Translation

April 30, 2013

Consolidated Financial Results for the Year Ended March 31, 2013
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Kenichi Shibasaki, Managing Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the ordinary general meeting of shareholders: June 25, 2013
Scheduled date of the commencement of dividend payment:
June 4, 2013
Scheduled date of the submission of annual securities report:
June 20, 2013
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes(Amounts less than 1 million yen are discarded.)

1. Consolidated financial results for fiscal year 2013 (from April 1, 2012 to March 31, 2013)(1) Consolidated operating results
Operating revenue(Percentages indicate year-on-year changes.)
Ordinary income
Net income

Operating income

Millions ofyenMarch 31, 2013
1,282,373
1.7
66,202(0.7)
67,991March 31, 2012
1,260,832
2.0
66,6503.6
67,902(Note) Comprehensive income:For the year ended March 31, 2013:38,954 million yen (86.9 %)For the year ended March 31, 2012: 20,838 million yen ((32.4) %)For the year ended

Millions of yen%

Net income pershare

Millions of yen%

Net income pershare - fully diluted

Millions ofyen
35,144
19,786%0.1
3.0

Ratio of ordinary
income to total
assetsReturn on equity

For the year ended
Yen
Yen
%
March 31, 2013
81.85
79.84
6.7
March 31, 2012
46.00
44.87
3.8
(Reference) Equity in earnings of affiliates:
For the year ended March 31, 2013: — million yen
For the year ended March 31, 2012: — million yen

%
7.3
7.5

%
77.6
(40.4)

Ratio of operating
income to operating
revenue%
5.2
5.3(2) Consolidated financial position
Total assets
As ofMarch 31, 2013
March 31, 2012
(Reference) Equity:

Net assets

Equity ratio

Net assets per share

Millions of yen
Millions of yen%
950,152
542,91456.2
919,294
523,783
56.0
As of March 31, 2013: 534,451 million yen
As of March 31, 2012: 514,996 million yen

Yen
1,261.35
1,197.26(3) Consolidated cash flows
Cash flows fromoperating activities
For the year ended
March 31, 2013
March 31, 2012

Millions of yen
73,94971,843

Cash flows frominvesting activities
Millions of yen(50,539)(41,092)

Cash flows fromfinancing activities
Millions of yen(21,022)(32,916)

Cash and cash equivalents
at end of period
Millions of Yen
212,641
208,393

2.

Dividends
Annual dividendsFirstquarter

SecondquarterYen

Thirdquarter

Fiscalyear-end

Fiscal 2012
Fiscal 2013

—
—

Yen
11.00
11.00

—
—

Yen
11.00
12.00

Yen
22.00
23.00

Fiscal 2014
(Forecast)

—

12.00

—

12.00

24.00

3.

Yen

Total

Total annual
dividends

Payout ratio(consolidated)

Dividends onequity(consolidated)

Millions of yen
9,463
9,816

%
47.8
28.1

%
1.9
1.9

25.4

Consolidated earnings forecasts for fiscal year 2014 (from April 1, 2013 to March 31, 2014)
Operating revenue

Half year
Full year

Millions of yen
640,000
1,337,000

Operating income
%
3.7
4.3

Millions of yen
21,50070,000%19.2
5.7

Ordinary income
Millions of yen
22,00071,000(Percentages indicate year-on-year changes.)Net
Net income
incomeper share

%
16.2
4.4

Millions of yen
11,00040,000

%
36.1
13.8

Yen
25.96
94.40

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes due to revision to accounting standards, etc.:
Yesb. Changes other than a:
Nonec. Changes in accounting estimates:
Yes
d. Restatement of prior period financial statements after error corrections:
None(Note) Effective from the fiscal year ended March 31, 2013, a change has been made to the depreciation method and this change falls
into the case where “it is difficult to distinguish between a change in accounting policy and a change in accounting estimate.” Fordetails, please see “4. Accounting policies, (2) Depreciation and amortization methods of major depreciable or amortizable assets”
of the attached materials to the financial results report on page 25.

(3) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of March 31, 2013:
461,345,492 shares
As of March 31, 2012:
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of March 31, 2013:
37,631,001 shares
As of March 31, 2012:
37,905,955 sharesc. Average number of shares during the period
For the year ended March 31, 2013:
429,377,413 shares
For the year ended March 31, 2012:
430,181,252 shares(Note) For details of the number of shares used to calculate consolidated net income per share, please refer to “Per Share Information”
on page 44.

(Reference) Overview of non-consolidated financial results
1. Non-consolidated financial results for fiscal year 2013 (from April 1, 2012 to March 31, 2013)(1) Non-consolidated operating results
Operating revenue
For the year ended
March 31, 2013
March 31, 2012

Millions of yen
22,697
14,172%60.2(35.4)

Operating income
Millions of yen
18,373
11,083

Net income per share
For the year ended
March 31, 2013
March 31, 2012

Yen
29.10
22.41

%
65.8
(43.5)(Percentages indicate year-on-year changes.)
Ordinary income
Net income

Millions of yen
19,188
11,882%
61.5(41.4)

Millions of yen
12,497
9,641

%
29.6
(52.5)Net income per share - fully diluted
Yen
28.39
21.86

(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

As ofMillions of yen
Millions of yen%
March 31, 2013
466,899
380,996
81.6
March 31, 2012
480,502385,053
80.1(Reference) Equity: As of March 31, 2013: 380,996 million yen
As of March 31, 2012: 385,053 million yen

Net assets per shareYen
899.18895.17* Indication regarding execution of audit procedures

At the time of the disclosure of this financial results report, the audit 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 ”Analysis of operating results and financial position” onpages 5 to 10.
• The Company plans to hold a financial results meeting for analysts on May 1, 2013. The materials distributed at this financial results meetingshall be posted on the Company’s website after the meeting has been held.

Attached Materials
Index
1. Analysis of operating results and financial position.................................................................................................5(1) Analysis of operating results .............................................................................................................................5(2) Analysis of financial position .............................................................................................................................9(3) Basic profit distribution policy and dividends for fiscal 2013 and 2014............................................................10
2. Status of the Corporate Group .............................................................................................................................. 11
3. Management Policy...............................................................................................................................................13(1) Basic corporate management policies, medium- to long-term corporate management strategies
and target management indicators..................................................................................................................13(2) Issues to be addressed by the Company ........................................................................................................13
4. Consolidated Financial Statements.......................................................................................................................14(1) Consolidated balance sheets ..........................................................................................................................14(2) Consolidated statements of income and consolidated statements of comprehensive income........................17(3) Consolidated statements of changes in net assets .........................................................................................20(4) Consolidated statements of cash flows ...........................................................................................................22(5) Notes to premise of going concern..................................................................................................................24(6) Significant matters forming the basis of preparing the consolidated financial statements...............................24(7) Notes to consolidated financial statements .....................................................................................................26(Consolidated balance sheets)..............................................................................................................................26(Consolidated statements of income)....................................................................................................................26(Consolidated statements of comprehensive income) ..........................................................................................27(Consolidated statements of changes in net assets).............................................................................................28(Consolidated statements of cash flows)...............................................................................................................29(Segment Information) ..........................................................................................................................................30(Tax Effect Accounting) .........................................................................................................................................35(Financial Instruments)..........................................................................................................................................36(Securities) ............................................................................................................................................................41(Retirement Benefit) ..............................................................................................................................................43(Per Share Information).........................................................................................................................................44(Important Subsequent Matters)............................................................................................................................45(Other Notes, etc.).................................................................................................................................................45
5. Others ...................................................................................................................................................................46
Operating revenue by business ............................................................................................................................46
6. Non-consolidated Financial Statements................................................................................................................47(1) Non-consolidated balance sheets ...................................................................................................................47(2) Non-consolidated statements of income .........................................................................................................49(3) Non-consolidated statements of changes in net assets ..................................................................................50-4-

1. Analysis of operating results and financial position(1) Analysis of operating results
Regarding the business environment during the fiscal year ended March 31, 2013, the conditions improved
partially since December 2012. This was due to positive factors such as a reversal of the strong yen trend andrise in stock prices on the back of anticipation of the new Abe administration’s growth strategies toward revivalof the Japanese economy. Meanwhile, the economic recovery remained in the balance due to uncertain factors
such as concerns about a resurgence of the debt crisis in Europe. Operating in this environment, the YamatoGroup worked to achieve greater sophistication of its existing businesses, particularly the TA-Q-BIN Business,to realize the objectives of the Long-Term Management Plan “DAN-TOTSU Management Plan 2019” and theMedium-Term Management Plan “DAN-TOTSU Three-Year Plan HOP,” and took steps to create new value by
utilizing a multiple assortment of the management resources within the Group and construct an intermodaltransportation platform in the Asian region.
In the Delivery business, in addition to the strong expansion of usage by corporate customers mainly in the
mail-order market, we implemented measures to expand the “Kuroneko Members” membership service forindividual customers. As a result, the TA-Q-BIN delivery volume increased from the year-ago period, but thedelivery volume of Kuroneko Mail declined, affected by stricter parcel acceptance policies and a morecompetitive environment. Moreover, the Yamato Group pursued measures to improve productivity, with thefocus on reforms in the pickup and delivery operations, and worked to constrain costs by constructing
appropriate personnel structures to suit the workload.
In the non-delivery businesses, while working to create new services that utilize the management resources ofeach business, we conducted aggressive sales activities, focusing on intra-group cooperation.
As a result, operating revenue grew 1.7% from the year-ago period. While operating income declined 0.7%
from the year-ago period, ordinary income rose 0.1% from the year-ago period. Net income surged 77.6% fromthe year-ago period, due in part to the effect of our donation of 14.2 billion yen for earthquake recovery
initiatives relating to the Great East Japan Earthquake in the year-ago period.
During the fiscal year ended March 31, 2013, we acquired treasury stock of 6.42 million shares, for a totalacquisition cost of about 10.0 billion yen, and retired 6.70 million shares of treasury stock as measures forshareholder return, based on a resolution passed at the Board of Directors meeting on February 21, 2013.
Item

Fiscal 2012

Fiscal 2013

(Millions of yen)
Growth (%)

ChangeOperating revenue

1,260,832

1,282,373

21,5401.7

Operating income

66,65066,202

(448)

(0.7)

Ordinary income

67,902

67,99189

0.1

Net income

19,78635,144

15,357

77.6

Initiatives for the entire Yamato Group
a.

b.

c.

Aiming to realize borderless logistics in Asia, the Yamato Group is accelerating evolution of TA-Q-BIN in
Asia and expansion of its international intermodal transportation service. Moreover in Japan, whileworking to create new services and proposal-based sales through intra-group cooperation, we areproviding local community-oriented services and functions in each region throughout Japan.
In its business development in the Asian region, the Yamato Group is boosting sales activities in the areas
where TA-Q-BIN is being promoted and strengthening its logistics function that interlinks the countries
and regions. In the fiscal year ended March 31, 2013, the Yamato Group launched in November 2012 an
international small-lot intermodal transportation service that utilizes Okinawa’s international logistics hub
and realized a service that delivers documents to destinations inside overseas TA-Q-BIN service areas as
early as the next day.
In the Japanese market, in addition to creating new services in each operating segment, we pursued
comprehensive proposal-based sales to corporate customers through intra-group cooperation. In addition,
the Yamato Group, through collaboration with the governments of each region, has commenced the-5-

provision of services that support regional society such as shopping assistance for the elderly.
Summary of each operating segment● Delivery
The delivery volumes of TA-Q-BIN and Kuroneko Mail services are as follows.
Category

Fiscal 2012

Fiscal 2013

(Million parcels/units)
Growth (%)

ChangeTA-Q-BIN

1,423

1,487

63

4.5

Kuroneko Mail

2,187

2,112

(74)

(3.4)

a.
b.

c.
d.

e.

In the Delivery Business, the Yamato Group concentrated on TA-Q-BIN-centered business evolution,
aiming to provide infrastructure that best suits our customers and contribute to enriching people’s lives.
With respect to services for individual customers, the Yamato Group rolled out the “Kuroneko Point
Campaign,” whereby Kuroneko Members can collect points such as when sending or receiving TA-Q-BIN,
and exchange those points for original goods. In addition, we improved convenience when sending or
receiving TA-Q-BIN by launching a service that allows customers to choose participating convenience
stores as the delivery receiver for mail-order product purchases and introducing a new point-of-sales
terminal at TA-Q-BIN centers.
For corporate clients, the TA-Q-BIN delivery volume increased firmly mainly for customers in the
mail-order market. In addition, we had increased volume of delivery through “intra-building/intra-arealogistics” that centralize delivery within large commercial facilities and large multi-function complexes.
Aiming to realize improved delivery quality and productivity, the Yamato Group has establishedteam-based pick-up and delivery involving part-time employees called "Field Casts" and Sales Drivers to
conduct en-masse delivery during the time zones that our customers are most frequently at home. In thefiscal year ended March 31, 2013, we closely scrutinized and verified the results of introducing part-time
employees called “Field Casts” and concentrated further development at the stores with high results.
Operating revenue amounted to 1,028,219 million yen, up 1.3% from the year-ago period, as a result of
TA-Q-BIN delivery volumes that have continued to fare well, particularly for corporate clients, although thedelivery volume of Kuroneko Mail recovered only moderately not reaching the level of the year-ago period
due to the impact of stricter parcel acceptance policies and a strongly competitive environment. Operating
income was 41,908 million yen, up 2.3% from the year-ago period.

● BIZ-Logistics
a. In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the TA-Q-BIN network with international transportation
functions and logistics functions.
b. For corporate clients requiring international transportation, the Yamato Group provides a variety ofservices, including air and sea transportation services, small-lot international intermodal transportation
service that is interlinked with the TA-Q-BIN network, as well as a packaging and customs services. In thefiscal year ended March 31, 2013, we worked to shorten lead time and cut costs in transportation
between Japan and China such as by studying the feasibility of a new transportation route linking Tottori
Prefecture and China, in addition to enhancing domestic and overseas bases.
c. As part of logistics systems provided to the mail-order industry, the Yamato Group focused on businessevolution centered on the "Today Shopping Service" that offers delivery in as short a time as four hours
from ordering. In the fiscal year ended March 31, 2013, there was a strong expansion of usage,
particularly by new customers such as a cosmetics maker, bringing about an increase in revenue.
d. For customers who handle pharmaceutical products and medical devices, the Group has constructedadvanced sanitary management and security systems. By utilizing distribution centers dedicated to thesecustomers, the Group provides services that support all these customers’ needs ranging from thewarehousing of pharmaceutical products through to the delivery of these products as well as cleaning andmaintenance services for medical devices. In the fiscal year ended March 31, 2013, the delivery volume
of existing customers increased and use by new customers expanded.
e. Operating revenue amounted to 86,806 million yen, up 5.2% from the year-ago period, due to an
expansion of use of services for the mail-order industry and services for manufacturers of pharmaceutical-6-

products and medical devices, among other factors. Operating income was 4,094 million yen, up 11.8%
from the year-ago period.
● Home Conveniencea. In the Home Convenience Business, we are working to offer convenience and comfort to customers’ lives
by providing lifestyle support services that utilize the nationwide network of the Yamato Group.
b. With respect to individual customers, the Yamato Group operated a variety of services, centering on
moving-related services including rental and recycling of electric home appliances. In the fiscal year
ended March 31, 2013, we worked to improve customer convenience through new moving-related
services such as our small-volume moving services for individuals and short-distance, same-day moving
services. In addition, we offered lifestyle support services suited to various customer life stages, such ascomprehensive cleaning services, including house cleaning, tidying and organizing, and collection of
unwanted items.
c. In our services for corporate customers, in addition to moving services such as office relocation services,
we also provide delivery and installation agent services for electronic products and household equipment.
In the fiscal year ended March 31, 2013, the number of delivery, installation and maintenance requests
grew for eco-household facilities such as domestic solar panel installations.
d. Operating revenue amounted to 44,601 million yen, down 6.5% from the year-ago period. This was
because of the lull in comparison with the heavy moving demand following the Great East Japan
Earthquake and the increased demand for furniture and electronic appliance delivery associated with theswitch to terrestrial digital TV that existed in the year-ago period. On the cost front, moreover, althoughsteps were taken to improve productivity and constrain costs, this was insufficient to cover the decline inrevenue, and operating loss was 527 million yen.
● e-Businessa. In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
b. To customers who must manage products on an individual basis, the Yamato Group provides services
that combine logistics functions with information technology functions for acceptance/dispatch control inwarehouses and inventory management. In the fiscal year ended March 31, 2013, in addition to the
expanded use of existing services, we accelerated the development of this business by promoting
services to assist reservation management, acceptance/dispatch warehouse control and inventory
management for precision equipment and medical device manufacturers when they lease products to
hospitals, etc.
c. In the e-money related services, the Yamato Group offers solutions through collaboration between thee-Business and the Financial Business. It has been promoting installation and operation of a multie-money settlement terminal that allows settlement by multiple types of e-money with a single device. In
the fiscal year ended March 31, 2013, the installation and operation of the terminals expanded amongcustomers of various sizes and types including national-scale distribution companies and medium-andsmall retail and service companies.
d. Operating revenue amounted to 37,060 million yen, an increase of 4.4% from the year-ago period, as aresult of the expansion of services combining logistics functions with information technology functions.
Operating income was 6,986 million yen, up 4.2% from the year-ago period, although there wasanticipatory investment for e-money related services, due to our efforts for productivity enhancement andcost reduction.
● Financial
a. In the Financial Business, the Yamato Group is endeavoring to respond to every means of payment
settlement to meet the needs of customers from payment collection on mail-order product delivery to B2Btransaction settlement.
b. For the mail-order industry, the Yamato Group proactively promoted sales of “Kuroneko Web Collect”, aservice that allows settlement by multiple types of method of payment such as credit card and e-money

-7-

c.

d.

simultaneously. We also worked to propose a total solution in which we provide not only a settlement
method but also assist in sales promotion activities of customers. As a result, the number of transactionsin the fiscal year ended March 31, 2013 was higher than that of the year-ago period, which reflected anincrease in the delivery volume for TA-Q-BIN Collect.
For business-to-business settlement services, the Yamato Group provides “Kuroneko Anshin Settlement
Service,” which, in addition to assisting sellers expand sales channels and buyers perform credit
transactions, provides value through improving business efficiency, managing accounts receivable andreducing risk of debt collection. In the fiscal year ended March 31, 2013, through a sales promotion
utilizing intra-group cooperation, we increased the number of participating stores with contracts, including
businesses in the food wholesale industry and the printing industry.
Operating revenue was up 4.8% from the year-ago period to 56,710 million yen due to an increase in thenumber of payment settlement transactions of the TA-Q-BIN Collect and e-money. Operating income was
8,516 million yen, down 14.3% from the year-ago period, due to the effect of a reversal of an allowancefor doubtful accounts in the year-ago period.

● Truck Maintenancea. In the Truck Maintenance Business, the Yamato Group is offering customers who use trucks, buses andother vehicles in their operations the value of improved vehicle maintenance convenience, compliancewith statutory vehicle inspections, and reduced maintenance expenses.
b. In the fiscal year ended March 31, 2013, in addition to expanding sales of the “12-Month Fixed-Price
Maintenance Package,” which evens out the monthly vehicle maintenance expenses, the Yamato Group
worked to establish the Okayama Plant and provide new functions such as installation of a tail gate forvehicles. As a result, we solidly increased the number of vehicles serviced.
c. Operating revenue amounted to 23,228 million yen, up 9.6% from the year-ago period due to an increasein the number of vehicles serviced. Operating income was 2,666 million yen, up 6.1% from the year-ago
period.
● Othera. The “JITBOX Charter service” is a service that provides transportation by transport box. The service takes
advantage of its Group network consisting of multiple companies and provides value to customers
through timely delivery and frequent, right-volume delivery. In the fiscal year ended March 31, 2013, theGroup increased the number of transportation orders of precision equipment and transportation orders
related to events, and the handling volume exceeded that of the year-ago period. In addition, wedeveloped returnable material suited for the transportation of precision equipment, among other items,
and strove to provide an environmentally friendly and safe transportation service.
b. Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from the Group
companies decreased 22.4% from the year-ago period to 898 million yen.
CSR Initiatives
a. The fundraising campaign the “Great East Japan Earthquake Life, Industry Infrastructure Recovery, andRebuilding Relief Fund” that was administered by Yamato Welfare Foundation to assist in the recovery
from the Great East Japan Earthquake ended on June 30, 2012. The total amount of funds raised, mostly
from a program carried out by Yamato Transport last year to donate 10 yen for every TA-Q-BIN parcel wedeliver, amounted to 14,200 million yen, and the funds have been provided to 31 projects, including those
to rehabilitate industry in the affected region and those to revive agriculture and fisheries.
b. The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the fiscal year ended March 31, 2013, the Yamato Group continuously conducted activities
in the local communities. For example, we have held a total of 20,000 “Safety Classes for Children” inday-care facilities, kindergartens and elementary schools across Japan, and more than 2.15 million
people have participated in them. In addition, we held a national safety contest, aimed at further
enhancing safety awareness and driving skills, and promoted the introduction and expansion of “See-T
Navi,” an on-board system designed with safety in mind.
c. The Yamato Group recognizes that initiatives to address environmental problems are challenges to beshared by all humanity, and we take the initiative to proactively promote environmental protection

-8-

d.

e.

activities. In the fiscal year ended March 31, 2013, focusing on regions conducting environmental
protection activities and regions with world heritage, we pursued initiatives such as deciding to introduce
70 electric vehicles. We base such initiatives on “Nekology” (combining “Kuroneko” with “ecology”), which
is an environmental protection philosophy and guideline for environmental activities for the entire YamatoGroup.
Aspiring to be a company that has a strong bond of trust with the local community, the Yamato Group
promotes various activities to help realize a society in which disabled people can freely enjoy a lifestyle asa member of the workforce. For example, led by Yamato Welfare Foundation, we actively employ disabled
people in the Swan Bakery that makes and sells bread, provide workplaces through the consigneddelivery of Kuroneko Mail, and operate job-finding support facilities that conduct training of skills andknowledge necessary for employment.
Aiming to create more sustainable social value, the Yamato Group promoted initiatives for sharing value
with society based on “Creating Shared Value (CSV),” a development of the existing concept of CSR.
Specifically, the Group provided a service called “Magokoro TA-Q-BIN,” an initiative carried out incooperation with local governments and corporations, designed to check up on the well-being of elderly
residents and provide them with a service that delivers their daily purchases.

Outlook for fiscal 2014
Looking at the future of the economy, while the Japanese economy is picking up on the back of the anticipationof the government’s growth strategies, the economic outlook is expected to remain uncertain due to theongoing risk of an economic downturn such as a resurgence of the debt crisis in Europe.
In this environment, the Yamato Group will pursue the following revenue and profit objectives. In the Delivery
business, we will strive to expand our share of TA-Q-BIN delivery volume in the mail-order market by improving
convenience when receiving deliveries, and restructure the Kuroneko Mail delivery service. In the non-delivery
business, we will expand the revenue base by creating new businesses and further reinforce solution sales toaccelerate our growth potential.
On the cost front, we aim to enhance our cost competitiveness by further pursuing reforms in the pickup anddelivery operations tailored to regional characteristics, while improving productivity.
We expect operating revenue will be 1,337.0 billion yen, with operating income at 70.0 billion yen, ordinary
income at 71.0 billion yen and net income at 40.0 billion yen.
(2) Analysis of financial position
a. Analysis of assets, liabilities, net assets and cash flows
Total assets were 950,152 million yen as of March 31, 2013, up 30,858 million yen from the end of theprevious fiscal year. The major factor in this was an increase in construction in progress of 5,840 million
yen following construction of logistics terminals and an increase in notes and accounts receivable-trade of
5,614 million yen.
Liabilities were 407,238 million yen as of March 31, 2013, up 11,727 million yen from the end of theprevious fiscal year. The major factor behind this increase was increases in notes and accounts
payable-trade of 8,834 million yen and in loans payable of 3,783 million yen.
Total net assets were 542,914 million yen, up 19,130 million yen from the end of the previous fiscal year.
The major factor included 35,144 million yen in net income on one hand, and the acquisition of treasury
stock of 10,005 million yen and 9,463 million yen dividends from surplus on the other hand.
Accordingly, the equity ratio increased to 56.2% from 56.0% in the previous fiscal year.
Net cash provided by operating activities amounted to 73,949 million yen, which is an increase of 2,106
million yen compared to the previous fiscal year. The major factor included 64,283 million yen in net
income before income taxes and minority interests and 37,944 million yen in depreciation and amortization,
as well as a payment of 28,077 million yen in income taxes.
Net cash used in investing activities was 50,539 million yen, which is an increase of 9,447 million yen
compared to the previous fiscal year. The major reason for the year-on-year difference was an increase in-9-cash used for the purchase of property, plant and equipment of 47,098 million yen, which is an increase of
11,185 million yen compared to the previous fiscal year.
Net cash used in financing activities was 21,022 million yen. The amount of net cash used decreased by
11,894 million yen compared to the previous fiscal year. The main reasons for the year-on-year decrease
include a decrease in cash used for the acquisition for treasury stock of 1,880 million yen and an increasein net loans payable of 10,180 million yen.
As a result, cash and cash equivalents were 212,641 million yen as of March 31, 2013, up 4,247 million
yen from the end of the previous fiscal year.
b.

Trends in cash flows
144th term
Fiscal 2009

145th term
Fiscal 2010

146th term
Fiscal 2011

147th term
Fiscal 2012

148th term
Fiscal 2013

Equity ratio (%)

54.7

58.4

57.3

56.0

56.2

Equity ratio on market value basis (%)

47.2

67.9

63.0

59.8

77.6

Ratio of interest-bearing debts to cash flows

1.3

1.1

1.2

1.3

1.3

Interest coverage ratio

39.7

44.1

57.9

57.0

75.8

Note:

-

Equity ratio: Equity/total assets
Equity ratio on market value basis: Stock market capitalization/total assets
Ratio of interest-bearing debts to cash flows: Interest-bearing debts/operating cash flows
Interest coverage ratio: Operating cash flows/interest payment
Every indicator is calculated based on consolidated financial figures.
Stock market capitalization is calculated by multiplying closing stock price at fiscal year end by the number of shares issued at
fiscal year end (excluding treasury shares).
Operating cash flows represent net cash provided by operating activities in the consolidated statements of cash flows.
Interest-bearing debts represent the liabilities in the consolidated balance sheets on which interest is paid.
Interest payment represents interest expenses paid in the consolidated statements of cash flows.

(3) Basic profit distribution policy and dividends for fiscal 2013 and 2014
As a pure holding company, the Company conducts its business with the goal of maximizing the entire Group’s
corporate value. Accordingly, with respect to the dividends from surplus, the Company’s policy is to pay
dividends with the goal of having a payout ratio of 30% of consolidated net income. Retained earnings are used
to facilitate the growth of the Group as a whole through capital expenditure—to strengthen the network, one ofour management resources, and develop new businesses and products, for example—and investments are
aimed at raising the corporate value in the future. Finally, the use of treasury stock is strategically positioned forflexible utilization, such as M&A, as a part of our capital policy.
For the fiscal year under review, we plan to pay a 12 yen dividend per share, bringing the annual dividend to 23
yen, of which 11 yen has already been disbursed as an interim dividend. We will decide on dividends for the
next fiscal year based on consolidated net income in accordance with our basic profit distribution policy.

- 10 -

2. Status of the Corporate GroupThe Yamato Group consists of Yamato Holdings Co., Ltd. (the Company), 44 subsidiaries and 3 affiliates. The main
businesses are Delivery business, BIZ-Logistics business, Home Convenience business, e-Business, Financial
business, Truck Maintenance business, and other services related to these businesses.
The relationship among contents of business, the position of each subsidiary or affiliate in aforementioned
businesses and reportable segments are as follows:Businesssegment
DeliveryContent of business and main products

Main companies

TA-Q-BIN, Cool TA-Q-BIN, TA-Q-BIN Time Service,Worldwide Delivery Service, Golf, Ski & Airport Round Trip
TA-Q-BIN, Super-Speed TA-Q-BIN, Kuroneko Mail,domestic air cargo transport and Express Delivery Service

Yamato Transport Co., Ltd.; Okinawa Yamato Transport
Co., Ltd.; Yamato Global Express Co., Ltd.; Express
Network Co., Ltd.; YAMATO (CHINA) TRANSPORT CO.,
LTD.; Yamato Transport (HK) Ltd.; YAMATO TRANSPORT(S) PTE. LTD.; and one other company(Total: 8 companies)
Yamato Logistics Co., Ltd.; Yamato Global Logistics Japan
Co., Ltd.; Yamato Multi-Maintenance Solutions Co., Ltd.;
Yamato Packing Service Co., Ltd.; Yamato Packing
Technology Institute Co., Ltd.; Konan Industry Co., Ltd.;YAMATO TRANSPORT U. S. A., INC.; YAMATO
TRANSPORT EUROPE B. V.; YAMATO INTERNATIONALLOGISTICS (HONG KONG) LTD.; TAIWAN YAMATO
INTERNATIONAL LOGISTICS INC.; YAMATO ASIA PTE.
LTD.; YAMATO INTERNATIONAL LOGISTICS CO., LTD.;
YAMATO TRANSPORT (M) SDN. BHD. and three othercompanies(Total: 16 companies)
Yamato Home Convenience Co., Ltd.

BIZ-Logistics

Logistics, medical products distribution services,
Maintenance Support Service, recall support service,international intermodal transportation service andoverseas lifestyle support services

Home
Convenience

Pickup, delivery and installation of household goods andelectric appliances, moving and lifestyle support services,and merchandising services
System development, sales of system package solutions,distribution information services and information security
service(Total: 1 company)
Yamato System Development Co., Ltd.; Yamato Career
Service Co., Ltd.; Yamato Contact Service Co., Ltd.; andone other company(Total: 4 companies)
Financial
TA-Q-BIN Collect service, Internet total settlement service, Yamato Financial Co., Ltd.; Yamato Credit & Finance Co.,B2B logistics settlement service and comprehensive lease Ltd.*; Yamato Lease Co., Ltd.; Yamato Payment Service
services(HK) Ltd., YAMATO PAYMENT SERVICE (S) PTE. LTD.;and one other company(Total: 6 companies)
Truck
Vehicle maintenance business, fuel sales and nonlife
Yamato Autoworks Co., Ltd.; Yamato Autoworks Iwate Co.,
Maintenanceinsurance agent businessLtd.; Yamato Autoworks Hokushinetsu Co., Ltd.; Yamato
Autoworks Shikoku Co., Ltd.; Yamato Autoworks Okinawa
Co., Ltd.
(Total: 5 companies)
Other
JITBOX Charter, staffing services and shared services
Yamato Holdings Co., Ltd.; Box Charter Co., Ltd.; Yamato
Box Charter Co., Ltd.; Yamato Staff Supply Co., Ltd.;
Yamato Management Service Co., Ltd.; Yamato Multi
Charter Co., Ltd.; Kobe Yamato Transport Co., Ltd.; andone other company(Total: 8 companies)* Yamato Credit & Finance Co., Ltd. changed its corporate name from Fine Credit Co., Ltd. effective August 1, 2012.
e-Business- 11 -

The business structure diagram of the corporate group is as follows:
Yamato Holdings Co., Ltd.

Yamato Global Express Co., Ltd.
Express Network Co., Ltd.

Mutualtransport

Delivery BusinessMutualtransport

Yamato Transport Co., Ltd.

Okinawa Yamato Transport Co., Ltd.

Mutual transport
YAMATO (CHINA) TRANSPORT CO., LTD.
YAMATO TRANSPORT (HK) LTD.
YAMATO TRANSPORT (S) PTE. LTD.

Mutualtransport

Planning and proposal
Packing materials

Mutualtransport

BIZ-Logistics Business
Domestic

Yamato Dialog & Media Co., Ltd.

Transport, collection andlease

Merchandise marketing

Home Convenience Business

Financial BusinessYamato Home Convenience Co., Ltd.

Yamato Financial Co., Ltd.
Yamato Credit & Finance Co., Ltd
Yamato Lease Co., Ltd.
YAMATO PAYMENT SERVICE(HK) LTD.
YAMATO PAYMENT SERVICE (S) PTE.
LTD.

Yamato Logistics Co., Ltd.
Yamato Global Logistics Japan Co., Ltd.
Yamato Multi-Maintenance Solutions
Co., Ltd.
Yamato Packing Service Co., Ltd.
Yamato Packing Technology InstituteCo., Ltd.
Konan Industry Co., Ltd.

System development
and contract calculation

Overseas

President Collect Service Co.,Ltd.

System Development
and contract calculation

YAMATO TRANSPORT U. S. A., INC.
YAMATO TRANSPORT EUROPE B. V.
YAMATO INTERNATIONAL LOGISTICS(HONG KONG) LTD.
TAIWAN YAMATO INTERNATIONALLOGISTICS INC.
YAMATO ASIA PTE. LTD.
YAMATO INTERNATIONAL LOGISTICS
CO., LTD.
YAMATO TRANSPORT (M) SDN. BHD.

e-BusinessYamato System Development Co., Ltd.
Yamato Career Service Co., Ltd.
Yamato Contact Service Co., Ltd.
System development
and contract calculation

ISS Co., Ltd.

YAMATO LOGISTICS INDIA PVT. LTD.
Two other companies

Fuel, transport equipment and vehicle maintenance
Truck Maintenance BusinessYamato Autoworks Co., Ltd.
Yamato Autoworks Iwate Co., Ltd.
Yamato Autoworks Shikoku Co., Ltd.

Yamato Autoworks Hokushinetsu Co., Ltd.
Yamato Autoworks Okinawa Co., Ltd.

Fuel, transport equipment and vehicle
maintenanceAccounting operations support
Personnel affairs operations support

Other Businesses
Sales
supportSales support

Yamato Management Service Co., Ltd.

Box Charter Co., Ltd.
Yamato·Staff·Supply Co., Ltd.

Staffing
services

The company that submits
consolidated financial statements

Yamato Box Charter Co., Ltd.

Mainline
Yamato Multi Charter Co., Ltd. transport
Swan Co., Ltd.
Kobe Yamato Transport Co., Ltd.
Mainlinetransport

Consolidated subsidiaries- 12 -

Non-consolidated subsidiaries oraffiliates

3. Management Policy(1) Basic corporate management policies, medium- to long-term corporate management strategies andtarget management indicators
With regard to the basic corporate management policies and medium- to long-term corporate management
strategies, disclosure is omitted as there have been no significant changes to the contents since they weredisclosed in the Consolidated Financial Results for the Year Ended March 31, 2011 (disclosed on April 28,2011).
While expectations are rising for the recovery of the Japanese economy, given that uncertain conditions still
remain, the Yamato Group aims to achieve the quantitative management targets indicated in “Outlook for fiscal
2014” on page 9.
Consolidated Financial Results for the Year Ended March 31, 2011 may be viewed at the following websites:(Website of the Company)
http://www.yamato-hd.co.jp/(Website of the Tokyo Stock Exchange; (“Listed Company Information” page))
http://www.tse.or.jp/listing/compsearch/index.html(2) Issues to be addressed by the Company
Based on the long-term management plan, “DAN-TOTSU Management Plan 2019” and the medium-term
management plan, “DAN-TOTSU Three-Year Plan HOP,” the Yamato Group will work on the following to satisfy
the needs of our shareholders, customers, society, and employees.
a.

b.

c.
d.

e.

The Group will provide additional value to customers in all aspects of quality, speed and distribution costthrough advancing its network by constructing new facilities in Haneda and Atsugi, among other measures.
In addition, we will link the advanced network and various management resources to create new
businesses and enhance the Group’s growth potential.
In addition to operating both new businesses and existing businesses in the Asia region, the Group willoffer services aimed at realizing borderless delivery around the world by utilizing Okinawa’s international
logistics hub to provide an international delivery service as early as the next day and Cool TA-Q-BIN andbuild a solid business base in Asia.
The Group will adopt a business strategy in which it will sustain Japan’s international competitiveness by
quickly identifying changes in the market environment caused by factors such as the government’s
regulatory reforms and focusing its efforts on fields in which the Group’s functions can be utilized.
The Group will build a platform for assisting lives of local residents throughout their lifetime in cooperation
with local governments and corporations in various regions in Japan, among other activities. Moreover, we
will aim to become society’s most trusted and familiar group of companies by promoting safety measures,
environmentally friendly measures and regional revitalization measures through our core business basedon the concept of CSV to create a value which corporations and society can share.
The Group will aim to boost its competitiveness further by pursuing measures to enhance productivity andefficiency in every business area of the Group including collection and delivery, back-office, and sorting
operations to improve both quality and earnings structure.

- 13 -

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

As of March 31, 2013

AssetsCurrent assets
Cash and deposits

209,179

213,619

Notes and accounts receivable-trade158,174

163,789

Accounts receivable-installment

35,53837,456

Lease investment assets

18,924

22,376Merchandise and finished goods

770

852

Work in process

87

161

Raw materials and supplies

2,487

2,587

Deferred tax assets

17,078

16,646

Other

24,47430,572

Allowance for doubtful accounts(2,260)(1,654)

Total current assets

464,455

486,408

273,712

281,096

Accumulated depreciation(162,098)(173,496)

Buildings and structures, net

111,613

107,600

39,60941,151

Accumulated depreciation(29,485)(31,110)

Machinery and equipment, net

10,124

10,040Noncurrent assets
Property, plant and equipment
Buildings and structures

Machinery and equipment

VehiclesAccumulated depreciation
Vehicles, net
Land
Lease assets

182,004

182,678(170,306)(168,721)

11,697

13,957

182,303

187,107

25,93723,548

Accumulated depreciation(12,008)(12,512)

Lease assets, net

13,928

11,036

Construction in progress

30,05135,891

Other

71,95876,774

Accumulated depreciation(56,498)(59,251)

Other, net

15,45917,522375,179

383,157

Total property, plant and equipment
Intangible assets
Goodwill

584—

Software

12,01812,388

Other

4,191

4,421

Total intangible assets

16,794

16,809- 14 -

(Millions of yen)
As of March 31, 2012

As of March 31, 2013

Investments and other assets
Investment securities
Long-term loans receivable* 21,968* 22,597

1,293

1,165

Lease deposits

20,202

19,372

Deferred tax assets

17,196

18,515

Other

4,180

3,533

Allowance for doubtful accounts(1,754)(1,184)

Allowance for investment loss

(222)

(222)

62,865

63,778454,839463,744919,294

950,152

Notes and accounts payable-trade129,454

138,288

Short-term loans payable

17,39029,814

Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities

Lease obligations

4,950

4,714

Income taxes payable

17,631

22,441

Deferred installment income

4,959

5,006

Provision for bonuses

29,421

29,082

Other

78,53570,192

Total current liabilities

282,343

299,539

Noncurrent liabilities
Bonds with subscription rights to shares

20,00020,000Long-term loans payable

40,85032,209Lease obligations

9,588

7,042

Long-term accounts payable-other

3,797

2,413

Deferred tax liabilities

269

459

Provision for retirement benefits

31,73338,178

Other

6,927

7,395

113,167

107,698

395,510407,238

Total noncurrent liabilities
Total liabilities- 15 -

(Millions of yen)
As of March 31, 2012

As of March 31, 2013

Net assets
Shareholders’ equity
Capital stock

127,234

127,234

Capital surplus

121,314111,290

Retained earnings

321,862

347,358

Treasury stock(56,514)(56,495)

Total shareholders’ equity

513,897529,387

Valuation difference on available-for-sale securities

2,975

6,095

Foreign currency translation adjustment(1,876)(1,032)

Total accumulated other comprehensive income

1,099

5,063

Minority interests

8,787

8,463

Total net assets

523,783

542,914919,294

950,152

Accumulated other comprehensive income

Total liabilities and net assets- 16 -

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Operating revenue

1,260,832

1,282,373

Operating cost

1,163,777

1,181,833

97,055100,539

Operating gross profit
Selling, general and administrative expenses
Personnel expenses

18,505

20,217

Provision for bonuses

761

782

Provision for retirement benefits

1,147

1,332

Commission fee

7,662

3,923

Taxes and dues

3,314

3,454

Provision of allowance for doubtful accounts

(866)

155

Depreciation

1,257

1,733

Other

530

4,852

30,40434,336

66,65066,202

Interest income

79

91

Dividends income

526

569

Total selling, general and administrative
expenses
Operating income
Non-operating income

Subsidies for low-emission vehicles

174

174

Rent income

286

295

Other

1,772

1,689

Total non-operating income

2,839

2,819

Interest expenses

737

611

Rent expenses

205

187

Other

644

231

Total non-operating expenses

1,587

1,030

67,902

67,991Gain on sales of noncurrent assets

123

53

Gain on sales of investment securities—

42

Non-operating expenses

Ordinary income
Extraordinary income

Compensation income

—

53

Other

—

14

Total extraordinary income

123

163

- 17 -

(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Extraordinary loss
Loss on retirement of noncurrent assets

408

278

Impairment loss

* 222

* 1,769

Loss on valuation of investment securities

1,981

1,175

Loss on valuation of stocks of subsidiaries andaffiliates—

453

Donation for earthquake recovery initiatives

14,236—Retirement payments related to the extension ofretirement age

4,443

—

Other

915

195

22,207

3,872

Income before income taxes and minority interests

45,81764,283

Income taxes-current

25,69031,268

Income taxes-deferred368(1,705)

Total income taxes

26,05929,562

Income before minority interests

19,75834,721

(28)

(423)

19,78635,144

Total extraordinary losses

Minority interests in loss
Net income- 18 -

(Consolidated statements of comprehensive income)(Millions of yen)
For the year ended
March 31, 2012

Income before minority interests

For the year ended
March 31, 2013

19,75834,721

Valuation difference on available-for-sale securities

1,514

3,198

Foreign currency translation adjustment

(433)

1,035

* 1,080* 4,233

20,83838,954

20,826

39,20911(254)

Other comprehensive income

Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to minority
interests- 19 -

(3) Consolidated statements of changes in net assets(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Shareholders’ equity
Capital stock
Balance at the beginning of current period

127,234

127,234——

127,234

127,234

121,314

121,314

Disposal of treasury stock

(0)

(0)

Retirement of treasury stock—(10,023)

Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period

Total changes of items during the period
Balance at the end of current period(0)(10,023)

121,314111,290

311,569

321,862(9,564)(9,463)70(185)

19,78635,144Retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Change of scope of consolidation
Net income
Total changes of items during the period

10,29325,495

321,862

347,358(44,630)(56,514)Purchase of treasury stock(11,884)(10,005)

Disposal of treasury stock00Retirement of treasury stock—

10,023(11,884)

18(56,514)(56,495)

515,488513,897(9,564)(9,463)

Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period

Total changes of items during the period
Balance at the end of current period
Total shareholders’ equity
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Change of scope of consolidation

70

(185)

Net income

19,78635,144Purchase of treasury stock(11,884)(10,005)

Disposal of treasury stock00Retirement of treasury stock——

Total changes of items during the period
Balance at the end of current period- 20 -(1,591)

15,490513,897529,387(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period

1,501

2,975

Net changes of items other than shareholders’equity

1,474

3,119

Total changes of items during the period

1,474

3,119

2,975

6,095

(1,386)(1,876)

Net changes of items other than shareholders’equity(489)

844

Total changes of items during the period

(489)

844

(1,876)(1,032)

114

1,099

Net changes of items other than shareholders’equity984

3,964

Total changes of items during the period

984

3,964

1,099

5,063

8,902

8,787

(115)

(324)

Changes of items during the period

Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Total accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders’equity

(115)

(324)

8,787

8,463

524,505

523,783(9,564)(9,463)70(185)

Net income

19,78635,144Purchase of treasury stock(11,884)(10,005)

Disposal of treasury stock00

Net changes of items other than shareholders’equity869

3,640

Total changes of items during the period(721)

19,130523,783

542,914

Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Change of scope of consolidation

Balance at the end of current period- 21 -

(4) Consolidated statements of cash flows(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Cash flows from operating activities
Income before income taxes and minority interests

45,81764,283

Depreciation and amortization

38,68437,944

Impairment loss

222

1,769

Increase (decrease) in provision for retirement
benefits

3,264

6,442

Increase (decrease) in provision for bonuses

(317)

(352)

Interest and dividends income

(605)

(660)

Interest expenses

1,257

988

Loss (gain) on sales of noncurrent assets

(123)

(53)

Loss on retirement of noncurrent assets

408

278

Loss (gain) on sales of investment securities

—

(42)

Loss (gain) on valuation of investment securities

1,981

1,175

Decrease (increase) in notes and accounts
receivable-trade(11,961)(10,526)

Decrease (increase) in inventories

(520)

86

Increase (decrease) in notes and accounts
payable-trade

15,771

8,406

Other, net

18,453(6,270)Subtotal

112,332

103,468

Interest and dividends income received

601

683

Interest expenses paid

(1,260)(975)

Donation for earthquake recovery initiatives(13,087)(1,148)

Income taxes paid

(26,742)(28,077)

Net cash provided by (used in) operating activities

71,84373,949Cash flows from investing activities
Payments into time deposits

(712)

(694)

Proceeds from withdrawal of time deposits

404

547

Purchase of property, plant and equipment(35,913)(47,098)

Proceeds from sales of property, plant andequipment

787

582

(1,301)

(11)

8

52

Payments of loans receivable(1,129)(1,097)

Collection of loans receivable

1,399

1,222

Other payments(6,738)(5,962)Other proceeds

2,101

1,920

(41,092)(50,539)

Purchase of investment securities
Proceeds from sales of investment securities

Net cash provided by (used in) investing activities- 22 -

(Millions of yen)
For the year ended
March 31, 2012

For the year ended
March 31, 2013

Cash flows from financing activities
Increase in short-term loans payable

23,213

68,948Decrease in short-term loans payable(26,600)(58,652)

Repayments of finance lease obligations(5,809)(5,303)

Proceeds from long-term loans payable

9,850

5,537

Repayment of long-term loans payable(13,008)(12,198)

Proceeds from sales of treasury stock00

Purchase of treasury stock(11,889)(10,008)

Cash dividends paid

(9,577)(9,458)Cash dividends paid to minority shareholders

(129)

(69)

Other, net

1,032

181

(32,916)(21,022)

Effect of exchange rate change on cash and cash
equivalents

(182)

457

Net increase (decrease) in cash and cash equivalents(2,348)2,844

Cash and cash equivalents at beginning of period

208,791

208,393

Increase in cash and cash equivalents from newly
consolidated subsidiary

1,949

1,403

* 208,393* 212,641

Net cash provided by (used in) financing activities

Cash and cash equivalents at end of period- 23 -

(5) Notes to premise of going concern
Not applicable.
(6) Significant matters forming the basis of preparing the consolidated financial statements
1. Scope of consolidation(1) Number of consolidated subsidiaries: 40
Major consolidated subsidiaries are as described in “2. Status of the Corporate Group.”
YAMATO TRANSPORT (M) SDN. BHD. is included in the scope of consolidation from the fiscal year
under review due to their increased materiality.
(2) Non-consolidated subsidiaries, etc.
YAMATO LOGISTICS INDIA PVT. LTD. and certain other subsidiaries are not included within the scope of
consolidation. The total assets, operating revenue, net income, and retained earnings of these
non-consolidated subsidiaries are immaterial and, even taken together as a group, they do not exert asignificant influence on the consolidated financial statements.
2.

Application of equity method
The equity method is not applied to YAMATO LOGISTICS INDIA PVT. LTD. and certain other non-consolidated
subsidiaries, along with YAMATO UNYU (THAILAND) CO., LTD. and certain other affiliated companies. The
net income and the retained earnings of these companies are immaterial and, even taken together as a group,
they do not exert a significant influence on the consolidated financial statements.

3.

Closing date of consolidated subsidiaries
Of consolidated subsidiaries, YAMATO TRANSPORT U.S.A., INC., and other eleven overseas subsidiaries
have December 31 as their financial year end. Financial statements as of this closing date were used in the
preparation of the consolidated financial statements. However, the consolidated figures have been adjusted as
required to reflect significant transactions occurring between December 31, 2012 and March 31, 2013 that isthe consolidated closing date.

4.

Accounting policies
The Group’s major accounting policies are as follows.
(1) Valuation basis and methods for principle assets
a. Securities
Securities held-to-maturity
Calculated based on the amortized cost method (straight-line method)
Available-for-sale securities
Securities with fair market value:

Stated at the fair market value based on the quoted
market price as of the fiscal year end (valuationdifferences are recognized in net assets; the cost of
securities sold is calculated by the moving-averagemethod).

Securities without fair market value:

Stated at the cost by moving-average method.

b. Inventories
Stated at the cost by first-in first-out method (for the value stated in the balance sheet, the book value
is written down based on the decreased profitability).

- 24 -

(2) Depreciation and amortization methods of major depreciable or amortizable assets
a. Property, plant and equipment (excluding lease assets):
Computed using the declining-balance method.
Meanwhile, the straight-line method is adopted forbuildings (excluding fixtures) acquired on or after April 1,
1998.
For overseas consolidated subsidiaries’ assets, thestraight-line method based on estimated useful lives is
adopted.
(Changes in accounting policies)
Change in depreciation method
Following the revision of the Corporation Tax Act, the Company and its domestic consolidated
subsidiaries applied the depreciation method in compliance with the revised Corporation Tax Act toproperty, plant and equipment acquired on or after April 1, 2012, from the fiscal year ended March 31,
2013.
Due to the effect of this change, operating expenses for the fiscal year ended March 31, 2013
decreased by 1,460 million yen and operating income, ordinary income and income before income
taxes and minority interests each increased by the same amount.
b. Intangible assets (excluding lease assets):
Computed using the straight-line method. Meanwhile,software is amortized by the straight-line method overthe estimated useful life of five years.
c. Lease assets:
Computed using the straight-line method where theuseful life of lease assets shall be equal to the lease
period and their residual value shall be zero.
(3) Accounting standards for significant provisions
a. Allowance for doubtful accounts
The allowance for doubtful accounts is provided to prepare for loss from uncollectible credits.
For ordinary receivables, the amount is estimated using the rate based on the historical bad debt
experience. For special receivables with higher uncertainty of collectivity is considered on individual
cases, and prospective uncollectible amount is provided.
b. Allowance for investment loss
To prepare for devaluation loss of investments in non-consolidated subsidiaries, allowances isprovided considering the status of those subsidiaries’ assets.
c. Provision for bonuses
The provision for bonuses is provided for payment of bonuses to employees based on an amount
expected to be paid.
This provision is not applicable for overseas subsidiaries.
d. Provision for retirement benefits
To provide for the employees’ retirement benefits, provision for retirement benefits is recorded basedon the projected retirement benefit obligations and related pension assets of the fiscal year ended
March 31, 2013.
Actuarial differences are to be charged to expenses from the following fiscal year using a straight-line
method based on determined years (five years) within average remaining service years of theemployees when occurred.
(4) Basis of revenue recognition
Deferred installment income:The prorated amounts for the shopping loan service are recognized as income when the due datecomes.

- 25 -

(5) Method of significant hedge accounting
a. Method of hedge accounting
Interest rate swaps are accounted for using the exceptional treatment as they satisfy the applicableconditions.
b. Hedging instrument and hedged item
Hedging instrument:Interest rate swaps
Hedged item:
Interest on loansc. Hedging policy
Interest rate swap transactions are used to avoid interest rate fluctuation risk associated with fundprocurement.
d. Method of evaluating hedge effectivenessHedging effectiveness in interest rate swap transactions is not evaluated as they are accounted forusing the exceptional treatment.
(6) Amortization of goodwill and amortization period
Equally divided method of five years. However, in the case where the amount is immaterial, the wholeamount may be charged to expenses when they occur.
(7) Scope of funds in consolidated statements of cash flows
Cash (cash and cash equivalents) in the consolidated statements of cash flows consists of cash on handand short-term investments with a maturity not exceeding three months from the time of purchase that arereadily convertible to cash and not exposed to significant risk in value fluctuations. Bank overdrafts areincluded in cash equivalents except when they are clearly regarded for procurement of funds, as is thecase with short-term loans payable.
(8) Other significant matters forming the basis of preparing the consolidated financial statements
Accounting for consumption taxes:
Consumption taxes are excluded from transaction amounts.
(7) Notes to consolidated financial statements(Consolidated balance sheets)* Investment securities for non-consolidated subsidiaries and affiliates are as follows.
Fiscal 2012
Investment securities

3,219(Millions of yen)
Fiscal 2013
809

(Consolidated statements of income)* Impairment loss
Fiscal 2012 (from April 1, 2011 to March 31, 2012)(Millions of yen)
Use of asset

Type of asset

RegionBranch and distribution
center and other

Buildings and land

Yamato Transport Co., Ltd., Iwate Branch Office(Kitakami City, Iwate Prefecture) and one otherpremises

Amount of impairment
loss

222

The Yamato Group grouped the assets based on the classification in managerial accounting and the unit in making
investment decisions, with Yamato Transport Co., Ltd. treating a main branch and subordinate branches as one unit,
Yamato Home Convenience Co., Ltd. treating a general branch office as one unit and the Company and otherconsolidated subsidiaries based on the unit of department.
As a result, the Group recognized a continuous decrease in profit and loss arising from operating activities orsignificant declines in market prices for the asset group consisting of Yamato Transport Co., Ltd., the Iwate Branch- 26 -

Office and one other premises, and it decreased the book value of the relevant asset group to the recoverable value
and posted the relevant decrease of 222 million yen to extraordinary loss as an impairment loss. A breakdown of thisdecrease shows that 135 million yen was attributable to buildings and 86 million yen was attributable to land.
The recoverable value of the relevant asset group is calculated based on net realizable value and valued based on
assessed value of property tax or the posted land price.
Fiscal 2013 (from April 1, 2012 to March 31, 2013)(Millions of yen)Amount of impairment
loss

Use of asset

Type of asset

RegionBranch anddistribution center andother

Buildings, land andotherYamato Home Convenience Co., Ltd., Nishi
Kanto General Branch Office (Tokorozawa City,
Saitama Prefecture) and eight other premises

1,769

The Yamato Group grouped the assets based on the classification in managerial accounting and the unit in making
investment decisions, with Yamato Transport Co., Ltd. treating a main branch and subordinate branches as one unit,
Yamato Home Convenience Co., Ltd. treating a general branch office as one unit and the Company and otherconsolidated subsidiaries based on the unit of department.
As a result, the Group recognized a continuous decrease in profit and loss arising from operating activities orsignificant declines in market prices for the asset group consisting of Yamato Home Convenience Co., Ltd., Nishi
Kanto General Branch Office and eight other premises, and it decreased the book value of the relevant asset groupto the recoverable value and posted the relevant decrease of 1,769 million yen to extraordinary loss as an
impairment loss. A breakdown of this decrease shows that 352 million yen was attributable to buildings, 976 million
yen was attributable to land and 412 million yen was attributable to goodwill.
The recoverable value of the relevant asset group is calculated based on net realizable value and valued based
mainly on real estate appraisal standards, assessed value of property tax or the posted land price.
(Consolidated statements of comprehensive income)*Recycling amount and income tax relating to other comprehensive income
Fiscal 2012
Valuation difference on available-for-sale securities
Amount recorded during the period
Recycling amount
Before tax effect adjustments
Tax effect amount
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Amount recorded during the period
Total other comprehensive income- 27 -(Millions of yen)
Fiscal 2013

428
1,389
1,818
(304)
1,514

3,035
1,175
4,211
(1,012)
3,198

(433)
1,080

1,035
4,233

(Consolidated statements of changes in net assets)
For the year ended March 31, 2012
1. Class and total number of issued shares and treasury stock(Thousands of shares)

Number of shares as of
the beginning of thecurrent fiscal year

Number of increased
shares in current fiscal
year

Number of decreased
shares in current fiscal
year

Number of shares as ofend of current fiscal year

468,052——

468,052

468,052——

468,052

Common stock (Note)

28,7169,189

037,905

Total

28,7169,189

037,905

Issued shares
Common stock
Total
Treasury stock

Note: The increase of 9,189 thousand shares of treasury stock of common stock resulted from an increase of 9,186 thousand shares due tothe purchase of treasury stock and an increase of 3 thousand shares due to the purchase of fractional shares.
The decrease of 0 thousand shares of treasury stock of common stock resulted from sales of fractional shares.

2.

Subscription rights to shares and treasury subscription rights to shares
As the number of shares subject to subscription rights is immaterial against the total number of issued shares(excluding treasury stock) as of the end of the fiscal year under review, descriptions are omitted.

3. Dividends(1) Payment of dividends
Resolution

Class of shares

Total amount ofdividends(millions of yen)

The Board of Directors
Meeting on May 16, 2011

Common stock

4,832

The Board of Directors
Meeting on October 28, 2011

Common stock

4,731

Dividend pershare (yen)Record date

Effective date on
and after

11

March 31, 2011

June 6, 201111

September 30,
2011

December 9, 2011

(2) Dividends with a record date that falls within the fiscal year under review but an effective date starting in theupcoming fiscal year
Resolution

Class ofsharesThe Board of Directors
Meeting on May 15, 2012

Common stock

Total amount ofdividends(millions of yen)

Source ofdividend

Dividend pershare (yen)Record date

Effective dateon and after

4,731

Retainedearnings

11

March 31,2012

June 5, 2012- 28 -

For the year ended March 31, 2013
1. Class and total number of issued shares and treasury stock(Thousands of shares)

Number of shares as of
the beginning of thecurrent fiscal year

Number of increased
shares in current fiscal
year

Number of decreased
shares in current fiscal
year

Number of shares as ofend of current fiscal year

Common stock (Note 1)

468,052—

6,707

461,345

Total

468,052—

6,707

461,345

Common stock (Note 2)

37,905

6,433

6,708

37,631

Total

37,905

6,433

6,708

37,631

Issued shares

Treasury stock*1 The decrease of 6,707 thousand shares of issued shares of common stock resulted from a decrease due to retirement of treasury stock.
*2 The increase of 6,433 thousand shares of treasury stock of common stock resulted from an increase of 6,428 thousand shares due to thepurchase of treasury stock and an increase of 4 thousand shares due to the purchase of fractional shares.
The decrease of 6,708 thousand shares of treasury stock of common stock resulted from a decrease of 6,707 thousand shares throughretirement of treasury stock and a decrease of 0 thousand shares due to sale of fractional shares.

2.

Subscription rights to shares and treasury subscription rights to shares
As the number of shares subject to subscription rights is immaterial against the total number of issued shares(excluding treasury stock) as of the end of the fiscal year under review, descriptions are omitted.

3. Dividends(1) Payment of dividends
Resolution

Class of shares

Total amount ofdividends(millions of yen)

The Board of Directors
Meeting on May 15, 2012

Common stock

4,731

The Board of Directors
Meeting on October 31, 2012

Common stock

4,731

Dividend pershare (yen)Record date

Effective date on
and after

11

March 31, 2012

June 5, 201211

September 30,
2012

December 10,
2012(2) Dividends with a record date that falls within the fiscal year under review but an effective date starting in theupcoming fiscal year
Resolution

Class ofsharesThe Board of Directors
Meeting on May 16, 2013
(planned)

Common stock

Total amount ofdividends(millions of yen)

Source ofdividend

Dividend pershare (yen)Record date

Effective dateon and after

5,084

Retainedearnings

12

March 31,2013

June 4, 2013
(planned)(Consolidated statements of cash flows)*Relationship between the balance of cash and cash equivalents at the end of the period and the amounts recordedin the items shown on the consolidated balance sheets(Millions of yen)
Fiscal 2012

Fiscal 2013

209,179

213,619

Time deposits due beyond three months

(490)

(694)

Short-term loans payable account

(295)

(283)

208,393

212,641

Cash and deposits

Cash and cash equivalents- 29 -

(Segment Information)
1. Segment Information(1) Summary of reportable segment
The reportable segments of the Company are constituent units of the Company whose separate financial
information can be obtained. The Board of Directors periodically examines these segments to decide on the
allocation of management resources and evaluate business performance.
The Yamato Group consists of six business segments under the umbrella of the Company, a pure holding
company, and these business segments have been formed according to business activity. Business
management is conducted based on this business segment.
Accordingly, based on this business segment, the Company has the following six reportable segments:
Delivery business, BIZ-Logistics business, Home Convenience business, e-Business, Financial business, andTruck Maintenance business.
Type of services by reportable segment
Reportable segment
Delivery
BIZ-Logistics
Home Convenience
e-Business
Financial
Truck Maintenance

Type of services
Small parcel delivery services for consumers and corporations
Business-to-business distribution
Moving and other lifestyle support services for consumers
Information services for corporations, such as ASP services and development of
information systems
Financial services for consumers and corporations, such as settlement
Collective vehicle management agent business for transportation companies(2) Method of calculating operating revenue, income/loss, assets and other items by reportable segment
The accounting method used for reported business segments is the same as that described in the section on“Significant matters forming the basis of preparing the consolidated financial statements.”- 30 -

(3) Information regarding the amounts of operating revenue, income/loss, assets and other items by reportablesegment
For the year ended March 31, 2012

(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

1,014,564

82,47847,71535,504

54,11454,095

11,827

14,156

26,494

4,170

1,068,660
40,964558,494

94,305
3,662
50,51961,871(43)
19,796

61,9986,703
36,54958,285
9,938
174,682

29,406

1,534

756

3,690

1,932

35,653

1,385

594

3,353

3,609

Reconciliation(Note 3)

Amountrecorded inconsolidated
financialstatements(Note 4)

DeliveryOperating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment income (loss)
Segment assets
OthersDepreciation and amortization
Increases of property, plant andequipment and intangible assets

Operating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment income (loss)
Segment assets
OthersDepreciation and amortization
Increases of property, plant andequipment and intangible assets

Financial

Truck
Maintenance

Other(Notes 1, 2)

21,1885,267

1,260,832—

1,260,832

26,89644,604

182,245(182,245)—

48,084
2,513
21,63549,872
11,876
10,947

1,443,078
75,615
872,625(182,245)(8,965)46,6681,260,832
66,650919,294931

365

38,61666

38,682

1,208

147

45,952

2,662

48,614

Total

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 10,218 million yen.
3. Adjustments made are as follows.
(1) The adjustment of (8,965 million yen) of segment income resulted from eliminating transactions among segments.
(2) The adjustment of 46,668 million yen of segment assets includes offsetting and elimination of assets among segments of(119,763 million yen) and group-wide assets of 166,432 million yen not allocated to each reportable segment.
(3) The adjustment of 2,662 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 31 -

For the year ended March 31, 2013

(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

1,028,219

86,80644,60137,06056,71056,43911,486

14,752

27,8593,910

1,084,658
41,908575,698

98,293
4,094
52,52559,353(527)
18,41464,9206,986
36,861

60,6208,516
189,457

27,769

1,541

755

3,759

2,356

31,725

1,654

550

2,262

4,482

Reconciliation(Note 3)

Amountrecorded inconsolidated
financialstatements(Note 4)

DeliveryOperating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment income (loss)
Segment assets
OthersDepreciation and amortization
Increases of property, plant andequipment and intangible assets

Operating revenue
Operating revenue from customers
Inter-segment operating revenue ortransfers
Total
Segment income (loss)
Segment assets
OthersDepreciation and amortization
Increases of property, plant andequipment and intangible assets

Financial

Truck
Maintenance

Other(Notes 1, 2)

23,2285,746

1,282,373－

1,282,373

27,531

52,993

194,973(194,973)－

50,7592,666
21,80458,74018,762
10,844

1,477,347
82,407
905,606(194,973)(16,204)
44,545

1,282,373
66,202
950,152

948

253

37,384550

37,935728

232

41,636

6,415

48,052

Total

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 17,553 million yen.
3. Adjustments made are as follows.
(1) The adjustment of (16,204 million yen) of segment income resulted from eliminating transactions among segments.
(2) The adjustment of 44,545 million yen of segment assets includes offsetting and elimination of assets among segments of(118,389 million yen) and group-wide assets of 162,935 million yen not allocated to each reportable segment.
(3) The adjustment of 6,415 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.
5. The Group applied the depreciation method in compliance with the revised Corporation tax Act to property, plant and equipment
acquired on or after April 1, 2012, from the fiscal year ended March 31, 2013. Due to the effect of this change, operating expenses
for the delivery business decreased by 1,390 million yen and segment income increased by the same amount. Meanwhile, thechange had a negligible effect on other segments.

- 32 -

2.

Relevant information
For the year ended March 31, 2012(1) Information by product and service
TA-Q-BIN
Operating revenue
from customers

Kuroneko Mail
129,870

811,906(Millions of Yen)
Total

Other
319,056

1,260,832(2) Information by region
a. Operating revenue
Japan

North America
1,242,310

10,257(Millions of Yen)
Total
1,260,832

1,653(Millions of Yen)
Total
375,179

Other
8,264

b. Property, plant and equipment
Japan

North America
373,322Other
203(3) Information by major customer
Of operating revenue from customers, because no single revenue from any one customer accounts for
10% or more of the operating revenue of the consolidated statements of income, descriptions are omitted.
For the year ended March 31, 2013
(1) Information by product and service
TA-Q-BIN
Operating revenue
from customers

Kuroneko Mail
122,276

831,082(Millions of Yen)
Total

Other
329,014

1,282,373(2) Information by region
a. Operating revenue
Japan

North America
1,259,727

13,100(Millions of Yen)
Total
1,282,373

1,904(Millions of Yen)
Total
383,157

Other
9,545

b. Property, plant and equipment
Japan

North America
380,952

Other299(3) Information by major customer
Of operating revenue from customers, because no single revenue from any one customer accounts for
10% or more of the operating revenue of the consolidated statements of income, descriptions are omitted.

- 33 -

3.

Information regarding impairment losses of noncurrent assets by reportable segment
For the year ended March 31, 2012

(Millions of Yen)

Delivery
Impairment loss

Home
Convenience

BIZ-Logistics
222

Truck
MaintenanceImpairment loss—

Financial

—

—

—

222

Eliminations or
corporate
—

—

Home
Convenience
1,409

Other
—

e-Business

Total

For the year ended March 31, 2013
BIZ-Logistics
357
Truck
MaintenanceImpairment loss

4.

Consolidated
222(Millions of Yen)

Delivery
Impairment loss

—

Other
—

Total
—

1,769

e-Business

Financial—

Eliminations or
corporate—

2
Consolidated
1,769

Information regarding amortization and unamortized balance of goodwill by reportable segment
For the year ended March 31, 2012

(Millions of Yen)

DeliveryAmortization for thecurrent period
Balance as of the endof the current period

Home
Convenience

BIZ-Logistics

e-Business

Financial

90

—

104

—

—

272

—

312

—

—

Truck
Maintenance
Amortization for thecurrent period
Balance as of the endof the current period

Other

Eliminations or
corporate

Total

—

—

194

—

194

—

—

584

—

584

For the year ended March 31, 2013

(Millions of Yen)

DeliveryAmortization for thecurrent period
Balance as of the endof the current period

Home
Convenience

BIZ-Logistics

e-Business

Financial

68

—

104

—

—

—

—

—

—

—

Truck
Maintenance
Amortization for thecurrent period
Balance as of the endof the current period

Consolidated

Other

Eliminations or
corporate

Total

Consolidated

—

—

172

—

172

—

—

—

—

—

- 34 -(Tax Effect Accounting)1.

Breakdown of major causes for deferred tax assets and deferred tax liabilities(Millions of yen)
Fiscal 2013

Fiscal 2012
Deferred tax assets (current assets)
Provision for bonuses
Accrued legal welfare expenses
Accrued enterprise tax
Excess in provision of allowance for doubtful accounts
Other

11,156
1,695
1,628
394
3,037

10,994
1,727
2,015
210
2,456

Subtotal
Allowance for devaluation

17,911(466)

17,404
(392)

Total

17,44517,012

Deferred tax assets (noncurrent assets)
Provision for retirement benefits
Loss on valuation of land
Impairment loss
Loss on valuation of investment securities
Unrealized income on noncurrent assets
Loss on valuation of telephone subscription rightOther

11,301
24,218
3,715
1,740
1,521
546
9,522

13,71924,218
4,149
2,201
1,659
546
10,086

Subtotal
Allowance for devaluation

52,565(32,853)

56,582(34,472)

Total

19,712

22,110

Deferred tax liabilities (current liabilities)
Other

(366)

(365)

Total

(366)

(365)

Deferred tax liabilities (noncurrent liabilities)
Valuation difference on available-for-sale securities
Reserve for reduction entry
Other(1,027)(239)(1,519)(2,020)(245)(1,789)Total(2,785)(4,054)34,00534,702

Net deferred tax assets

2.

Breakdown of the main items that caused differences between the normal effective statutory tax rates and theactual effective tax rates after tax effect accounting

Normal effective statutory tax rates of consolidated financial
statement-submitting companies(Reconciliation)

Per capita levy of local taxes
Allowance for devaluation
Downward revision to deferred tax assets as of the end of
the period due to the change in corporate tax rates
Other

Actual effective tax rates after tax effect accounting- 35 -

Fiscal 2012

Fiscal 201340.0 %

38.0 %

5.9
3.5
6.3

4.2
2.2
—

1.2

1.6

56.9

46.0

(Financial Instruments)
1.

Matters concerning the status of financial instruments(1) Policy on financial instruments
To finance further business growth, the Yamato Group raises capital through bank loans and bondissuances based on a facilities investment scheme that includes the network development plan. One-time
surplus funds are invested in safe financial assets. Derivative products are only used for hedging against
variable interest rate risk, and no speculative transactions are undertaken.
Some of the Group’s consolidated subsidiaries are engaged in businesses such as leasing and third-party
credit sales.
(2) Features and risks of financial instruments and risk management structure
Operating receivables such as notes and accounts receivable-trade and accounts receivable-installment
carry credit risk of trading partners, and thus the Company manages and controls cash received, as wellas outstanding receivables, for each period to identify the credit risk of each trading partner.
Regarding investment securities, the Yamato Group mainly holds shares of companies with which theGroup has business relationships or forms a capital alliance, and such shares involve the risk of stock
price fluctuations.
The majority of operating payables, such as notes and accounts payable-trade, are due within one year.
With regard to loans payable, short-term loans payable are mainly used to raise capital for the Group’s
financial business and long-term loans payable fund growth-driving programs such as network
development. A Group consolidated subsidiary engaged in financial business has obtained loans with avariable interest rate and employs interest rate swaps for a portion of the loans to hedge interest rate risk
associated with fundraising. Interest rate swap transactions are executed in conformity with the Group’s
regulations for authorizing derivative transactions.
Within the Yamato Group, each Group company controls liquidity risk associated with operating payables
and loans by monitoring payments and settlements, bookkeeping, and balances, as well as managing
cash positions.
(3) Supplemental remarks on the fair value of the financial instruments
The fair value of financial instruments refers to their market value or value reasonably calculated basedon certain assumptions if market value is not available. Therefore, the estimated fair value may vary withdifferent assumptions.

- 36 -

2.

Matters concerning fair value of financial instruments
The amounts recorded on the consolidated balance sheets, their fair values, and differences between them areshown in the following. Some financial instruments are excluded because it is extremely difficult to identify theirfair values (see Note 5).
For the year ended March 31, 2012
(Millions of yen)Amount on the
consolidated balance
sheets(1) Cash and deposits

209,179(2) Notes and accounts receivable-trade158,174

Fair value

Difference

209,179—

158,674578

29,01833,6884,669

Available-for-sale securities

17,50417,504—(5) Notes and accounts payable-trade[129,454][129,454]—(6) Short-term loans payable[17,390][17,396]

5(7) Long-term loans payable[40,850][40,882]

32

—

—

—

Allowance for doubtful accounts(79)
158,095(3) Accounts receivable-installment

35,538

Allowance for doubtful accounts(1,560)

Deferred installment income[4,959](4) Investment securities(8) Derivatives
Notes:

1. Items recognized as liabilities are shown in square parentheses [ ] both under Amount on the consolidated balance sheets andFair value.
2. Notes and accounts receivable-trade are presented after deducting allowance for doubtful accounts set up for notes and accounts
receivable-trade not to be settled in the short term.
3. Accounts receivable-installment is presented after deducting the relevant allowance for doubtful accounts and deferred installment
income.
4. Method of calculating fair value of financial instruments and other matters concerning securities and derivatives(1) Cash and deposits
Because all deposits are short-term deposits and their fair values are approximately equal to their book values, fair value isthe same as book value.
(2) Notes and accounts receivable-trade
Because notes and accounts receivable-trade are usually settled in a short period and their fair values are approximately
equal to their book values, fair value is the same as book value. Some notes and accounts receivable-trade are grouped bytheir classification categories and computed on the basis of the present value of future cash flow discounted at a rate basedon the yield of Japanese government bonds.
(3) Accounts receivable-installment
The fair values of accounts receivable-installment are grouped by their classification categories and computed on the basisof the present value of future cash flow discounted at the rate based on market interest rate.
(4) Investment securities
The fair values of listed equity shares in investment securities are based on quoted market prices. For matters concerning
securities according to the purpose for which they are held, please see the notes to “Securities.”(5) Notes and accounts payable-trade
As most notes and accounts payable-trade are due within one year and their fair values are approximately equal to theirbook values, fair value is the same as book value.

- 37 -

(6) Short-term loans payable and (7) Long-term loans payable
The fair value of short-term loans payable, long-term loans payable, and long-term loans payable meeting the requirementsof exceptional treatment for interest rate swaps and being treated together with interest swaps are computed on the basis of
the total amount of principal and interest discounted at the interest rate applicable to new loans carrying the same conditions.
(8) Derivatives
a. Derivative transactions to which hedge accounting is not applied: Not applicable.
b. Derivative transactions to which hedge accounting is applied: The contract amount or amount equivalent to the principal
set forth in the contract, as of the consolidated closing date, are as follows.
(Millions of yen)Contract amount, etc.
Type of derivative
Major hedged
Fair value
Method of hedge accounting
transaction
itemsOver 1 year
Interest rateswaps
Long-term loans
49,07437,550*payablePay-fixed,
receive-variable* The exceptional treatment of interest rate swaps is applied to the Group’s interest rate swaps, and these transactions are treated together
with long-term loans payable with the relevant hedging instruments. Therefore, their fair value is included among long-term loans payable.
Exceptional treatment of interest rateswaps

5. It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is4,464 million yen) because they do not have quoted market prices and their future cash flow cannot be estimated. Therefore, they
are excluded from (4) Investment securities/Available-for-sale securities.
6. Scheduled redemption amounts after the consolidated closing date for monetary claims and securities with maturity period

Within 1 year

(Millions of yen)Over 5 years

Over 1 year, within 5 years

Cash and deposits
Notes and accounts receivable-trade
Accounts receivable-installment

209,179
151,663
19,885—
6,462
15,309

—
48
343

Total

380,728

21,772391

7. Scheduled repayment amounts after the consolidated closing date for bonds with subscription rights to shares, long-term loans
payable, and lease obligations(Millions of yen)Over 1 year,
within 2 years

Over 2 years,
within 3 years

Over 3 years,
within 4 years

Over 4 years,
within 5 years

—

—

—

20,000——12,131

14,00017,000

9,850

—

—

4,950
17,081

4,439
18,4393,784
20,784

1,073
30,923

282
282

8
8

Within 1 year
Bonds with
subscription
rights to shares
Long-term loans
payableLease obligations
Total- 38 -

Over 5 years

For the year ended March 31, 2013
(Millions of yen)Amount on the
consolidated balance
sheets(1) Cash and deposits

213,619(2) Notes and accounts receivable-trade163,789

Fair value

Difference

213,619—

164,257

610

31,337

36,109

4,771

Available-for-sale securities

20,515

20,515—(5) Notes and accounts payable-trade[138,288][138,288]—(6) Short-term loans payable[29,814][29,891]

77(7) Long-term loans payable[32,209][32,274]

64

—

—

—

Allowance for doubtful accounts(142)
163,646(3) Accounts receivable-installment

37,456

Allowance for doubtful accounts(1,111)

Deferred installment income[5,006](4) Investment securities(8) Derivatives
Notes:

1. Items recognized as liabilities are shown in square parentheses [ ] both under Amount on the consolidated balance sheets andFair value.
2. Notes and accounts receivable-trade are presented after deducting allowance for doubtful accounts set up for notes and accounts
receivable-trade not to be settled in the short term.
3. Accounts receivable-installment is presented after deducting the relevant allowance for doubtful accounts and deferred installment
income.
4. Method of calculating fair value of financial instruments and other matters concerning securities and derivatives(1) Cash and deposits
Because all deposits are short-term deposits and their fair values are approximately equal to their book values, fair value isthe same as book value.
(2) Notes and accounts receivable-trade
Because notes and accounts receivable-trade are usually settled in a short period and their fair values are approximately
equal to their book values, fair value is the same as book value. Some notes and accounts receivable-trade are grouped bytheir classification categories and computed on the basis of the present value of future cash flow discounted at a rate basedon the yield of Japanese government bonds.
(3) Accounts receivable-installment
The fair values of accounts receivable-installment are grouped by their classification categories and computed on the basisof the present value of future cash flow discounted at the rate based on market interest rate.
(4) Investment securities
The fair values of listed equity shares in investment securities are based on quoted market prices. For matters concerning
securities according to the purpose for which they are held, please see the notes to “Securities.”(5) Notes and accounts payable-trade
As most notes and accounts payable-trade are due within one year and their fair values are approximately equal to theirbook values, fair value is the same as book value.
(6) Short-term loans payable and (7) Long-term loans payable
The fair value of short-term loans payable, long-term loans payable, and long-term loans payable meeting the requirementsof exceptional treatment for interest rate swaps and being treated together with interest swaps are computed on the basis of
the total amount of principal and interest discounted at the interest rate applicable to new loans carrying the same conditions.

- 39 -

(8) Derivatives
a. Derivative transactions to which hedge accounting is not applied: Not applicable.
b. Derivative transactions to which hedge accounting is applied: The contract amount or amount equivalent to the principal
set forth in the contract, as of the consolidated closing date, are as follows.
(Millions of yen)Contract amount, etc.
Type of derivative
Major hedged
Fair value
Method of hedge accounting
transaction
itemsOver 1 year
Interest rateswaps
Long-term loans
42,05028,050*payablePay-fixed,
receive-variable* The exceptional treatment of interest rate swaps is applied to the Group’s interest rate swaps, and these transactions are treated together
with long-term loans payable with the relevant hedging instruments. Therefore, their fair value is included among long-term loans payable.
Exceptional treatment of interest rateswaps

5. It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is
2,081 million yen) because they do not have quoted market prices and their future cash flow cannot be estimated. Therefore, they
are excluded from (4) Investment securities/Available-for-sale securities.
6. Scheduled redemption amounts after the consolidated closing date for monetary claims and securities with maturity period

Within 1 year

(Millions of yen)Over 5 years

Over 1 year, within 5 years

Cash and deposits
Notes and accounts receivable-trade
Accounts receivable-installment

213,619
156,107
19,317—
7,637
17,556

—
44
582

Total

389,044

25,194626

7. Scheduled repayment amounts after the consolidated closing date for bonds with subscription rights to shares, long-term loans
payable, and lease obligations(Millions of yen)Over 1 year,
within 2 years

Over 2 years,
within 3 years

Over 3 years,
within 4 years

Over 4 years,
within 5 years——

20,000－——

14,11017,117

9,967

4,617

508

－

4,714
18,824

4,355
21,472

1,633
31,600

763
5,380

256
764

32
32

Within 1 year
Bonds with
subscription
rights to shares
Long-term loans
payableLease obligations
Total- 40 -

Over 5 years

(Securities)
For the year ended March 31, 2012
1.

Available-for-sale securities(Millions of yen)Type

Amount on the
consolidated balance sheets

Acquisition cost

Difference

Those whose value
recorded on the
consolidated balance
sheets exceeds theacquisition cost

(1)

Stocks14,936

10,654

4,282

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Subtotal

14,936

10,654

4,282

Those whose value
recorded on the
consolidated balance
sheets does not exceed
the acquisition cost

(1)

Stocks

2,567

2,766

(199)

(2)

Bonds

—

—

—

Note:

2.

(3)

Other

—

—

—

Subtotal

2,567

2,766

(199)

Total
17,504
13,421
4,083
It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is 4,464
million yen) because they do not have quoted market prices. Therefore, they are excluded from the above table of “Available-for-salesecurities.”

Available-for-sale securities sold during the year ended March 31, 2012
Type

Sale amount(Millions of yen)

Total capital gains

Total capital losses(1)

Stocks

—

—

—

(2)

Bonds

—

—

—

(3)

Other

8

—

—

8

—

—

Total

3.

Securities on which impairment losses were recognized
For the fiscal year under review, the Company recognized impairment losses of 1,981 million yen on securities.
The Company recognizes impairment losses on all listed shares if their market value is no more than 70% of
the book value as of the end of the fiscal year. We recognize impairment losses on other securities in theamount considered necessary if their actual value as of the end of the fiscal year dropped by 30% or morecompared to their book value, taking into account the possibility of collection, etc.

- 41 -

For the year ended March 31, 2013
1.

Available-for-sale securities(Millions of yen)Type

Amount on the
consolidated balance sheets

Acquisition cost

Difference

Those whose value
recorded on the
consolidated balance
sheets exceeds theacquisition cost

(1)

Stocks20,01011,734

8,276

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Subtotal

20,01011,734

8,276

Those whose value
recorded on the
consolidated balance
sheets does not exceed
the acquisition cost

(1)

Stocks

505

522

(17)

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Subtotal

505

522

(17)

Note:

2.

Total
20,515
12,257
8,258
It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is 2,081
million yen) because they do not have quoted market prices. Therefore, they are excluded from the above table of “Available-for-salesecurities.”

Available-for-sale securities sold during the year ended March 31, 2013
Type

Sale amount(Millions of yen)

Total capital gains

Total capital losses(1)

Stocks

462

56

—

(2)

Bonds

—

—

—

(3)

Other

8

—

—

471

56

—

Total

3.

Securities on which impairment losses were recognized
For the fiscal year under review, the Company recognized impairment losses of 1,628 million yen on securities.
The Company recognizes impairment losses on all listed shares if their market value is no more than 70% of
the book value as of the end of the fiscal year. We recognize impairment losses on other securities in theamount considered necessary if their actual value as of the end of the fiscal year dropped by 30% or morecompared to their book value, taking into account the possibility of collection, etc.

- 42 -

(Retirement Benefit)
1.

Outline of retirement benefit plan
The Company and its major domestic consolidated subsidiaries adopt a contributory trusted pension plan
based on a cash balance scheme and an unfunded retirement benefit plan as its defined benefit pension
system. In addition, the Yamato Group Life Plan pension scheme was introduced as a defined contribution
retirement plan.
Certain consolidated subsidiaries adopt a defined contribution retirement system.
During the fiscal year ended March 31, 2013, certain consolidated subsidiaries withdrew from the cooperative
welfare pension fund which they were affiliated with.

2.

Retirement benefit obligations
Fiscal 2012

a. Retirement benefit obligations(97,900)
58,358(39,541)
8,026(31,515)
218(31,733)

b. Pension assetsc. Unfunded retirement benefit obligations (a + b)
d. Unrecognized actuarial difference
e. Net amount on consolidated balance sheets (c + d)
f. Prepaid pension costg. Provision for retirement benefits (e - f)Note: Some consolidated subsidiaries adopt a simplified method of calculating retirement benefit obligations.

3.

Retirement benefit expenses

a. Service costb. Interest costc. Recognized actuarial difference(Millions of yen)
Fiscal 2013

(112,492)
64,926(47,566)
9,502(38,063)
114(38,178)

Fiscal 2012

(Millions of yen)
Fiscal 2013

5,452
1,785
2,006
9,245

7,105
1,946
3,399
12,451d. Retirement benefit expenses (a + b + c)
Notes:
1. In addition to the above retirement benefit expenses, 2,053 million yen is booked for fiscal 2013 and 2,036 million yen is booked
for fiscal 2012 as retirement benefit expenses for a defined contribution retirement plan, etc.
2. Employee contribution to contributory trusted pension plan is deducted.
3. Retirement benefit expenses of consolidated subsidiaries using a simplified method are included in “a. Service cost.”- 43 -

4.

Basis for calculating retirement benefit obligations, etc.

a. Periodic allocation method for projected retirement benefits
b. Discount ratec. Expected rate of returnd. Recognition period of actuarial difference
Note:

Fiscal 2012
Straight-line standards
2.0%
0.0%
*5 years

Fiscal 2013
Straight-line standards
1.3%
0.0%
*5 years

Actuarial differences are to be charged to expenses from the following fiscal year using a straight-line method based on determined
years within average remaining service years of the employees when occurred.

(Per Share Information)
Fiscal 2012
1,197.26 yen
46.00 yen
44.87 yen

Net assets per share
Net income per share
Net income per share - fully diluted
Note:

The basis for calculating “net income per share” and “net income per share - fully diluted” is as follows.
Fiscal 2012

Fiscal 2013
1,261.35 yen
81.85 yen
79.84 yen
Fiscal 2013

Net income per share
Net income
Amount not belonging to ordinary shareholders
Net income concerning common stock
Average number of shares during the period

19,786 million yen

35,144 million yen— million yen— million yen

19,786 million yen

35,144 million yen

430,181 thousand shares

429,377 thousand shares— million yen— million yen

Net income per share - fully diluted
Adjustments in net income
Increase in number of common shares

10,810 thousand shares

10,810 thousand shares(Subscription rights to shares)(10,810 thousand shares)(10,810 thousand shares)

Potential shares that have no dilutive effects and thus are not included in
the calculation of “net income per share - fully diluted.”- 44 -——(Important Subsequent Matters)
Not applicable.
(Other Notes, etc.)
Notes regarding “lease transactions,” “related party transactions,” “derivative transactions,” and “asset retirement
obligations” are omitted, as there is no significant necessity of disclosure in this financial results report.

- 45 -

5. Others
Operating revenue by business(Millions of yen)
Fiscal year ended
March 31, 2012

Ratio

TA-Q-BIN

854,409

67.8

Kuroneko Mail

136,170

Express

43,585

Others

65,796

Business segment

Fiscal year ended
March 31, 2013

Ratio

Change880,171

%
68.6

3.0

10.8

128,309

10.0

(5.8)

3.5

42,635

3.3

(2.2)

5.2

65,116

5.1

(1.0)

%

Delivery

Eliminations
Total

BIZ-Logistics

e-Business

Financial

*2.

(6.8)

3.1

80.2

1.3

34,1472.7

36,479

2.8

6.8

2.2

30,180

2.4

7.3

Multi maintenance

9,517

0.8

8,714

0.7

(8.4)

Export Factory

4,001

0.3

3,701

0.3

(7.5)

Others33,3292.6

35,2962.8

5.9(26,640)(2.1)(27,566)

(2.2)

3.5

Total

82,4786.5

86,806

6.8

5.2

Home convenience

42,633

3.4

40,586

3.2(4.8)

Business convenience

19,2591.5

18,7881.5(2.4)

Eliminations(14,178)(1.1)(14,773)

(1.2)

4.2
(6.5)

Total

47,7153.8

44,6013.5

e-logistics solution

9,641

0.8

10,1370.8

5.2

Credit card solution

7,177

0.6

7,092

0.6

(1.2)

IT operating solution

4,406

0.3

4,383

0.3

(0.5)

Web-based mail order solution

7,006

0.5

7,075

0.5

1.0
5.7

Others37,584

3.0

39,7393.1

Eliminations(30,311)(2.4)(31,368)

(2.4)

3.5

Total

35,5042.8

37,060

2.9

4.4

TA-Q-BIN Collect

35,505

2.8

37,710

2.9

6.2

Lease

17,5201.4

18,124

1.4

3.4

Credit & Finance *2

4,007

0.3

3,278

0.3

(18.2)

Others

1,328

0.1

1,584

0.1

19.2

(4,247)(0.3)(3,987)

(0.3)

(6.1)

Total

54,114

4.3

56,710

4.4

4.8

Truck maintenance

45,082

3.6

47,2793.7

4.9

OthersEliminations

5,202

0.4

5,909

0.4

13.6

(29,097)(2.3)(29,960)

(2.3)

3.0

21,188

1.7

23,228

1.8

9.6

JITBOX Charter service

3,046

0.2

3,504

0.3

15.0

Others47,986

3.8

56,587

4.4

17.9(45,764)(3.6)(54,345)

(4.3)

18.7

5,267

0.4

5,746

0.4

9.1

Eliminations
Total

*1.

(88,013)
1,028,219

28,123

Total

Other

(6.8)
80.5

Retail logistics service

Eliminations

Truck
Maintenance(85,397)
1,014,564

Trading logistics service

Eliminations

Home
Convenience
*1

%

Total
1,260,832
100.0
1,282,373
100.0
1.7
Effective from the fiscal year ended March 31, 2013, changes have been made to the categorization of businesses in the Home
Convenience business according to circumstances related to management and administration. To reflect these changes, the figuresof the Home Convenience business for the fiscal year ended March 31, 2012 have been restated.
In the Financial business, the name of the business was changed to accompany Fine Credit Co., Ltd. changing its company name to
Yamato Credit & Finance Co., Ltd. on August 1, 2012.

- 46 -

6. Non-consolidated Financial Statements(1) Non-consolidated balance sheets(Millions of yen)
As of March 31, 2012

As of March 31, 2013

AssetsCurrent assets
Cash and deposits

144,851

131,379

Operating accounts receivable—20

Supplies

03Prepaid expenses

90

107

Deferred tax assets

258

298

Short-term loans receivable

15,921

6,737

Income taxes receivable

2,148

3,591

11

36

163,281

142,173

52

57

Accumulated depreciation

(35)

(37)

Vehicles, net

16

19

Other
Total current assets
Noncurrent assets
Property, plant and equipment
VehiclesBuildings

2763

Accumulated depreciation

(1)

(35)

Buildings, net

0728

Tools, furniture and fixtures

243

261

Accumulated depreciation

(66)

(157)

Tools, furniture and fixtures, net

177

104

—

5,840

1,296

—

—

29

—

(2)

Land
Construction in progress
Other
Other, net
Total property, plant and equipment

—

26

1,491

6,719

824

2,200

Intangible assets
Software
Other

319

0

Total intangible assets

1,143

2,200

Investment securities

14,287

16,958Stocks of subsidiaries and affiliates

Investments and other assets
293,026

287,411Long-term loans receivable

694

749

Long-term loans receivable from subsidiaries andaffiliates

6,865

11,146

Deferred tax assets

173

—

Other

97

97

Allowance for investment loss
Total investments and other assets
Total noncurrent assets
Total assets- 47 -

(559)

(559)

314,585

315,805

317,221324,726

480,502466,899

(Millions of yen)
As of March 31, 2012

As of March 31, 2013

Liabilities
Current liabilities
Operating accounts payable

171

253

Short-term loans payable

5,951

—

Income taxes payable

34

57

Accrued expenses

35

44

Deposits received

19

23

69,04264,494

Deposits received from subsidiaries and affiliates
Provision for bonuses

39

45

Other

86

132

75,38165,051

20,00020,000

Deferred tax liabilities—

652

Provision for retirement benefits

67

61

Other

—

137

20,067

20,851

95,44985,903

127,234

127,234

Legal capital surplus

36,82236,822Other capital surplus

84,492

74,468

Total capital surplus

121,314111,290

General reserve

174,965

174,965

Retained earnings brought forward

15,505

18,539Total current liabilities
Noncurrent liabilities
Bonds with subscription rights to shares

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

Retained earnings
Other retained earnings

190,471

193,504

Treasury stock

Total retained earnings(56,514)(56,495)

Total shareholders’ equity

382,505

375,534

2,547

5,461

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 48 -

2,547

5,461

385,053

380,996

480,502466,899

(2) Non-consolidated statements of income(Millions of yen)
For the year ended
March 31, 2012

Operating revenue
Selling, general and administrative expenses
Personnel expenses
Provision for bonuses
Provision for retirement benefits
Traveling expenses
Advertising expenses
Commission fee
Computer cost
Depreciation
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on valuation of stocks of subsidiaries andaffiliates
other

For the year ended
March 31, 2013

14,172

22,697

1,206
39
12
210
518
586
216
69
280

1,409
45
9
255
451
884
448
561
312

3,088

4,324

11,083

18,373

416
400
12
136

218
399
236
29

966

883

161
5

62
6

166

68

11,882

19,188

—

42

—

42

1,818

1,157

—

5,614

—

0

Total extraordinary losses

1,818

6,772

Income before income taxes

10,064

12,457

10
412

90
(129)

Income taxes-current
Income taxes-deferred
Total income taxes

422

(39)

Net income

9,641

12,497- 49 -

(3) Non-consolidated statements of changes in net assets(Millions of yen)

For the year ended
March 31, 2012
Shareholders’ equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Capital surplus
Legal capital surplus
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Other capital surplus
Balance at the beginning of current period
Changes of items during the period
Disposal of treasury stock
Retirement of treasury stock
Total changes of items during the period
Balance at the end of current period
Total capital surplus
Balance at the beginning of current period
Changes of items during the period
Disposal of treasury stock
Retirement of treasury stock
Total changes of items during the period
Balance at the end of current period
Retained earnings
Other retained earnings
General reserve
Balance at the beginning of current period
Changes of items during the period
Provision of general reserve
Total changes of items during the period
Balance at the end of current period
Retained earnings brought forward
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Provision of general reserve
Total changes of items during the period
Balance at the end of current period
Total retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Provision of general reserve
Total changes of items during the period
Balance at the end of current period- 50 -For the year ended
March 31, 2013

127,234

127,234—
127,234—
127,234

36,82236,822—36,822—36,822

84,492

84,492(0)—(0)
84,492(0)(10,023)(10,023)
74,468

121,314

121,314(0)—(0)
121,314(0)(10,023)(10,023)
111,290

164,965

174,965

10,00010,000174,965——
174,965

25,42815,505(9,564)
9,641(10,000)(9,922)
15,505(9,463)
12,497—
3,033
18,539190,393

190,471(9,564)
9,641—
77
190,471(9,463)
12,497—
3,033
193,504

(Millions of yen)
For the year ended
March 31, 2012
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders’ equity
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Total changes of items during the period
Balance at the end of current period
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders’equityTotal changes of items during the period
Balance at the end of current period
Total valuation and translation adjustments
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders’equityTotal changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders’equityTotal changes of items during the period
Balance at the end of current period- 51 -For the year ended
March 31, 2013

(44,630)(56,514)(11,884)0—(10,005)
0
10,023(11,884)

18(56,514)(56,495)

394,312382,505(9,564)
9,641(11,884)
0—(9,463)
12,497(10,005)
0—(11,807)(6,971)

382,505

375,534

1,163

2,547

1,384

2,914

1,384

2,914

2,547

5,461

1,163

2,547

1,384

2,914

1,384

2,914

2,547

5,461

395,476

385,053(9,564)
9,641(11,884)
0(9,463)
12,497(10,005)
0

1,384

2,914

(10,422)(4,056)

385,053

380,996