Translation
August 8, 2022

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2023
<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
Toshizo Kurisu, Executive Officer and Vice President, Responsible for Finance
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
August 10, 2022
Scheduled date of the commencement of dividend payment:—
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded)

1.

Consolidated financial results for the first quarter of fiscal year 2023
(cumulative: from April 1, 2022 to June 30, 2022)(1) Consolidated operating results

For the three months ended
June 30, 2022
June 30, 2021
(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%
424,1591.0
2,416(81.0)
2,493(84.7)
320(97.3)
419,841
7.1
12,73427.9
16,24954.3
11,705239.0
For the three months ended June 30, 2022:
1,056 million yen ((93.9)%)
For the three months ended June 30, 2021:
17,439 million yen (276.8%)
Basic earnings per share

For the three months ended
June 30, 2022
June 30, 2021

Diluted earnings
per share

Yen
0.88
31.55

Yen
—
—

(2) Consolidated financial position
As ofJune 30, 2022
March 31, 2022
(Reference) Equity:2.

Total assets
Net assets
Equity-to-asset ratio
Millions of yen
Millions of yen%
1,120,326
580,48951.2
1,086,854
598,233
54.3
As of June 30, 2022:
573,119 million yen
As of March 31, 2022:
590,542 million yen

Dividends
First quarter
Yen——

Second quarter
Yen
23.00

Fiscal 2022
Fiscal 2023
Fiscal 2023 (Forecast)
23.00(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen—

Fiscal year-end
Yen
23.00

—

23.00

Total
Yen
46.00
46.00

3.

Consolidated earnings forecasts for fiscal year 2023 (from April 1, 2022 to March 31, 2023)
Operating revenue

Operating profit

Millions of yen%
Millions of yen%
Half year
874,000
1.0
23,000 (27.4)
Full year
1,820,000
1.5
91,00017.9(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
23,000 (37.7)
14,000(4.3)
38.61
91,0007.9
57,0001.9
157.26* Notes(1) Changes in significant subsidiaries during the three months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated financial
statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of the attached materials to
the quarterly financial results report on page 12.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement:
None(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of June 30, 2022:
379,824,892 shares
As of March 31, 2022:
388,575,592 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2022:
17,551,422 shares
As of March 31, 2022:
22,084,421 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended June 30, 2022:
362,964,294 shares
For the three months ended June 30, 2021:
371,024,970 shares*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit firm.
*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various
reasons. For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of
Accounts for the Three Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 7.
• 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 Three Months............................................................... 2(1) Summary of operating results.......................................................................................................................... 2(2) Explanation of financial position ...................................................................................................................... 7(3) Explanation of consolidated earnings forecasts and other forward-looking statements .................................. 7
2. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 8(1) Consolidated balance sheet ............................................................................................................................ 8(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 10
Consolidated statement of income (cumulative) ............................................................................................ 10
Consolidated statement of comprehensive income (cumulative) .................................................................. 11(3) Notes to consolidated financial statements ................................................................................................... 12(Notes to premise of going concern) ............................................................................................................. 12(Notes on significant changes in the amount of shareholders’ equity)........................................................... 12(Changes to the scope of consolidation and/or the application of the equity method)................................... 12(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 12(Segment information, etc.) ........................................................................................................................... 12
3. Supplementary Information .................................................................................................................................. 13
Operating revenue by segment ............................................................................................................................ 13-1-

1. Qualitative Information on Settlement of Accounts for the Three Months(1) Summary of operating results
During the first three months ended June 30, 2022, progress was made towards the normalization of economic
activity, despite the lingering impact of COVID-19. However, with heightened inflationary pressure around theworld, driven by the rise in the price of natural resources and food products due to global instability, coupledwith the weakening of the yen due to the widening gap in interest rates between Japan and overseas, there still
is not sufficient visibility towards a full-fledged economic recovery.
Moreover, COVID-19 has led to a change in consumption behavior and lifestyles and accelerated the
expansion of e-commerce in all industries, driven by the spread of working from home, as well as medical
treatment and education taking place online.
Under these circumstances, the Yamato Group focused on providing comprehensive value to address theneeds of customers and society, in order to achieve sustainable corporate value enhancement through “Helping
to enrich our society” which is part of our Management Philosophy, under the Group management structure inwhich we brought together the management resources of each Group company, and based on the Mediumterm management plan “One YAMATO 2023” with the fiscal year ending March 2024 as the final year, towards
innovating the supply chain to address changes in people’s lifestyles and the distribution structure.
Our consolidated financial results for the three months ended June 30, 2022 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the three months
ended June 30, 2021
419,841
12,734
16,249For the three months
ended June 30, 2022
424,159
2,416
2,493

11,705

320

ChangeGrowth (%)

4,317(10,317)(13,755)

1.0(81.0)(84.7)(11,385)(97.3)For the three months ended June 30, 2022, operating revenue was 424,159 million yen, up 4,317 million yen
from the previous year. This was largely attributable to the increase in parcel delivery volume as a result of
capturing demand from the e-commerce domain where growth is accelerating, as well as our focus on
optimizing logistics for customers.
Operating expenses was 421,742 million yen, up 14,635 million yen from the previous year.
This was due to the increase in costs associated with the promotion of our Medium-term management plan
“One YAMATO 2023”, such as the fact that we are still in the process of optimizing transportation and delivery
operations between the EC logistics network, which we are building to address the growing EC demand, and in
our existing network, in addition to higher fuel prices.
As a result, for the three months ended June 30, 2022, operating profit was 2,416 million yen, down 10,317
million yen from the previous fiscal year.
Initiatives for the entire Yamato GroupIn response to COVID-19, the Yamato Group has been working to stably provide logistics services, including
TA-Q-BIN, through measures such as non-face-to-face parcel deliveries and thorough measures to prevent
infections in our customer services, while paying utmost consideration to hygiene management of ouremployees. Moreover, based on the Medium-term management plan “One YAMATO 2023”, which aims toprovide comprehensive value to address the diversifying needs of customers and society, we have continued to
implement the following measures:① Increasing operating revenue through growth in the corporate client domain
In response to growing EC demand and changes in the supply chain of corporate customers, we
continued to provide value to cover the entire supply chain, through measures such as making clients’inventory more fluid, by integrating the inventory management system and transportation and delivery
network with the consolidated and enlarged facilities, while our front-line employees worked to understandthe needs of corporate customers and proposing solutions with headquarters.

-2-② Increasing productivity across the entire Yamato GroupIn order to address the continuously changing and increasingly diverse needs of our customers, we havecontinued working to improve the accuracy of our demand and workload forecasts through data analysis,
while optimizing transportation and delivery operations.
In addition, in order to address the growing EC demand, we continued to build the EC logistics network
which has a more simple operation process covering sorting, transportation and last-mile deliveries, while
consolidating and reallocating the terminals and TA-Q-BIN centers in our existing network. We also
promoted initiatives such as reforming and automating our operations, as well as optimizing andstandardizing the delivery process through digitalization, thereby increasing the time our front-line
employees can spend facing customers, enhancing our pick-up and delivery capabilities as well as
improving our safety and quality levels.
We also worked on standardizing operations to reduce the administrative indirect burden on our front-line
employees, and promoted BPR (Business Process Re-engineering) through digitalization.
③ Promoting strategies for achieving sustainable enhancement of corporate value
With the aim of sustainably enhancing our corporate value, we are engaging in initiatives under our
Medium-term management plan “One YAMATO 2023” that involves promoting data and innovation
strategies, reforming the management structure and reinforcing governance, engaging in an HR strategy
which supports “Innovating Delivery Business,” improving capital efficiency, and strengthening sustainable
management.
As for our data strategy, we developed digital data and strengthened digital platforms in order to further
enhance our use of data. Also, we continued to improve our demand forecasting, our services andoperations using digital data.
Meanwhile, we made progress in our innovation strategy with initiatives to promote open innovation, which
entails discovering and collaborating with startups, as well as to invest in such startups with the aim ofcreating new businesses.
We are also working on strengthening governance, separating management supervision and execution,
maintaining and enhancing management transparency, as well as enhancing governance with anemphasis on the speed of our decision-making.
When it comes to an HR strategy which supports “Innovating Delivery Business,” we believe our
employees numbering roughly 220,000 is our most valuable asset. We have been reinforcing our front-line
staff that faces customers by clarifying their job descriptions in more detail, as well as introducing systems
and structures that motivate employees that will become leaders of the Group, as well as the employeeswith skills in specific areas.
As for strengthening our sustainable management, we are promoting management that considers theenvironment and society through measures such as connecting people, resources and information at ahigh level, and making our transportation more efficient, in order to achieve both sustainable growth andsustainable social development, under our two visions of “Connect. Deliver the Future via Green Logistics”
and “Through Co-Creation and Fair Business Activities, Help Create a Society That Leaves No One
Behind”. In the three months ended June 30, 2022, we set a mid-term target of “48% reduction in GHG in
2030, compared to FY March 2021”, as a milestone for achieving our long-term target of “Climate
neutrality (in-house emissions) in 2050”. In order to achieve this mid-term target, we will make steadyprogress in “introducing 20,000 EVs”, “introducing 810 solar power generation facilities” and “improving
the usage rate of renewable energy-based electricity”.
Business strategies of each segment

 Retail Business Unit
① The Retail Business Unit provides high-quality small-lot parcel delivery services such as TA-Q-BIN, and as
the starting point of business for the entire Group, has been working to provide value that addresses theneeds of our customers by utilizing the distinctive characteristics of TA-Q-BIN in terms of its points ofcontact with a broad range of customers, with our front-line employees monitoring and capturing changes
in our customers in their lifestyles and business environments, and working with headquarters andproposing solutions that utilize the Group’s management resources. It has also been working to provide
services that make delivery and pick-up more convenient, particularly the “Kuroneko Members” service,-3-

which has more than 50 million registered members, and the “Yamato Business Members” service, which
is used by more than 1.5 million corporate clients, and also through efforts to upgrade various services
other than those involving transportation that are beneficial in terms of people’s lives and business.
② In the three months ended June 30, 2022, the Retail Business Unit collaborated with a company thatprovides business communication tools, and started a service to make the sending of TA-Q-BIN parcels bycorporate clients more efficient by using smartphones.
③ Operating revenue of the Retail Business Unit from external clients amounted to 211,090 million yen, up
2.0% from the previous year, as a result of our efforts to provide optimal sending and receiving of parcels
in accordance with diversifying needs. Operating expenses increased 7.2% from the previous year due tofactors including the increase in expenses related to the promotion of our Medium-term management plan
“One YAMATO 2023”, and operating profit declined 9,406 million yen from the previous year.

 Corporate Business Unit
① The Corporate Business Unit provides value across entire corporate logistics supply chains, including the
midstream and upstream domains of business. In order to do so, the Unit takes on initiatives that included
planning supply chain management (SCM) strategies that contribute to clients’ business decisions, aboveand beyond improving and streamlining logistics operations, and it furthermore engaged in accountmanagement, which involved developing effective strategies and assuming responsibility through tomanagement and operation.
② For retailers who are developing physical stores and e-commerce omni-channel sales frameworks, the Unit
has been promoting efforts to optimize inventory and logistics through centralized management, thereby
making clients’ inventories in their omni-channel operations more fluid, by combining the consolidated andenlarged business facilities with the transportation networks. Moreover, we are focusing on making
proposals in our sales activities to provide comprehensive value, through one-stop management of clients’logistics operations by the Yamato Group, covering the entire process starting from procuring merchandisefor their physical stores as well as their official e-commerce sites, to the storage, packaging and sending ofsuch merchandise.
③ For the ever-growing e-commerce domain, the Unit has been building an EC logistics network with more
simplified operations covering sorting, transportation and last-mile deliveries, especially in the urban areas
where demand is concentrated in. To optimize logistics for e-commerce vendors with stores in online
shopping malls, we used our partnerships with major e-commerce companies to implement initiatives tofurther improve convenience and expand sales for services that completely or partially replace operational
functions from order receiving to shipping and delivery. Moreover, for cross-border EC where demand is
growing, we are promoting initiatives to seamlessly link the import and customs-related system and thedomestic delivery network, thereby shortening the delivery lead-time.
④ In the three months ended June 30, 2022, we partnered with a company that provides mouthpieceorthodontic services, and began a service that allows the prompt delivery of mouthpieces which are
manufactured on-demand, using 3D printers placed in Yamato Group’s domestic network. This will help
shorten the time it takes for treatment for patients, while reducing the disposal loss of mouthpieces thatarise from changes in treatment plans.
⑤ Operating revenue from customers amounted to 198,254 million yen, up 4.1% from the previous fiscal
year, mainly as a result of the Unit tapping growing e-commerce demand, as well as promoting logistics
optimization of corporate clients. Meanwhile, operating profit declined 746 million yen from the previous
year, due to factors such as the increase in costs to promote the Medium-term management plan “OneYAMATO 2023”.

-4-

(Reference)(Million parcels / units)
For the three months
ended June 30, 2021

For the three months
ended June 30, 2022

Parcel delivery

539

553

14

2.6

Kuroneko DM-Bin

212

208

(4)

(2.3)

Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY/Nekopos

ChangeGrowth (%)

 Other① During the three months ended June 30, 2022, we continued to promote efforts to expand sales fortransportation by transport box taking advantage of the network consisting of multiple corporate groups
and for vehicle maintenance services.
② Operating revenue from customers was 14,814 million yen, down 34.1% from the previous year. Operating
profit was 3,826 million yen, down 871 million yen from the previous year.
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
annual plans, all centered on respective Group companies whose main operations involve transport.
During the three months ended June 30, 2022, the entire Yamato Group carried out the “Zero Traffic
Accidents Campaign” in order to improve safety awareness and also awarded our drivers with zeroaccidents over the years. 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 conveying the importance of traffic safety.
② For the Yamato Group, enhancing corporate value is one of the most important management priorities, and
the Group is engaged in various initiatives to strengthen its management structure, as part of its corporate
governance effort. Based on the Group’s corporate philosophy, we conduct business activities inaccordance with laws and social norms, and are promoting compliance-based management.
③ The Yamato Group has been working to strengthen its sustainable management, by establishing the
Sustainable Medium-Term Environmental Plan 2023 and Medium-Term Social Plan 2023, based on our
two visions outlined in the transformation plan “YAMATO NEXT100”; “Connect. Deliver the Future via
Green Logistics” and “Through Co-Creation and Fair Business Activities, Help Create a Society That
Leaves No One Behind”.
④ Under the “Environmental” component of its Sustainable Medium-Term Environmental Plan 2023 andMedium-Term Social Plan 2023, we have set quantitative targets to lower the environmental burden fromour business activities, as well as setting targets for areas such as materials and vehicles, where thelogistics industry can contribute in spreading innovative technologies. The Yamato Group is also targeting
green logistics initiatives in partnership with our diverse partners, as well as providing products andservices with low environmental burden, thereby creating environmental value.
⑤ Under the “Social” component of its Sustainable Medium-Term Environmental Plan 2023 and MediumTerm Social Plan 2023, the Yamato Group respects the diversity of its people, and established a work
environment that brings out the best of employees, thereby addressing social issues. We are working tocreate an enriched society through measures such as promoting regional development throughcollaborations. During the three months ended June 30, 2022, we worked together with the Ministry ofLand, Infrastructure, Transport and Tourism on relay transportation using the “Michi-no-Eki” facilities, orroadside stations, in northern Hokkaido, with the aim of improving the work environment for truck drivers,
lowering transportation cost, and easing the burden on the environment.
⑥ 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).” We will continue to operate the Neko-5-

Support Station as a local community facility that supports the healthy and sustainable development of thelocal community, and the safe and comfortable lives of people in the area. We will provide housekeeping
support services, monitoring services that use “HelloLight” IoT light bulbs, consultation services foreveryday life, and hold events that enable interaction among community members.
⑦ Aspiring to be a company that continually evolves in step with society, and led by the Yamato Welfare
Foundation, the Yamato Group conducts various activities to help realize a society in which disabled
people can experience 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
with disabilities at the Swan Bakery which makes and sells bread, providing them with workplaces throughthe consigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they takepart in training to acquire skills and knowledge necessary for employment.

-6-(2) Explanation of financial position
Total assets were 1,120,326 million yen as of June 30, 2022, up 33,471 million yen from the end of the previous
fiscal year. The increase was largely attributable to increases in cash and deposits of 17,091 million yen andincome taxes receivable of 8,086 million yen.
Liabilities increased 51,215 million yen to 539,836 million yen from the end of the previous fiscal year. The
increase was largely attributable to increases in short-term borrowings of 35,000 million yen and accrued
expenses of 54,642 million yen mainly due to the booking of summer bonuses, despite a decrease in provision
for bonuses of 23,204 million yen, a decrease in notes and accounts payable – trade of 17,239 million yen, anda decrease in income taxes payable of 9,603 million yen due to the payment of income taxes.
Total net assets were 580,489 million yen, down 17,743 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 320 million yen, and conducting 8,440
million yen of dividends of surplus, as well as the acquisition of 10,000 million yen of our own shares.
As a result, the equity ratio changed to 51.2% from 54.3% in the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The business environment surrounding Yamato Group is undergoing significant change, with the diversificationof customer needs, depopulation of rural areas, the decline in working population, and climate change.
Moreover, the spread of COVID-19 has triggered a change in consumption behavior and lifestyles, and has
accelerated growth in the e-commerce domain across all industries. The future outlook is made further unclear
due to factors such as the increasing global inflationary trend, rising resource and food prices caused byinstability in international affairs and the ongoing depreciation of the yen resulting from the widening gap
between domestic and foreign interest rates.
Under such circumstances, Yamato Group has been accelerating initiatives to provide comprehensive value inaddressing needs of its customers and society with its sights set on transforming the supply chain in responseto changing distribution structures, based on the Medium-term management plan “One YAMATO 2023”, withthe fiscal year ending March 31, 2024 set as its final fiscal year.
In the fiscal year ending March 31, 2023, as the second year of the medium-term management plan, expenses
have temporarily increased mainly because the Company is in the process of building the EC logistics network
to meet the growing EC demand and optimizing its operations with the existing network, while fuel costs etc.
rose due to changes in the external environment.
The Yamato Group has made changes to the consolidated earnings forecasts for the half year of the fiscal year
ending March 31, 2023 since the announcement made on May 10, 2022. The changes are as follows;
Consolidated earnings forecasts for the first half of the fiscal year ending March 31, 2023
Operatingrevenue
Millions of yen
Forecast as of May 10,2022 (A)New Forecast (B)Forecast Change (B-A)
Forecast Change (%)

Millions of yen

Millions of yen

Profit attributable toowners of parent
Millions of yen

874,000

31,00031,00019,00052.40

874,000
00

23,000(8,000)(25.8)

23,000(8,000)(25.8)

14,000(5,000)(26.3)

38.61－－

Operating profit

Ordinary profit

There is no change in the consolidated earnings forecast for the full year.

-7-

Basic earnings
per shareYen

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022

As of June 30, 2022

AssetsCurrent assets
Cash and deposits

182,644

199,736

Notes and accounts receivable - trade, and contract
assets

218,922

216,444

Accounts receivable - installment

48,05548,481

Merchandise and finished goods

186

212

Work in process

167

211

Raw materials and supplies

1,861

1,786

Other

30,462

43,343

Allowance for doubtful accounts(1,456)(1,414)

Total current assets

480,844508,802376,844

378,154

Accumulated depreciation(219,830)(222,165)

Buildings and structures, net

157,013

155,989

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

197,104

195,975(171,897)(170,904)

25,20725,071

179,650

179,769

39,65339,574

Accumulated depreciation(11,286)(10,873)

Leased assets, net

28,36628,701

140,785

145,942(101,144)(101,897)

Other
Accumulated depreciation
Other, net

39,64044,045429,878433,576

45,64646,487

Investment securities

47,972

47,848

Other

84,12485,276

Allowance for doubtful accounts(1,611)(1,664)

Total investments and other assets

130,484

131,460

606,010

611,524

1,086,854

1,120,326

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

Total non-current assets
Total assets-8-

(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

165,346

148,106

Short-term borrowings

15,00050,000

Lease liabilities

4,850

5,834

Income taxes payable

14,395

4,792

Deferred installment income

4,714

4,674

Provision for bonuses

38,942

15,737

Other

109,558

173,043

Total current liabilities

352,807402,188

Lease liabilities

26,03826,693Retirement benefit liability

94,141

95,389Other

15,633

15,565

Total non-current liabilities

135,814

137,648

488,621539,836

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,81336,811Retained earnings

464,494436,657

Treasury shares(49,551)(39,834)

Total shareholders’ equity

578,991

560,869

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

11,498

11,147

Foreign currency translation adjustment

(513)

463

Remeasurements of defined benefit plans

565

638

11,551

12,249Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

-9-

7,690

7,370

598,233

580,489

1,086,854

1,120,326

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the three months ended
June 30, 2021

For the three months ended
June 30, 2022

Operating revenue

419,841

424,159

Operating costs

391,642

408,119

Operating gross profit

28,19916,039Selling, general and administrative expenses

15,464

13,622

Operating profit

12,7342,416

Non-operating income
Interest income

46

48

Dividend income

470

442

Net foreign exchange gains

14

328

2,925

–

Gain on investments in investment partnerships
Other

498

444

Total non-operating income

3,955

1,263

Interest expenses

199

207

Share of loss of entities accounted for using equity method

169

662

Other

70

316

Total non-operating expenses

439

1,186

16,2492,493

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of non-current assets

01

Penalty income

53

69

Total extraordinary income

53

70

Loss on retirement of non-current assets

67

93

Loss on valuation of investment securities–

2

Dismantlement expenses

–

752

Other

5

9

Extraordinary losses

72

858

Profit before income taxes

Total extraordinary losses

16,230

1,706

Income taxes

4,462

1,343

Profit11,767

362

61

42

11,705

320

Profit attributable to non-controlling interests
Profit attributable to owners of the parent- 10 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the three months ended
June 30, 2021

For the three months ended
June 30, 2022

11,767362

Valuation difference on available-for-sale securities

4,998

(355)

Foreign currency translation adjustment

960

974

Remeasurements of defined benefit plans, net of tax

(292)

84

4

(10)

5,671

693

17,4391,056

Comprehensive income attributable to owners of parent

17,215

1,018

Comprehensive income attributable to non-controllinginterests

223

38

ProfitOther comprehensive income

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 11 -

(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 to the scope of consolidation and/or the application of the equity method)
Major changes to the scope of consolidation
During the three months ended June 30, 2022, Yamato Web Solutions Co., Ltd. has been dissolved, with
Yamato System Development Co., Ltd. as the surviving company, and has been removed from the scope of
consolidation.
(Application of specific accounting for preparing the quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses are calculated by multiplying the profit before income taxes by the reasonably estimated effective
tax rates after the application of tax effect accounting to the profit before income taxes for the fiscal year
including the first quarter under review.
(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and profit or loss by reportable segment
For the three months ended June 30, 2021
(Millions of yen)

Operating revenue
Operating revenue from
customers
Inter-segment operating revenue
or transfers
Total
Segment profit

Other(Note 1)Retail Business
Unit

Corporate
Business Unit

207,002

190,355

22,483419,841–

419,841

62,397

8,381

30,740101,519(101,519)–

269,400
992

198,736
8,126

53,224
4,697

521,361
13,816(101,519)(1,082)419,841
12,734

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
statement ofincome(Note 3)

Notes: 1. “Other” includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development), and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. The adjustment of negative 1,082 million yen of segment profit includes group-wide expenses of negative 3,162 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 2,080 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

For the three months ended June 30, 2022
(Millions of yen)

Operating revenue
Operating revenue from
customers
Inter-segment operating revenue
or transfers
Total
Segment profit (loss)

Other(Note 1)Retail Business
Unit

Corporate
Business Unit

211,090

198,254

14,814424,159–

68,253

4,480

27,709100,442(100,442)–

279,343(8,413)

202,735
7,379

42,523
3,826

524,601
2,792(100,442)(375)

424,159
2,416

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
statement ofincome(Note 3)424,159

Notes: 1. “Other” includes Yamato System Development Co., Ltd. (information systems development), and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies).
2. The adjustment of negative 375 million yen of segment profit includes group-wide expenses of negative 2,019 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 1,643 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

- 12 -

3. Supplementary Information
Operating revenue by segment
Business segment
IncomeRetail Business Unit

Corporate Business
Unit

Other

Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
OthersEliminations
Total
Total

For the three months ended For the three months ended
June 30, 2021
June 30, 2022
AmountRatio
AmountRatio(Millions of yen)(%)
(Millions of yen)(%)
261,73762.3
273,116
64.4
1,820
0.4
754
0.2
6,745
1.6
6,132
1.4
(63,300)(15.1)(68,913)(16.2)
207,00249.3
211,09049.8
142,19533.9
140,379
33.1
58,11713.8
65,230
15.4
7,616
1.8
8,694
2.0
(17,574)(4.2)(16,050)(3.8)
190,35545.3
198,25446.7
12,214
2.9
6,059
1.4
44,684
10.6
38,537
9.1(34,415)(8.2)(29,782)(7.0)
22,483
5.4
14,814
3.5
419,841100.0
424,159
100.0- 13 -

Change(%)
4.3(58.6)
(9.1)
8.9
2.0
(1.3)
12.2
14.2
(8.7)
4.1
(50.4)(13.8)(13.5)(34.1)
1.0