group, and we carried out various initiatives to promote it. Moreover, in July, the Group
received the “Logistics Environmental Special Award” in the 13th Logistics Environmental Award for a
pickup and delivery system that utilizes a tram in Kyoto.
Aspiring to be a company that has a strong bond of trust with society, the Yamato Group promotes various
activities to help realize a society in which disabled people can freely enjoy a lifestyle as a member of theworkforce. For example, led by Yamato Welfare Foundation, we actively employ disabled people in the
Swan Bakery that makes and sells bread, provide workplaces through the consigned delivery of Kuroneko
Mail, and operate job-finding support facilities that conduct training of skills and knowledge necessary for
employment.
The Yamato Group cooperated with government agencies and local businesses to conduct local
community-oriented initiatives. The Group provided a service called “Magokoro TA-Q-BIN,” an initiative
carried out in cooperation with the Iwate Prefectural Council of Social Welfare and local supermarkets.
This service, which is designed to check up on the wellbeing of elderly residents and provide them withshopping assistance, is expanding its coverage, contributing to the vitalization of the local community.

(2) Qualitative information on consolidated financial position(Assets, liabilities and net assets)
Total assets were 902,903 million yen as of September 30, 2012, down 16,390 million yen from the end of theprevious fiscal year. Major factor included a decrease in cash and deposits of 18,226 million yen due to thepayment related to purchase of property, plant and equipment, among other factors.
Liabilities decreased 18,363 million yen to 377,147 million yen from the end of the previous fiscal year. Major
factors behind this decrease included the decrease in other current liabilities of 12,238 million yen due to thepayment related to purchase of noncurrent assets and the decrease of income taxes payable of 6,766 million
yen due to the payment of income taxes.
Total net assets were 525,755 million yen, up 1,972 million yen from the end of the previous fiscal year. Major
factors included an increase in retained earnings of 3,166 million yen due to the recording of net income of
8,083 million yen and the payment of dividends from surplus of 4,731 million yen.
Accordingly, the equity ratio changed to 57.3% from the previous fiscal year’s 56.0%.
(Cash flows)
Net cash provided by operating activities for the six months ended September 30, 2012 amounted to 16,993
million yen, which is a decrease of 9,156 million yen compared with the year-ago period. Major factors included
an increase in net decrease in notes and accounts payable – trade of 7,330 million yen, among other factors.
Net cash used in investing activities was 31,984 million yen. Compared with the year-ago period, the amount of
net cash used increased by 7,484 million yen. Major factor included an increase in purchase of property, plantand equipment of 9,234 million yen.
Net cash used in financing activities was 4,864 million yen. Compared with the year-ago period, the amount of
net cash used decreased by 20,650 million yen. Major factors included a decrease in cash used for thepurchase of treasury stock of 11,884 million yen and an increase of 8,756 million yen in net cash provided
related to loans payable from the net cash used in the year-ago period.
As a result of the above, cash and cash equivalents were 189,995 million yen as of September 30, 2012, down
18,398 million yen from the end of the previous fiscal year.

-6-(3) Qualitative information on consolidated earnings forecasts
Looking forward at the state of the economy, in addition to a slowing global economy due to the European debt
crisis and the prolonged period of the strong yen, the Japanese economy is also showing signs of slowing.
These all add to the risk of a greater-than-expected downturn in the economy. It is therefore expected that amood of uncertainty towards the economy will continue.
In this environment, the Yamato Group will look to maintain operating revenue. In the Delivery Business, theGroup will strive to increase the delivery volume of TA-Q-BIN through further boosting proposal-based sales,through business model evolution that pursues customer convenience and through strengthening sales forcommercial distribution by Sales Drivers. For Kuroneko Mail, the Group will promote the development of value
added products and improvement of the co-use ratio with TA-Q-BIN. In the non-delivery businesses, theYamato Group will continue to further strengthen the revenue base by improving intra-group cooperation andboosting marketing strategy, and by promoting the evolution of new services that accurately target customer
needs.
On the cost front, in the Delivery Business, the Yamato Group will realize actual cost savings from its pick-up
and delivery reforms through the early realization of the power of its workforce that the Group has strategicallyinvested in. Moreover, the entire Yamato Group will strictly manage the outsourcing expenses proportionate to
the workload. By strengthening cost management and improving productivity in these ways, the Group willsecure operating income.
The Yamato Group has not made any changes to the consolidated earnings forecasts for the full year of the
fiscal year ending March 31, 2013 since the announcement made on October 18, 2012.

2. Matters Regarding Summary Information (Notes)(1) Application of specific accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
Tax expenses are calculated by multiplying the income before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the income before income taxes for the fiscal
year including the second quarter under review.
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period
financial statements after error corrections
Changes in accounting policies(Change in depreciation method)
Following the revision of the Corporation Tax Act, the Company and its domestic consolidated subsidiaries
applied the depreciation method in compliance with the revised Corporation Tax Act to property, plant andequipment acquired on or after April 1, 2012, from the first three months ended June 30, 2012.
Due to the effect of these changes, operating expenses for the first six months ended September 30, 2012
decreased by 349 million yen and operating income, ordinary income and income before income taxes andminority interests each increased by the same amount.

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3. Consolidated Financial Statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2012

As of September 30, 2012

AssetsCurrent assets
Cash and deposits

209,179

190,952

Notes and accounts receivable-trade158,174

152,252

Accounts receivable-installment

35,53836,407

Lease investment assets

18,924

19,877

Merchandise and finished goods

770

826

Work in process

87

172

Raw materials and supplies

2,487

2,626

Other

41,55345,822

Allowance for doubtful accounts(2,260)(1,798)

Total current assets

464,455

447,138

273,712279,941

Accumulated depreciation(162,098)(169,459)

Buildings and structures, net

111,613

110,482

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

182,004

184,865(170,306)(170,678)

11,697

14,187

Land

182,303

188,140

Lease assets

25,937

24,871

Accumulated depreciation(12,008)(12,413)

Lease assets, net

13,92812,458

141,619

140,897(85,983)(85,541)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

55,63555,356375,179

380,625

Goodwill

584

491

Other

16,20916,683

Total intangible assets

16,794

17,175Investment securities

21,96817,540Other

42,872

41,990Allowance for doubtful accounts(1,754)(1,344)

Allowance for investment loss

(222)

(222)

62,86557,964454,839455,765

919,294

902,903

Total property, plant and equipment
Intangible assets

Investments and other assets

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

(Millions of yen)
As of March 31, 2012

As of September 30, 2012

Liabilities
Current liabilities
Notes and accounts payable-trade129,454

121,935

Short-term loans payable

17,39019,511

Lease obligations

4,950

4,765

Income taxes payable

17,631

10,864

Deferred installment income

4,959

4,815

Provision for bonuses

29,421

34,392

Other

78,53566,297

Total current liabilities

282,343

262,583

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

40,85041,173

Lease obligations

9,588

8,171

Provision for retirement benefits

31,73334,578

7

2

Other

10,987

10,638

Total noncurrent liabilities

113,167

114,564

395,510377,147

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

321,862

325,029

Treasury stock(56,514)(56,516)

Total shareholders’ equity

513,897

517,061

Noncurrent liabilities

Provision for directors’ and auditors’ retirement benefits

Total liabilities
Net assets
Shareholders’ equity

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

2,975

1,826

Foreign currency translation adjustment(1,876)(1,670)Total accumulated other comprehensive income

1,099

155

Minority interests

8,787

8,538

Total net assets

523,783

525,755

919,294

902,903

Total liabilities and net assets-9-(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

Operating revenue

613,526

617,298

Operating cost

576,282

582,430

Operating gross profit

37,24434,867

Selling, general and administrative expenses

14,568

16,833Operating income

22,67618,034Non-operating income
Interest income

40

38

Dividends income

360

382

Other

975

1,069

Total non-operating income

1,377

1,490

Interest expenses

389

327

Other

356

271

Total non-operating expenses

746

598

23,30718,926

Gain on sales of noncurrent assets—

50

Total extraordinary income—50

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets

261

115

Loss on valuation of investment securities

1,980

1,175

Donation for earthquake recovery initiatives

6,831

—

Other

723

175

9,798

1,467

Income before income taxes and minority interests

Total extraordinary losses

13,50917,509

Income taxes

7,537

9,523

Income before minority interests

5,971

7,986

Minority interests in income (loss)

94

(97)

5,877

8,083

Net income- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the six months ended
September 30, 2011
Income before minority interests

For the six months ended
September 30, 2012

5,971

7,986

Valuation difference on available-for-sale securities(305)(1,245)

Foreign currency translation adjustment

(89)

320

Total other comprehensive income

(395)

(924)

5,576

7,061

Comprehensive income attributable to owners of the parent

5,506

7,241

Comprehensive income attributable to minority interests

69

(179)

Other comprehensive income

Comprehensive income(Breakdown)- 11 -

(3) Consolidated statements of cash flows(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

Income before income taxes and minority interests

13,50917,509Depreciation and amortization

18,077

17,313

Increase (decrease) in provision for retirement
benefits

1,624

2,844

Increase (decrease) in provision for bonuses

5,985

4,969

Loss (gain) on valuation of investment securities

1,980

1,305

Decrease (increase) in notes and accounts
receivable-trade(1,330)4,217

Increase (decrease) in notes and accounts
payable-trade(289)(7,619)Other, net

9,674(4,775)

Subtotal

49,23135,765

Cash flows from operating activities

Interest and dividends income received

402

448

Interest expenses paid

(685)

(505)

Donation for earthquake recovery initiatives(5,765)(1,148)

Income taxes paid

(17,031)(17,566)

Net cash provided by (used in) operating activities

26,15016,993Purchase of property, plant and equipment(21,199)(30,433)

Proceeds from sales of property, plant andequipment

153

294

(1,295)(6)

0

8

Payments of loans receivable

(536)

(500)

Collection of loans receivable

695

580

Other payments(3,680)(3,200)

Other proceeds

1,363

1,273

(24,499)(31,984)

Cash flows from investing activities

Purchase of investment securities
Proceeds from sales of investment securities

Net cash provided by (used in) investing activities- 12 -

(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

Increase in short-term loans payable

3,250

41,399Decrease in short-term loans payable(6,900)(31,357)

Repayments of finance lease obligations(3,143)(2,724)

Proceeds from long-term loans payable

1,300

885

Repayment of long-term loans payable(4,004)(8,524)Purchase of treasury stock(11,887)(2)

Cash dividends paid

(4,848)(4,729)Cash flows from financing activities

Other, net

718

190

Net cash provided by (used in) financial activities(25,515)(4,864)

Effect of exchange rate change on cash and cash
equivalents

32

53

Net increase (decrease) in cash and cash equivalents(23,832)(19,801)

Cash and cash equivalents at beginning of period

208,791

208,393

Increase in cash and cash equivalents from newly
consolidated subsidiary

1,949

1,403

186,909

189,995

Cash and cash equivalents at end of period- 13 -

(4) Notes to premise of going concern
Not applicable.
(5) Segment information, etc.
[Segment information]
Information regarding the amounts of operating revenue and income or loss by reportable segment
For the six months ended September 30, 2011

(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business

Financial

490,637

40,962

24,816

17,63926,35825,888

5,581

7,046

12,273

2,156

516,525
10,46546,544
1,482

31,863(126)

29,912
2,807

28,515
5,145

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
10,7102,401
613,526—
613,526(2) Inter-segment operating revenue or
13,30927,27093,525(93,525)—transfers
Total
24,01929,671
707,052(93,525)
613,526
Segment income (loss)
1,485
10,96832,228(9,551)
22,676
Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 10,218 million yen.
3. The adjustment of segment income is the eliminating transactions among segments.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

For the six months ended September 30, 2012
BIZ-Logistics

e-Business

Financial

495,366

41,83121,06017,76227,011

26,472

6,053

7,404

13,383

1,977

521,838
7,571

47,8852,214

28,465(1,163)31,1452,647

28,9894,177

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

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

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
11,671
2,594
617,298—
617,298(2) Inter-segment operating revenue or
13,78835,179104,259(104,259)—transfers
Total
25,46037,773
721,557(104,259)
617,298
Segment income (loss)
1,517
17,922
34,887(16,852)
18,034
Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 17,553 million yen.
3. The adjustment of segment income is the eliminating transactions among segments.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 14 -

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

- 15 -

4. Supplementary Information
Operating revenue by businessBusiness segment

For the six months
ended September 30, 2011
AmountRatio(Millions of yen)(%)
410,11066.9
69,198
11.3
21,4993.5
31,2885.1(41,459)(6.8)
490,63780.0
17,1252.8
13,473
2.2
4,034
0.7
1,934
0.3
17,001
2.8(12,606)(2.1)
40,962
6.7
22,298
3.6
9,576
1.6
(7,057)(1.2)
24,816
4.0
4,643
0.8
3,563
0.6
2,226
0.4

For the six months
ended September 30, 2012
AmountRatio(Millions of yen)(%)
422,198
68.4
63,323
10.2
20,9903.4
30,815
5.0(41,961)(6.8)
495,366
80.2
17,0642.8
14,901
2.4
4,079
0.7
1,914
0.3
17,6502.8(13,778)(2.2)
41,831
6.8
19,183
3.1
9,294
1.5
(7,417)(1.2)
21,060
3.4
4,941
0.8
3,462
0.6
2,107
0.3

Change(%)

Fiscal year ended
March 31, 2012
AmountRatio(Millions of yen)(%)
854,40967.8
136,170
10.8
43,585
3.5
65,796
5.2(85,397)(6.8)
1,014,564
80.5
34,1472.7
28,123
2.2
9,517
0.8
4,001
0.3
33,3292.6(26,640)(2.1)
82,478
6.5
42,633
3.4
19,2591.5(14,178)(1.1)
47,715
3.8
9,641
0.8
7,177
0.6
4,406
0.3

TA-Q-BIN
2.9
Kuroneko Mail
(8.5)
Express(2.4)
Delivery
Others(1.5)
Eliminations
1.2
Total
1.0
Trade logistics service(0.4)
Retail logistics service
10.6
Multi maintenance
1.1
BIZ-Logistics Export Factory(1.1)
Others3.8
Eliminations
9.3
Total
2.1
Home convenience(14.0)
Home
Business convenience(2.9)
Convenience
Eliminations
5.1
*1
Total
(15.1)
e-logistics solution
6.4
Credit card solution(2.8)
IT operating solution(5.3)
Web-based
mail
order
e-Business
3,300
0.5
3,391
0.5
2.8
7,006
0.5
solution
Others
17,746
2.9
18,986
3.1
7.0
37,584
3.0
Eliminations(13,840)(2.3)(15,126)(2.4)
9.3(30,311)
(2.4)
Total
17,6392.9
17,7622.9
0.7
35,504
2.8
TA-Q-BIN Collect
16,9762.8
17,6592.9
4.0
35,505
2.8
Lease
8,727
1.4
8,918
1.4
2.2
17,5201.4
Credit & Finance *2
2,123
0.4
1,745
0.3
(17.8)
4,007
0.3
Financial
Others
725
0.1
701
0.1
(3.3)
1,328
0.1
Eliminations(2,193)(0.4)(2,013)(0.3)(8.2)(4,247)(0.3)
Total
26,3584.3
27,011
4.4
2.5
54,114
4.3
Truck maintenance
22,455
3.6
23,6773.8
5.4
45,082
3.6
Others
2,608
0.4
2,953
0.5
13.2
5,202
0.4
Truck
Maintenance
Eliminations(14,352)(2.3)(14,959)(2.4)
4.2(29,097)
(2.3)
Total
10,7101.7
11,671
1.9
9.0
21,188
1.7
JITBOX Charter service
1,612
0.3
1,638
0.3
1.6
3,046
0.2
Others28,800
4.7
37,0376.0
28.6
47,986
3.8
Other
Eliminations(28,011)(4.6)(36,080)(5.9)
28.8(45,764)
(3.6)
Total
2,401
0.4
2,594
0.4
8.1
5,267
0.4
Total
613,526100.0
617,298100.0
0.6
1,260,832
100.0*1. Effective the first three months ended June 30, 2012, changes have been made to the categorization of business segments in the Home
Convenience Business due to circumstances related to management and administration. To reflect this change, the figures of the Home
Convenience Business for the first six months ended September 30, 2011 and the fiscal year ended March 31, 2012 have been restated.
*2. In the Financial Business, the name of the business segment was changed to accompany Fine Credit Co., Ltd. changing its company
name to Yamato Credit & Finance Co., Ltd. on August 1, 2012.

- 16 -