Translation
January 29, 2021

Consolidated Financial Results
for the Third 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 Exchange
9064
https://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:
February 12, 2021
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 2021
(cumulative: from April 1, 2020 to December 31, 2020)(1) Consolidated operating results

For the nine months ended
December 31, 2020
December 31, 2019
(Note) Comprehensive income:(Percentages represent year-on-year changes.)
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
1,295,676
3.0
89,74779.2
91,13094.6
56,87081.1
1,257,724
0.0
50,077(32.6)
46,830(36.4)
31,406(27.3)For the nine months ended December 31, 2020:
62,108 million yen (91.7%)
For the nine months ended December 31, 2019:
32,405 million yen ((21.5) %)Basic earnings per share

For the nine months ended
December 31, 2020
December 31, 2019

Diluted earnings
per shareYen
151.58
79.66

Yen
—
—

(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
December 31, 2020
1,139,507
573,104
49.6
March 31, 2020
1,100,739
562,835
50.4(Reference) Equity:
As of December 31, 2020: 565,208 million yen
As of March 31, 2020: 555,173 million yen

2.

Dividends
First quarter
Yen——

Second quarter
Yen
15.00
16.00

Annual dividends
Third quarter
Yen——

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

Fiscal year-end
Yen
26.00

Total

19.00
Ordinary dividends: 16.00 yen
Commemorative dividends: 10.00 yen

Yen
41.00
35.00

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%
Full year
1,680,000
3.1
82,00083.4(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
82,000 101.8
43,00092.6
114.93* 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. 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 14.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement:
None(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of December 31, 2020:
388,575,592 shares
As of March 31, 2020:
411,339,992 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2020:
17,550,271 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 nine months ended December 31, 2020:
375,172,368 Shares
For the nine months ended December 31, 2019:394,274,306 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 Nine Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 9.
• The Company plans to post supplementary materials on quarterly financial results on the Company’s website promptly after theannouncement of the quarterly financial results.

Attached Materials
Index
1. Qualitative Information on Settlement of Accounts for the Nine Months................................................................. 2(1) Explanation of operating results ...................................................................................................................... 2(2) Explanation of financial position ...................................................................................................................... 9(3) Explanation of consolidated earnings forecasts and other forward-looking statements .................................. 9
2. Consolidated Financial Statements and Significant Notes Thereto ...................................................................... 10(1) Consolidated balance sheet .......................................................................................................................... 10(2) Consolidated statement of income and consolidated statement of comprehensive income.......................... 12
Consolidated statement of income (cumulative) ............................................................................................ 12
Consolidated statement of comprehensive income (cumulative) .................................................................. 13(3) Notes to consolidated financial statements ................................................................................................... 14(Notes to premise of going concern) ............................................................................................................. 14(Notes on significant changes in the amount of shareholders’ equity)........................................................... 14(Changes in scope of consolidation and equity method application) ............................................................. 14(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 14(Segment information, etc.) ........................................................................................................................... 14
3. Supplementary Information .................................................................................................................................. 17
Operating revenue by business............................................................................................................................ 17-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Explanation of operating results
During the nine months ended December 31, 2020, economic activities which had been stagnant due to theglobal spread of the novel coronavirus disease (COVID-19) began to reopen. Whereas business sentiment has
been showing signs of improvement, particularly in the manufacturing industry, the outlook for economic
recovery both in Japan and overseas remains unknown particularly with the pandemic spreading at home andabroad amid uncertainties as to the status of COVID-19 transmission ahead and timing as to when the
pandemic might subside. Meanwhile, COVID-19 has accelerated growth in the e-commerce domain across allindustries 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.
Under such circumstances, the Yamato Group aims to contribute consistently 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, while combining
the Group’s management resources prior to launch of the new management system in April 2021. These
initiatives also involve engaging in infrastructure transformations encompassing the threefold aims of renewing
Group management systems, shifting to data-driven management style, and implementing sustainability
initiatives. During the nine months ended December 31, 2020, as the future spread of COVID-19 and when the
pandemic might subside being unclear, with the safety of our customers and employees as the top priority, we
strove to continually provide logistics services, including TA-Q-BIN. In so doing, we have been working to
identify issues encountered by our customers due to changes in lifestyles and the business environment, andhave furthermore been expanding sales for new delivery services and improving convenience in response to
the accelerating shift to e-commerce across all industries. We have also been engaging in initiatives that entail
providing solutions for facilitating supply chain transformation aims of business operators working to enhancetheir operations in the e-commerce domain. This has involved strengthening account management on a Groupwide basis and furthermore addressing new needs in the remote prescription domain of the telehealth field andin the field of education in promoting the GIGA School concept. Moreover, we have also been expanding
collection and delivery capacity as well as optimizing costs. This has involved building new delivery networks
underpinned by alliances with our delivery partners, while also promoting increased efficiency of collection,delivery and trunk-route transportation by shifting to data-driven management style and optimally allocating
management resources enlisting demand forecasting based on data analysis.
Our consolidated financial results for the nine months ended December 31, 2020 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the nine months ended
December 31, 2019
1,257,724
50,077
46,830For the nine months ended
December 31, 2020
1,295,676
89,747
91,13031,40656,870ChangeGrowth (%)

37,951
39,67044,300

3.0
79.2
94.6

25,46381.1

For the nine months ended December 31, 2020, operating revenue amounted to 1,295,676 million yen, up
37,951 million yen from the previous year. This is largely attributable to having achieved an increase in theparcel delivery volume as a result of having taken action in the burgeoning e-commerce domain.
For the nine months ended December 31, 2020, operating expenses amounted to 1,205,928 million yen, down
1,718 million yen from the previous year. This was mainly due to optimizing costs by increasing the efficiency ofcollection and delivery through the optimal allocation of management resources based on data analysis and bypromoting increased efficiency of our trunk-route transportation amid increasing parcel delivery volume.
As a result, for the nine months ended December 31, 2020, operating profit amounted to 89,747 million yen, up
39,670 million yen from the previous fiscal year.

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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 TAQ-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 while combining the Group’s management resources prior to launch of the
new management system in April 2021, based on our transformation plan “YAMATO NEXT100” which has
been formulated to serve as a grand design for management of the Yamato Group over the medium tolong term going 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. In the nine months ended December 31, 2020,
we promoted efforts to expand sales for our new “EAZY” delivery service that improves convenience,safety, and efficiency with respect to purchase, delivery, and pick-up by connecting e-commerce users ande-commerce companies, and delivery service providers across the board in real-time using digital
information, through our partnerships with major e-commerce companies. Additionally, to optimize logistics
for e-commerce vendors with stores in online shopping malls, we promoted efforts to expand sales forservices that completely or partially replace operational functions from order receiving to shipping anddelivery. Moreover, based on alliances with partners with digital technology, we have started providing
services that make it possible to pick up products purchased through e-commerce from supermarkets,
drugstores and other such establishments that serve as customer lifelines. We are also embarking on
initiatives to facilitate sales to consumers enlisting Live Commerce functions in alliance with live streaming
service providers, with the aim of building a new innovating delivery business model.
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. Furthermore, we willcontinue to strengthen the management of our international businesses. During the nine months ended
December 31, 2020, we have also been engaging in initiatives that entail providing solutions for facilitating
supply chain transformation aims of business operators working to enhance their operations in the ecommerce domain. This has involved working to identify issues encountered by our customers due tochanges in lifestyles and the business environment and furthermore addressing new needs in the remoteprescription domain of the telehealth field and in the field of education in promoting the GIGA School
concept.
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 We have been continuing efforts to revamp the Group’s management structure in order to further enhancea management structure that enables us to confront customer and social needs. In April 2021, we will
begin shifting to a new Group management structure with the aim of transforming to a fully optimizedorganization structured according to customer segments in order to further accelerate management. The
Group management structure will consist of business units under the Company, which serves as a pure-3-

holding company, upon the integration of consolidated subsidiary Yamato Transport Co., Ltd. and sevenother Group companies. The Group Management structure will consist of: Retail Division in charge ofRetail Business Division; Corporate Division in charge of Corporate Business Division, Global SCM
Business Division, and EC Business Division; Functional Divisions, and Corporate function.
⑧ We have drawn up the Yamato Group’s medium-term management plan, “One Yamato 2023,” with thefiscal year ending March 31, 2024 set as its final fiscal year. Grounded on progress and results achieved
with respect to initiatives implemented based on our transformation plan “YAMATO NEXT100, the “OneYamato 2023” plan takes into account the accelerating industry-wide shift to e-commerce prompted by
rapidly changing lifestyles and distribution structure. Under the plan, the Group will aim to provide value toour individual and corporate clients, as well as society as a whole. To such ends, we will facilitatetransformation across the entire supply chain extending from suppliers and manufacturers to consumers,
fully leveraging our business resources concentrated under our concept of serving as a truly “OneYamato.”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 nine months ended
December 31, 2019
1,390
761

For the nine months ended
December 31, 2020
1,599
619

Change209(142)

Growth (%)
15.0(18.7)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 In the nine months ended December 31, 2020, as the future spread of COVID-19 and when the pandemic
might subside being unclear, with the safety of our customers and employees as the top priority, we
pursued stable operations of our TA-Q-BIN network. In addition, we have been engaging in streamlining
collection and delivery, labor operations and administrative tasks by promoting digitization of our overalllogistics operations, and in advancing 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 promoted efforts to expand sales for 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 ecommerce companies. Moreover, based on alliances with partners with digital technology, we have started
providing services that make it possible to pick up products purchased through e-commerce fromsupermarkets, drugstores and other such establishments that serve as customer lifelines. We are also
embarking on initiatives to facilitate sales to consumers enlisting Live Commerce functions in alliance withlive streaming service providers, with the aim of building a new innovating delivery business model.
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 1,091,318 million yen, up 7.4% from the previous fiscal year owing to ahigher parcel delivery volume as a result of having taken action in the burgeoning e-commerce domain.
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Operating profit amounted to 76,639 million yen, an increase of 41,832 million yen from the previous fiscal
year from increasing the efficiency of collection and delivery through the optimal allocation of management
resources based on data analysis and promoting increased efficiency of our trunk-route transportation
amid increasing parcel delivery volume.

 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 We have been promoting a Group-wide approach to account management with the aim of providing totallogistics solutions that facilitate supply chain transformation, thereby addressing challenges encounteredby our customers due to changes in the business environment, amid the accelerating industry-wide shift toe-commerce. During the nine months ended December 31, 2020, we worked to provide solutions support
efforts to build highly efficient supply chains that strike a balance between physical establishments and ecommerce for the sake of business operators working to enhance their operations in the e-commercedomain, while developing retail stores. In addition, to optimize logistics for e-commerce vendors withstores in online shopping malls, we promoted efforts to expand sales for services that completely or
partially replace operational functions from order receiving to shipping and delivery, thereby addressing
challenges encountered by our customers due to changes in the business environment.
③ Operating revenue amounted to 106,630 million yen, down 1.5% 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 COVID19, despite progress made in expanding sales generated by trading logistics services, which provided
emergency transport of medical and sanitary products and also tapped increasing demand for crossborder e-commerce, also associated with the spread of COVID-19. Operating profit amounted to 3,379
million yen, down 18.0% from the previous year.

 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 nine months ended December 31, 2020, we promoted efforts toincrease sales of our “My Moving” moving-related services for one-person households.
② Operating revenue amounted to 19,042 million yen, down 8.8% 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
5,021 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 emoney 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 thenine months ended December 31, 2020, for business operators wishing to introduce this service we beganproviding features that enable swift and inexpensive service access without the need to develop such
systems in advance.

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③ Operating revenue amounted to 21,757 million yen, down 4.6% 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 with orderacceptance and dispatching operations as a result of having taken action in the burgeoning e-commercedomain. Operating profit amounted to 8,521 million yen, down 0.8% from the previous year.

 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 and business-tobusiness 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. In the nine months ended December 31, 2020, we worked to expand
sales of our “Raku-uru Cart” service, which helps business operators newly enter the e-commerce market
by providing one-stop support in terms of shopping cart function, payment settlement, and delivery
services, thereby addressing challenges encountered by our customers due to changes in the businessenvironment.
③ Operating revenue amounted to 30,383 million yen, down 47.9% 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 4,846 million yen, down 2.6% from theprevious year.

 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 nine months ended December 31, 2020, we launched business operations of our Ehime plant,
which constitutes our 28th 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 16,614 million yen, down 11.8% from the previous year mainly as a resultof a decrease in fuel sales volume. Operating profit amounted to 3,044 million yen, down 14.6% 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. In the nine months ended December 31, 2020, we continued to work
to expand sales of our services with the future spread of COVID-19 and when the pandemic might subside
being unclear.
② Operating profit excluding dividends which Yamato Holdings Co., Ltd. received from the Group companies
decreased 34.2% from the previous fiscal year to 1,105 million yen.

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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 nine months ended December 31, 2020, we persisted with efforts to improve safety awareness.
Whereas COVID-19 caused us to postpone our annual “Nationwide Safety Competition,” which is normallyheld for the purpose of heightening safety awareness and improving driving skills taking, we presented
awards in respective geographic regions to drivers who have consistently excelled in terms driving safely
with no accidents. Due to COVID-19, we refrained from holding our “Safety Classes for Children,” which
we have been continually offering to children in day care facilities, kindergartens and elementary schools
across Japan since 1998 with the aim of convey the importance of traffic safety.
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 nine months ended
December 31, 2020, we continued to engage in efforts that included strengthening the merchandise
inspection systems of the overall 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. In the nine months ended December 31, 2020,
we continued to engage in efforts that include building appealing personnel systems, adopting aperformance evaluation scheme that encourages independent and autonomous behavior, and reestablishing an educational system. We also introduced newly designed uniforms focused on “employeefriendly” and “environmentally friendly” while using plant-based materials that contribute to reducing
carbon dioxide, realizing further increases in functionality, safety, and comfort.
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
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 nextgeneration 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 andextending operations served by our “Super-Full Trailer SF25,” which helps reduce long-haul driverworkloads. During the nine months ended December 31, 2020, we engaged in field testing involving nextgeneration collection and delivery mobility using modes of transport that do not emit carbon dioxide during
operation, given our aims of creating diverse employment opportunities and further increasing theefficiency of collection and delivery. Due to COVID-19, we refrained from holding our “Kuroneko Yamato
Environmental Class” sessions, which we have been continually offering nationwide since 2005, with theaim of providing support for environmental education of children who will bear responsibilities of the next
generation.
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 nine months ended
December 31, 2020, we promoted our “combined passenger-cargo” operations using scheduled-routepassenger 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 aresubstantially declining and getting older, and also by streamlining distribution in those locations. In
addition, for residents in suburban areas which are undergoing changes with respect to people’s life
stages, we have been providing support for community development geared to ensuring that local
residents are able to lead comfortable lives. Our efforts have involved helping to revitalize local
communities where we have our business locations, and providing such residents with lifestyle support
services that include handling shopping and housekeeping on their behalf.
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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.

-8-(2) Explanation of financial position
Total assets were 1,139,507 million yen as of December 31, 2020, up 38,768 million yen from the end of theprevious fiscal year. The increase was largely attributable to increases in notes and accounts receivable - trade,
and in cash and deposits, of 68,864 million yen and 18,514 million yen, respectively, despite decreases ininvestments in leases and assets for rent of 53,886 million yen and 11,062 million yen, respectively, associatedwith having excluded Yamato Lease Co., Ltd. from the scope of consolidation.
Liabilities increased 28,498 million yen to 566,403 million yen from the end of the previous fiscal year. The
major factors in this were increases in notes and accounts payable - trade of 35,765 million yen and accrued
expenses of 16,932 million yen, despite a decrease in borrowings of 45,500 million yen.
Total net assets were 573,104 million yen, up 10,269 million yen from the end of the previous fiscal year. The
major factors included an increase in retained earnings of 56,870 million yen as a result of the amount recorded
for profit attributable to owners of parent, and a decrease in treasury shares of 15,221 million yen due topurchase and cancellation of treasury shares, despite a decrease in retained earnings of 50,915 million yen.
Accordingly, the equity ratio changed to 49.6% from 50.4% of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
Economic activities which had been stagnant due to the global spread of COVID-19 began to reopen. Whereas
business sentiment has been showing signs of improvement, particularly in the manufacturing industry, theoutlook for economic recovery both in Japan and overseas remains unknown particularly with the pandemic
spreading at home and abroad amid uncertainties as to the status of COVID-19 transmission ahead and timing
as to when the pandemic might subside. Meanwhile, COVID-19 has accelerated growth in the e-commercedomain across all industries 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.
Amid these conditions, for the full fiscal year ending March 31, 2021, we deem that operating revenue is likely
to exceed that of the previous fiscal year largely as a result of factors that include our efforts to provide
solutions that combine the Group’s management resources to address new challenges being faced by ourcustomers, in addition to our active efforts with respect to establishing and reinforcing e-commerce delivery
networks in response to the accelerating industry-wide shift to e-commerce. Meanwhile, in terms of operating
expenses, we are continuing to work to optimize operating expenses by increasing the efficiency of collection
and delivery through the optimal allocation of management resources based on data analysis and by promoting
increased efficiency of our trunk-route transportation.
The Yamato Group has made changes to the consolidated earnings forecasts for the full year of the fiscal year
ending March 31, 2021 since the announcement made on October 30, 2020.

-9-

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

As of December 31, 2020

AssetsCurrent assets
Cash and deposits

197,226

215,740

Notes and accounts receivable - trade

213,980

282,845

Accounts receivable - installment

46,08846,601

Lease receivables and investments in leases

53,886―Merchandise and finished goods

552

454

Work in process

165

403

Raw materials and supplies

3,497

1,638

Other

28,92535,231

Allowance for doubtful accounts(1,439)(1,377)

Total current assets

542,884

581,539362,314366,490

Accumulated depreciation(208,753)(212,106)

Buildings and structures, net

153,561

154,383

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

Vehicles

214,177

216,276(193,345)(197,400)

20,831

18,875

Land

175,158

174,280

Leased assets

31,26037,899

Accumulated depreciation(8,501)(12,334)

Leased assets, net

22,75925,564

161,292

136,302(109,768)(98,386)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

51,52437,916423,835

411,021

20,965

26,613

Investment securities

40,31047,499Other

74,30673,900Allowance for doubtful accounts(1,562)(1,065)

Total investments and other assets

113,054

120,334

557,855

557,968

1,100,739

1,139,507

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

Total non-current assets
Total assets- 10 -

(Millions of yen)
As of March 31, 2020

As of December 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade147,081

182,847

Short-term borrowings

75,50034,000Current portion of bonds payable

10,00010,000

Lease obligations

3,578

4,991

Income taxes payable

20,377

26,841

Deferred installment income

5,028

4,803

Provision for bonuses

35,866

13,910Other

111,379

156,200

Total current liabilities

408,811433,595

Long-term borrowings

14,00010,000

Lease obligations

21,76025,330Retirement benefit liability

79,23080,827

Non-current liabilities

Other

14,102

16,650Total non-current liabilities

129,093

132,808

537,904

566,403

Share capital

127,234

127,234

Capital surplus

36,81336,813Retained earnings

441,746

431,741

Total liabilities
Net assets
Shareholders’ equity

Treasury shares(54,770)(39,548)

Total shareholders’ equity

551,024556,241

8,157

11,753Foreign currency translation adjustment(317)(1,153)Remeasurements of defined benefit plans(3,692)(1,632)

Total accumulated other comprehensive income

4,148

8,967

7,662

7,895

562,835

573,104

1,100,739

1,139,507

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

Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2019

For the nine months ended
December 31, 2020

Operating revenue

1,257,724

1,295,676

Operating costs

1,163,282

1,158,103

Operating gross profit

94,441

137,572

Selling, general and administrative expenses

44,36447,825

Operating profit

50,07789,747

Interest income

124

159

Dividend income

893

915

Other

794

1,502

Total non-operating income

1,812

2,577

Interest expenses

331

537

Share of loss of entities accounted for using equity method

3,812

331

Other

916

325

Total non-operating expenses

5,059

1,194

46,83091,130

7,920

706

―

258

7,920

965

Loss on retirement of non-current assets

253

236

Impairment loss

696

222

Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Other
Total extraordinary income
Extraordinary losses

Loss on valuation of investment securities

0354

Loss associated with measures to address COVID-19

―

1,163

Other

73

2

1,023

1,980

Profit before income taxes

53,727

90,115

Income taxes

22,09533,086

Profit31,631

57,028

Profit attributable to non-controlling interests

224

158

Profit attributable to owners of the parent

31,40656,870Total extraordinary losses- 12 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2019

For the nine months ended
December 31, 2020

31,631

57,028Valuation difference on available-for-sale securities

1,112

3,858

Foreign currency translation adjustment(1,131)(834)

Remeasurements of defined benefit plans, net of tax

1,066

2,057

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

(274)

(1)

Total other comprehensive income

774

5,079

32,405

62,108Comprehensive income attributable to owners of parent

31,99961,689Comprehensive income attributable to non-controllinginterests

405

419

ProfitOther comprehensive income

Comprehensive income(Breakdown)- 13 -

(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 first quarter of the fiscal year ending March 31, 2021, Yamato Lease Co., Ltd. is excluded
from the scope of consolidation upon partial transfer of its shares.
Moreover, effective from the first quarter of the fiscal year ending March 31, 2021, 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 first quarter of the fiscal year ending March 31, 2021, Yamato Lease Co., Ltd. is includedin the scope of the equity 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 third quarter under review.
(Segment information, etc.)[Segment information]
I
For the nine months ended December 31, 2019
1. Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

Financial

1,016,547

108,303

20,87622,80558,27543,427

9,116

9,234

33,4182,115

1,059,975
34,806

117,420
4,123

30,110(7,656)56,224
8,591

60,390
4,973

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
18,83812,076
1,257,724―
1,257,724
Inter-segment operating revenue or
24,63058,446
180,389(180,389)―
transfers
Total
43,46970,523
1,438,114(180,389)
1,257,724
Segment profit (loss)
3,563
36,542
84,943(34,866)
50,077
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 profit in the consolidated statement of income.

- 14 -

2. Information regarding impairment losses of non-current assets or goodwill, etc. by reportablesegment(Significant impairment loss on non-current assets)
Descriptions are omitted, as the value is immaterial.

- 15 -

II

For the nine months ended December 31, 2020
1. Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

Financial

1,091,318

106,630

19,042

21,75730,38345,081

11,5158,680

35,61624

1,136,400
76,639118,146
3,379

27,723(5,021)

57,374
8,521

30,407
4,846

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
16,614
9,928
1,295,676―
1,295,676
Inter-segment operating revenue or
24,84453,744
179,508(179,508)―
transfers
Total
41,45963,673
1,475,185(179,508)
1,295,676
Segment profit (loss)
3,044
24,994116,403(26,656)
89,747
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.

2. Information regarding impairment losses of non-current assets or goodwill, etc. by reportablesegment(Significant impairment loss on non-current assets)
Descriptions are omitted, as the value is immaterial.

- 16 -

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 nine months ended
December 31, 2019
AmountRatio(Millions of yen)(%)
945,58875.2
49,275
3.9
31,814
2.5
74,3385.9(84,468)(6.7)
1,016,547
80.8
73,812
5.9

For the nine months ended
December 31, 2020
AmountRatio(Millions of yen)(%)
1,025,378
79.1
41,452
3.2
31,354
2.4
83,468
6.4(90,335)(7.0)
1,091,318
84.2
76,062
5.9

8.4(15.9)
(1.4)
12.3
6.9
7.4
3.0

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

30,428

2.4

33,9102.6

11.4

41,796

2.6

24,405(20,341)
108,303
30,115(9,239)20,876
8,592
6,201

1.9
(1.6)
8.6
2.4
(0.7)
1.7
0.7
0.5

21,936(25,278)
106,630
27,726(8,683)19,042
7,792
6,007

1.7
(2.0)
8.2
2.1
(0.7)
1.5
0.6
0.5

(10.1)
24.3
(1.5)
(7.9)
(6.0)
(8.8)
(9.3)
(3.1)

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

5,208
40,663(37,861)
22,80522,47730,151
2,538
5,275(2,168)58,27538,946
6,575(26,683)
18,83810,43262,813(61,169)
12,076
1,257,724

0.4

3,868

0.3

(25.7)

6,190

0.4

3.2
(3.0)
1.8
1.8
2.4
0.2
0.4
(0.2)
4.6
3.1
0.5
(2.1)
1.5
0.8
5.0
(4.9)
1.0
100.0

44,331(40,241)
21,75725,503
―
2,291
2,668
(81)
30,38336,812
6,666(26,863)
16,614
8,936
57,413(56,421)
9,928
1,295,676

3.4
(3.1)
1.7
2.0
―
0.2
0.2
(0.0)
2.3
2.8
0.5
(2.1)
1.3
0.7
4.4
(4.4)
0.8
100.0

9.0
6.3
(4.6)
13.5
―
(9.7)
(49.4)(96.3)(47.9)
(5.5)
1.4
0.7
(11.8)(14.3)(8.6)(7.8)(17.8)
3.0

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

- 17 -

Change(%)