Translation
November 7, 2022

Consolidated Financial Results
for the Second 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:
November 9, 2022
Scheduled date of the commencement of dividend payment:
December 9, 2022
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded)

1.

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

For the six months ended
September 30, 2022
September 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%
883,755
2.1
18,048(43.0)
18,275(50.5)
10,358(29.2)
865,470
7.4
31,69017.7
36,921
32.2
14,631
3.1
For the six months ended September 30, 2022:
12,170 million yen ((41.3)%)
For the six months ended September 30, 2021:
20,719 million yen (22.2%)
Basic earnings per share

For the six months ended
September 30, 2022
September 30, 2021

Diluted earnings
per share

Yen
28.57
39.44

Yen
—
—

(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
September 30, 2022
1,074,028
590,990
54.4
March 31, 2022
1,086,854
598,233
54.3(Reference) Equity:
As of September 30, 2022:
584,196 million yen As of March 31, 2022:
590,542 million yen

2.

Dividends
First quarter
Yen——

Second quarter
Yen
23.00
23.00

Fiscal 2022
Fiscal 2023
Fiscal 2023 (Forecast)(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%
Full year
1,835,000
2.3
75,000(2.8)(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
72,000 (14.6)
45,000 (19.6)
124.16* Notes(1) Changes in significant subsidiaries during the six months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to consolidated financial
statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of the attachedmaterials 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 September 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 September 30, 2022:
17,551,571 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 six months ended September 30, 2022:
362,616,940 shares
For the six months ended September 30, 2021:
371,024,853 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 Six Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 8.
• 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 Six 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 .................................. 8
2. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 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) Consolidated statement of cash flows ........................................................................................................... 13(4) Notes to consolidated financial statements ................................................................................................... 14(Notes to premise of going concern) ............................................................................................................. 14(Notes when there are significant changes in amounts of equity) ................................................................. 14(Changes to the scope of consolidation and/or the application of the equity method)................................... 14(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 14(Segment information, etc.) ........................................................................................................................... 15
3. Supplementary Information .................................................................................................................................. 16
Operating revenue by segment ............................................................................................................................ 16-1-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Summary of operating results
During the six months ended September 30, 2022, progress was made towards the normalization of economic
activity, such as the easing of border restrictions, despite the lingering impact of COVID-19. However, with
inflationary pressure around the world, driven by the rise in the price of natural resources and food products
due to global instability, coupled with 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 triggered a change in consumption behavior and lifestyles and the expansion of ecommerce in all industries, driven by the spread of working from home, as well as medical treatment andeducation 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 six months ended September 30, 2022 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the six months
ended September 30, 2021
865,470
31,69036,921For the six months
ended September 30, 2022
883,755
18,04818,275

14,631

10,358ChangeGrowth (%)

18,285(13,641)(18,645)2.1(43.0)(50.5)(4,272)(29.2)For the six months ended September 30, 2022, operating revenue was 883,755 million yen, up 18,285 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 continuing, as well as our focus on optimizing logistics for customers.
Operating expenses was 865,706 million yen, up 31,926 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 six months ended September 30, 2022, operating profit was 18,048 million yen, down
13,641 million yen from the previous fiscal year.
Initiatives for the entire Yamato GroupThe Yamato Group has been working to stably provide logistics services, including TA-Q-BIN, while paying
consideration to hygiene management of our employees. Moreover, based on the Medium-term management
plan “One YAMATO 2023”, which aims to provide comprehensive value to address the diversifying needs ofcustomers and society, we have continued to implement the following measures:① Enhancing value provision to corporate clients
In response to growing EC demand and changes in the supply chain of corporate customers, our Sales
Drivers and the sales people covering corporate clients worked together and continue to provide value tocover the entire supply chain, through measures such as optimizing clients’ inventory, by integrating theinventory management system and transportation and delivery network with the consolidated andenlarged facilities.
② Structural reforms of our network operations
In order to address the growing EC demand, we continued to build the EC logistics network with a more
simple operation process covering sorting, transportation and last-mile deliveries, mainly in the urban-2-areas. We also promoted initiatives such as consolidating and enlarging the TA-Q-BIN Sales offices,
redefining the functions of our terminals, enhancing operational efficiency using IT systems, and improving
safety, quality and the work environment.
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 continued to develop digital data and strengthen digital platforms in order tofurther enhance our use of data. We are also sophisticating our demand forecasting, providing services
using digital data, and improving our operations 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 sophisticating corporate governance, separating management supervision andexecution, maintaining and enhancing management transparency, as well as strengthening governancewith an emphasis on the speed of our decision-making.
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 terms of the environment, we are promoting measures such as “introducing 20,000 EVs”,“introducing 810 solar power generation facilities” and “improving the usage rate of renewable energybased electricity”, in order to achieve the target of “48% reduction in GHG in 2030, compared to FY March2021” and “Climate neutrality (in-house emissions) in 2050”. In the six months ended September 2022,
two projects were selected by the New Energy and Industrial Technology Development Organization(NEDO) for the "Green Innovation Fund Project: Establishing a Smart Mobility Society": the "Introduction
and Operation of EVs for the Realization of Green Delivery," an independent proposal project, and the“Establishment and Large-Scale Trial of an Energy Management System for the Dissemination ofCommercial Electric Vehicles," which is a joint project. We will work to strengthen sustainable
management through the promotion of these projects, and by building up knowledge on how to operateEVs, considering priority areas for EV introduction based on regional characteristics, and gaining
knowledge on energy management and other issues.
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 our strength of having points of contact with customers that isoriginates through the provision of TA-Q-BIN services, with our front-line employees monitoring andcapturing changes in our customers in their lifestyles and business environments, and working with thesales people in charge of corporate clients and proposing 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, 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 interms of people’s lives and business.
② In the six months ended September 30, 2022, the new payment service “Nyan-Pay”, which canaccommodate smartphone payments, was added to our official app, thereby promoting cashless payments
and improving convenience through digitalization.
-3-③ Operating revenue of the Retail Business Unit from external clients amounted to 437,653 million yen, up
1.9% 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 6.3% 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 11,414 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 In the urban areas where the growing EC demand is concentrated, the Unit has been building an EC
logistics network with more simplified operations covering sorting, transportation and last-mile deliveries.
To optimize logistics for e-commerce vendors with stores in online shopping malls, we used ourpartnerships with major e-commerce companies to implement initiatives to further improve convenienceand 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 arepromoting initiatives to seamlessly link the import and customs-related system and the domestic delivery
network, thereby shortening the delivery lead-time.
③ 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, such as through one-stop management ofclients’ logistics operations by the Yamato Group, covering the entire process starting from procuring
merchandise for their physical stores as well as their official e-commerce sites, to the storage, packaging
and sending of such merchandise.
④ In the six months ended September 30, 2022, we signed a “Logistics Partnership Agreement” with acomprehensive food product manufacturer to optimize the entire supply chain, from the sourcing ofmaterials to selling its products. Based on this Agreement, Yamato Transport Co., Ltd. will aim toconsolidate the supply chain which had been optimized individually by channel and product in the past,and integrate inventory management of products sold in the stores and via EC, as well as ingredients andmaterials used in the factories, together with making the inventory between channels more liquid, thereby
establishing a logistics structure that supplies only what is necessary to each facility and store in a timely
manner. We will also engage in sustainable operations in consideration of the global environment, as well
as reducing GHG emissions from the delivery of merchandise.
⑤ Operating revenue from customers amounted to 416,363 million yen, up 6.2% 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. Operating expenses increased 5.4% from the previous year due to factors
including the increase in expenses related to the promotion of our Medium-term management plan “OneYAMATO 2023”, and operating profit declined 1,661 million yen from the previous year.

-4-

(Reference)(Million parcels / units)
Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY
Nekopos
Kuroneko DM-Bin

For the six months
For the six months
ended September 30, ended September 30,
2021
2022
914
940
188
209
412
400

ChangeGrowth (%)
25
21
(12)

2.8
11.3
(3.0)

 Other① During the six months ended September 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 29,738 million yen, down 32.3% from the previous year. Operating
profit was 7,080 million yen, down 1,026 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 six months ended September 30, 2022, the entire Yamato Group carried out the “Zero Traffic
Accidents Campaign” in order to improve safety awareness② 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 the Sustainable Medium-Term Environmental Plan 2023 andMedium-Term Social Plan 2023, together with the quantitative targets to lower the environmental burden
from our business activities, we have set 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 the 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 six months ended September 30, 2022, we began the “Universal Manner
Qualification” for Yamato employees, which was developed with a company that provides research andconsulting on universal design from the perspectives of people with disabilities. In this Qualification, weoffer an original curriculum that is in line with Yamato’s everyday operations, including scenes where
employees deliver and receive parcels, to learn the challenges faced by people with disabilities as well as
how to appropriately support them, seeking to enhance universal manners of our employees as well as
contributing to a society that respects human rights and diversity.

-5-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 continue to operate the Neko
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 also 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(Assets, liabilities and net assets)
Total assets were 1,074,028 million yen as of September 30, 2022, down 12,826 million yen from the end of theprevious fiscal year. The decrease was largely attributable to the decrease in cash and deposits of 20,252
million yen, while property, plant and equipment increased by 6,824 million yen.
Liabilities decreased 5,583 million yen to 483,037 million yen from the end of the previous fiscal year. The
decrease was largely attributable to the 16,612 million yen decrease in notes and accounts payable - trade,while the provision for bonuses increased 6,394 million yen and short-term borrowings increased 5,000 million
yen.
Total net assets were 590,990 million yen, down 7,242 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 10,358 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 54.4% from 54.3% in the previous fiscal year.
(Cash flows)
Net cash provided by operating activities for the six months ended September 30, 2022 amounted to 27,238
million yen. Compared with the same period of the previous fiscal year, the amount of net cash provided
increased by 23,487 million yen. This is largely attributable to the 22,741 million yen increase in consumption
taxes payable, the 13,690 million yen decrease in retirement benefit liability, and the 17,986 million yen
decrease in income taxes paid.
Net cash used in investing activities was 31,492 million yen, an increase in spending of 2,449 million yen
compared with net cash provided in investing activities in the same period of the previous fiscal year. This islargely attributable to a 3,826 million yen increase in spending related to the acquisition of property, plant andequipment.
Net cash used in financing activities was 17,249 million yen, a decrease in spending of 19,165 million yen
compared with net cash used in financial activities in the same period of the previous fiscal year. This is largely
attributable to a decrease in proceeds from borrowings of 11,000 million yen and an increase in the purchase oftreasury shares of 10,022 million yen.
As a result of the above, cash and cash equivalents were 160,109 million yen as of September 30, 2022, down
20,494 million yen from the end of the previous fiscal year.

-7-(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, which is the second year of the medium-term management plan,outsourcing expenses for transportation and operations as well as other expenses have temporarily increased,because the Company is in the process of structural reforms, building the EC logistics network to meet thegrowing EC demand and optimizing operations in the existing network, and it is taking longer than expected forthe positive effects to be realized. In addition, operating profit is expected be lower than the previous forecast
due to factors such as the continuous rise in fuel and electricity costs. Ordinary profit is expected to be below
the previous forecast, due to factors such as the expectation of valuation losses related to overseas
subsidiaries.
The changes from the previously announced consolidated earnings forecast (announced on August 8, 2022) is
as follows:
Consolidated earnings forecasts for the full year of the fiscal year ending March 31, 2023
Operatingrevenue
Millions of yen
Forecast as of August 8,
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

1,820,000

91,00091,00057,000157.26

1,835,000
15,0000.8

75,000(16,000)(17.6)

72,000(19,000)(20.9)

45,000(12,000)(21.1)

124.16－－

Operating profit-8-

Ordinary profit

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 September 30, 2022

AssetsCurrent assets
Cash and deposits

182,644

162,392

Notes and accounts receivable - trade, and contract
assets

218,922215,062

Accounts receivable - installment

48,05549,430

Merchandise and finished goods

186

217

Work in process

167

163

Raw materials and supplies

1,861

1,431

Other

30,462

33,916

Allowance for doubtful accounts(1,456)(1,402)

Total current assets

480,844461,212376,844378,306

Accumulated depreciation(219,830)(224,310)

Buildings and structures, net

157,013

153,996

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

197,104

196,911(171,897)(170,689)

25,207

26,222

179,650

179,801

39,65342,029

Accumulated depreciation(11,286)(11,710)

Leased assets, net

28,36630,318140,785

149,655(101,144)(103,290)

Other
Accumulated depreciation
Other, net

39,64046,365429,878436,70245,64646,034

Investment securities

47,972

46,983

Other

84,12484,860Allowance for doubtful accounts(1,611)(1,765)

Total investments and other assets

130,484

130,078

606,010

612,816

1,086,854

1,074,028

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, 2022

As of September 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

165,346

148,733

Short-term borrowings

15,00020,000

Lease liabilities

4,850

5,680

Income taxes payable

14,395

11,522

Deferred installment income

4,714

4,753

Provision for bonuses

38,94245,336

Other

109,558

105,696

Total current liabilities

352,807

341,723

Lease liabilities

26,03828,643Retirement benefit liability

94,14196,751

Other

15,633

15,918

Total non-current liabilities

135,814141,314488,621483,037

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,81336,834Retained earnings

464,494446,695

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

Total shareholders’ equity

578,991

570,930

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

11,498

10,329Foreign currency translation adjustment

(513)

2,224

Remeasurements of defined benefit plans

565

712

11,551

13,266

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

7,690

6,793

598,233

590,990

1,086,854

1,074,028

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

For the six months ended
September 30, 2022

Operating revenue

865,470

883,755

Operating costs

802,336

839,037

Operating gross profit

63,13344,718Selling, general and administrative expenses

31,443

26,669Operating profit

31,69018,048Non-operating income
Interest income

94

109

Dividend income

919

1,248

Gain on investments in investment partnerships

4,178

–

Other

869

1,193

Total non-operating income

6,060

2,551

Interest expenses

399

405

Share of loss of entities accounted for using equity method

270

1,324

Other

159

595

Total non-operating expenses

829

2,324

36,921

18,27501Non-operating expenses

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

53

75

1,210

–

0

–

1,264

76

Loss on retirement of non-current assets

223

151

Impairment losses

566–

Gain on liquidation of subsidiary
Other
Total extraordinary income
Extraordinary losses

Loss on valuation of investment securities

22

Dismantlement expenses–

753

14,999–99

1215,892

920

Profit before income taxes

22,293

17,432

Income taxes

7,572

6,989

Profit

14,721

10,44289

83

14,631

10,358Loss on revision of retirement benefit plan
Other
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of the parent- 11 -

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

For the six months ended
September 30, 2022

14,721

10,442

Valuation difference on available-for-sale securities

5,952(1,156)

Foreign currency translation adjustment

339

2,729

Remeasurements of defined benefit plans, net of tax

(300)

169

6

(15)

5,998

1,727

20,71912,170Comprehensive income attributable to owners of parent

20,217

12,073Comprehensive income attributable to non-controllinginterests

501

96

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- 12 -

(3) Consolidated statement of cash flows(Millions of yen)
For the six months ended
September 30, 2021

For the six months ended
September 30, 2022

Profit before income taxes

22,293

17,432

Depreciation

16,882

20,667

566–

Increase (decrease) in retirement benefit liability

16,3002,610

Increase (decrease) in provision for bonuses

7,294

6,345

Share of loss (profit) of entities accounted for using equity
method270

1,324

Decrease (increase) in trade receivables

1,051

3,914

Increase (decrease) in trade payables(8,023)(17,523)

Other, net(24,726)

2,414

Subtotal

31,90837,185Interest and dividends received

1,132

1,362

Interest paid

(431)

(437)

(28,858)(10,872)

3,750

27,238(17,040)(20,867)

143

143

Cash flows from operating activities

Impairment losses

Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable(2,224)

(873)

0

2,212

(2,626)

(696)

2,361

1,099

Other payments(13,704)(15,330)

Other proceeds

4,049

2,820

(29,042)(31,492)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

20,000

5,000

Repayments of lease liabilities(2,884)(2,819)

Repayments of long-term borrowings(4,000)–Purchase of treasury shares(1)(10,024)(11,133)(8,433)

Payments for acquisition of shares of subsidiaries that do
not change the scope of consolidation

–

(612)

Income from disposal of shares of subsidiaries that do notchange the scope of consolidation–

18

Dividends paid

Other, net

(64)

(377)

1,915

(17,249)

442

1,009

Net increase (decrease) in cash and cash equivalents(22,933)(20,494)

Cash and cash equivalents at beginning of period

241,284

180,603

Cash and cash equivalents at end of period

218,351

160,109

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 13 -

(4) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes when there are significant changes in amounts of 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 three months ended September 30, 2022.

- 14 -

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2021
1. Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

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

Retail Business
Unit

Corporate
Business Unit

429,379

392,158

Other(Note 1)

43,932

Total

Reconciliation(Note 2)865,470–

Amountrecorded inconsolidated
statement ofincome(Note 3)
865,470

128,989

13,58062,633

205,203(205,203)–

558,368
9,934

405,738
14,178106,5658,106

1,070,673
32,220(205,203)(529)

865,470
31,690Notes: 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 529 million yen of segment profit includes group-wide expenses of negative 6,347 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 5,817 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2.

II.

Information regarding impairment losses related to non-current assets or goodwill etc. for eachreporting segment(Major impairment losses related to non-current assets)
In segment “Other”, an impairment loss of 566 million yen was booked in the six months ended
September 30, 2021, as a result of lowering the book value of the asset group for which
profitability has declined, to the value equal to the amount that can be collected.

For the six months ended September 30, 2022
1. Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

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

Retail Business
Unit

Corporate
Business Unit

Other
(Note 1)

437,653

416,363

29,738

143,7318,774

581,384(1,479)425,137
12,517

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
statement ofincome(Note 3)

883,755–

56,054

208,560(208,560)–

85,7937,080

1,092,316
18,118(208,560)(69)

883,755
18,048Notes: 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 69 million yen of segment profit includes group-wide expenses of negative 3,890 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 3,821 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2.

Information regarding impairment losses related to non-current assets or goodwill etc. for eachreporting segment(Major impairment losses related to non-current assets)
None- 15 -

883,755

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 six months ended
September 30, 2021
AmountRatio(Millions of yen)(%)
543,076
62.7
3,091
0.4
13,9891.6(130,778)(15.1)
429,37949.6
291,726
33.7
117,930
13.6
15,914
1.8(33,413)(3.9)
392,158
45.3
24,1582.8
91,508
10.6(71,734)(8.3)
43,932
5.1
865,470
100.0- 16 -For the six months ended
September 30, 2022
AmountRatio(Millions of yen)(%)
567,698
64.2
1,394
0.2
13,5181.5(144,957)(16.4)
437,65349.5
299,21233.9
133,795
15.1
16,6291.9(33,275)(3.8)
416,36347.1
12,152
1.4
77,4888.8(59,902)(6.8)
29,738
3.4
883,755
100.0

Change(%)
4.5(54.9)
(3.4)
10.8
1.9
2.6
13.5
4.5
(0.4)
6.2
(49.7)(15.3)(16.5)(32.3)
2.1