Translation

April 27, 2012

Consolidated Financial Results for the Year Ended March 31, 2012
<under Japanese GAAP>
Company name:
Listing:
Stock code:
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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 26, 2012
Scheduled date of the commencement of dividend payment:
June 5, 2012
Scheduled date of the submission of annual securities report:
June 22, 2012
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 2012 (from April 1, 2011 to March 31, 2012)(1) Consolidated operating results
Operating revenue

Operating income(Percentages indicate year-on-year changes.)
Ordinary income
Net income

For the year ended
Millions of yen%
Millions of yen% Millions of yen
March 31, 2012
1,260,832
2.0
66,6503.6
67,902
March 31, 2011
1,236,520
3.0
64,3144.8
65,951(Note) Comprehensive income:For the year ended March 31, 2012: 20,838 million yen ((32.4) %)For the year ended March 31, 2011: 30,819 million yen ((10.0) %)Net income pershare

Net income pershare - fully diluted

%
3.0
4.2

Millions of yen
19,78633,207

Ratio of ordinary
income to total
assetsReturn on equity

For the year ended
Yen
Yen
%
March 31, 2012
46.00
44.87
3.8
March 31, 2011
73.42
73.30
6.5
(Reference) Equity in earnings of affiliates:
For the year ended March 31, 2012: — million yen
For the year ended March 31, 2011: — million yen

%
7.5
7.4

%
(40.4)
2.9

Ratio of operating
income to operating
revenue%
5.3
5.2(2) Consolidated financial position
Total assets
As ofMarch 31, 2012
March 31, 2011
(Reference) Equity:

Net assets

Equity ratio

Millions of yen
Millions of yen%
919,294
523,783
56.0
899,363524,505
57.3
As of March 31, 2012: 514,996 million yen
As of March 31, 2011: 515,602 million yen

Net assets per share
Yen
1,197.26
1,173.60(3) Consolidated cash flows
Cash flows fromoperating activities
For the year ended
March 31, 2012
March 31, 2011

Millions of yen
71,84387,899Cash flows frominvesting activities
Millions of yen(41,092)(51,678)

Cash flows fromfinancing activities
Millions of yen(32,916)(20,152)

Cash and cash equivalents
at end of period
Millions of Yen
208,393
208,791

2.

Dividends
Annual dividendsFirstquarter

SecondquarterYen

Thirdquarter

Fiscalyear-end

Fiscal 2011
Fiscal 2012

—
—

Yen
11.00
11.00

—
—

Yen
11.00
11.00

Yen
22.00
22.00

Fiscal 2013
(Forecast)

—

11.00

—

11.00

22.00

3.

Yen

Total

Total annual
dividends

Payout ratio(consolidated)

Dividends onequity(consolidated)

Millions of yen
9,824
9,463

%
30.0
47.8

%
1.9
1.9

24.3

Consolidated earnings forecasts for fiscal year 2013 (from April 1, 2012 to March 31, 2013)
Operating revenue

Half year
Full year

Millions of yen
630,000
1,308,000

Operating income
%
2.7
3.7

Millions of yen
23,50070,000Ordinary income
%
3.6
5.0

Millions of yen
24,00071,000(Percentages indicate year-on-year changes.)Net
Net income
incomeper share
%
3.0
4.6

Millions of yen
12,00039,000

%
104.2
97.1

Yen
27.90
90.67

* 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.:
Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None(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, 2012:
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 March 31, 2012:
37,905,955 shares
As of March 31, 2011:
28,716,928 sharesc. Average number of shares during the period
For the year ended March 31, 2012:
430,181,252 shares
For the year ended March 31, 2011:
452,306,188 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 43.

(Reference) Overview of non-consolidated financial results
1. Non-consolidated financial results for fiscal year 2012 (from April 1, 2011 to March 31, 2012)(1) Non-consolidated operating results
Operating revenue
For the year ended
March 31, 2012
March 31, 2011

Millions of yen
14,172
21,927%(35.4)
13.8

Operating income
Millions of yen
11,083
19,621

Net income per share
For the year ended
March 31, 2012
March 31, 2011

Yen
22.41
44.86

%
(43.5)
13.9(Percentages indicate year-on-year changes.)
Ordinary income
Net income
Millions of yen
11,882
20,281%(41.4)
12.7

Millions of yen
9,641
20,290%(52.5)
16.8

Net income per share - fully diluted
Yen
21.86
44.79

(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

As ofMillions of yen
Millions of yen%
March 31, 2012
480,502385,053
80.1
March 31, 2011
496,255
395,476
79.7(Reference) Equity: As of March 31, 2012: 385,053 million yen
As of March 31, 2011: 395,476 million yen

Net assets per shareYen
895.17900.17* 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(Note concerning descriptions and other data regarding the future)• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons. For
points to note when using such assumptions and financial projections, please see “1. Operating Results” on pages 5 to 10.
• The Company plans to hold a financial results meeting for analysts on Tuesday, May 1, 2012. 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. Operating Results ...................................................................................................................................................5(1) Analysis of operating results .............................................................................................................................5(2) Analysis of financial position .............................................................................................................................9(3) Basic profit distribution policy and dividends for fiscal 2012 and 2013............................................................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) Additional information......................................................................................................................................26(8) Notes to consolidated financial statements .....................................................................................................26(Consolidated balance sheets)..............................................................................................................................26(Consolidated statements of comprehensive income) ..........................................................................................26(Consolidated statements of changes in net assets).............................................................................................27(Consolidated statements of cash flows)...............................................................................................................28(Segment Information) ..........................................................................................................................................29(Tax Effect Accounting) .........................................................................................................................................34(Financial Instruments)..........................................................................................................................................35(Securities)............................................................................................................................................................40(Retirement Benefit)..............................................................................................................................................42(Per Share Information).........................................................................................................................................43(Important Subsequent Matters) ...........................................................................................................................44(Other Notes, etc.).................................................................................................................................................44
5. Others ...................................................................................................................................................................45
Operating revenue by business ............................................................................................................................45
6. Non-Consolidated Financial Statements ...............................................................................................................46(1) Non-consolidated balance sheets ...................................................................................................................46(2) Non-consolidated statements of income .........................................................................................................48(3) Non-consolidated statements of changes in net assets ..................................................................................49-4-

1. Operating Results(1) Analysis of operating results
During the fiscal year under review, the business environment gradually trended towards recovery backed by
the growing restoration demand associated with the Great East Japan Earthquake, although the overall
Japanese economy showed signs of stagnancy, mainly due to the confusion in supply chains caused by the
Earthquake, slowdowns in overseas economies affected by the European debt crisis, and the further
appreciation of the yen. Operating in this environment, the Yamato Group worked to achieve greater
sophistication of its existing businesses, particularly the Takkyubin Business, to realize the objectives of theLong-Term Management Plan “DAN-TOTSU Management Plan 2019” and the Medium-Term Management
Plan “DAN-TOTSU Three-Year Plan HOP” and actively proposed a variety of services by utilizing themanagement resources within the Group. In addition, in order to offer the functions possessed by eachcompany of the Yamato Group in a format that is most suited to our customer’s needs, we conductedproposal-type marketing centered on “Solutions Lab,” which is an organizational structure designed to act as a
one-stop point of contact for corporate customers.
The results of the Delivery Business with respect to Takkyubin delivery volume were higher compared to theyear-ago period, supported by the expansion of the mail-order market, which is attributable to theenhancements we made to the Takkyubin related services as well as efforts to expand our corporate clients’sales and support them in finding solutions to management challenges.
In the non-delivery businesses, on top of expanding the sales of services that respond to new forms ofinfrastructure in everyday living, such as e-money and smartphones, the Group actively proceeded to expand
operating locations and develop new services for laying the foundation for its future growth.
Our consolidated financial results for the fiscal year under review ended March 31, 2012 were as follows.
Item

Fiscal 2011

Fiscal 2012

(Millions of yen)
Growth (%)

ChangeOperating revenue

1,236,520

1,260,832

24,3122.0

Operating income

64,314

66,6502,336

3.6

Ordinary income

65,951

67,9021,950

3.0

Net income

33,207

19,786(13,420)(40.4)

Initiatives for the entire Yamato Group
a.

b.

c.

d.

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 linking various management
resources, including information technology, logistic technology, and financial technology functions. In
addition, the Group endeavors to expand its business area and strengthen the growth momentum of theentire Yamato Group through promoting greater penetration of its services in the Asia region.
In the domestic market, the Group actively offered services that accommodate each of the businesses ofcustomers, including mail-order companies and medical equipment manufacturers, by making integrated
use of the Group’s management resources. We also supported the enhancement of customer
convenience and sales capabilities through bolstering services relating to the ever-expanding electronicmoney. The Group shall continue to offer new convenience for customers by creating services thatleverage the Yamato Group’s unique functions and expanding the market of these services.
In its business evolution into the Asia region, the Group focused its energies on further expanding its
business area and started the Takkyubin service in Malaysia in September 2011. The Group also offers ahalf-day delivery service of office supplies in certain areas of Shanghai as part of its efforts to enhance
the contents of its services.
Moving forward, by proactively promoting the development of various services centered on Takkyubin, theYamato Group aims to contribute to the realization of an affluent society in the Asia region.
With regard to Haneda Chronogate, which is the Yamato Group’s largest ever logistics terminal underconstruction on land next to Haneda Airport, the fact was revealed that slate fragments containing
asbestos were numerously dispersed over a wide area of the lot both on the ground surface and in the
ground. On March 28, 2012, a lawsuit was filed with the Tokyo District Court against EBARA-5-CORPORATION, the seller of the lot, to demand compensation for damages with respect to the costs
associated with the removal, etc. of slate fragments.
Summary of each operating segment● Delivery
The delivery volumes of Takkyubin and Kuroneko Mail services are as follows.
Category

Fiscal 2011

Fiscal 2012

(Million parcels/units)
Growth (%)

ChangeTakkyubin

1,348

1,423

74

5.5

Kuroneko Mail

2,312

2,187

(124)

(5.4)

a.
b.

c.

d.

e.

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 moreconvenient.
For individual customers, we have added electronic money functionality to the membership cards for ourmembership service, “Kuroneko Members”. With this new function, customers can now use themembership cards for daily shopping, in addition to paying fees for Takkyubin parcels. Furthermore, we
expanded the network of stores that handle Takkyubin to include retail shops in stations, in an aim toenhance convenience when sending and receiving parcels.
For corporate clients, we worked to expand their sales and solve their management challenges bypromoting greater sales of services linked with non-delivery businesses, such as the storage
management service function. As a result, Takkyubin delivery volumes increased with greater usage
primarily by customers in the mail-order companies.
As part of reforms being carried out in the pick-up and delivery operations, to raise delivery quality andboost productivity, we utilized teams of part-time employees called “Field Casts” and conducted en-massedelivery during the time zones that our customers are most frequently at home. In the fiscal year ended
March 31, 2012, we steadily expanded the pick-up/delivery areas in which Field Casts are utilized.
Operating revenue amounted to 1,014,564 million yen, up 1.9% from the previous fiscal year due tostrong Takkyubin delivery volumes, although the delivery volume of Kuroneko Mail declined, affected bystricter parcel acceptance policies that emphasize compliance. Operating income was 40,964 million yen,up 1.0% from the previous fiscal year.

● 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 Takkyubin network with international transportation
functions and warehouse management functions.
b. For clients requiring international cargo transportation, the Yamato Group provides a variety of services,
including an international intermodal transportation service that is interlinked with the Takkyubin network,
as well as a delivery service based on box units. During the fiscal year under review, we steadily
increased our revenue, mainly owing to an expanded usage of services for small-parcel transportation of
cosmetics and food materials to overseas destinations and transportation of components by
manufacturers.
c. As part of logistics systems provided to the mail-order industry, the Group works on developing the “Today
Shopping Service” that meets the need of purchasers who “wish to quickly receive the product.” By
ensuring the product in storage is in our safekeeping beforehand, we are able to offer delivery in as shorta time as four hours from ordering. In the fiscal year ended March 31, 2012, in addition to its operation ofexisting services, the Group started operation of new logistics systems that are capable of same-day
shipment of products whenever required by the customer without the product in our safekeeping, andcustomers expanded their use of this service.
d. For medical equipment manufacturers and other such corporations, the Group offers a service thatcollectively supports delivery, collection, cleaning and maintenance of medical equipment through the useof a dedicated logistics center that comes with a high-level hygiene management and security system.
During the fiscal year under review, we accelerated the expansion of this business by newly establishingdedicated logistics centers in Sapporo, Tokyo and Fukuoka.

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e.

Operating revenue amounted to 82,478 million yen, up 0.6% from the previous fiscal year, supported by
the increased usage of medical equipment-related services and services for the mail-order businessindustry. Operating income amounted to 3,662 million yen, down 1 million yen from the previous fiscal
year, due to the effects of greater costs associated with the deployment of new business initiatives related
to the medical equipment-related services.

● 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. As part of our delivery service for furniture and electronic appliances, we provide services that meet theneeds of consumers who “want to use the product immediately” by providing assembly and installation at
the same time as delivery. During the fiscal year under review, the number of installations was lower thanthat of the previous fiscal year. Although the number of delivery and installation orders of essential
electronic appliances to people affected by the Great East Japan Earthquake and of energy-saving
appliances rose, the increase was not enough to exceed the demand as of the end of the eco-point
program in the previous fiscal year.
c. In the moving-related services, the Yamato Group has been offering 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. Additionally, by promoting these services together withrental or recycling services for electronic appliances, we are contributing to reducing the amount ofhousehold goods that needs to be transported when moving. In the fiscal year ended March 31, 2012, theservice performed firmly as a result of expanded sales of the moving service for corporate customers andmeasures to boost the sales of recycled electrical appliances.
d. Despite the expanded use of moving-related services, operating revenue was down 2.6% from theprevious fiscal year to 47,715 million yen, due to the decline in the number of assemblies and installations.
Operating loss was 43 million yen, which improved by 574 million yen from the previous fiscal year as aresult of efforts to constrain costs through improving productivity and integrating operations.
● 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. In the e-money related services, the Group offers solutions through collaboration between the e-businessand the financial business. It has been promoting installation and operation of a multi e-money settlement
terminal that allows settlement by multiple types of e-money. During the fiscal year under review, thenumber of installations increased for restaurants and other customers, which led to greater revenue.
c. For customers such as communication equipment suppliers and cable TV business operators that require
itemized control of products, the Group offers services that contribute to better visualization of the flow
and the location of items within the distribution process by utilizing the freight-tracking know-how from the
Takkyubin business. During the fiscal year under review, in addition to the increase in the number of items
managed by existing customers, there was a greater level of usage by new customers, and the businessexpanded.
d. Operating revenue amounted to 35,504 million yen, an increase of 8.2% from the previous fiscal year,
mainly owing to the growth in services for better visualization of the flow and location of items, services for
managing sales promotion products of customers, and online supermarket-related services. Operating
income was 6,703 million yen, down 0.1% from the previous fiscal year as a result of an increase in initialinvestment in e-money related services.
● 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. In settlement services for the mail-order industry, the Group enhanced its response to a diversity of

-7-

c.

d.

settlement means penetrating in the market by increasing the types of e-money that can be used to makesettlements and offering a settlement screen compatible to smartphones and tablet terminals. As a result,the number of settlements during the fiscal year under review exceeded the results of the previous fiscal
year.
For services to corporate customers, we offer the value of enhanced operating efficiency and reduced
accounts receivable management costs through a comprehensive money collection agent service forbusiness-to-business transactions called “Kuroneko Anshin Settlement Service”. During the fiscal year
under review, the Group aggressively proposed a sales promotion solution that collectively offers, on topof the settlement function, direct mail planning, printing and delivery services to support customers in
expanding their trading areas.
Operating revenue was up 3.3% from the previous fiscal year to 54,114 million yen due to the strong
growth in the number of payment settlement transactions of the Takkyubin Collect service as a result of
promoting services that support e-money. Operating income amounted to 9,938 million yen, which was aslight increase from the previous fiscal year mainly due to the rise in expenses for operating the e-money
related services.

● Truck Maintenancea. 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.
b. During the fiscal year under review, 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 maintenance expenses, and thenumber of vehicles serviced increased. In addition, operations were newly commenced at the Gunma
Plant in October 2011, the Kyoto Plant in November 2011, and the Saitama Plant in Janurary 2012 inorder to further expand the business area.
c. Operating revenue amounted to 21,188 million yen, up 7.6% from the previous fiscal year due to anincrease in the number of vehicles serviced and a rise in the unit price of fuel sales. Operating income
was 2,513 million yen, up 17.8% from the previous fiscal year.
● 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 delivery timed to suit the customer’s needs and frequent, right-volume delivery. In the fiscal year
ended March 31, 2012, there were increases in event-related transportation orders and collection
requests related to the replacement of arcade game machines, and the handling volume of the YamatoGroup exceeded that of the previous fiscal year.
b. Operating income excluding dividends Yamato Holdings Co., Ltd. received from Group companies
increased 50.9% from the previous fiscal year to 1,156 million yen.
CSR Initiatives
a. The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the fiscal year ended March 31, 2012, in addition to continuously expanding the introductionof “See-T Navi,” an independent on-board system designed with safety in mind, the Group conducted“Safety Classes for Children” in elementary schools and other sites across Japan and promoted
experience-simulated safety education for drivers.
b. 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 fiscal year ended March 31, 2012, aiming to reduce CO2 emissions in pickup and delivery
operations, the Yamato Group utilized 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.

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c.

d.

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.
To assist in the recovery from the Great East Japan Earthquake, the Yamato Group has been providing
support for the transportation of supplies, and employees in the Group have been actively participating involunteer activities. In addition, the Group continued to make a donation of 10 yen for each Takkyubinpackage for a one-year period aiming to support restoration of industry and the revival of the agriculture
and fishing industries of the earthquake affected areas. The entire amount, totaling 14,200 million yen
based on the number of Takkyubin deliveries handled during the fiscal year under review, was donated to
Yamato Welfare Foundation, a public interest incorporated foundation approved by the Minister ofFinance under the specified donation system fully tax-exempt and has been allocated in phases alongwith the donation collected by the Foundation from other companies, organizations and the general public
to construction costs for a temporary fish market in Minami Sanriku-cho, Miyagi Prefecture and a day
nursery in Noda-mura, Iwate Prefecture, and other purposes.

Outlook for fiscal 2013
Looking forward at the state of the economy, it is expected that uncertain conditions will remain due to theeffects of the European debt crisis and the further strengthening of the yen, although the Japanese economy
has been recovering moderately owing to the growing restoration demand.
Under these circumstances, the Yamato Group will endeavor to further strengthen its growth base by
accurately identifying market changes to secure revenues, actively proposing solutions backed by a reinforced
combination of management resources accumulated in the Group, and creating new business schemes toprovide convenience for customers. Meanwhile, the Group will manage costs by further implementing reforms
in the collection function, demonstrating its commitment to enhancing operating efficiency and continuing to
implement measures to heighten productivity, thereby improving the cost structure.
We expect operating revenue will be 1,308.0 billion yen, with operating income at 70.0 billion yen, ordinary
income at 71.0 billion yen and net income at 39.0 billion yen.
(2) Analysis of financial position
a. Analysis of assets, liabilities, net assets and cash flows
Total assets were 919,294 million yen as of March 31, 2012, up 19,931 million yen from the end of theprevious fiscal year. This was primarily due to an increase in notes and accounts receivable-trade of
16,079 million yen.
Liabilities increased 20,653 million yen to 395,510 million yen from the end of the previous fiscal year. Thiswas primarily due to an increase in notes and accounts payable-trade of 15,755 million yen.
Total net assets were 523,783 million yen, down 721 million yen from the end of the previous fiscal year.
Major factors included 19,786 million yen in net income on one hand, and the acquisition of treasury stockof 11,884 million yen and a 9,564 million yen dividends from surplus on the other hand.
Accordingly, the equity ratio decreased to 56.0% from 57.3% in the previous fiscal year.
Net cash provided by operating activities amounted to 71,843 million yen, which is a decrease of 16,055
million yen compared to the previous fiscal year. Major factors included 45,817 million yen in net income
before income taxes and minority interests and 38,684 million yen in depreciation and amortization, as
well as a payment of 26,742 million yen in income taxes. The main reason for the year-on-year difference
was that compared to the previous fiscal year, net income before income taxes and minority interests
decreased 16,018 million yen.
Net cash used in investing activities was 41,092 million yen, which is a decrease of 10,586 million yen
compared to the previous fiscal year. The main reason for the year-on-year difference was a decrease in
cash used for the purchase of property, plant and equipment of 7,000 million yen from the previous fiscal-9-year.
Net cash used in financing activities was 32,916 million yen, mainly due to cash used for the acquisition oftreasury stock of 11,889 million yen and cash dividends paid of 9,577 million yen. Compared to the resultof the previous fiscal year, the amount of net cash used increased by 12,764 million yen. The main reason
for the year-on-year increase was that in the previous fiscal year, we adopted a capital policy of issuing
corporate bonds with subscription rights to shares of euro-yen denominated convertible corporate bond (tomature in 2016) for the acquisition of treasury stock, and cash used for the acquisition for treasury stockduring the fiscal year under review totaled 11,889 million yen.
As a result, cash and cash equivalents were 208,393 million yen as of March 31, 2012, down 398 million
yen from the end of the previous fiscal year.
b.

Trends in cash flows
143rd term
Fiscal 2008

144th term
Fiscal 2009

Equity ratio (%)

53.3

54.7

58.4

57.3

56.0

Equity ratio on market value basis (%)

74.0

47.2

67.9

63.0

59.8

Ratio of interest-bearing debts to cash flows

1.0

1.3

1.1

1.2

1.3

Interest coverage ratio

70.1

39.7

44.1

57.9

57.0

Note:

-

145th term
Fiscal 2010

146th term
Fiscal 2011

147th term
Fiscal 2012

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 2012 and 2013
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 stocks is strategically positioned
for flexible utilization, such as M&A, as a part of our capital policy.
For the fiscal year under review, we plan to pay an 11 yen dividend per share, bringing the annual dividend to
22 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), 45 subsidiaries and 7 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

Takkyubin, Cool Takkyubin, Takkyubin Time Service,Worldwide Delivery Service, Golf, Ski & Airport Round Trip
Takkyubin, Super-Speed Takkyubin, 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 Transport (HK) Ltd., YAMATO
TRANSPORT (S) PTE. LTD., YAMATO (CHINA)
TRANSPORT CO., LTD. ; and six other companies(Total: 13 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.;and four other companies(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
servicee-Business

Financial

Takkyubin Collect service, Internet total settlement service,agent services for shopping loan and comprehensive
lease services

Truck
Maintenance

Vehicle maintenance business, fuel sales and nonlife
insurance agent business

Other

JITBOX Charter, staffing services and shared services- 11 -(Total: 1 company)
Yamato System Development Co., Ltd.; Yamato Career
Service Co., Ltd.; Yamato Contact Service Co., Ltd.; andone other company(Total: 4 companies)
Yamato Financial Co., Ltd.; Fine Credit Co., Ltd.; Yamato
Lease Co., Ltd.; Yamato Payment Service (HK) Ltd.,YAMATO PAYMENT SERVICE (S) PTE. LTD.; and one
other company(Total: 6 companies)
Yamato Autoworks Co., Ltd.; Yamato Autoworks Iwate Co.,
Ltd.; Yamato Autoworks Hokushinetsu Co., Ltd.; Yamato
Autoworks Shikoku Co., Ltd.; Yamato Autoworks Okinawa
Co., Ltd.
(Total: 5 companies)
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)

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.
Mutual transport

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

Mutualtransport

Planning and proposal
Packing materials

Mutualtransport

BIZ-Logistics Business
Domestic

Okinawa Yamato Transport Co., Ltd.

Yamato Dialog & Media Co., Ltd.
Five other companies

Transport, collection andlease

Merchandise marketing

Home Convenience Business

Financial BusinessYamato Home Convenience Co., Ltd.

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

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 TRANSPORT (M) SDN. BHD.
Three 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 support

Yamato Management Service Co., Ltd.

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

Sales
supportStaffing
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 the Japanese economy is on a moderate recovery after about a year has passed since the occurrence of
the Great East Japan Earthquake on March 11, 2011, given that uncertain conditions still remain, the YamatoGroup aims to achieve the quantitative management targets indicated under “Outlook for fiscal 2013” 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 build Takkyubin services and other businesses fostered in Japan in major countries andregions in Asia while developing a network that connects the countries and regions in which it operates toaccommodate the logistics needs of citizens and corporations in the international community.
The Group will promote sophisticated Takkyubin services in Japan by providing local community-oriented
services, including support for individuals having difficulties in day-to-day shopping, in addition toreinforcing service infrastructure unique to the Group, such as the “Kuroneko Members” membershipservice and e-money settlement.
The Group will exert continuous efforts to raise the productivity of collection and back-office operations
while promoting reinforcement of its profit structure and competitiveness by revising sorting operations andimplementing networks to enhance operating efficiency and productivity as well as improving transport anddelivery service quality.
The Group will create new businesses that can offer convenience for customers, such as logistics
processing and international intermodal transportation through combined use of management resources
accumulated within the Group, including information, logistics and settlement functions, and developing
networks both inside and outside Japan. In addition, the Group will strengthen its growth momentum byfurther strengthening existing proprietary business activities.
The Group will aim to become society’s most trusted and familiar group of companies by further promoting
measures to ensure sustainability of business, compliance with laws and regulations and strict governancewhile aggressively implementing environmental activities, safety measures and social contribution
activities.

- 13 -

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

As of March 31, 2012

AssetsCurrent assets
Cash and deposits

209,177

209,179

Notes and accounts receivable-trade142,095

158,174

Accounts receivable-installment

41,15135,538

Lease investment assets

17,50618,924Merchandise and finished goods

804

770

Work in process

173

87

Raw materials and supplies

1,735

2,487

Deferred tax assets

18,184

17,078

Other

22,91324,474

Allowance for doubtful accounts(3,486)(2,260)Total current assets

450,255

464,455

271,232

273,712

Accumulated depreciation(154,721)(162,098)

Buildings and structures, net

116,510

111,613

Noncurrent assets
Property, plant and equipment
Buildings and structures

Machinery and equipment

39,10839,609

Accumulated depreciation(27,820)(29,485)

Machinery and equipment, net

11,288

10,124

179,978

182,004(165,059)(170,306)

14,919

11,697

Land

182,420

182,303

Lease assets

24,82625,937

Accumulated depreciation(8,820)(12,008)

Lease assets, net

16,005

13,928Construction in progress

13,79630,051

Other

72,114

71,958(58,899)(56,498)

VehiclesAccumulated depreciation
Vehicles, net

Accumulated depreciation
Other, net

13,215

15,459368,155

375,179

Goodwill

779

584

Software10,446

12,018

Other

3,968

4,191

Total intangible assets

15,194

16,794

Total property, plant and equipment
Intangible assets- 14 -

(Millions of yen)
As of March 31, 2011

As of March 31, 2012

Investments and other assets
Investment securities

22,90921,968Long-term loans receivable

1,505

1,293

Lease deposits

21,70420,202

Deferred tax assets

17,275

17,196

Other

4,955

4,180

Allowance for doubtful accounts(2,278)(1,754)

Allowance for investment loss

(315)

(222)

65,75862,865449,108454,839

899,363919,294

Notes and accounts payable-trade113,698

129,454

Short-term loans payable

21,63817,390Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities

Lease obligations

5,297

4,950

Income taxes payable

20,447

17,631

Deferred installment income

6,363

4,959

Provision for bonuses

29,731

29,421

Other

67,15678,535

Total current liabilities

264,332

282,343

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

43,13140,850

Lease obligations

11,306

9,588

784

269

28,47031,73377Noncurrent liabilities

Deferred tax liabilities
Provision for retirement benefits
Provision for directors’ and auditors’ retirement
benefits
Other
Total noncurrent liabilities
Total liabilities- 15 -

6,823

10,717

110,525

113,167

374,857

395,510(Millions of yen)
As of March 31, 2011

As of March 31, 2012

Net assets
Shareholders’ equity
Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

311,569

321,862

Treasury stock(44,630)(56,514)

Total shareholders’ equity

515,488513,897

Valuation difference on available-for-sale securities

1,501

2,975

Foreign currency translation adjustment(1,386)(1,876)

114

1,099

Minority interests

8,902

8,787

Total net assets

524,505

523,783

899,363919,294

Accumulated other comprehensive income

Total 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, 2011

For the year ended
March 31, 2012

Operating revenue

1,236,520

1,260,832

Operating cost

1,143,005

1,163,777

93,514

97,055

Operating gross profit
Selling, general and administrative expenses
Personnel expenses

16,66918,505

Provision for bonuses

702

761

Provision for retirement benefits

693

1,147

Commission fee

6,807

7,662

Taxes and dues

3,357

3,314

—

(866)

Depreciation

1,152

1,257

Other

1,212

530

Total selling, general and administrative
expenses

29,20030,40464,314

66,650Interest income

102

79

Dividends income

457

526

Subsidies for low-emission vehicles

615

174

Rent income

344

286

Other

1,889

1,772

Total non-operating income

3,408

2,839

Interest expenses

873

737

Rent expenses

192

205

Other

704

644

Total non-operating expenses

1,771

1,587

65,951

67,902Gain on sales of noncurrent assets

6123Gain on sales of investment securities

45—

Reversal of allowance for doubtful accounts

272—

Reversal of allowance for investment loss

91—

Total extraordinary income

414

123

Provision of allowance for doubtful accounts

Operating income
Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income- 17 -

(Millions of yen)
For the year ended
March 31, 2011

For the year ended
March 31, 2012

Extraordinary loss
Loss on retirement of noncurrent assets

196

408

Loss on valuation of investment securities

85

1,981

Donations concerning restoration support—

14,236Retirement payments related to the extension ofretirement age

—

4,443

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

1,642

—

Other

2,606

1,137

Total extraordinary losses

4,529

22,207

Income before income taxes and minority interests

61,83545,817

Income taxes-current

29,56325,690

Income taxes-deferred(1,072)368

Total income taxes

28,49026,059

Income before minority interests

33,34519,758137(28)

33,207

19,786

Minority interests in income (or loss)
Net income- 18 -

(Consolidated statements of comprehensive income)(Millions of yen)
For the year ended
March 31, 2011
Income before minority interests

For the year ended
March 31, 2012

33,34519,758Valuation difference on available-for-sale securities(1,757)1,514

Foreign currency translation adjustment

(768)

(433)

Total other comprehensive income(2,525)

1,080

30,81920,83830,86820,826(48)

11

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, 2011

For the year ended
March 31, 2012

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

127,234

127,234

Balance at the end of current period

127,234

127,234

121,315

121,314

Disposal of treasury stock

(0)

(0)

Total changes of items during the period

(0)

(0)

121,314

121,314

288,408

311,569(9,982)(9,564)

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

Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Change of scope of consolidation

(63)

70

Net income

33,207

19,786

Total changes of items during the period

23,161

10,293

311,569

321,862(26,505)(44,630)(18,126)(11,884)

Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period20(18,124)(11,884)(44,630)(56,514)510,452

515,488(9,982)(9,564)(63)

70

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

33,207

19,786

Purchase of treasury stock(18,126)(11,884)

Disposal of treasury stock

1

0

Total changes of items during the period
Balance at the end of current period- 20 -

5,035(1,591)

515,488513,897(Millions of yen)
For the year ended
March 31, 2011

For the year ended
March 31, 2012

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

3,196

1,501

Net changes of items other than shareholders’equity(1,695)

1,474

Total changes of items during the period(1,695)

1,474

1,501

2,975

(738)

(1,386)

Net changes of items other than shareholders’equity

(648)

(489)

Total changes of items during the period

(648)

(489)

(1,386)(1,876)

2,457

114

Net changes of items other than shareholders’equity(2,343)984

Total changes of items during the period(2,343)

984

114

1,099

10,562

8,902

Net changes of items other than shareholders’equity(1,660)(115)

Total changes of items during the period(1,660)

(115)

8,902

8,787

523,473524,505(9,982)(9,564)(63)

70

Net income

33,207

19,786

Purchase of treasury stock(18,126)(11,884)

Disposal of treasury stock

1

0

Net changes of items other than shareholders’equity(4,003)869

Total changes of items during the period

1,032

(721)

524,505

523,783

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

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, 2011

For the year ended
March 31, 2012

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

61,83545,817

Depreciation and amortization

39,58538,684

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

1,642

—

Increase (decrease) in provision for retirement
benefits

608

3,264

Increase (decrease) in provision for bonuses

594

(317)

Interest and dividends income

(559)

(605)

Interest expenses

1,524

1,257

Loss (gain) on sales of noncurrent assets

(6)

(123)

Loss on retirement of noncurrent assets

196

408

Loss (gain) on sales of investment securities

(44)

—

Loss (gain) on valuation of investment securities

88

1,981

12,973(11,961)

Decrease (increase) in inventories

(827)

(520)

Increase (decrease) in notes and accounts
payable-trade

737

15,771Other, net(1,868)18,675

Subtotal

116,481

112,332566

601(1,517)(1,260)Decrease (increase) in notes and accounts
receivable-trade

Interest and dividends income received
Interest expenses paid
Donations concerning restoration support paid—

(13,087)

Income taxes paid

(27,630)(26,742)

Net cash provided by (used in) operating activities

87,89971,843

(186)

(712)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits

440

404

Purchase of property, plant and equipment(42,913)(35,913)

Proceeds from sales of property, plant andequipment

493

787

(5,973)(1,301)

Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivable

196

8(1,122)(1,129)Collection of loans receivable

1,922

1,399

Other payments(6,541)(6,738)Other proceeds

2,006

2,101

(51,678)(41,092)

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

(Millions of yen)
For the year ended
March 31, 2011

For the year ended
March 31, 2012

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

65,03323,313

Decrease in short-term loans payable(76,744)(26,600)

Repayments of finance lease obligations(5,104)(5,809)Proceeds from long-term loans payable

17,0009,850

Repayment of long-term loans payable(8,008)(13,008)

Proceeds from issuance of bonds

19,884—

Redemption of bonds(5,000)—

Proceeds from sales of treasury stock

1

0

Purchase of treasury stock(18,132)(11,889)

Cash dividends paid

(9,972)(9,577)

Cash dividends paid to minority shareholders

(139)

(129)

Other, net

1,029

1,032

(20,152)(32,916)

(467)

(182)

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

15,600(2,348)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)

—

208,791

208,393

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: 39
Major consolidated subsidiaries are as described in “2. Status of the Corporate Group.”
Yamato Transport (HK) Ltd., Yamato Payment Service (HK) Ltd., and Yamato Contact Service Co., Ltd.
are included in the scope of consolidation from the fiscal year under review due to their increasedmateriality.
(2) Non-consolidated subsidiaries, etc.
YAMATO TRANSPORT (M) SDN. BHD. and certain other subsidiaries are not included within the scopeof 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 TRANSPORT (M) SDN. BHD. 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 ten 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, 2011 and March 31, 2012 that isthe consolidated closing date.

4.

Accounting policies(1) Valuation basis and methods for principle assets
a. Securities
Securities held-to-maturity
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 the moving-average method)

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, book value iswritten down based on the decreased profitability)- 24 -

(2) Depreciation and amortization methods of major depreciable or amortizable assets
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, straight-line methods based on estimated useful lives
is adopted.
Intangible assets (excluding lease assets):
Computed using the straight-line method, but software is amortized by the straight-line method overthe estimated useful life (five years).
Lease assets:
Straight-line method where the useful life of lease assets shall be equal to the lease period and theirresidual value shall be zero.
(3) Accounting standards for 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, 2012.
Entire amount of prior service cost is charged to expenses for the fiscal year of occurrence.
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.
e. Provision for directors’ and auditors’ retirement benefits
At some consolidated subsidiaries, provision for directors’ and auditors’ retirement benefits (including
executive officers) is recorded in the amount to be paid as of the end of fiscal year based on aninternal rule.
(4) Basis of revenue recognition
Deferred installment income:The prorated amounts for the shopping loan service are recognized as income when the due datecomes.
(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- 25 -

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 case of the amount is immaterial, the whole amount
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) Additional information
For accounting changes and corrections of prior period errors made on or after April 1, 2011, the Group has appliedthe “Accounting Standard for Accounting Changes and Error Corrections” (ASBJ Statement No. 24, December 4,2009) and the “Implementation Guidance on Accounting Standard for Accounting Changes and Error Corrections”(ASBJ Guidance No. 24, December 4, 2009).
(8) Notes to consolidated financial statements(Consolidated balance sheets)
Fiscal 2011
Investment securities for non-consolidated subsidiaries and affiliates(Millions of yen)
Fiscal 2012

3,999

3,219

Fiscal 2011

(Millions of yen)
Fiscal 2012

(2,497)85(2,412)655(1,757)

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

(768)
(2,525)

(433)
1,080

(Consolidated statements of comprehensive income)
Recycling amount and income tax relating to other comprehensive income
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- 26 -

(Consolidated statements of changes in net assets)
For the year ended March 31, 2011
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)

14,282

14,435

1

28,716

Total

14,282

14,435

1

28,716

Issued shares
Common stock
Total
Treasury stock

Note: The increase of 14,435 thousand shares of treasury stock of common stock resulted from an increase of 14,429 thousand shares dueto the purchase of treasury stock and an increase of 6 thousand shares due to the purchase of fractional shares.
The decrease of 1thousand 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

Type of shares

Total amount ofdividends(millions of yen)

The Board of Directors
Meeting on May 14, 2010

Common stock

4,991

The Board of Directors
Meeting on October 28, 2010

Common stock

4,991

Dividend pershare (yen)Record date

Effective date on
and after

11

March 31, 2010

June 3, 201011

September 30,
2010

December 10,
2010(2) Dividends with a record date that falls within the fiscal year under review but an effective date starting in theupcoming fiscal year
Resolution

Type of shares

Total amount ofdividends(millions of yen)

Source ofdividend

Dividend pershare (yen)Record date

Effective dateon and after

The Board of Directors
Meeting on May 16, 2011

Common stock

4,832

Retainedearnings

11

March 31,2011

June 6, 2011- 27 -

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

Type 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

Type of shares

Total amount ofdividends(millions of yen)

Source ofdividend

Dividend pershare (yen)Record date

Effective dateon and after

The Board of Directors
Meeting on May 15, 2012
(planned)

Common stock

4,731

Retainedearnings

11

March 31,2012

June 5, 2012
(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
Fiscal 2011

(Millions of yen)
Fiscal 2012

209,177

209,179

Time deposits due beyond three months

(104)

(490)

Short-term loans payable account

(281)

(295)

208,791

208,393

Cash and deposits

Cash and cash equivalents- 28 -

(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.”- 29 -

(3) Information regarding the amounts of operating revenue, income/loss, assets and other items by reportablesegment
For the year ended March 31, 2011
(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

995,651

82,007

48,99732,79852,392

51,35011,61814,24923,9684,411

1,047,001
40,577547,646

93,626
3,664
48,61363,247(618)
19,88656,767
6,709
34,97356,804
9,938
167,746

30,452

1,564

829

3,488

1,513

39,571

1,394

663

7,082

2,759

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(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)

19,696

4,975

1,236,520—

1,236,520

25,36651,309182,274(182,274)—

45,063
2,133
19,95456,285
19,862
10,154

1,418,794
82,269848,975(182,274)(17,955)
50,387

1,236,520
64,314
899,363

958

746

39,55329

39,582371

399

52,242229

52,471

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 Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 18,712 million yen.
3. Adjustments made are as follows.
(1) The adjustment of (17,955 million yen) of segment income resulted from eliminating transactions among segments.
(2) The adjustment of 50,387 million yen of segment assets includes offsetting and elimination of assets among segments of(114,764 million yen) and group-wide assets of 165,152 million yen not allocated to each reportable segment.
(3) The adjustment of 229 million yen of increases of property, plant and equipment and intangible assets is our capital
investment.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 30 -

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

Home
Convenience

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
statements ofincome(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

e-Business

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 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 our capital
investment.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 31 -

2.

Relevant information
For the year ended March 31, 2011(1) Information by product and service
Takkyubin
Operating revenue
from customers

Kuroneko Mail

782,120(Millions of Yen)
Total

Other

141,145

313,253

1,236,520(2) Information by region
a. Operating revenue
Japan

North America
1,218,149

10,231(Millions of Yen)
Total
1,236,520

1,284(Millions of Yen)
Total
368,155

Other
8,138

b. Property, plant and equipment
Japan

North America
366,660Other
210(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, 2012(1) Information by product and service
Takkyubin
Operating revenue
from customers

Kuroneko Mail

811,906(Millions of Yen)
Total

Other

129,870319,056

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.

- 32 -

3.

Information regarding impairment losses of noncurrent assets by reportable segment
For the year ended March 31, 2011
Not applicable.
For the year ended March 31, 2012
Descriptions are omitted, as the monetary value is immaterial.

4.

Information regarding amortization and unamortized balance of goodwill by reportable segment
For the year ended March 31, 2011
(Millions of Yen)
DeliveryAmortization for thecurrent period
Balance as of the endof the current period

Home
Convenience

BIZ-Logistics

e-Business

Financial

90

—

104

—

—

363

—

416

—

—

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

Other

Eliminations or
corporate

Total

Consolidated

—

—

194

—

194

—

—

779

—

779

For the year ended March 31, 2012
(Millions of Yen)
DeliveryAmortization for thecurrent period
Balance as of the endof the current period

BIZ-Logistics

e-Business

Financial

90

—

104

—

—

272

—

312

—

—

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

Home
Convenience

Other

Eliminations or
corporate

Total

Consolidated

—

—

194

—

194

—

—

584

—

584

- 33 -(Tax Effect Accounting)1.

Breakdown of major causes for deferred tax assets and deferred tax liabilities(Millions of yen)
Fiscal 2012

Fiscal 2011
Deferred tax assets (current assets)
Provision for bonuses
Accrued legal welfare expenses
Accrued enterprise tax
Excess in provision of allowance for doubtful accounts
Other11,874
1,772
1,903
766
2,285

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

Deferred tax assets (current assets)
Allowance for devaluation

Subtotal

18,602—

17,911(466)

Deferred tax assets (current assets)

Total

18,602

17,445

11,284
27,181
4,101
1,629
1,415
615
8,499

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

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 right
Other
Deferred tax assets (noncurrent assets)
Allowance for devaluation

Subtotal

54,726(35,389)

52,565(32,853)

Deferred tax assets (noncurrent assets)

Total

19,337

19,712

Deferred tax liabilities (current liabilities)
Other
Deferred tax liabilities (current liabilities)

Total

(417)
(417)

(366)
(366)

(741)
(275)
(1,829)(1,027)(239)(1,519)(2,846)(2,785)34,67534,005

Deferred tax liabilities (noncurrent liabilities)
Valuation difference on available-for-sale securities
Reserve for reduction entry
Other
Deferred tax liabilities (noncurrent liabilities)

Total

Net deferred tax assets

2.

Breakdown of differences between the normal effective statutory tax rates and the actual effective tax rates

Normal effective statutory tax rate
(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 rate

- 34 -

Fiscal 201140.0 %
4.4
0.7—

Fiscal 2012
40.0 %
5.9
3.5
6.3

1.0

1.2

46.1

56.9

3.

Revisions to amounts of deferred tax assets and deferred tax liabilities due to the change in corporate tax rates
The “Act for Partial Revision of the Income Tax Act, etc. for the Purpose of Creating Taxation System
Responding to Changes in Economic and Social Structures” (Act No. 114 of 2011) and the “Act on Special
Measures for Securing Financial Resources Necessary to Implement Measures for Reconstruction following
the Great East Japan Earthquake” (Act No. 117 of 2011) were promulgated on December 2, 2011. In line withthese changes, the effective statutory tax rate used to measure deferred tax assets and liabilities will bechanged from 40.0% to 38.0% for temporary differences expected to be eliminated in the fiscal years beginningon or after April 1, 2012. The rate will be changed to 35.6% for the fiscal years beginning on or after April 1,
2015. As a result of this change, deferred tax assets (the amount after deduction of deferred tax liabilities)
decreased by 3,013 million yen (of which 2,709 million yen is the effect of the change in tax rates) and income
taxes increased by 3,205 million yen (of which 2,901 million yen is the effect of the change in tax rates).

(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.

- 35 -

2.

Matters concerning fair value of financial instruments
For the year ended March 31, 2011
The table below shows the amounts recorded on the consolidated balance sheets as of March 31, 2011, theirfair values, and differences between them. Some financial instruments are excluded because it is extremely
difficult to identify their fair values (see Note 5).
(Millions of yen)Amount on the
consolidated balance
sheets(1) Cash and deposits

209,177(2) Notes and accounts receivable-trade142,095

Fair value

Change209,177—

142,577623

32,062

37,958

5,895

Available-for-sale securities

17,06017,060—(5) Notes and accounts payable-trade[113,698][113,698]—(6) Short-term loans payable[21,638][21,718]79(7) Long-term loans payable[43,131][43,454]

323

—

—

—

Allowance for doubtful accounts(142)
141,953(3) Accounts receivable-installment

41,151

Allowance for doubtful accounts(2,725)

Deferred installment income[6,363](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 byclassification categories and computed on the basis of the present value of future cash flow discounted at a rate based on
the yield of Japanese Government Bonds.
(3) Accounts receivable-installment
The fair values of accounts receivable-installment are grouped by classification categories and computed on the basis of thepresent 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.

- 36 -

(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.
Method of
Method of hedge
Type of derivative
Major hedged
Fair value
calculating fairaccounting
transaction
itemsOver 1 year
value
Interest rateswaps
Long-term loans
47,84840,524*—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
rate swaps

5. It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is5,849 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

209,177
136,017
23,428—6,003
17,480

—
74
242

Total

368,624

23,484316

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—13,00812,131

14,00017,000——5,297
18,305

4,532
16,663

3,706
17,706

2,529
19,529505
20,50532
32

Within 1 year
Bonds with
subscription
rights to shares
Long-term loans
payableLease obligations
Total- 37 -

Over 5 years

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

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

Fair value

Change209,179—

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 byclassification categories and computed on the basis of the present value of future cash flow discounted at a rate based on
the yield of Japanese Government Bonds.
(3) Accounts receivable-installment
The fair values of accounts receivable-installment are grouped by classification categories and computed on the basis of thepresent 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.
(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.

- 38 -

Method of hedge
accounting

Type of derivativetransaction

Contract amount, etc.

Major hedged
items(Millions of yen)
Method ofcalculating fair
value

Fair valueOver 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
rate swaps

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

6,462

48

19,88515,309343

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- 39 -

Over 5 years

(Securities)
For the year ended March 31, 20111.

Available-for-sale securities(Millions of yen)Amount on the
consolidated balance sheets

Acquisition cost

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

(1)

Stocks11,037

8,155

2,882

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Total

11,037

8,155

2,882

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

(1)

Stocks

6,022

6,643

(621)

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Total

6,022

6,643

(621)

Note:

2.

Total
17,06014,7992,260
It is extremely difficult to determine the fair values of unlisted securities (the amount recorded on consolidated balance sheets is 5,849
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, 2011
(Millions of yen)
Type

Sale amount

Total capital gains

Total capital losses(1)

Stocks

1

0

—

(2)

Bonds

—

—

—

(3)

Other

0

—

—

1

0

—

Total

3.

Securities on which impairment losses were recognized
For the fiscal year under review, the Company recognized impairment losses of 88 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.

- 40 -

For the year ended March 31, 2012
1.

Available-for-sale securities(Millions of yen)Amount on the
consolidated balance sheets

Those whose value
recorded on the
consolidated balance
sheets exceeds theacquisition cost(1)

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

2.

StocksAcquisition cost

14,936

Change10,654

4,282

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Total

14,936

10,654

4,282(1)

Stocks

2,567

2,766

(199)

(2)

Bonds

—

—

—

(3)

Other

—

—

—

Total

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
(Millions of yen)
Type

Sale amount

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 -

(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 and cooperative welfare pension fundsystems. Cooperative welfare pension fund offers exceptional treatment provided for in Paragraph 33 of thePractical Guidelines for Retirement Benefit Accounting applies.
Note that some of the consolidated subsidiaries have abolished the tax-qualified pension plan as of the fiscal
year under review and introduced the same retirement benefit plan adopted by the Company.

2.

Retirement benefit obligations

a. Retirement benefit obligations
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)

Fiscal 2011

(Millions of yen)
Fiscal 2012

(90,394)
57,873(32,521)
4,379(28,141)
328(28,470)(97,900)
58,358(39,541)
8,026(31,515)
218(31,733)

Fiscal 2011
Note: Some consolidated subsidiaries adopt a simplified method of calculating retirement benefit obligations.
Fiscal 2012
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
d. Recognized prior service coste. Retirement benefit expenses (a + b + c + d)
Fiscal 2011
Notes:
1.
2.
3.

Fiscal 2011

(Millions of yen)
Fiscal 2012

5,256
1,728
(1,268)
555
6,273

5,452
1,785
2,006
—
9,245

In addition to the above retirement benefit expenses, 2,044 million yen is booked as retirement benefit expenses for defined
contribution retirement plan, etc.
Employee contribution to contributory trusted pension plan is deducted.
Retirement benefit expenses of consolidated subsidiaries using a simplified method are included in “a. Service cost.”

Fiscal 2012
Notes:
1. In addition to the above retirement benefit expenses, 2,036 million yen is booked as retirement benefit expenses for defined
contribution retirement plans, etc. and 4,443 million yen is booked for retirement benefits related to the extension of theretirement age. The impact of the abolition of the tax-qualified pension plan is minimal.
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.”- 42 -

4.

Basis for calculating retirement benefit obligations, etc.

a. Periodic allocation method for projected retirement benefits
b. Discount ratec. Expected rate of returnd. Amortization period of prior service coste. Recognition period of actuarial difference

Fiscal 2011
Straight-line standards
2.0%
0.0%
1 year
5 years(Actuarial differences areto be charged to
expenses from thefollowing fiscal year using
a straight-line method
based on determined
years within averageremaining service years of
the employees whenoccurred.)Fiscal 2012
Straight-line standards
2.0%
0.0%
1 year
5 years(Actuarial differences areto be charged to expenses
from the following fiscal
year using a straight-line
method based ondetermined years withinaverage remaining service
years of the employees
when occurred.)(Per Share Information)
Fiscal 2011
1,173.60 yen
73.42 yen73.30 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 2011

Fiscal 2012
1,197.26 yen
46.00 yen
44.87 yen

Fiscal 2012

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

33,207 million yen

19,786 million yen— million yen— million yen

33,207 million yen

19,786 million yen

452,306 thousand shares

430,181 thousand shares— million yen— million yen

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

710 thousand shares

10,810 thousand shares(Subscription rights to shares)(710 thousand shares)(10,810 thousand shares)

Potential shares that have no dilutive effects and thus are notincluded in the calculation of “net income per share - fully diluted.”- 43 -——(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.

- 44 -

5. Others
Operating revenue by business(Millions of yen)
Business segment

Delivery

854,409

%
67.8

4.0

Kuroneko Mail

147,890

11.9

136,170

10.8

(7.9)

Express

45,4603.7

43,585

3.5(4.1)

Others64,054

5.2

65,796

5.2

2.7(83,047)(6.7)(85,397)

(6.8)

2.8

80.5

1,014,564

80.5

1.9

Trading logistics service

34,0572.8

34,1472.7

0.3

Retail logistics service

27,6392.2

28,123

2.2

1.7

Multi maintenance

10,203

0.8

9,517

0.8

(6.7)

Export Factory

3,929

0.3

4,001

0.3

1.8

Others32,2802.6

33,3292.6

3.3(26,102)(2.1)(26,640)

(2.1)

2.1

82,007

6.6

82,4786.5

0.6

Delivery & installation

21,245

1.7

19,354

1.5(8.9)

Moving solution

24,8682.0

25,991

2.1

4.5

Merchandise distribution

17,149

1.4

16,546

1.3(3.5)

Eliminations(14,266)(1.1)(14,178)

(1.1)

(0.6)

Total

48,9974.0

47,7153.8(2.6)

e-logistics solution

8,972

0.7

9,641

0.8

7.5

Credit card solution

6,384

0.5

7,177

0.6

12.4

IT operating solution

4,402

0.4

4,406

0.3

0.1

Web-based mail order solution

6,682

0.5

7,006

0.5

4.9

Others35,2902.9

37,584

3.0

6.5
4.8

Eliminations

Truck
Maintenance(28,933)(2.3)(30,311)

(2.4)

Total

32,7982.7

35,5042.8

8.2

Takkyubin Collect

34,1522.8

35,505

2.8

4.0

Lease

16,3391.3

17,520

1.4

7.2

Shopping credit

5,118

0.4

4,007

0.3

(21.7)

Others

1,263

0.1

1,328

0.1

5.2

Eliminations(4,481)(0.4)(4,247)

(0.3)

(5.2)

Total

52,392

4.2

54,114

4.3

3.3

Truck maintenance

42,486

3.4

45,082

3.6

6.1

Others

4,896

0.4

5,202

0.4

6.3

(27,685)(2.2)(29,097)

(2.3)

5.1

19,696

1.6

21,188

1.7

7.6

2,733

0.2

3,046

0.2

11.4

Eliminations
Total
JITBOX Charter service

Other

%

995,651

Total

Financial

Change%66.4

Eliminations

e-Business

Ratio

821,293

Total

Home
Convenience

Ratio

Fiscal year ended
March 31, 2012

Takkyubin

Eliminations

BIZ-Logistics

Fiscal year ended
March 31, 2011

Others54,685

4.4

47,986

3.8(12.3)

Eliminations(52,443)(4.2)(45,764)(3.6)(12.7)

Total
Total

4,975

0.4

5,267

0.4

5.9

1,236,520

100.0

1,260,832

100.0

2.0

- 45 -

6. Non-Consolidated Financial Statements(1) Non-consolidated balance sheets(Millions of yen)
As of March 31, 2011

As of March 31, 2012

AssetsCurrent assets
Cash and deposits

138,959

144,851

Supplies

30Prepaid expenses

28

90

Deferred tax assets

331

258

Short-term loans receivable

21,034

15,921

Income taxes receivable

3,871

2,148

Other

2,368

11

166,597

163,281

Total current assets
Noncurrent assets
Property, plant and equipment
VehiclesAccumulated depreciation
Vehicles, net
Buildings
Accumulated depreciation
Buildings, net

37

52

(33)

(35)

4

16

2

2

(1)

(1)

0

0

Tools, furniture and fixtures

53

243

Accumulated depreciation

(48)

(66)

4

177

Construction in progress

—

1,296

Total property, plant and equipment

10

1,491

Software

42

824

Other

204

319

Total intangible assets

246

1,143

Investment securities

14,295

14,287

Stocks of subsidiaries and affiliates

291,736

293,026

711

694

22,292

6,865

Deferred tax assets

939

173

Other

78

97

(652)

(559)

329,401

314,585329,657

317,221496,255

480,502

Tools, furniture and fixtures, net

Intangible assets

Investments and other assets

Long-term loans receivable
Long-term loans receivable from subsidiaries andaffiliates

Allowance for investment loss
Total investments and other assets
Total noncurrent assets
Total assets- 46 -

(Millions of yen)
As of March 31, 2011

As of March 31, 2012

Liabilities
Current liabilities
Operating accounts payable

272

171

Short-term loans payable

6,828

5,951

Income taxes payable39

34

Accrued expenses

29

35

Deposits received

31

19

67,366

69,042

Provision for bonuses

38

39

Other

163

86

74,76975,381

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

5,951

—

58

67

26,00920,067100,779

95,449127,234

127,234

Deposits received from subsidiaries and affiliates

Total current liabilities
Noncurrent liabilities

Provision for retirement benefits
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus

36,82236,822Other capital surplus

84,492

84,492

Total capital surplus

121,314

121,314

General reserve

164,965

174,965

Retained earnings brought forward

25,42815,505

190,393

190,471

Treasury stock(44,630)(56,514)

Total shareholders’ equity

394,312382,505

Valuation difference on available-for-sale securities

1,163

2,547

Total valuation and translation adjustments

1,163

2,547

395,476

385,053496,255

480,502

Retained earnings
Other retained earnings

Total retained earnings

Valuation and translation adjustments

Total net assets
Total liabilities and net assets- 47 -

(2) Non-consolidated statements of income(Millions of yen)
For the year ended
March 31, 2011
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

For the year ended
March 31, 2012

21,927

14,172

896
38
15
120
335
546
116
31
259

1,206
39
12
210
518
586
216
69
280

2,305

3,088

19,621

11,083

627
385
40

416
400
149

1,054

966

261
115
16

161
—
5

394

166

20,281

11,882

91

—

91

—

0
80

—
1,818

Total extraordinary losses

81

1,818

Income before income taxes

20,291

10,064

9
(8)

10
412

Operating income
Non-operating income
Interest income
Dividends income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Bond issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Reversal of allowance for investment loss
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on valuation of investment securities

Income taxes-current
Income taxes-deferred
Total income taxes
Net income- 48 -

1422

20,2909,641

(3) Non-consolidated statements of changes in net assets(Millions of yen)
For the year ended
March 31, 2011

For the year ended
March 31, 2012

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

127,234

127,234

Balance at the end of current period

127,234

127,234

Capital surplus
Legal capital surplus
Balance at the beginning of current period

36,82236,822

Balance at the end of current period

36,82236,822

84,492

84,492(0)(0)

Other capital surplus
Balance at the beginning of current period
Changes of items during the period
Disposal 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
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- 49 -(0)(0)

84,492

84,492

121,315

121,314

(0)

(0)

(0)

(0)

121,314

121,314

156,965

164,965

8,000

10,0008,000

10,000164,965

174,965

23,12025,428(9,982)
20,290(8,000)(9,564)
9,641(10,000)

2,307(9,922)

25,42815,505

180,086

190,393(9,982)
20,290—(9,564)
9,641—

10,307

77

190,393

190,471

(Millions of yen)
For the year ended
March 31, 2011
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Disposal 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
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- 50 -For the year ended
March 31, 2012

(26,505)(44,630)(18,126)
2(11,884)0(18,124)(11,884)(44,630)(56,514)402,130

394,312(9,982)
20,290(18,126)
1(9,564)
9,641(11,884)
0(7,818)(11,807)394,312382,505

2,732

1,163

(1,569)1,384(1,569)

1,384

1,163

2,547

2,732

1,163

(1,569)1,384(1,569)

1,384

1,163

2,547

404,863

395,476(9,982)
20,290(18,126)
1(1,569)(9,564)
9,641(11,884)
0
1,384(9,387)(10,422)395,476

385,053