Translation
January 31, 2013

Consolidated Financial Results
for the Third 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:
February 13, 2013
Scheduled date of the commencement of dividend payment:—
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the third quarter of fiscal year 2013
(cumulative: from April 1, 2012 to December 31, 2012)(1) Consolidated operating results
For the nine months ended
December 31, 2012
December 31, 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%
984,2211.3
62,760(2.3)
64,016(1.7)
34,79043.7
971,698
2.0
64,2180.2
65,121(0.5)
24,216 (32.3)
For the nine months ended December 31, 2012: 35,213 million yen (53.6%)
For the nine months ended December 31, 2011: 22,926 million yen ((33.0)%)
Net income per share

For the nine months ended
December 31, 2012
December 31, 2011

Yen
80.88
56.29

Net income pershare - fully diluted
Yen
78.90
54.91

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
December 31, 2012
986,734
549,175
54.8
March 31, 2012
919,294
523,783
56.0(Reference) Equity:
As of December 31, 2012: 540,673 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
1,283,000
1.8
67,0000.5(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
68,0000.1
36,00081.9
83.69* Notes(1) Changes in significant subsidiaries during the nine months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “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 6.

(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 6.

(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of December 31, 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 December 31, 2012
37,908,426 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 nine months ended December 31, 2012
430,145,623 shares
For the nine months ended December 31, 2011
430,192,472 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 Nine Months, (3) Qualitative information on consolidated earnings forecasts” of the attached materials to the quarterly financial results
report on page 6.
• The Company plans to hold a presentation meeting for analysts on February 1, 2013. 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 Nine Months................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts .............................................................................. 6
2. Matters Regarding Summary Information (Notes).................................................................................................... 6(1) Application of specific accounting for preparing the quarterly consolidated financial statements...................... 6(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period
financial statements after error corrections........................................................................................................ 6
3. Consolidated Financial Statements.......................................................................................................................... 8(1) Consolidated balance sheets ............................................................................................................................ 8(2) Consolidated statements of income and consolidated statements of comprehensive income ........................ 10
Consolidated statements of income (cumulative) ............................................................................................ 10
Consolidated statements of comprehensive income (cumulative)................................................................... 11(3) Notes to premise of going concern.................................................................................................................. 12(4) Segment information, etc................................................................................................................................. 12(5) Notes on significant changes in the amount of shareholders’ equity ............................................................... 13
4. Supplementary Information .................................................................................................................................... 14
Operating revenue by business................................................................................................................................ 14-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Qualitative information on consolidated operating results
Regarding the business environment during the nine months ended December 31, 2012, although the
mail-order market continued to expand, conditions continued to be unpredictable because of the prolonged
strong yen and concerns about the overseas economic slowdown resulting from the European debt crisis,among other factors. Operating in this environment, the Yamato Group worked to achieve greater sophisticationof 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 point campaigns and new services for individual customers, we
carried out aggressive sales activities targeting corporate customers. As a result, the TA-Q-BIN delivery volume
increased from the year-ago period, but the delivery volume of Kuroneko Mail declined, affected by stricter
parcel acceptance policies. In addition, we pursued measures to improve productivity, particularly focused onreforms in the pickup and delivery operations, and worked to constrain costs by constructing appropriate
personnel structures to suit the work load.
In the non-delivery businesses, while working to create new services that utilize the management resources ofeach business, we conducted aggressive sales activities, focusing on further expansion of e-money related
services and intra-group cooperation.
As a result, although both revenue and profits increased in the three months of the third quarter, for theoperating results of the nine months, revenue increased but profits decreased.
Our consolidated financial results for the nine months ended December 31, 2012 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the nine months
ended December 31, 2011
971,698
64,21865,121
24,216

For the nine months
ended December 31, 2012
984,22162,76064,016
34,790Change12,523(1,458)(1,104)
10,573Growth (%)
1.3
(2.3)
(1.7)
43.7

Initiatives for the entire Yamato Group
a.

b.

c.

Aiming to strengthen the growth momentum of the entire Yamato Group, we accelerated our businessdevelopment in the Asian region, such as by promoting the evolution of TA-Q-BIN in Asia and expanding
the international intermodal transportation service. Moreover in Japan, while striving to enhance existing
functions particularly in relation to TA-Q-BIN and creating new services, 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 business-to-business international
logistics, as well as strengthening its logistics function that interlinks the countries and regions. In the ninemonths ended December 31, 2012, the Group launched in November an international small-lot intermodaltransportation service that utilizes Okinawa’s international logistics hub to realize a service that delivers
documents to destinations inside overseas TA-Q-BIN service areas as early as the next day.
In the Japanese market, in addition to creating new services and boosting proposal-based sales 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.

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

For the nine months
ended December 31, 2012
1,157
1,589

(Million parcels / units)
ChangeGrowth (%)
49
(55)

4.5
(3.4)

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, in order to further expand the “Kuroneko Members”
membership service, the Yamato Group developed the “Kuroneko Point Campaign,” whereby Kuroneko
Members can collect points such as when sending or receiving TA-Q-BIN and exchange those points fororiginal goods. In addition, we improved convenience when receiving TA-Q-BIN by launching a service
that allows customers to choose participating convenience stores as the delivery receiver for mail-orderproduct purchases.
For corporate clients, as a result of actively developing proposal based sales by utilizing a multiple
assortment of the management resources within the Yamato Group, the TA-Q-BIN delivery volume
increased firmly. In addition, we established organizational systems compatible with“intra-building/intra-area logistics” that centralize delivery within large commercial facilities and large
multi-function complexes.
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 to
conduct en-masse delivery during the time zones that our customers are most frequently at home. In thenine months ended December 31, 2012, we closely scrutinized and verified the results of introducing Field
Casts and concentrated further development at the stores with the high results.
Operating revenue amounted to 797,919 million yen, up 1.2% 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 45,593 million yen, up 0.6% from the year-ago period.

 BIZ-Logistics
a.
b.

c.

d.

e.

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 nine months ended December 31, 2012, we worked to shorten lead time and cut costs intransportation between Japan and China such as by studying the feasibility of a new transportation routelinking Tottori Prefecture and China.
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 nine months ended December 31, 2012, there was a strong expansion of usage,
particularly by new customers, and revenue increased.
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 nine months ended December 31, 2012, the delivery
volume of existing customers increased and use by new customers expanded.
Operating revenue amounted to 63,223 million yen, up 2.4% from the year-ago period due to an
expansion of use of services for the mail-order industry and services for manufacturers of pharmaceutical-3-

products and medical devices, among other factors. Operating income was 3,201 million yen, up 18.0%
from the year-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.
With respect to individual customers, the Yamato Group operated a variety of services to assist in
customer lifestyles centered on its moving-related services. In the nine months ended December 31, 2012,
we worked to improve customer convenience through diversified moving-related services such as oursmall-volume moving services for individuals and short-distance, same-day moving services. In addition,
we offered lifestyle support services suited to various customer life stages, such as comprehensive
cleaning services, including house cleaning, tidying and organizing, and collection of unwanted items.
In our services for corporate customers, in addition to moving services such as office relocation services,
we also provide delivery and installation agent services for electronic products and household equipment.
In the nine months ended December 31, 2012, the number of delivery, installation and maintenancerequests grew for eco-household facilities such as domestic solar panel installations.
Operating revenue amounted to 31,397 million yen, down 9.8% 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 year-ago period. 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 1,871 million yen.

 e-Business
a.
b.

c.

d.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
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 nine months ended December 31, 2012, the installation and operation of the terminals expanded
among customers of various sizes and types including national-scale distribution companies, andmedium-and-small retail and service companies.
To customers who must manage products on an individual basis, the Yamato Group provides services thatcombine logistics functions with information technology functions for acceptance/dispatch control inwarehouses and inventory management. In the nine months ended December 31, 2012, in addition to the
expanded use of existing services, we accelerated the evolution of this business by promoting services toassist reservation management, acceptance/dispatch warehouse control and inventory management for
precision equipment and medical device manufacturers when they lease products to hospitals etc.
Operating revenue amounted to 27,355 million yen, an increase of 4.0% from the year-ago period, as aresult of the expansion of e-money related services and services combining logistics functions withinformation technology functions. Operating income was 5,034 million yen, down 1.7% from the year-ago
period due to anticipatory investment for e-money related services.

 Financial
a.
b.

c.

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, the Yamato Group strengthened its intra-group cooperation for large-lot
mail-order industry clients and provision of integrated solutions for small-lot mail-order industry clients. As
a result, in the nine months ended December 31, 2012, the number of transactions was higher than the
year-ago period, which reflected an increase in the delivery volume for TA-Q-BIN Collect.
For business-to-business settlement services, the Yamato Group provides “Kuroneko Anshin Settlement

-4-

d.

Service,” which, in addition to assisting sellers expand sales channels and buyers perform credit
transactions, provides value through improving business efficiency, managing accounts receivable andreducing risk of debt collection. In the nine months ended December 31, 2012, through sales promotion
utilizing intra-group cooperation, we increased the number of participating stores with contracts, including
businesses in the food wholesale industry and the printing industry.
Operating revenue was up 4.4% from the year-ago period to 42,644 million yen due to an increase in thenumber of payment settlement transactions of the TA-Q-BIN Collect and e-money. Operating income was
6,661 million yen, down 15.6% 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 is offering customers who use trucks, buses andother vehicles in their operations the value of improved vehicle maintenance convenience, compliancewith statutory vehicle inspections, and reduced maintenance expenses.
In the nine months ended December 31, 2012, we solidly increased the number of vehicles serviced byexpanding sales of the “12-Month Fixed-Price Maintenance Package,” which evens out the monthly
vehicle maintenance expenses. We also strove to expand our business areas such as by beginning
operations at the Okayama Plant in September.
Operating revenue amounted to 17,348 million yen, up 10.1% from the year-ago period due to theincrease in the number of vehicles serviced. Operating income was 2,197 million yen, up 4.9% from theyear-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 nine months ended December 31, 2012, theGroup increased the number of transportation orders of precision equipment and transportation orders
related to events, and the handling volume exceeded that of the year-ago period. In addition, wedeveloped returnable material suited for the transportation of precision equipment, among other items, andstrove to provide an environmentally friendly and safe transportation service.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from Group
companies decreased 16.8% from the year-ago period to 796 million yen.

CSR Initiatives
a.

b.

c.

d.

The fundraising campaign the “Great East Japan Earthquake Life, Industry Infrastructure Recovery, andRebuilding 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 nine months ended December 31, 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 nine months ended December 31, 2012, focusing on regions conducting environmental protection
activities and regions with world heritage, we pursued initiatives such as deciding to introduce 70 electricvehicles. We base such initiatives on "Nekology" (combining "Kuroneko" with "ecology"), which is anenvironmental protection philosophy and guideline for environmental activities for the entire YamatoGroup.
Aspiring to be a company that has a strong bond of trust with society, the Yamato Group promotes various

-5-

e.

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 986,734 million yen as of December 31, 2012, up 67,439 million yen from the end of theprevious fiscal year. The major factor included an increase in notes and accounts receivable-trade of 45,635
million yen.
Liabilities increased 42,047 million yen to 437,558 million yen from the end of the previous fiscal year. The
major factor behind this increase included the increase in notes and accounts payable-trade of 44,469 million
yen.
Total net assets were 549,175 million yen, up 25,391 million yen from the end of the previous fiscal year. The
major factor included the payment of dividends from surplus of 9,463 million yen while the recording of net
income of 34,790 million yen.
Accordingly, the equity ratio changed to 54.8% from the previous fiscal year’s 56.0%.
(3) Qualitative information on consolidated earnings forecasts
Looking forward at the state of the economy, while optimism exists that the Japanese economy is showing apattern of recovery, thanks to correction of the strong yen and economic measures, the economic outlook is
expected to remain uncertain due to the ongoing risk of a global economic downturn, among other factors.
In this environment, the Yamato Group will pursue the following revenue and profit objectives. In the delivery
business, we will maintain operating revenue by continually taking measures to increase TA-Q-BIN and
Kuroneko Mail delivery volumes through the proposal of functions that improve customer convenience and thestrengthening of sales of value-added products and services. Moreover, in the non-delivery business, we will
maintain the revenue base by continually promoting intra-group cooperation, enhancement of sales strategies
and the development of new products.
On the cost front, we aim to secure operating income by pursuing improved productivity while further
strengthening cost management through rigorous constraint of subcontracting costs.
The Yamato Group has made 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 third 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 three months ended June 30, 2012.

-6-Due to the effect of these changes, operating expenses for the nine months ended December 31, 2012
decreased by 754 million yen and operating income, ordinary income and income before income taxes andminority interests each increased by the same amount.

-7-

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

As of December 31, 2012

AssetsCurrent assets
Cash and deposits

209,179

194,440

Notes and accounts receivable-trade158,174

203,810

Accounts receivable-installment

35,53838,024

Lease investment assets

18,924

20,494Merchandise and finished goods

770

712

Work in process

87

274

Raw materials and supplies

2,487

2,776

Other

41,55362,981

Allowance for doubtful accounts(2,260)(1,886)

Total current assets

464,455

521,627

273,712

280,626

Accumulated depreciation(162,098)(171,360)

Buildings and structures, net

111,613109,265

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

182,004

187,210(170,306)(171,868)

11,697

15,341

Land

182,303

188,139

Lease assets

25,937

24,706

Accumulated depreciation(12,008)(12,785)

Lease assets, net

13,928

11,921

141,619

152,631(85,983)(88,015)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

55,63564,616375,179

389,284

Goodwill

584

438

Other

16,20916,503

Total intangible assets

16,794

16,942

Investment securities

21,96818,924

Other

42,872

41,442

Allowance for doubtful accounts(1,754)(1,265)

Allowance for investment loss

(222)

(222)

62,86558,879454,839

465,107919,294

986,734

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 December 31, 2012

Liabilities
Current liabilities
Notes and accounts payable-trade129,454

173,923

Short-term loans payable

17,39022,880

Lease obligations

4,950

4,735

Income taxes payable

17,631

18,188Deferred installment income

4,959

4,918

Provision for bonuses

29,421

10,619Other

78,53589,556

Total current liabilities

282,343

324,821

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

40,85038,628

Lease obligations

9,588

7,709

Provision for retirement benefits

31,73335,955

7

2

Other

10,987

10,441

Total noncurrent liabilities

113,167

112,737

395,510437,558

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

321,862

347,004

Treasury stock(56,514)(56,517)

Total shareholders’ equity

513,897

539,035

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

3,549

Foreign currency translation adjustment(1,876)(1,912)

Total accumulated other comprehensive income

1,099

1,637

Minority interests

8,787

8,502

Total net assets

523,783

549,175

919,294

986,734

Total liabilities and net assets-9-(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

Operating revenue

971,698

984,221

Operating cost

884,659

895,695

Operating gross profit

87,03888,525

Selling, general and administrative expenses

22,81925,765

Operating income

64,21862,760Non-operating income
Interest income

51

58

Dividends income

512

541

Other

1,548

1,455

Total non-operating income

2,112

2,055

Interest expenses

574

472

Other

635

326

Total non-operating expenses

1,209

799

65,12164,016

Gain on sales of noncurrent assets

77

53

Other

—

12

Total extraordinary income

77

66

Loss on retirement of noncurrent assets

288

154

Loss on valuation of investment securities

1,981

1,175

Donation for earthquake recovery initiatives

11,078—Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss

Other

990

456

14,339

1,787

Income before income taxes and minority interests

50,85962,295

Income taxes

26,59327,731

Income before minority interests

24,26534,564

Minority interests in income (loss)

49

(225)

24,216

34,790Total extraordinary losses

Net income- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

24,26534,564

Valuation difference on available-for-sale securities

(790)

582

Foreign currency translation adjustment

(548)

66

Total other comprehensive income(1,339)649

22,92635,213

22,98935,429

(62)

(215)

Income before minority interests
Other comprehensive income

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

(3) Notes to premise of going concern
Not applicable.
(4) Segment information, etc.
[Segment information]
Information regarding the amounts of operating revenue and income or loss by reportable segment
For the nine months ended December 31, 2011

(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business

Financial

788,350

61,75034,821

26,301

40,83039,333

9,002

10,77520,093

3,149

827,684
45,30570,753
2,712

45,597(1,174)

46,394
5,123

43,9797,889

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

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

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
15,7493,893
971,698—
971,698(2) Inter-segment operating revenue or
20,78436,235
139,374(139,374)—transfers
Total
36,534
40,1281,111,072(139,374)
971,698
Segment income (loss)
2,094
11,52773,478(9,260)64,218Notes: 1. Other includes business-to-business distribution via JITBOX Charter, 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 nine months ended December 31, 2012
BIZ-Logistics

e-Business

Financial

797,919

63,22331,39727,35542,64442,2729,130

11,021

20,9032,914

840,192
45,59372,3543,201

42,418(1,871)

48,2585,034

45,558
6,661

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
17,3484,332
984,221—984,221(2) Inter-segment operating revenue or
21,484
44,401
152,128(152,128)—transfers
Total
38,832
48,734
1,136,349(152,128)
984,221
Segment income (loss)
2,197
18,471
79,290(16,530)
62,760Notes: 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.

- 12 -

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

- 13 -

4. Supplementary Information
Operating revenue by businessBusiness segment

For the nine months
ended December 31, 2011
AmountRatio(Millions of yen)(%)
667,16368.7
103,276
10.6
33,218
3.4
48,287
5.0(63,595)(6.6)
788,350
81.1
25,144
2.6
21,079
2.2
6,822
0.7
2,975
0.3
25,373
2.6(19,645)(2.0)
61,7506.4
30,7373.2
14,876
1.5(10,792)(1.1)
34,821
3.6
7,154
0.7
5,300
0.5
3,309
0.3

For the nine months
ended December 31, 2012
AmountRatio(Millions of yen)(%)
687,270
69.8
96,7189.8
32,613
3.3
47,850
4.9(66,532)(6.7)
797,91981.1
25,652
2.6
22,786
2.3
6,334
0.6
2,815
0.3
26,6462.7(21,013)(2.1)
63,223
6.4
27,873
2.8
14,561
1.5(11,037)(1.1)
31,397
3.2
7,622
0.8
5,179
0.5
3,192
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
3.0
Kuroneko Mail
(6.4)
Express(1.8)
Delivery
Others(0.9)
Eliminations
4.6
Total
1.2
Trade logistics service
2.0
Retail logistics service
8.1
Multi maintenance(7.1)
BIZ-Logistics Export Factory(5.4)
Others5.0
Eliminations
7.0
Total
2.4
Home convenience
(9.3)
Home
Business convenience(2.1)
Convenience
Eliminations
2.3
*1
Total
(9.8)
e-logistics solution
6.5
Credit card solution(2.3)
IT operating solution(3.5)
Web-based
mail
order
e-Business
5,385
0.6
5,504
0.6
2.2
7,006
0.5
solution
Others27,846
2.9
29,687
3.0
6.6
37,584
3.0
Eliminations(22,695)(2.3)(23,830)(2.4)
5.0(30,311)
(2.4)
Total
26,301
2.7
27,3552.8
4.0
35,504
2.8
TA-Q-BIN Collect
26,8052.8
28,4022.9
6.0
35,5052.8
Lease
13,128
1.3
13,5181.4
3.0
17,5201.4
Credit & Finance *2
3,089
0.3
2,572
0.2
(16.7)
4,007
0.3
Financial
Others
1,013
0.1
1,129
0.1
11.5
1,328
0.1
Eliminations(3,206)(0.3)(2,979)(0.3)(7.1)(4,247)(0.3)
Total
40,8304.2
42,6444.3
4.4
54,114
4.3
Truck maintenance
34,251
3.5
36,2763.7
5.9
45,082
3.6
Others
3,961
0.4
4,449
0.5
12.3
5,202
0.4
Truck
Maintenance
Eliminations(22,463)(2.3)(23,378)(2.4)
4.1(29,097)
(2.3)
Total
15,7491.6
17,3481.8
10.1
21,188
1.7
JITBOX Charter service
2,194
0.2
2,586
0.2
17.9
3,046
0.2
Others38,871
4.0
47,2734.8
21.6
47,986
3.8
Other
Eliminations(37,172)(3.8)(45,526)(4.6)
22.5(45,764)
(3.6)
Total
3,893
0.4
4,332
0.4
11.3
5,267
0.4
Total
971,698100.0
984,221100.0
1.3
1,260,832
100.0*1. Effective the 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 nine months ended December 31, 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.

- 14 -