Translation
October 28, 2011

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2012
<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
Toshizo Kurisu, Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
November 11, 2011
Scheduled date of the commencement of dividend payment:
December 9, 2011
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the second quarter of fiscal year 2012
(cumulative: from April 1, 2011 to September 30, 2011)(1) Consolidated operating results
For the six months ended
September 30, 2011
September 30, 2010
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen%
Millions of yen%
613,526
2.6
22,67612.1
23,3079.0
5,877 (44.0)
597,857
3.0
20,222(11.5)
21,377(10.8)
10,499(9.6)
For the six months ended September 30, 2011: 5,576 million yen (-31.3%)
For the six months ended September 30, 2010: 8,113 million yen ( — %)Net income per share

For the six months ended
September 30, 2011
September 30, 2010

Yen
13.66
23.14

Net income pershare - fully diluted
Yen
13.33
—

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
September 30, 2011
871,824
513,259
57.9
March 31, 2011
899,363524,505
57.3(Reference) Equity:
As of September 30, 2011: 504,414 million yen As of March 31, 2011: 515,602 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2011—
11.00
Fiscal 2012—
11.00
Fiscal 2012 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
11.00
—
11.00

Total
Yen
22.00
—
22.00

3.

Consolidated earnings forecasts for fiscal year 2012 (from April 1, 2011 to March 31, 2012)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,265,000
2.3
67,0004.2(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
68,0003.1
27,000(18.7)
62.76

4. Others(1) Changes in significant subsidiaries during the six months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “Application of specific accounting for preparing the quarterly consolidated financial statements” of the attachedmaterials to the quarterly financial results report on page 7.

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revision to accounting standards, etc.:
Noneb. Changes in accounting policies other than a.:
Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of September 30, 2011
468,052,892 shares
As of March 31, 2011
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of September 30, 2011
37,904,672 shares
As of March 31, 2011
28,716,928 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2011
430,214,860 shares
For the six months ended September 30, 2010
453,769,383 shares*Indication regarding execution of quarterly review procedures

At the time of disclosure of this quarterly financial results report, the quarterly review procedures in accordance with the Financial
Instruments and Exchange Act are in progress.

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “Qualitative information on consolidated earnings
forecasts” of the attached materials to the quarterly financial results report on page 6.
• The Company plans to hold a financial results meeting for analysts on Monday October 31, 2011. The materials distributed at this financial
results meeting shall be posted on the Company’s website after the meeting has been held.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Six Months..................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts .............................................................................. 6
2. Matters Regarding Summary Information (Others) .................................................................................................. 7
Application of specific accounting for preparing the quarterly consolidated financial statements............................. 7
3. Consolidated Financial Statements.......................................................................................................................... 8(1) Consolidated balance sheets ............................................................................................................................ 8(2) Consolidated statements of income and consolidated statements of comprehensive income ........................ 10
Consolidated statements of income (cumulative) ............................................................................................ 10
Consolidated statements of comprehensive income (cumulative)................................................................... 11(3) Consolidated statements of cash flows ........................................................................................................... 12(4) Notes to premise of going concern.................................................................................................................. 14(5) Segment information, etc................................................................................................................................. 14(6) Notes on significant changes in the amount of shareholders’ equity ............................................................... 15
4. Supplementary Information .................................................................................................................................... 16
Operating revenue by business................................................................................................................................ 16-1-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Qualitative information on consolidated operating results
In terms of the business environment during the six months ended September 30, 2011, the Japanese
economy overall appeared to be at a standstill. Not only was there a drop in production activities by companies
and limited electricity supply due to the impact of the Great East Japan Earthquake that occurred on March 11,2011 there was also a slowdown of export-related demand as a result of the strong yen. Nevertheless, asJapan has begun to recover from the Great East Japan Earthquake, the economy has been showing signs of
economic pickup due to restoration of the supply chain and a recovery in consumer spending, and it has been
following a gentle upward trend. Operating in this environment, the Yamato Group put forward proposals forvarious services such as dispersed inventory and net supermarket in response to the changes in the societal
structures and distribution systems that have been brought about by the earthquake.
The results of the Delivery Business were higher, compared to the year-ago period, with respect to Takkyubinparcel volume, which is attributable to efforts to improve the convenience of Takkyubin and the promotion of
proposal-type marketing aimed at corporate clients.
In the non-delivery businesses, the Yamato Group’s management resources were laterally utilized to expand
sales of services to realize sales expansion, better business efficiency and cost reduction for corporate clients.
This enabled us to achieve steady revenue growth.
Our consolidated financial results for the six months ended September 30, 2011 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the six months
ended September 30, 2010
597,857
20,222
21,377
10,499For the six months
ended September 30, 2011
613,526
22,67623,307
5,877

Change15,6692,454
1,930(4,621)

Growth (%)
2.6
12.1
9.0
(44.0)

Initiatives for the entire Yamato Group
a.

b.

c.

While expanding its Delivery Business, which centers on Takkyubin, the Yamato Group is working tocreate new value to make the lives of customers more convenient by utilizing a multiple assortment of the
management resources accumulated in the Group. By proceeding with the expansion of its services into
the Asia region, the Group aims to expand its business area and strengthen the growth momentum of theentire Yamato Group.
Inside the Japanese market, the Group promoted unique Yamato Group services that differentiate us fromcompetitors such as accepting payments for delivery of Takkyubin Collect by commuter-type e-money
such as Suica, providing support services for net supermarket business and providing a maintenanceservice for medical devices. The Group shall continue in the future to offer convenience to both senders
and receivers of parcels by creating services that utilize the Yamato Group’s unique functions and by
expanding the market of these services.
In its business evolution into the Asia region, the Group focused its energies on expanding its businessarea. While promoting new services such as same-day delivery in Shanghai, the Group started the
Takkyubin service in Malaysia in September 2011. Moving forward, by proactively promoting thedevelopment of various services centered on Takkyubin, the Yamato Group aims to contribute to therealization of an affluent society in the Asia region.

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Summary of each operating segment

 Delivery
The parcel volumes of Takkyubin and Kuroneko Mail services are as follows.
Category
Takkyubin
Kuroneko Mail

a.

b.

c.

d.

For the six months
ended September 30, 2010
648
1,138

For the six months
ended September 30, 2011
683
1,089

(Million parcels / units)
ChangeGrowth (%)
34
(48)

5.3
(4.3)

In the Delivery Business, driven by the basic corporate philosophy of “Total Reliability,” the Yamato Group
works on Takkyubin-centered business evolution in order to make the lives of customers more convenient.
In the six months ended September 30, 2011, the Group proactively raised the level of sophistication of
the Takkyubin service and strengthened its capabilities to support commercial distribution needs.
In its development of Takkyubin services, the Group strives to develop services tailored to each corporateclient and individual customer. For corporate clients, we supported their efforts to expand sales and findsolutions to management challenges by proposing services that utilize the Takkyubin function and amultiple assortment of the Group’s management resources. For individual customers, we raised
convenience when sending and receiving parcels by establishing more Takkyubin points of service suchas in stores inside train stations. As a result, Takkyubin parcel volumes for the six months ended
September 30, 2011 increased steadily.
Taking on the challenge of both raising delivery quality while constraining costs, the Group establishedpickup/delivery teams called “Field Casts” which included the utilization of part-time employees. In addition,
we continued to conduct en-masse delivery during the time zones that our customers are most frequently
at home, an initiative we started in the previous fiscal year. At the same time, we strove to achieve suitable
cost management by constructing personnel structures that are responsive to business volume.
Operating revenue amounted to 490,637 million yen, up 2.6% from the year-ago period as a result of
Takkyubin parcel volumes that have continued to fare well, particularly for corporate clients. Operating
income amounted to 10,465 million yen, up 15.3% from the year-ago period, due not only to increased
revenue, but also constrained expenses from productivity improvement measures and more appropriate
allocation of personnel.

 BIZ-Logistics
a.
b.

c.

d.

e.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the Takkyubin network with international transportation
functions and warehouse management functions.
For clients requiring international transportation of products and parts, the Group provides the value of
expanding sales opportunities by shortening transportation times and cost reduction by transportation not
requiring warehouse bases in Japan through its “Global Direct” international intermodal transportation
service that is interlinked with the Takkyubin network. During the six months ended September 30, 2011,
the use of this service expanded, particularly by overseas mail-order shopping companies sending small
parcels to consumers in Japan.
As part of logistics systems provided to the mail-order shopping industry, the Group works on developingthe “Today Shopping Service” that meets the need of purchasers who “want to receive the product quickly”
by providing delivery of mail-order products as fast as eight hours and four hours for designated areas. In
the six months ended September 30, 2011, in addition to its operation of existing services, the Groupstarted, on a trial basis, operation of new logistics systems that are planned to be used in the future.
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 and medical devices through to the delivery of these products. In
the six months ended September 30, 2011, the use of such services expanded, particularly the
maintenance service for medical devices.
Operating revenue amounted to 40,962 million yen, down 2.6% from the year-ago period due to declines
in production volumes and export volumes by manufacturing companies caused by the strong yen and the-3-

impact of electricity conservation measures, which impacted the trading logistics service business.
Operating income was 1,482 million yen, down 16.3% from the year-ago period as a result of a decline in
the number of consigned orders for recall related services and an increase in costs associated with new
business evolution of medical device related services.

 Home Convenience
a.
b.

c.

d.

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.
As part of our delivery service for furniture and electronic appliances, we provide “Delivery & Installation”
services that meet the needs of consumers who “want to use the product immediately” by providing
assembly and installation at the same time as delivery. In the six months ended September 30, 2011,
operating results of this service was higher compared to the year-ago period owing to an increase in thenumber of delivery and installation orders of essential electronic appliances to people afflicted by the Great
East Japan Earthquake, and of energy-saving appliances, which was the result of raising frugality amongst
consumers.
In the moving-related services, the Yamato Group has been offing the value of multiple
pickup-and-deliveries as required and suitable fee structures reflecting the amount of furniture through theutilization of transportation by transport boxes, which is a management resource of the Group. Additionally,by promoting these services together with rental or recycling services for electronic appliances, we arecontributing to reducing the amount of household property that needs to be transported when moving. In
the six months ended September 30, 2011, the moving service and rental service both performed firmly.
Operating revenue amounted to 24,816 million yen, up 4.4% from the year-ago period due to a growth in
Delivery & Installation services and moving-related services. Although operating loss was 126 million yen,
it was a 657 million yen improvement from the year-ago period due to not only increased revenue but also
efforts to constrain costs by improving productivity and integrating operations.

 e-Business
a.
b.

c.

d.

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.
For customers looking for more efficient inventory management services for their products and parts, theYamato Group offers services that contribute to better visualization of the flow of items inside the
distribution process by utilizing freight-tracking know-how from the Takkyubin service. In the six months
ended September 30, 2011, in addition to new customers, shipping volumes of existing customers in the
mail-order shopping industry increased.
The Yamato Group provides services to distributors and retail clients who operate net supermarket
business. The Group offers the value of reduced initial costs and getting operations up-and-running in ashort time period through the provision of packaged services that includes Web systems, delivery services
and payment settlement methods. In the six months ended September 30, 2011, in addition to customers
who were newly setting up their business, use by customers wishing to expand the delivery area of their
net supermarket business expanded, and this business enjoyed growth.
Operating revenue amounted to 17,639 million yen, an increase of 8.7% from the year-ago period as aresult of expanded use by customers including both existing and new customers of services that contributeto better visualization of the flow of items and services related to net supermarket business. Operating
income was 2,807 million yen, down 6.2% from the year-ago period due to an increase in expenses suchas anticipatory investment aimed at evolving new businesses.

 Financiala.
b.

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.
As part of settlement services for the mail-order shopping industry, the Group provided support for
settlement of payment using commuter-type e-money such as Suica for when making payment upon

-4-

c.

d.

delivery of products. In addition to settlement of payment at the time of product delivery, the type ofe-money that can be used to make settlements when paying for goods at the time they are ordered on theInternet was also expanded.
As for B2B transaction settlement, various solutions designed to assist customers in their sales or reduce
their costs were developed, including purchasing agency services for procurement by manufacturing
companies and settlement and deposit management services for medical device manufacturers, and suchservices performed firmly.
Operating revenue was up 3.5% from the year-ago period to 26,358 million yen due to an increase in thenumber of payment settlement transactions of the Takkyubin Collect, which was boosted by support for
e-money. Operating income was 5,145 million yen, up 5.0% from the year-ago period due not only toincreased revenue, but also the reversal of an allowance for doubtful accounts as a result of optimizationof debt management in the shopping credit business.

 Truck Maintenance
a.

b.

c.

In the Truck Maintenance Business, the Yamato Group, through leveraging the technology that has been
surely developed from the servicing and maintenance operations of Yamato Group vehicles as amanagement resource, is offering customers who use trucks, buses and other vehicles in their operations
the value of improved vehicle maintenance convenience, compliance with statutory vehicle inspections,and reduced maintenance expenses.
In the six months ended September 30, 2011, we continuously promoted our “Off-Time Vehicle
Inspection,” whereby vehicle inspections are conducted in the hours that are convenient to the customer,
and our “12-Month Fixed-Price Maintenance Package,” which evens out the monthly vehicle maintenanceexpenses, and the number of vehicles serviced increased. In addition, new plants were constructed inorder to further expand the business area.
Operating revenue amounted to 10,710 million yen, up 7.8% from the year-ago period due to an increasein the number of vehicles serviced and the rise in the unit price of fuel sales. Operating income was 1,485
million yen, up 27.4% from the year-ago period.

 Othera.

b.

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 throughdelivery timed to suit the customer’s needs and frequent, right-volume delivery. In the six months ended
September 30, 2011, transportation orders decreased considerably in April as a result of exhibition andevent cancellations following the Great East Japan Earthquake. However, the handling volume of the
Yamato Group recovered from May onwards and exceeded that of the year-ago period.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from Group
companies increased 57.9% from the year-ago period to 550 million yen.

CSR Initiatives
a.

b.

c.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the six months ended September 30, 2011, in addition to continuously promoting the
introduction of “See-T Navi,” an independent on-board system designed with safety in mind, the Group
contributed to raising consciousness towards safety by conducting the “Safety Classes for Children”
across Japan.
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 activities.
In the six months ended September 30, 2011, aiming to reduce CO2 emissions in pickup and delivery
operations, the Yamato Group decided to order electric vehicles and promoted various other initiatives
such as operating pickup and delivery operations by roadway tram. In addition, electricity conservation
measures, such as disconnecting some lights, were carried out on a Group-wide basis.
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 consigned delivery

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d.

of Kuroneko Mail, and operate job-finding support facilities that conduct training of skills and knowledge
necessary for employment.
To assist in the recovery from the Great East Japan Earthquake, the Yamato Group has been making
efforts to provide ongoing transportation support as well as establishing an environment that makes it easy
for employees in the Group to participate in volunteer activities on their own initiatives. In addition, theGroup is making a donation of 10 yen for each Takkyubin package for a one year period aiming to support
restoration of industry and the revival of the agriculture and fishing industries of the earthquake affectedareas. This donation is expected to exceed 13.0 billion yen over a full year. By making the donation via thespecified donation system of public interest incorporated foundation Yamato Welfare Foundation, the fullamount of the donation will be tax exempt and the money will be donated to organizations, etc. conducting
restoration activities. To provide specific examples of donation recipients, in August this year, the first
beneficiary was decided with about 4.0 billion yen being allocated to 9 projects including subsidies to fundthe construction of temporary facilities for the fish market in Minami Sanriku-cho.

(2) Qualitative information on consolidated financial position(Assets, Liabilities and Net assets)
Total assets were 871,824 million yen as of September 30, 2011, down 27,538 million yen from the end of theprevious fiscal year. Major factor included the decrease of cash and deposits of 21,100 million yen due to thepurchase of property, plant and equipment and the purchase of treasury stock.
Liabilities decreased 16,292 million yen to 358,565 million yen from the end of the previous fiscal year. Major
factor behind this was the decrease of income taxes payable of 11,106 million yen due to the payment ofincome taxes.
Total net assets were 513,259 million yen, down 11,245 million yen from the end of the previous fiscal year.
Major factors included an increase in retained earnings of 1,115 million yen due to the recording of net incomeof 5,877 million yen and the payment of 4,832 million yen for the appropriation from surplus on one hand, andthe purchase of treasury stock of 11,882 million yen on the other.
Accordingly, the equity ratio changed to 57.9% from the previous fiscal year’s 57.3%.
(Cash flows)
Net cash provided by operating activities for the six months ended September 30, 2011 amounted to 26,150
million yen, which is a decrease of 3,231 million yen compared with the year-ago period. Major factor included
a decrease of income before income taxes and minority interests of 6,448 million yen.
Net cash used in investing activities was 24,499 million yen. Compared with the year-ago period, the amount of
net cash used decreased by 9,548 million yen. Major factor included a decrease in purchase of property, plantand equipment of 7,762 million yen.
Net cash used in financing activities was 25,515 million yen. Compared with the year-ago period, the amount of
net cash used increased by 17,091 million yen. Major factors included an increase in cash used for thepurchase of treasury stock of 11,884 million yen and a decrease of 4,686 million yen in net cash provided andused related to loans payable due to repayment of loans.
As a result of the above, cash and cash equivalents were 186,909 million yen as of September 30, 2011, down
21,882 million yen from the end of the previous fiscal year.
(3) Qualitative information on consolidated earnings forecasts
Looking forward at the state of the economy, although the economy is following a gentle upward trend due torestoration of the supply chain and a recovery in consumer spending, the Yamato Group forecasts that causes
for uncertainty such as the slowdown of export-related demand as a result of the strong yen will continue toprevail.
Under these circumstances, while proactively developing sales of solutions that laterally utilize functions
possessed by the Group, the Yamato Group will promote measures to improve productivity and carry out othermeasures in a full-blown effort to constrain costs, and boost the Group’s profitability.
Based on the above, the Yamato Group has changed the consolidated earnings forecasts for the full year of the
fiscal year ending March 31, 2012 since the announcement made on July 29, 2011.

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2. Matters Regarding Summary Information (Others)
Application of specific accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
Tax expenses are calculated by multiplying the income before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the income before income taxes for the fiscal
year including the second quarter under review.

-7-3. Consolidated Financial Statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2011

As of September 30, 2011

AssetsCurrent assets
Cash and deposits

209,177

188,077

Notes and accounts receivable-trade142,095

146,950

Accounts receivable-installment

41,151

37,652

Lease investment assets

17,506

17,487

Merchandise and finished goods

804

724

Work in process

173

208

Raw materials and supplies

1,735

2,214

Other

41,09737,474

Allowance for doubtful accounts(3,486)(2,515)

Total current assets

450,255428,274

271,232

272,304

Accumulated depreciation(154,721)(158,355)

Buildings and structures, net

116,510

113,948

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

179,978

184,334(165,059)(167,470)

14,91916,864Land

182,420

182,362

Lease assets

24,82625,848

Accumulated depreciation(8,820)(11,131)

Lease assets, net

16,005

14,717125,018

120,004(86,719)(81,735)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

38,29938,268368,155

366,161

Goodwill

779

686

Other

14,415

15,387

Total intangible assets

15,194

16,073

Investment securities

22,90919,835

Other45,441

43,563

Allowance for doubtful accounts(2,278)(1,768)

Allowance for investment loss

(315)

(315)

65,75861,315449,108

443,550

899,363871,824

Total property, plant and equipment
Intangible assets

Investments and other assets

Total investments and other assets
Total noncurrent assets
Total assets-8-

(Millions of yen)
As of March 31, 2011

As of September 30, 2011

Liabilities
Current liabilities
Notes and accounts payable-trade113,698

113,541

Short-term loans payable

21,63823,042

Lease obligations

5,297

4,893

Income taxes payable

20,447

9,340

Deferred installment income

6,363

5,531

Provision for bonuses

29,73135,730Other

67,156

63,205

Total current liabilities

264,332

255,284

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

43,13135,427

Lease obligations

11,306

10,478Provision for retirement benefits

28,47030,095

7

7

7,608

7,271

110,525

103,280

374,857

358,565

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

311,569

312,684

Treasury stock(44,630)(56,512)

Total shareholders’ equity

515,488504,721

Noncurrent liabilities

Provision for directors’ and auditors’ retirement benefits
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity

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

1,501

1,234

Foreign currency translation adjustment(1,386)(1,541)

114

(306)

Minority interests

8,902

8,845

Total net assets

524,505

513,259

899,363871,824

Total accumulated other comprehensive income

Total liabilities and net assets-9-(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)
For the six months ended
September 30, 2010

For the six months ended
September 30, 2011

Operating revenue

597,857

613,526

Operating cost

563,098576,282

Operating gross profit

34,75937,244

Selling, general and administrative expenses

14,537

14,568Operating income

20,222

22,676

Non-operating income
Interest income

5140

Dividends income

285

360

Other

1,621

975

Total non-operating income

1,958

1,377

Interest expenses

443

389

Other

359

356

Total non-operating expenses

803

746

21,37723,307

334

—

1

—

335

—

Loss on retirement of noncurrent assets

93

261

Impairment loss—

143

Loss on valuation of investment securities

2

1,980

Donation for earthquake recovery initiatives

—

6,831

1,642

—

Non-operating expenses

Ordinary income
Extraordinary income
Reversal of allowance for doubtful accounts
Other
Total extraordinary income
Extraordinary loss

Loss on adjustment for changes of accounting standard for
asset retirement obligations
Other

15

580

1,754

9,798

Income before income taxes and minority interests

19,95813,509

Income taxes

9,320

7,537

Income before minority interests

10,637

5,971

138

94

10,4995,877

Total extraordinary losses

Minority interests in income
Net income- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the six months ended
September 30, 2010
Income before minority interests

For the six months ended
September 30, 2011

10,637

5,971

Valuation difference on available-for-sale securities(2,088)(305)

Foreign currency translation adjustment

(435)

(89)

Total other comprehensive income(2,524)

(395)

8,113

5,576

8,118

5,506

(4)

69

Other comprehensive income

Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests- 11 -

(3) Consolidated statements of cash flows(Millions of yen)
For the six months ended
September 30, 2010

For the six months ended
September 30, 2011

Income before income taxes and minority interests

19,95813,509Depreciation and amortization

18,155

18,077

Cash flows from operating activities

Impairment loss—

143

Loss on adjustment for changes of accounting
standard for asset retirement obligations

1,642

—

Increase (decrease) in provision for retirement
benefits

442

1,624

Increase (decrease) in provision for bonuses

4,872

5,985

5

1,980

Decrease (increase) in notes and accounts
receivable-trade

6,973(1,330)

Increase (decrease) in notes and accounts
payable-trade(4,373)

(289)

Other

(1,351)

9,531

Subtotal

46,324

49,231

Loss (gain) on valuation of investment securities

Interest and dividends income received

338

402

Interest expenses paid

(802)

(685)

—

(5,765)

Income taxes paid

(16,478)(17,031)

Net cash provided by (used in) operating activities

29,381

26,150Purchase of property, plant and equipment(28,962)(21,199)

Proceeds from sales of property, plant andequipment

211

153

(3,419)(1,295)

1

0

Payments of loans receivable

(521)

(536)

Collection of loans receivable

807

695

(3,391)(3,680)

Payments for donation for earthquake recovery
initiatives

Cash flows from investing activities

Purchase of investment securities
Proceeds from sales of investment securities

Other payments
Other proceeds
Net cash provided by (used in) investing activities- 12 -

1,225

1,363

(34,048)(24,499)

(Millions of yen)
For the six months ended
September 30, 2010

For the six months ended
September 30, 2011

Increase in short-term loans payable

49,386

3,250

Decrease in short-term loans payable(55,049)(6,900)

Repayments of finance lease obligations(2,483)(3,143)

Cash flows from financing activities

Proceeds from long-term loans payable

8,000

1,300

Repayment of long-term loans payable(4,004)(4,004)(2)(11,887)(4,984)(4,848)714

718

Net cash provided by (used in) financial activities(8,424)(25,515)

Effect of exchange rate change on cash and cash
equivalents

(269)

32

Net increase (decrease) in cash and cash equivalents(13,360)(23,832)

Cash and cash equivalents at beginning of period

189,351

208,791

Increase in cash and cash equivalents from newly
consolidated subsidiary

3,853

1,949

Decrease in cash and cash equivalents resulting fromexclusion of subsidiaries from consolidation

(13)

—

179,830

186,909

Purchase of treasury stock
Cash dividends paid
Other

Cash and cash equivalents at end of period- 13 -

(4) Notes to premise of going concern
Not applicable.
(5) Segment information, etc.
[Segment information]
Information regarding amounts of operating revenue and income or loss by reportable segment
For the six months ended September 30, 2010
BIZ-Logistics

e-Business

Financial

478,109

42,04523,764

16,22225,457

24,763

5,710

7,449

11,6762,364

502,872
9,075

47,755
1,771

31,214(784)

27,8982,993

27,822
4,901

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)(Millions of yen)Home
Convenience

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
9,938
2,318
597,857—
597,857(2) Inter-segment operating revenue or
12,48735,09999,551(99,551)—transfers
Total
22,42637,418697,408(99,551)
597,857
Segment income (loss)
1,166
19,41338,538(18,316)
20,222
Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 18,712 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 14 -

For the six months ended September 30, 2011
BIZ-Logistics

e-Business

Financial

490,637

40,962

24,816

17,63926,35825,888

5,581

7,046

12,273

2,156

516,525
10,46546,544
1,482

31,863(126)

29,912
2,807

28,515
5,145

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)(Millions of yen)Home
Convenience

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
10,7102,401
613,526—
613,526(2) Inter-segment operating revenue or
13,30927,27093,525(93,525)—transfers
Total
24,01929,671
707,052(93,525)
613,526
Segment income (loss)
1,485
10,96832,228(9,551)
22,676
Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 10,218 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

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

- 15 -

4. Supplementary Information
Operating revenue by businessBusiness segment

Delivery

BIZ-Logistics

Home
Convenience

e-Business

Financial

Truck
Maintenance

Other

Takkyubin
Kuroneko Mail
Express
OthersEliminations
Total
Trading logistics
service
Retail logistics service
Multi maintenance
Export Factory
OthersEliminations
Total
Delivery & Installation
Moving solution
Merchandise
distribution
Eliminations
Total
e-logistics solution
Credit card solution
IT operating solution
Web-based mail ordersolution
OthersEliminations
Total
Takkyubin Collect
Lease
Shopping credit
OthersEliminations
Total
Truck maintenance
OthersEliminations
Total
JITBOX Charter
service
OthersEliminations
Total
Total

For the six months
ended September 30, 2010
AmountRatio(Millions of yen)(%)
393,95965.9
73,30812.3
22,9003.8
28,4004.8(40,459)(6.8)
478,109
80.0

For the six months
ended September 30, 2011
AmountRatio(Millions of yen)(%)
410,11066.9
69,198
11.3
21,4993.5
31,2885.1(41,459)(6.8)
490,637
80.0

4.1
(5.6)
(6.1)
10.2
2.5
2.6

Fiscal year ended
March 31, 2011
AmountRatio(Millions of yen)(%)
821,293
66.4
147,890
11.9
45,4603.7
64,054
5.2(83,047)(6.7)
995,65180.5

17,8433.0

17,1252.8(4.0)

34,0572.8

13,9095,052
2,016
16,362(13,139)42,045
10,543
12,184

2.3
0.9
0.3
2.7
(2.2)
7.0
1.8
2.0

13,473
4,034
1,934
17,001(12,606)
40,962
11,083
12,607

2.2
0.7
0.3
2.8
(2.1)
6.7
1.8
2.1

(3.1)
(20.2)
(4.1)
3.9
(4.1)
(2.6)
5.1
3.5

27,63910,203
3,929
32,280(26,102)82,007
21,24524,868

2.2
0.8
0.3
2.6
(2.1)
6.6
1.7
2.0

8,491

1.4

8,183

1.3

(3.6)

17,1491.4(7,454)23,764
4,358
3,209
2,175

(1.2)
4.0
0.7
0.5
0.4

(7,057)
24,816
4,643
3,563
2,226

(1.2)
4.0
0.8
0.6
0.4

(5.3)
4.4
6.5
11.0
2.3

(14,266)
48,997
8,972
6,384
4,402

(1.1)
4.0
0.7
0.5
0.4

Change
(%)

3,342

0.6

3,300

0.5

(1.2)

6,682

0.5

17,370(14,232)
16,222
16,442
8,019
2,718
678
(2,401)25,45721,043
2,476(13,580)
9,938

2.9
(2.4)
2.7
2.7
1.3
0.5
0.1
(0.4)
4.2
3.5
0.4
(2.2)
1.7

17,746(13,840)
17,63916,976
8,727
2,123
725
(2,193)26,35822,455
2,608(14,352)
10,710

2.9
(2.3)
2.9
2.8
1.4
0.4
0.1
(0.4)
4.3
3.6
0.4
(2.3)
1.7

2.2
(2.8)
8.7
3.2
8.8
(21.9)
6.9
(8.7)
3.5
6.7
5.3
5.7
7.8

35,290(28,933)
32,79834,152
16,3395,118
1,263(4,481)
52,392
42,486
4,896(27,685)
19,696

2.9
(2.3)
2.7
2.8
1.3
0.4
0.1
(0.4)
4.2
3.4
0.4
(2.2)
1.6

1,329

0.2

1,612

0.3

21.3

2,733

0.2

36,889(35,900)
2,318
597,857

6.2
(6.0)
0.4
100.0

28,800(28,011)2,401
613,526

4.7
(4.6)
0.4
100.0

(21.9)(22.0)
3.5
2.6

54,685(52,443)
4,975
1,236,520

4.4
(4.2)
0.4
100.0

- 16 -