Translation
July 29, 2011

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2012
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Toshizo Kurisu, Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
August 11, 2011
Scheduled date of the commencement of dividend payment:—
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the first quarter of fiscal year 2012
(cumulative: from April 1, 2011 to June 30, 2011)(1) Consolidated operating results
For the three months ended
June 30, 2011
June 30, 2010
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen%
Millions of yen%
294,234
3.3
7,608
82.2
8,027
72.4
1,279
35.9
284,7702.1
4,175(46.5)
4,657(45.6)
941 (77.0)
For the three months ended June 30, 2011: 1,360 million yen ( — %)For the three months ended June 30, 2010: (632) million yen ( — %)Net income per share

For the three months ended
June 30, 2011
June 30, 2010

Yen
2.97
2.07

Net income pershare - fully diluted
Yen
2.90
—

(2) Consolidated financial position
As ofJune 30, 2011
March 31, 2011
(Reference) Equity:2.

Total assets
Millions of yen
886,849
899,363
As of June 30, 2011: 500,291 million yen

Net assets
Equity ratio
Millions of yen%
509,05156.4
524,505
57.3
As of March 31, 2011: 515,602 million yen

Dividends
First quarter

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

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
11.00
—
11.00

Total
Yen
22.00
—
22.00

3.

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

Operating income

Millions of yen%
Millions of yen%
Half year
612,000
2.4
22,0008.8
Full year
1,262,000
2.1
65,0001.1(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
22,5005.3
6,500(38.1)
15.11
66,0000.1
27,000(18.7)
62.77

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

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revision to accounting standards, etc.:
Noneb. Changes in accounting policies other than a.:
Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None(4) Number of issued shares (common stock)a. Number of issued shares as of the end of the period (including treasury stock)
As of June 30, 2011
468,052,892 shares
As of March 31, 2011
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2011
37,903,863 shares
As of March 31, 2011
28,716,928 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended June 30, 2011
430,282,049 shares
For the three months ended June 30, 2010
453,769,564 shares*Indication regarding execution of quarterly review procedures
At the time of disclosure of this quarterly financial results report, the quarterly review procedures in accordance with the Financial
Instruments and Exchange Act are in progress.

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “Qualitative information on consolidated earnings
forecasts” of the attached materials to the quarterly financial results report on page 6.
• Quickly after its financial results presentation, the Company plans to promptly post supplementary materials on quarterly financial results on
its website.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Three Months................................................................. 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 6(3) Qualitative information on consolidated earnings forecasts............................................................................... 6
2. Matters Regarding Summary Information (Others) .................................................................................................. 7
Application of specific accounting for preparing the quarterly consolidated financial statements............................. 7
3. Consolidated Financial Statements.......................................................................................................................... 8(1) Consolidated balance sheets ............................................................................................................................ 8(2) Consolidated statements of income and consolidated statements of comprehensive income ........................ 10
Consolidated statements of income (cumulative) ............................................................................................ 10
Consolidated statements of comprehensive income (cumulative)................................................................... 11(3) Notes to premise of going concern.................................................................................................................. 12(4) Segment information, etc................................................................................................................................. 12(5) Notes on significant changes in the amount of shareholders’ equity ............................................................... 13
4. Supplementary Information .................................................................................................................................... 14
Operating revenue by business................................................................................................................................ 14-1-

1. Qualitative Information on Settlement of Accounts for the Three Months(1) Qualitative information on consolidated operating results
In terms of the business environment during the three months ended June 30, 2011, the Japanese economy
overall faced an environment of economic standstill as a result of the impact of the Great East Japan
Earthquake that occurred on March 11, 2011 such as disruption to the supply chain of the manufacturing anddistribution sectors and weak consumer sentiment amongst consumers. Nevertheless, flowing on fromearthquake-recovery related demand that began from April onwards, the economy has been following a gentle
upward trend. Operating in this environment, the Yamato Group put forward new supply chain proposals suchas dispersed inventory in response to the changes in the societal and economic structures and the distribution
systems of companies, due to the earthquake. In addition, aiming to create a one-stop point of service forcorporate clients, the Yamato Group set up “Solutions Lab,” which is an organization that puts forward
proposals that laterally utilize functions possessed by the Group, and provided solutions and support for various
customer-specific management problems.
The results of the Delivery Business were higher, compared to the year-ago period, with respect to Takkyubinparcel volume, which is attributable to, among other factors, the transport of earthquake-related relief supplies
and an increase in the number of parcels sent by major corporate clients.
In the non-delivery businesses, the Yamato Group expanded sales of services that are differentiators fromcompetitors to realize sales expansion, better business efficiency and cost reduction for corporate clients.
Non-delivery revenues were expanded, particularly in the e-Business and Financial Business. In the Home
Convenience Business, the utilization of moving services and delivery services for furniture and electronic
appliances expanded.
Our consolidated financial results for the three months ended June 30, 2011 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

For the three months
ended June 30, 2010
284,770
4,175
4,657
941

For the three months
ended June 30, 2011
294,234
7,608
8,027
1,279

Change
9,464
3,432
3,370
337

Growth (%)
3.3
82.2
72.4
35.9

Initiatives for the entire Yamato Group
a.

b.

c.

While expanding its Delivery Business, which centers on Takkyubin, the Yamato Group is working tocreate new value to make the lives of customers more convenient by utilizing a multiple assortment of the
management resources accumulated in the Group. By proceeding with the expansion of its services into
the Asian region, the Group aims to expand its business area and strengthen the growth momentum of theentire Yamato Group.
Inside the Japanese market, the Group further strengthened unique Yamato Group services thatdifferentiate us from competitors such as by expanding and enhancing e-money support services for when
making payment upon delivery of Takkyubin Collect. The Group shall continue in the future to offer
convenience to both senders and receivers of parcels by creating services that utilize the Yamato Group’s
unique functions and by expanding the market of these services.
Aiming to expand the business area to the Asia region, the Group focused on strengthening sales
networks and expanding points of services in Shanghai, Singapore and Hong Kong, where we conduct the
Takkyubin service. At the same time, to support the logistics needs of the international community, we
further enhanced our intermodal transportation service that links the world. We plan to start our Takkyubin
service in Malaysia in September 2011. By continuing to expand our business area in the future throughsuch measures, we will contribute to the realization of an affluent society in the Asian region.

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Business strategies of each business segmentz Delivery
The delivery volumes of Takkyubin and Kuroneko Mail services are as follows.
(Million parcels / units)
Category
Takkyubin
Kuroneko Mail

a.

b.

c.

d.

For the three months
ended June 30, 2010
299
578

For the three months
ended June 30, 2011
318
558

ChangeGrowth (%)
18
(20)

6.2
(3.6)

In the Delivery Business, driven by the basic corporate philosophy of “Total Reliability,” the Yamato Group
works on Takkyubin-centered business evolution designed to make the lives of customers moreconvenient by utilizing the Group’s management resources. In the three months ended June 30, 2011, theGroup proceeded to raise the sophistication of Takkyubin services and strengthen its capabilities tosupport commercial distribution needs, aiming to recover the growth momentum of Takkyubin.
Aiming to expand our customer’s sales and support them in finding solutions to management challenges,
the Group worked to expand sales of services that utilize the Takkyubin function and a multiple assortmentof the Group’s management resources. As a result, the utilization of such services, particularly by major
corporate clients, expanded. In addition, Takkyubin parcel volume in the three months ended June 30,
2011 was considerably increased on account of the transportation of relief supplies related to the Great
East Japan Earthquake. Furthermore, strongly recognizing that Takkyubin is a service dependent on ahigh-level of infrastructure, we made efforts to further strengthen the network foundations so that
customers can utilize the service with peace-of-mind, under any circumstances.
Taking on the challenge of both raising delivery quality while constraining costs, the Group establishedpickup/delivery teams called “Field Casts” which included the utilization of part-time employees. In addition,
we continued to conduct en-masse delivery during the time zones that our customers are most frequently
at home, an initiative we started in the previous fiscal year. At the same time, we strove to achieve suitable
cost management by constructing personnel structures that are responsive to business volume.
Operating revenue amounted to 232,578 million yen, up 3.3% from the year-ago period as a result of
Takkyubin parcel volumes that have continued to fare well since the previous fiscal year. Operating income
amounted to 1,021 million yen, up 2,406 million yen from the year-ago period, due not only to increased
revenue, but also constrained expenses from productivity improvement measures and more appropriate
allocation of personnel.

z BIZ-Logistics
a.
b.

c.

d.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the Takkyubin network with international transportation
functions and warehouse management functions.
For clients such as manufacturers requiring international transportation functions for products and parts,
the Group provides the value of “expanding sales opportunities by shortening transportation times” and“cutting costs by reducing the warehouse volume” through its “Global Direct” international intermodaltransportation service that is interlinked with the Takkyubin network. During the three months ended June30, 2011, the utilization of such services, particularly by major corporate clients, expanded, which resulted
in firm operating performance.
As part of logistics systems provided to the mail-order shopping industry, the Group works on developingthe “Today Shopping Service” that meets the need of purchasers who “want to receive the product quickly”
by providing delivery of mail-order products as fast as eight hours and four hours for designated areas. In
the three months ended June 30, 2011, not only did we improve sales capabilities through accelerated
delivery, but we also proactively made proposals to improve risk management by shifting to dispersed
inventory.
For customers who handle pharmaceutical products and medical devices, the Group has constructedadvanced sanitary management and security systems. By utilizing distribution centers dedicated to thesecustomers, the Group provides services that support all these customers’ needs ranging from thewarehousing of pharmaceutical products and medical devices through to the delivery of these products. In
the three months ended June 30, 2011, we started a new maintenance service for medical devices and

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e.

began working to expand the contents of this service.
Operating revenue amounted to 20,498 million yen, down 3.5% from the year-ago period due to adecrease in the freight volume of manufacturing companies in trading logistics service business on
account of the Great East Japan Earthquake. Operating income was 759 million yen, down 23.3% fromthe year-ago period.

z Home Convenience
a.
b.

c.

d.

In the Home Convenience Business we are working to offer convenience and comfort to customers’ lives
by providing lifestyle support services that utilize the nationwide network of the Yamato Group.
As part of our delivery service for furniture and electronic appliances, we provide “Delivery & Installation”
services that meet the needs of consumers who “want to use the product immediately” by providing
assembly and installation at the same time as delivery. In the three months ended June 30, 2011,
operating results of this service was higher compared to the year-ago period owing to the delivery andinstallation of essential electronic appliances to people afflicted by the Great East Japan Earthquake, andof energy-saving appliances, which was the result of a growing energy-saving consciousness amongst
consumers.
In the moving-related services, the Yamato Group has been offing the value of multiple
pickup-and-deliveries as required and suitable fee structures reflecting the amount of furniture through theutilization of transportation by transport boxes, which is a management resource of the Group. Additionally,by promoting these services together with rental or recycling services for electronic appliances, we arecontributing to reducing the amount of household property that needs to be transported when moving. In
the three months ended June 30, 2011, the moving service and rental service expanded, which was
mostly due to the occurrence of the Great East Japan Earthquake causing the moving demand period toshift from March to April.
Operating revenue amounted to 13,205 million yen, up 10.7% from the year-ago period due to a growth in
Delivery & Installation services and moving-related services. Operating income was 223 million yen, up
723 million yen from the year-ago period, due not only to increased revenue, but also the contribution of
constrained expenses achieved through the integration of operations and more appropriate allocation of
personnel.

z e-Business
a.
b.

c.

d.

e.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively proposing solutions that combine logistics technology and financial
technology functions with information technology function.
For customers looking for more efficient inventory management services for their products and parts, theYamato Group offers services that contribute to better visualization of the flow of items inside the
distribution process by utilizing freight-tracking know-how from the Takkyubin service. In the three months
ended June 30, 2011, the utilization of these services was expanded by various customers such as cable
TV companies and medical device manufacturers.
The Yamato Group provides services to distributors and retail clients who operate net supermarket
business. The Group offers the value of reduced initial costs and getting operations up-and-running in ashort time period through the provision of packaged services that includes Web systems, delivery services
and payment settlement methods. These services, which also serve to assist the lifestyles of consumers
with restricted accessibility to shops, a demographic that is increasing in recent years, are being
increasingly utilized, which is a reflection that the need for such services in society is growing.
To meet the needs of customers who wish to achieve more efficient management of promoted items while
reducing related expenses, the Yamato Group develops packaged services for the printing, warehousing
and delivery of promoted items and pamphlets. In the three months ended June 30, 2011, in addition topromoted items and pamphlets, our services offering printing and delivery of direct-mail items fromsingle-item printing upwards fared well, thanks to expansion efforts.
Operating revenue amounted to 8,276 million yen, an increase of 5.7% from the year-ago period as aresult of an expansion of services helping customers to achieve more efficient management of inventories
and promoted items. Operating income was 1,117 million yen, down 20.5% from the year-ago period due
to an increase in expenses such as anticipatory investment aimed at evolving new businesses.

-4-z Financial
a.
b.

c.
d.

In the Financial Business, the Yamato Group is endeavoring to respond to every means of payment
settlement to meet the needs of customers from payment collection on mail-order product delivery to B2Btransaction settlement.
As part of collection on mail-order product delivery, the Yamato Group, looking to improve convenience forthe purchasers, expanded payment methods through providing support for settlement of payment using
commuter-type e-money such as Suica for when making payment upon delivery of Takkyubin Collect. As aresult, in the three months ended June 30, 2011, the number of payment settlement transactions
increased from the year-ago period.
As for B2B transaction settlement, the Yamato Group promoted purchasing agency services forinternational procurement by manufacturing companies, settlement and deposit management services for
medical device manufacturers, among others, and such services performed firmly.
Operating revenue was up 3.4% from the year-ago period to 13,152 million yen due to an increase in thenumber of payment settlement transactions of the Takkyubin Collect. Operating income was 2,858 million
yen, up 12.9% from the year-ago period due not only to increased revenue, but also the reversal of anallowance for doubtful accounts as a result of optimization of debt management in the shopping credit
business.

z Truck Maintenance
a.

b.

c.

In the Truck Maintenance Business, the Yamato Group, through leveraging the technology that has been
surely developed from the servicing and maintenance operations of Yamato Group vehicles as amanagement resource, is offering customers who use trucks, buses and other vehicles in their operations
the value of improved vehicle maintenance convenience, compliance with statutory vehicle inspections,and reduced maintenance expenses.
In the three months ended June 30, 2011, we actively promoted our “Off-Time Vehicle Inspection,”whereby vehicle inspections are conducted in the hours that are convenient to the customer, and our“12-Month Fixed-Price Maintenance Package,” which evens out the monthly vehicle maintenanceexpenses. As a result, the number of vehicles serviced steadily increased, which contributed to boosting
business growth.
Operating revenue amounted to 5,309 million yen, up 8.3% from the year-ago period due to the increasein the number of vehicles serviced which exceeded the impact on operations of multiple maintenanceplants, mostly in the Tohoku area, that were affected by the Great East Japan Earthquake. Operating
income was 868 million yen, up 32.4% from the year-ago period.

z Othera.

b.

The "JITBOX Charter service" is a service that provides transportation by transport box. The service takes
advantage of its Group network consisting of 16 companies and provides value to customers throughdelivery timed to suit the customer’s needs and frequent, right-volume delivery. In the three months ended
June 30, 2011, transportation orders decreased in April as a result of exhibition and event cancellations
following the Great East Japan Earthquake and the handling volume was down compared to the year-ago
period. However, from May onwards, the handling volume trended towards recovery.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from Group
companies increased 167.7% from the year-ago period to 248 million yen.

CSR Initiativesa.

b.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the three months ended June 30, 2011, in addition to continuously promoting the introductionof “See-T Navi,” an independent on-board system designed with safety in mind, the Group contributed toraising consciousness towards safety by conducting the “Safety Classes for Children” across Japan.
The Yamato Group recognizes that initiatives to address environmental problems are challenges to beshared by all humanity, and we take the initiative to proactively promote environmental protection activities.
In the three months ended June 30, 2011, aiming to reduce CO2 emissions, the Yamato Group decided to

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c.

d.

e.

order 100 new electric vehicles after introducing the same vehicle into operations on a trial basis. The
Group promoted various other initiatives aimed at realizing a low-carbon society such as operating pickup
and delivery operations by roadway tram in some areas.
Aspiring to be a company that has a strong bond of trust with the local community, the Yamato Group
promotes various activities to help realize a society in which disabled people can freely enjoy a lifestyle asa member of the workforce. For example, led by Yamato Welfare Foundation, we actively employ disabled
people in the Swan Bakery that makes and sells bread, provide workplaces through the consigned deliveryof Kuroneko Mail, and operate job-finding support facilities that conduct training of skills and knowledge
necessary for employment.
To assist in the recovery from the Great East Japan Earthquake, the Yamato Group is providing
continuous support for the transportation of relief supplies etc., and it established a 10 yen donation foreach Takkyubin package. This donation is expected to exceed 13.0 billion yen over a full year. By making
this donation via the specified donation system of public interest incorporated foundation Yamato Welfare
Foundation, the full amount of the donation will be tax exempt. The money is planned to be donated toorganizations working to restore the local infrastructure and recover the fishing/agriculture industries of theearthquake affected areas. In addition, the Group has established an environment within the Group thatmakes it easy to participate in volunteer activities, and it is encouraging employees to participate involunteer activities on their own initiative.
As a measure to conserve electricity, the Yamato Group has implemented various electricity conservation
measures, particularly in the office workplaces. While fully maintaining the functionality of the Yamato
network, such as Takkyubin, the Group is working hard to reduce electricity consumption on a Group-widebasis. Concrete examples of such measures are disconnecting some lights, raising the temperature
setting of air conditioning in office buildings to above normal-year settings, and water sprinkling. Throughsuch measures, the Group is working to reduce electricity consumption by more than 15%.

(2) Qualitative information on consolidated financial position
Total assets were 886,849 million yen as of June 30, 2011, down 12,513 million yen from the end of theprevious fiscal year. Major factors included an increase in notes and accounts receivable-trade of 8,843 million
yen accompanying an increase in Takkyubin parcel volume on one hand and the decrease of cash anddeposits of 19,658 million yen due to the purchase of property, plant and equipment and the purchase oftreasury stock on the other.
Liabilities increased 2,940 million yen to 377,798 million yen from the end of the previous fiscal year. Major
factors behind this increase included an increase in accrued expenses of 43,363 million yen due to thereporting of scheduled payments of summer bonuses on one hand and the decrease in provision for bonusesof 17,614 million yen and the decrease of income taxes payable of 16,471 million yen due to the payment ofincome taxes on the other.
Total net assets were 509,051 million yen, down 15,454 million yen from the end of the previous fiscal year.
Major factors included the decrease in retained earnings of 3,483 million yen due to the payment of 4,832
million yen for the appropriation from surplus and the recording of net income of 1,279 million yen on one hand,
and the purchase of treasury stock of 11,881 million yen on the other.
Accordingly, the equity ratio changed to 56.4% from the previous fiscal year’s 57.3%.
(3) Qualitative information on consolidated earnings forecasts
The strength of recovery after the occurrence of Great East Japan Earthquake exceeds the expectations of theinitial forecasts and consolidated earnings during the three months ended June 30, 2011 proceeded firmly.
Looking forward at the state of the economy, although earthquake-recovery related demand and other factors is
causing the economy to gently trend upwards, after considering factors such as the impact of the nuclear power
problem and the soaring prices of crude oil, the Yamato Group forecasts that uncertain conditions will continue
to prevail.
Confronting such an economic environment, the Yamato Group will continue to put forward new supply chain
proposals based on an accurate understanding of changes in the societal and economic structures and the
distribution systems of companies. At the same time, the Group will proactively develop sales of solutions thatlaterally utilize functions possessed by the Group and further expand the revenue base. In addition, on the costside, we will construct appropriate personnel structures that are responsive to business volume, promotemeasures to improve productivity and carry out other measures in a full-blown effort to constrain costs.
Based on the above, the Yamato Group has changed the consolidated earnings forecasts for the half year andfor the full year of the fiscal year ending March 31, 2012 since the announcement made on April 28, 2011.

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

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

As of June 30, 2011

AssetsCurrent assets
Cash and deposits

209,177

189,518

Notes and accounts receivable-trade142,095

150,939

Accounts receivable-installment

41,151

39,844

Lease investment assets

17,506

17,063Merchandise and finished goods

804

848

Work in process

173

214

Raw materials and supplies

1,735

1,856

Other

41,09743,819Allowance for doubtful accounts(3,486)(2,814)

Total current assets

450,255441,289271,232

272,079

Accumulated depreciation(154,721)(156,463)

Buildings and structures, net

116,510

115,615

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

179,978

180,821(165,059)(165,375)

14,91915,445

Land

182,420

182,421

Lease assets

24,82626,159

Accumulated depreciation(8,820)(10,166)

Lease assets, net

16,005

15,993125,018

118,130(86,719)(80,208)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

38,29937,921

368,155

367,398

Goodwill

779

741

Other

14,415

14,886

Total intangible assets

15,194

15,627

Investment securities

22,90920,262

Other45,441

44,772

Allowance for doubtful accounts(2,278)(2,185)

Allowance for investment loss

(315)

(315)

65,75862,534449,108

445,560

899,363886,849

Total property, plant and equipment
Intangible assets

Investments and other assets

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

(Millions of yen)
As of March 31, 2011

As of June 30, 2011

Liabilities
Current liabilities
Notes and accounts payable-trade113,698

112,736

Short-term loans payable

21,63819,533

Lease obligations

5,297

5,049

Income taxes payable

20,447

3,975

Deferred installment income

6,363

5,902

Provision for bonuses

29,731

12,116

Other

67,156

107,402

Total current liabilities

264,332

266,716

Bonds with subscription rights to shares

20,00020,000Long-term loans payable

43,131

42,634

Lease obligations

11,306

11,556

Provision for retirement benefits

28,47029,266

7

7

7,608

7,617

110,525

111,082

374,857

377,798

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

311,569

308,086

Treasury stock(44,630)(56,511)

Total shareholders’ equity

515,488

500,123

Noncurrent liabilities

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

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

1,501

1,389

Foreign currency translation adjustment(1,386)(1,222)

114

167

Minority interests

8,902

8,760

Total net assets

524,505

509,051

899,363886,849

Total accumulated other comprehensive income

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

For the three months ended
June 30, 2011

Operating revenue

284,770

294,234

Operating cost

273,557

279,491

Operating gross profit

11,212

14,743

Selling, general and administrative expenses

7,037

7,135

Operating income

4,175

7,608

Non-operating income
Interest income

20

13

Dividends income

255

285

Other

588

506

Total non-operating income

864

804

Interest expenses

210

205

Other

171

179

Total non-operating expenses

382

384

4,657

8,027

Reversal of allowance for doubtful accounts

120—

Total extraordinary income

120—

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets

51

199

Loss on valuation of investment securities—

590

Donation for earthquake recovery initiatives

—

3,182

1,642

—

15

365

1,709

4,338

Income before income taxes and minority interests

3,068

3,689

Income taxes

2,099

2,446

Income before minority interests

969

1,243

Minority interests in income (loss)

27

(35)

Net income

941

1,279

Loss on adjustment for changes of accounting standard for
asset retirement obligations
Other
Total extraordinary losses- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Income before minority interests

For the three months ended
June 30, 2010

For the three months ended
June 30, 2011

969

1,243

(1,632)

(124)

30

241

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income(1,602)

117

(632)

1,360

Comprehensive income attributable to owners of the parent

(566)

1,376

Comprehensive income attributable to minority interests

(66)

(15)

Comprehensive income(Breakdown)- 11 -

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

Home
Convenience

e-Business

Financial

225,072

21,24011,931

7,832

12,722

11,600

2,910

3,326

5,688

1,140

236,672(1,384)24,150990

15,258(500)

13,5201,406

13,863
2,530

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
4,902
1,068
284,770—
284,770(2) Inter-segment operating revenue or
6,200
26,85657,724(57,724)—transfers
Total
11,102
27,925
342,494(57,724)
284,770
Segment income (loss)
656
19,07022,768(18,593)
4,175
Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 18,712 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 12 -

For the three months ended June 30, 2011
(Millions of yen)
DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income

232,578

BIZ-Logistics

Home
Convenience

e-Business

Financial

20,498

13,205

8,276

13,152

12,842

2,708

3,149

6,285

1,067

245,420
1,021

23,206759

16,355223

14,561
1,117

14,2202,858

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
5,309
1,212
294,234—
294,234(2) Inter-segment operating revenue or
6,576
18,60951,239(51,239)—transfers
Total
11,886
19,822
345,473(51,239)294,234
Segment income
868
10,662
17,512(9,904)
7,608
Notes: 1. Other includes business-to-business distribution via JITBOX Charter service, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 10,218 million yen.
3. The adjustment of segment income is the elimination of inter-segment transfers.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

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

- 13 -

4. Supplementary Information
Operating revenue by businessBusiness segment

Delivery

BIZ-Logistics

Home
Convenience

e-Business

Financial

Truck
Maintenance

Other

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

For the three months
ended June 30, 2010
AmountRatio(Millions of yen)(%)
181,641
63.8
37,31713.1
11,0543.9
14,047
4.9(18,989)(6.7)
225,072
79.0

For the three months
ended June 30, 2011
AmountRatio(Millions of yen)(%)
191,12665.0
35,676
12.1
10,402
3.5
15,422
5.2(20,049)(6.8)
232,578
79.0

9,203

3.2

8,876

3.0

(3.6)

34,057

2.8

7,042
2,832
973
8,153
(6,965)
21,240
4,961
6,687

2.5
1.0
0.3
2.9
(2.4)
7.5
1.7
2.4

6,725
1,920
954
8,379
(6,357)
20,498
5,390
7,309

2.3
0.7
0.3
2.9
(2.2)
7.0
1.8
2.5

(4.5)
(32.2)
(2.0)
2.8
(8.7)
(3.5)
8.7
9.3

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

2.2
0.8
0.3
2.6
(2.1)
6.6
1.7
2.0

3,614

1.3

3,661

1.3

1.3

17,1491.4(3,332)
11,931
2,152
1,656
1,102

(1.2)
4.2
0.7
0.6
0.4

(3,156)
13,205
2,299
1,736
1,109

(1.1)
4.5
0.8
0.6
0.4

(5.3)
10.7
6.8
4.9
0.6

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

(1.1)
4.0
0.7
0.5
0.4

1,626

0.6

1,530

0.5

(5.9)

6,682

0.5

8,254
(6,959)
7,832
8,228
4,012
1,396
245
(1,160)12,722
10,347
1,303(6,749)
4,902

2.9
(2.5)
2.7
2.9
1.4
0.5
0.1
(0.4)
4.5
3.6
0.5
(2.4)
1.7

8,797
(7,196)
8,276
8,496
4,360
1,087
293
(1,085)
13,152
11,0691,335(7,094)
5,309

3.0
(2.5)
2.8
2.9
1.5
0.4
0.1
(0.4)
4.5
3.8
0.4
(2.4)
1.8

6.6
3.4
5.7
3.3
8.7
(22.1)
19.3
(6.4)
3.4
7.0
2.4
5.1
8.3

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

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

673

0.3

735

0.2

9.3

2,733

0.2

27,946(27,550)
1,068
284,770

9.8
(9.7)
0.4
100.0

19,620(19,143)1,212
294,234

6.7
(6.5)
0.4
100.0

(29.8)(30.5)
13.5
3.3

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

4.4
(4.2)
0.4
100.0

- 14 -

Change
(%)
5.2
(4.4)
(5.9)
9.8
5.6
3.3

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