Translation
January 29, 2015

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2015
<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, 2015
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 2015
(cumulative: from April 1, 2014 to December 31, 2014)(1) Consolidated operating results
For the nine months ended
December 31, 2014
December 31, 2013
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Ordinary income
Net income
Operating revenue
Operating income
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
1,069,009
2.1
64,591
8.2
66,3449.4
39,12817.7
1,046,682
6.3
59,674(4.9)
60,654(5.3)
33,232(4.5)
For the nine months ended December 31, 2014: 41,955 million yen (9.6%)
For the nine months ended December 31, 2013: 38,274 million yen (8.7%)
Net income per share

For the nine months ended
December 31, 2014
December 31, 2013

Yen
93.89
78.43

Net income pershare - fully diluted
Yen
91.51
76.48

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
December 31, 2014
1,115,677
556,573
49.4
March 31, 2014
1,032,134
560,172
53.4(Reference) Equity:
As of December 31, 2014: 550,985 million yen As of March 31, 2014: 551,379 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2014—
12.00
Fiscal 2015—
12.00
Fiscal 2015 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
12.00
—
12.00

Total
Yen
24.00
—
24.00

3.

Consolidated earnings forecasts for fiscal year 2015 (from April 1, 2014 to March 31, 2015)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,400,000
1.8
70,00010.9(Note) Revisions to the forecasts most recently announced: None

(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
71,0009.8
41,00017.9
98.91* 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 8.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Yes
b. Changes other than a:Yesc. Changes in accounting estimates:
None
d. Restatement:
None(Note) For details, please see “2. Matters Regarding Summary Information (Notes), (2) Changes in accounting policies, changes in accounting
estimates, and restatement” of the attached materials to the quarterly financial results report on page 8.

(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, 2014
435,564,792 shares
As of March 31, 2014
454,684,992 sharesb. Number of treasury shares as of the end of the period
As of December 31, 2014
27,959,676 shares
As of March 31, 2014
35,742,057 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2014
416,766,428 shares
For the nine months ended December 31, 2013
423,712,124 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 7.
• The Company plans to hold a financial results meeting for analysts on January 30, 2015. The materials distributed at this financial resultsmeeting shall be posted on the Company’s website after the meeting has been held.

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 .............................................................................. 7
2. Matters Regarding Summary Information (Notes) .................................................................................................... 8(1) Application of specific accounting for preparing the quarterly consolidated financial statements ...................... 8(2) Changes in accounting policies, changes in accounting estimates, and restatement ....................................... 8
3. Consolidated Financial Statements .......................................................................................................................... 9(1) Consolidated balance sheet .............................................................................................................................. 9(2) Consolidated statement of income and consolidated statement of comprehensive income ............................ 11
Consolidated statement of income (cumulative) .............................................................................................. 11
Consolidated statement of comprehensive income (cumulative) ..................................................................... 12(3) Notes to consolidated financial statements ..................................................................................................... 13(Notes to premise of going concern) ................................................................................................................ 13(Segment information, etc.) .............................................................................................................................. 13(Notes on significant changes in the amount of shareholders’ equity) ............................................................. 14
4. Supplementary Information .................................................................................................................................... 15
Operating revenue by business ................................................................................................................................ 15-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Qualitative information on consolidated operating results
In the nine months ended December 31, 2014, despite a visible trend toward recovery in the income
environment amid improvement in corporate earnings centered on the manufacturing industry, concerns ofstagnating personal consumption were particularly evident given the post-consumption tax hike pull-back indemand and rising prices in step with the weakening yen. Moreover, the Company also faced harsh operating
circumstances as tight labor market conditions persisted. Operating in this environment, we worked towardachieving the objectives of the Long-Term Management Plan “DAN-TOTSU Management Plan 2019” and theMedium-Term Management Plan “DAN-TOTSU Three-Year Plan STEP.” To that end, we focused our efforts on
taking steps to create a business model for generating a high level of added value while pursuing greater
sophistication of our existing businesses, by fusing logistics networks that have been developed and businessresources of individual Group companies.
In the Delivery Business, delivery volumes were sluggish due in part to stagnating personal consumption andadverse weather conditions. Nevertheless, from an earnings standpoint revenue increased amid gains in
TA-Q-BIN unit prices as a result of our efforts to promote collection of adequate fees. With respect to profits,
income also increased due to factors that included thorough cost management in line with operating volumes
encompassing personnel expenses, costs of outsourcing work, and other expenditures.
In the non-delivery businesses, we took steps to expand our existing service offerings by enlisting the strengthsof Group companies, while also drawing on Group-wide ties as we continued to aggressively pursue solution
sales geared toward addressing customers’ business challenges.
Our consolidated financial results for the nine months ended December 31, 2014 are as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the nine months
ended December 31, 2013
1,046,682
59,67460,65433,232For the nine months
ended December 31, 2014
1,069,009
64,591
66,344
39,128Change22,326
4,916
5,689
5,895

Growth (%)
2.1
8.2
9.4
17.7

During the nine months ended December 31, 2014, we purchased treasury shares of 11.96 million shares, for a
total acquisition cost of about 30.0 billion yen, and retired 19.12 million shares of treasury shares as measures
for shareholder return, based on a resolution passed at the Board of Directors meeting on October 30, 2014.
Initiatives for the entire Yamato Group
a.

b.

c.

The Yamato Group has been pursuing its “Value Networking” design, on the basis of creating businessmodels for generating a high level of added value through the combined efforts of our respective
businesses, while at the same time contributing to growth strategies for the Japanese economy.
Meanwhile, we are also taking steps to forge a robust corporate culture that acts as a foundation forbusiness creation and development.
To further promote our “Value Networking” design, we have been drawing on alliances with Group
companies in promoting solution sales, and crafting business models that deliver a high level of added
value by leveraging our business network. Also, to address varied customer needs in Japan and overseas,
we have been making more effective use of our innovative network platform consisting of the “Haneda
Chronogate,” “Atsugi Gateway” and “Okinawa International Logistics Hub” facilities, in addition to ourexisting “last mile” network.
We continued to drive initiatives geared toward forging a more robust corporate culture. To that end, we
worked on enhancing the efficiency and dependability of operations, in part by improving our transportsystems and by using our information technology network to enable visual monitoring of operating
volumes. In addition, we redoubled our employee education efforts and focused on building systems for
ensuring that we honor promises made to our customers. Moreover, we actively engaged in CSR-related
activities linked to Yamato Group business endeavors, such as through environmental and safety

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d.

measures, and efforts to prosper communities.
We took aggressive action to reduce costs, including measures to improve productivity, amid adeteriorating external cost environment marked by a tightening labor market.

Summary of each operating segment

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

a.
b.

c.

d.

e.

f.

For the nine months
ended December 31, 2013
1,284
1,571

For the nine months
ended December 31, 2014
1,259
1,434

(Million parcels / units)
Change(25)(136)

Growth (%)
(1.9)
(8.7)

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.
We have been working to address our failure to fully implement in-house rules for the “Cool TA-Q-BIN”
delivery service, which came to light in October 2013. To that end, we have established a division withfull-time employees dedicated to the task of maintaining and improving service quality. We have also beenworking to upgrade systems, thereby bringing in the necessary equipment and supplies and making it
possible to visually monitor operating volumes through enhancements to our IT platform. During the ninemonths ended December 31, 2014, these actions enabled us to maintain reliable service quality eventhroughout the year-end peak season amid surging parcel volumes. Going forward, we will redouble ourefforts to ensure better quality results, without fail, at a level that earns the trust of our customers.
For our individual customers, we have been developing a range of services geared toward customers of
the “Kuroneko Members” service. In the nine months ended December 31, 2014, we took steps to upgradeand expand our “TA-Q-BIN Pick-Up Location Selection Service” which offers our customers the option ofpicking up merchandise they have purchased online at either a Yamato Transport Co., Ltd. delivery depot
or convenience store. We maintained favorable results with respect to customer use of Yamato Transport
Co., Ltd.’s proprietary “Kuroneko Member Discount” service which offers TA-Q-BIN discount pricing
through easy settlement of payments using e-money cards.
With respect to corporate clients, we expanded business that draws on Group company alliances involving
TA-Q-BIN deliveries while providing various forms of added value. In addition, we continuously undertook
initiatives for collecting adequate fees for the task of providing consistent quality with respect to TA-Q-BIN
deliveries.
Efforts in our business geared toward revitalizing communities have involved various initiatives to address
locally-based hardships and challenges. For instance, we are working in collaboration with municipalities
and other entities in providing support with regard to watching over elderly residents, helping those living inremote areas who face difficulties doing their shopping, and providing support in expanding sales channels
for local products. Additionally, we have been developing services that provide greater convenience topeople traveling in Japan accessing train stations and airports. Our service offerings in this area include
temporary safekeeping of personal baggage and same-day baggage delivery to lodging facilities using ourtransportation network.
Operating revenue amounted to 853,244 million yen, up 0.9% from the year-ago period as a result ofbetter TA-Q-BIN unit pricing in part due to our ongoing efforts in promoting collection of adequate fees.
Meanwhile, operating income was 43,390 million yen, up 8.5% from the year-ago period as a result of cost
control initiatives which included pursuing efforts to keep costs in line with operating volumes and creating
optimal designs for pickup and delivery operations and transportation systems.

 BIZ-Logisticsa.
b.

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 and international transportation functions.
We have been expanding the Yamato Group’s services for the mail-order industry into wide ranging
offerings designed to address customer demands. Such services include support for placing and accepting

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c.

d.

e.

orders, services for visually monitoring inventories and even assistance with shipments. In the ninemonths ended December 31, 2014, we increased revenues as a result of gaining new business for suchservices while growing sales to existing customers.
With respect to our services that involve handling product maintenance and recalls, we have beendeveloping integrated services where we handle collection, repairs and returns of faulty products, while
also expanding total support services for dealing with corporate product recalls. In the nine months ended
December 31, 2014, revenues increased steadily partially as a result of having achieved favorable resultswith respect to use of our integrated repair services, and landing new business involving product recalls.
The Yamato Group provides a variety of solutions targeting clients who depend on internationaltransportation, including air and sea transportation services, small-lot international intermodaltransportation services that are interlinked with our TA-Q-BIN network, as well as a packaging andcustoms services.
Operating revenue amounted to 74,054 million yen, up 12.0% from the year-ago period mainly due to firm
results with mail-order services and services involving product repairs. Operating income was 3,558 million
yen, up 38.6% from the year-ago period.

 Home Convenience
a.
b.

c.

d.

In the Home Convenience Business, we are working toward enabling customers to achieve greater
convenience and comfort in their lives through lifetime lifestyle support businesses and corporate
enterprise support business that draw on the Yamato Group’s nationwide network.
With respect to individual customers, the Yamato Group operated a variety of services to assist in daily life
such as the “Raku Raku Household TA-Q-BIN” service for delivering large furniture items and home
appliances and moving-related services. In the nine months ended December 31, 2014, we actively
pursued sales activities, which included stepping up campaigns promoting our existing services while also
engaging in nationwide sales of our “Comfortable Lifestyle Support Service” which helps resolve everyday
inconveniences involving house cleaning and collection of unwanted items. In addition, we continued
pushing forward in promoting our traveling sales services where we offer furniture and household electricalappliances to customers in remote areas.
For our corporate clients, we have been developing business support services mainly geared toward
corporations, including office relocation services and our “Technical Network Business” where the YamatoGroup and our construction and installation contractors combine networks so that we can provide one-stop
support handling everything from household equipment delivery and set-up, to installation andmaintenance of such equipment. In the nine months ended December 31, 2014, we redoubled our sales
activities with the aim of expanding sales channels for our “Technical Network Business,” thereby
achieving greater customer use of those services.
Operating revenue amounted to 34,151 million yen, up 0.7% from the year-ago period, partly due to anincrease in new contracts for services to corporate customers in the “Technical Network Business” andother areas. With respect to profits, the segment posted an operating loss of 725 million yen, which was an
improvement of 474 million yen from the year-ago period, partially as a result of stringent costmanagement involving personnel-related expenses and other outlay, as well as productivity gains.

 e-Business
a.
b.

c.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively conducting solution platform business that combine logistics technology andfinancial technology with information technology.
With respect to services for assisting with order-acceptance and dispatching operations, the YamatoGroup provides a “Web-based Shipment Control” that comprehensively supports such operations as
dispatch information processing, printing of delivery slips, and freight tracking. In the nine months ended
December 31, 2014, service-use results were favorable, particularly among clients in the mail-ordermarket who ship packages from multiple remote locations.
The Yamato Group has been developing services for customers whose needs involve managing products
on an individual basis, such that combine serial acceptance/dispatch control in warehouses, inventory
tracking and other information-related services with services involving affixing data to products and partial
processing of merchandise. In the nine months ended December 31, 2014, revenues increased steadily as
use from telecommunications equipment-related services customers increased.

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d.

Operating revenue amounted to 30,149 million yen, up 0.1% from the year-ago period, due to an increasein new business and growing sales to existing customers. Operating income was 5,883 million yen, down
5.4% from the year-ago period due in part to increased expenses associated with setting up new offices.

 Financial
a.
b.

c.

d.

In the Financial Business, the Yamato Group has been developing settlement and financial services
tailored to a range of customer needs for payment collection on mail-order product deliveries, B2B
transaction settlement, and vehicle leasing.
With respect to payment settlement services, in addition to providing our mainstay product “TA-Q-BIN
Collect,” we also promoted increased customer use of both our “Kuroneko Web Collect” comprehensive
internet-based transaction settlement service and our e-money settlement services provided in conjunction
with our e-Business operations. In the nine months ended December 31, 2014, we actively developed
business through efforts that included further expanding capabilities of “Kuroneko Web Collect” by
upgrading the service and pursuing alliances with e-commerce website design firms. With respect toe-money related services, we achieved increases both in numbers of e-money transactions and cash
values of transactions. This was partially due to greater sales in rental services involving our “Multie-money Settlement Terminals,” through which full-scale sales started during the nine months ended
December 31, 2014.
In the lease services business, there was growth in numbers of contracts and the amount of assets amid
continuous efforts to propose solutions on the basis of extensive assessments of customer needs
particularly with respect to leases of previously-owned cars. Moreover, we generated increased revenues
as a result of accepting operating lease applications for high-quality vehicles from a broad base ofcustomers including companies in transportation and food businesses, premised on the condition that theypurchase or re-use the vehicles after their leases expire.
Operating revenue amounted to 49,839 million yen, up 7.0% from the year-ago period, mainly owing to anincrease in contracts for pre-owned vehicle leases in the lease services business. Meanwhile, operating
income was 6,892 million yen, down 3.6% from the year-ago period due in part to a decrease in “TA-Q-BIN
Collect” delivery volumes stemming from factors such as lagging recovery in personal consumption.

 Autoworks
a.

b.

c.

In the Autoworks Business, the Yamato Group develops its “24-hour-a-day, 365-day-a-year service thatenables customers to service their vehicles without stopping operation,” thereby providing value tologistics operations and logistics service providers primarily in the form of “vehicle maintenanceconvenience,” “ensuring compliance with statutory vehicle inspections,” and “reduced maintenanceexpenses.” Furthermore, to better provide one-stop service solutions geared toward customer business
operations, we have added services for “maintaining and safeguarding logistics facilities and equipment”
along with “insurance agency services where we offer insurance plans tailored to customer needs.”
In the nine months ended December 31, 2014, the Yamato Group steadily increased the number ofvehicles serviced partially as a result of the strong performance of the “Maintenance Package,” whichevens out the monthly vehicle maintenance expenses along with moves to better differentiate ourselvesfrom our competitors by expanding content of our “Repairworks” services entailing periodic on-site
customer visits.
Operating revenue amounted to 21,130 million yen, up 10.6% from the year-ago period due to favorable
results from the mainstay truck maintenance and other services. Operating income was 3,067 million yen,up 9.5% from the year-ago period.

 Othera.

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, 2014, the service generated
increased revenues partially as a result of continuously developing information systems and improving
service quality, and also due to favorable results from existing service offerings.

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b.

Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from the Group
companies increased 34.6% from the year-ago period to 1,053 million yen.

CSR Initiatives
a.

b.

c.

d.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the nine months ended December 31, 2014, a total of more than 2.56 million children have
now participated in the “Safety Classes for Children” that the Group has continuously conducted inelementary schools, etc. across Japan. Moreover, we engaged in a range of Group-wide initiatives geared
toward raising safety awareness and improving driving skills. This included the “Yamato Transport
Nationwide Safety Competition,” which is held annually by Yamato Transport Co., Ltd. and drew
participants from other Group companies. We have also initiated efforts aimed at helping to address theissue of traffic accidents in Malaysia. To that end, we work with a private Malaysian driving school,providing them with our expertise on traffic safety instruction which we have built up over time.
The Yamato Group has established the “Environmental Conservation Declaration” on the basis of theGroup corporate philosophy, and moreover works to ensure that our distribution mechanisms areenvironmentally sound. At the same time, the Yamato Group works to heighten employee awareness ofenvironmental conservation issues, and accordingly the Group pursues environmental conservation
initiatives under our policy of “Nekology” (combining “Kuroneko” with “ecology”). More specifically, we
promoted our “building and town management services” which help make buildings and whole
neighborhoods more ecologically-sound through streamlining of distribution, and accordingly showcased
those services at the Japan’s largest environmental trade fair, “The 16th Eco-Products 2014” during thenine months ended December 31, 2014.
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 can freely
enjoy a lifestyle as a member of the workforce. 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 Mail, and operating job-finding support facilities where they take part intraining to acquire skills and knowledge necessary for employment.
Aiming to create more sustainable social value, the Yamato Group promotes initiatives for sharing value
with society based on “Creating Shared Value (CSV).” In the third quarter under review, the Yamato Group
continuously worked in collaboration with government bodies on 855 separate occasions in providing
support with regard to watching over elderly residents and helping those living in remote areas who facedifficulties doing their shopping, lending support to small- and medium-sized enterprises in conjunction
with local governments, and other such initiatives taken in the course of performing myriad services thatdraw on the Yamato Group’s managerial resources.

(2) Qualitative information on consolidated financial position(Assets, liabilities and net assets)
Total assets were 1,115,677 million yen as of December 31, 2014, up 83,543 million yen from the end of theprevious fiscal year. The major factor in this was an increase of 47,323 million yen in notes and accounts
receivable - trade.
Liabilities increased 87,142 million yen to 559,104 million yen from the end of the previous fiscal year. The
major factors in this were increases in loans payable of 39,097 million yen and notes and accounts payable trade of 21,418 million yen.
Total net assets were 556,573 million yen, down 3,598 million yen from the end of the previous fiscal year. The
major factors included the recording of net income of 39,128 million yen, the dividends of surplus of 10,065
million yen, a 4,080 million yen decrease of retained earnings as of the beginning of the nine months ended
December 31, 2014, in line with the application of Accounting Standard for Retirement Benefits and its
Guidance, and the purchase of treasury shares amounting to 30,586 million yen.
Accordingly, the equity ratio changed to 49.4% from the previous fiscal year’s 53.4%.

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(3) Qualitative information on consolidated earnings forecasts
Looking ahead at the economy, apparent concerns of stagnating personal consumption aside, we anticipate a
gradual business recovery encompassing more upbeat corporate earnings centered on the manufacturingindustry. On the other hand, uncertainty is likely to prevail given factors such as a weakening yen, falling crude
oil prices and the economic downturn overseas.
In this environment, the Yamato Group will work to strengthen its customer base in the Delivery Business byconducting business in a manner that is finely tailored to diverse customer needs, while also continuously
addressing initiatives to ensure collection of adequate TA-Q-BIN fees. In the non-delivery businesses, we will
expand the revenue base through reinforcement of solution sales. Moreover, we will boost productivity byadequately allocating resources in line with operating volumes, while improving quality and pursuing better
profitability.
The Yamato Group has not made any changes to the consolidated earnings forecasts for the full year of the
fiscal year ending March 31, 2015 since the announcement made on October 30, 2014.

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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
Changes in accounting policies(Application of “Accounting Standard for Retirement Benefits” and Its Guidance)
Effective from the first quarter of the fiscal year ending March 31, 2015, for the “Accounting Standard for
Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) and the “Guidance on Accounting Standard for
Retirement Benefits” (ASBJ Guidance No. 25, May 17, 2012), the Company has additionally applied theprovisions set forth in the main clauses of Paragraph 35 of the Accounting Standard for Retirement Benefits
and Paragraph 67 of the Guidance on Accounting Standard for Retirement Benefits.
Due to this, the Company reviewed the calculation method of retirement benefit obligations and current service
costs and amended the determination of discount rate from one that is based on the period of years
approximate to the expected average remaining working lives of employees to one that uses a single weighted
average discount rate reflecting the estimated timing and amount of benefit payment.
Application of the Accounting Standard for Retirement Benefits and its Guidance is in line with the transitional
measures provided in Paragraph 37 of the Accounting Standard for Retirement Benefits. In accordance withsuch measures, the effect of the review in the determination of retirement benefit obligations and current
service costs has been added to or deducted from retained earnings as of the beginning of the nine months
ended December 31, 2014.
As a result of this change, as of the beginning of the nine months ended December 31, 2014, net defined
benefit liability increased 6,262 million yen, deferred tax assets increased 2,214 million yen, and retained
earnings decreased 4,080 million yen. In addition, the effect of this application on operating income, ordinary
income, and income before income taxes and minority interests for the nine months ended December 31, 2014is immaterial.
(Application of “Accounting Standard for Business Combinations,” etc.)
Effective from the beginning of the fiscal year starting on or after April 1, 2014, it has become possible to apply
the “Accounting Standard for Business Combinations” (ASBJ Statement No. 21, September 13, 2013),“Accounting Standard for Consolidated Financial Statements” (ASBJ Statement No. 22, September 13, 2013),“Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, September 13, 2013), etc. Accordingly,
the Company has applied these accounting standards (except for the provisions of Paragraph 39 of the
Accounting Standard for Consolidated Financial Statements) effective from the first quarter of the fiscal year
ending March 31, 2015. As a result, the method of recording the amount of difference caused by changes in the
Company’s ownership interests in subsidiaries in the case of subsidiaries under ongoing control of theCompany was changed to one in which it is recorded as capital surplus, and the method of recording
acquisition-related costs was changed to one in which they are recognized as expenses for the fiscal year inwhich they are incurred. Furthermore, for business combinations carried out on or after April 1, 2014, theaccounting method was changed to one in which the reviewed acquisition cost allocation resulting from thefinalization of the tentative accounting treatment is reflected in the quarterly consolidated financial statements
for the quarterly period in which the business combination occurs.
Application of the Accounting Standard for Business Combinations, etc. is in line with the transitional measuresprovided in Paragraph 58-2 (4) of the Accounting Standard for Business Combinations, Paragraph 44-5 (4) of
the Accounting Standard for Consolidated Financial Statements and Paragraph 57-4 (4) of the AccountingStandard for Business Divestitures. Application of the standard commenced on April 1, 2014, and will continue
going forward.
As a result of this change, as of the end of the third quarter under review, capital surplus increased 834 million
yen. In addition, the effect of this application on operating income, ordinary income, and income before income
taxes and minority interests of the nine months ended December 31, 2014 is immaterial.

-8-3. Consolidated Financial Statements(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2014

As of December 31, 2014

AssetsCurrent assets
Cash and deposits

220,147

223,834

Notes and accounts receivable - trade188,144

235,468

Accounts receivable - installment

39,48042,412

Lease investment assets

35,32842,317

Merchandise and finished goods

780

837

Work in process

234

232

Raw materials and supplies

2,222

1,726

Other

42,611

51,417

Allowance for doubtful accounts(1,591)(1,448)

Total current assets

527,359

596,799

329,288

330,826

Accumulated depreciation(174,246)(181,047)

Buildings and structures, net

155,042

149,779

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Other
Accumulated depreciation
Other, net

187,881

198,596(171,770)(177,133)

16,11021,462

188,343

188,359

23,94425,175(15,201)(17,442)

8,742

7,732

140,979

151,710(92,090)(95,095)

48,88856,615417,127

423,950

17,51817,801

Investment securities

26,11931,265

Other

45,35846,624

Allowance for doubtful accounts(1,350)(763)

Total investments and other assets

70,12877,127504,774

518,878

1,032,134

1,115,677

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

Total non-current assets
Total assets-9-

(Millions of yen)
As of March 31, 2014

As of December 31, 2014

Liabilities
Current liabilities
Notes and accounts payable - trade

172,463

193,881

Short-term loans payable

36,411

33,716

Lease obligations

4,784

3,428

Income taxes payable

20,907

16,828Deferred installment income

5,349

5,621

Provision for bonuses

29,515

10,805

Other

77,927

118,399

Total current liabilities

347,360

382,682

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

42,266

84,058

Lease obligations

4,379

4,768

Net defined benefit liability

47,22455,641

Other

10,731

11,953

Total non-current liabilities

124,601

176,421471,961

559,104

Capital stock

127,234

127,234

Capital surplus

100,863

70,614Retained earnings

371,965

396,948

Treasury shares(56,079)(53,751)

Total shareholders’ equity

543,984

541,045

8,769

11,478Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

342

(4)

Remeasurements of defined benefit plans(1,717)(1,534)

Total accumulated other comprehensive income

7,395

9,939

Minority interests

8,792

5,587

Total net assets

560,172

556,573

1,032,134

1,115,677

Total liabilities and net assets- 10 -

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2013

For the nine months ended
December 31, 2014

Operating revenue

1,046,682

1,069,009

Operating cost

959,478

976,435

Operating gross profit

87,20392,574

Selling, general and administrative expenses

27,52827,982

Operating income

59,67464,591Non-operating income
Interest income

63

58

Dividend income

514

569

Other

1,282

1,762

Total non-operating income

1,859

2,390

Interest expenses

324

277

Other

555

361

Total non-operating expenses

879

638

60,654

66,344Gain on sales of non-current assets

13

407

Gain on sales of investment securities

06Compensation for damage received—

257

Penalty received—

232

Total extraordinary income

14

904

190

193

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of non-current assets
Loss on valuation of investment securities

3—

Loss on litigation

—

598

Other

3

128

197

920

Income before income taxes and minority interests

60,471

66,328

Income taxes

27,16927,143

Income before minority interests

33,302

39,18469

56

33,232

39,128

Total extraordinary losses

Minority interests in income
Net income- 11 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2013

For the nine months ended
December 31, 2014

33,302

39,184

Valuation difference on available-for-sale securities

4,431

2,925

Foreign currency translation adjustment

541

(346)

Income before minority interests
Other comprehensive income

Remeasurements of defined benefit plans, net of tax

—

192

4,972

2,770

38,274

41,955Comprehensive income attributable to owners of parent

37,814

41,680Comprehensive income attributable to minority interests

460

274

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

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(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, 2013

(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business

Financial

845,668

66,09433,91530,117

46,59145,885

9,293

11,227

20,262

2,708

891,553
39,98675,3872,567

45,142(1,199)50,3796,219

49,2997,151

Reconciliation(Note 3)

Amountrecorded inconsolidated
statement ofincome(Note 4)

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

Autoworks

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
19,106
5,188
1,046,682—
1,046,682(2) Inter-segment operating revenue or
51,747
163,123(163,123)—
21,999transfers
Total
41,10556,935
1,209,805(163,123)
1,046,682
Segment income (loss)
2,800
24,87082,398(22,723)
59,674
Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment income is 24,104 million yen.
3. The adjustment of segment income resulted from eliminating transactions among segments, etc.
4. We made an adjustment between segment income and operating income in the consolidated statement of income.

- 13 -

For the nine months ended December 31, 2014
Delivery(Note 1)
Operating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business(Note 1)

Financial

853,244

74,054

34,15130,14949,83947,786

9,234

11,791

21,8252,494

901,030
43,39083,2893,558

45,943(725)

51,975
5,883

52,333
6,892

Reconciliation(Note 4)

Amountrecorded inconsolidated
statement ofincome(Note 5)

Autoworks

Other(Notes 2, 3)

Total

Operating revenue(1) Operating revenue from customers
21,1306,438
1,069,009—
1,069,009(2) Inter-segment operating revenue or
50,166
165,943(165,943)—
22,644transfers
Total
43,77556,604
1,234,952(165,943)
1,069,009
Segment income (loss)
3,067
23,42885,495(20,903)64,591
Notes: 1. Effective from the first quarter of the fiscal year ending March 31, 2015, Delivery Business segment includes the contact service
business, previously included in the e-Business, due to changes involving business segment categories made in accordance withactual circumstances related to management and administration. The segment information for the nine months ended December
31, 2013 has been prepared and presented according to the new classification.
2. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
3. 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 income is 21,910 million yen.
4. The adjustment of segment income resulted from eliminating transactions among segments, etc.
5. We made an adjustment between segment income and operating income in the consolidated statement of income.
6. Effective from the first quarter of the fiscal year ending March 31, 2015, for the “Accounting Standard for Retirement Benefits”(ASBJ Statement No. 26, May 17, 2012) and the “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No.
25, May 17, 2012), the Company has additionally applied the provisions set forth in the main clauses of Paragraph 35 of the
Accounting Standard for Retirement Benefits and Paragraph 67 of the Guidance on Accounting Standard for Retirement Benefits.
Due to this, the Company reviewed the calculation method of retirement benefit obligations and current service costs andamended the determination of discount rate from one that is based on the period of years approximate to the expected averageremaining working lives of employees to one that uses a single weighted average discount rate reflecting the estimated timing andamount of benefit payment.
In addition, the effect of this application on segment income/loss for the nine months ended December 31, 2014 is immaterial.

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

- 14 -

4. Supplementary Information
Operating revenue by business
Fiscal year ended
For the nine months
For the nine months
ended December 31, 2013 ended December 31, 2014 Change
March 31, 2014
Business segment(%)
AmountRatio
AmountRatio
AmountRatio(Millions of yen)(%)
(Millions of yen)(%)
(Millions of yen)(%)
TA-Q-BIN
70.9
755,45870.7
1.8
958,57369.7
741,760
Kuroneko Mail
9.1
88,2688.2(7.2)
126,035
9.2
95,124
Express
3.2
32,721
3.1(3.9)
45,047
3.3
34,056
Delivery
Others *1
4.7
52,9274.9
8.5
68,023
4.9
48,759Eliminations(7.1)(76,132)(7.1)
2.8(98,279)(7.1)(74,032)
Total
80.8
853,24479.8
0.9
1,099,399
80.0
845,668
Trading logistics service
2.6
29,1252.7
5.6
39,037
2.8
27,588
Sales and Logistics
23,1602.2
25,6902.4
10.9
31,103
2.3
Multi maintenance
7,339
0.7
12,194
1.1
66.1
9,870
0.7
BIZ-Logistics Export Factory
0.3
3,077
0.3
9.7
3,781
0.3
2,805
Others2.6
28,9562.7
5.9
36,311
2.7
27,331Eliminations(2.1)(24,989)(2.3)
12.9(29,850)(2.2)(22,130)
Total
6.3
74,0546.9
12.0
90,254
6.6
66,094Home convenience
29,3882.8
29,1112.7(0.9)
42,801
3.1
Business convenience
1.3
13,193
1.2(3.5)
17,0601.2
13,678
*2
Home
0.2
3,656
0.4
74.0
3,047
0.2
2,102
Convenience Technical Network *2
Eliminations(1.1)(11,809)(1.1)
4.9(14,186)(1.0)(11,253)
Total
3.2
34,151
3.2
0.7
48,723
3.5
33,915e-logistics solution
7,952
0.8
8,311
0.8
4.5
10,766
0.8
Credit card solution
5,886
0.6
6,027
0.6
2.4
7,890
0.6
IT operating solution *3
0.4
4,795
0.4
7.1
6,207
0.5
4,476
Web-based
mail
order
e-Business
0.5
4,795
0.4
2.7
6,071
0.4
4,668
solution *3
Others *1, 3
2.7
30,1612.8
5.0
38,801
2.8
28,729Eliminations(2.1)(23,940)(2.2)
10.9(28,905)(2.1)(21,595)
Total
2.9
30,1492.8
0.1
40,8313.0
30,117
TA-Q-BIN Collect
30,1952.9
28,4782.7(5.7)
40,178
2.9
Lease
1.5
19,8001.9
30.8
20,896
1.5
15,138Credit & Finance
2,418
0.2
2,523
0.2
4.3
3,239
0.2
Financial
Others
0.2
1,590
0.1
(1.0)
2,061
0.2
1,606
Eliminations(0.3)(2,554)(0.2)(7.7)(3,647)(0.3)(2,767)
Total
4.5
49,8394.7
7.0
62,727
4.5
46,591
Truck maintenance
38,057
3.6
40,3973.8
6.1
49,651
3.6
Others
0.5
5,287
0.5
7.2
6,507
0.5
4,933
Autoworks
Eliminations(2.3)(24,553)(2.3)
2.8(30,508)(2.2)(23,884)
Total
1.8
21,1302.0
10.6
25,6501.9
19,106JITBOX Charter service
0.3
4,394
0.4
32.0
4,677
0.3
3,329
Others5.2
53,5965.0(2.1)
64,434
4.7
54,718Other
Eliminations(5.0)(51,552)
(4.8)
(2.5)
(62,089)(4.5)(52,859)
Total
0.5
6,438
0.6
24.1
7,022
0.5
5,188
Total
100.0
1,069,009
100.0
2.1
1,374,610
100.0
1,046,682
The notes below describe changes to business segment classifications effective from the first quarter of the fiscal year ending March 31, 2015,
made in accordance with actual circumstances related to management and administration. The figures presented for the nine months ended
December 31, 2013, and for the fiscal year ended March 31, 2014, have been restated in accordance with this change.
*1. The contact service business, previously included in the Others category of the e-Business, is now presented in the Others category of the
Delivery Business.
*2. In the Home Convenience Business, the Technical Network, previously included in the Business convenience category, is now presented
separately in its own category.
*3. In the e-Business, the Telecommunications network, previously included in the Others category, is now presented in the IT operating
solution category; and the chain store solutions, previously included in the Web-based mail order solution category, is now presented in the
Others category.

- 15 -