Translation
November 12, 2021

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2022
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange
9064
https://www.yamato-hd.co.jp/
Yutaka Nagao, President
Atsushi Kashimoto, Managing Executive Officer, Responsible for Finance and Investor Relations
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
November 12, 2021
Scheduled date of the commencement of dividend payment:
December 10, 2021
Preparation of supplementary materials on quarterly financial results:
Yes
Holding of quarterly financial results meeting:Yes(Amounts less than 1 million yen are discarded.)1.

Consolidated financial results for the second quarter of fiscal year 2022
(cumulative: from April 1, 2021 to September 30, 2021)(1) Consolidated operating results

For the six months ended
September 30, 2021
September 30, 2020
(Note) Comprehensive income:(Percentages represent year-on-year changes.)
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
865,470
7.4
31,69017.7
36,921
32.2
14,6313.1
806,067
0.7
26,915333.2
27,933923.0
14,186—
For the six months ended September 30, 2021:
20,719 million yen (22.2%)
For the six months ended September 30, 2020:
16,955 million yen (— %)Basic earnings per share

Diluted earnings
per share

For the six months ended
Yen
Yen
September 30, 2021
39.44—
September 30, 2020
37.60—
(Note) The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year 2022, and figures in the consolidated operating results
for the six months ended September 30, 2021, are those after applying the accounting standard and relevant revised ASBJ regulations.

(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
September 30, 2021
1,096,540
590,222
53.1
March 31, 2021
1,089,991
584,287
52.9(Reference) Equity:
As of September 30, 2021: 582,095 million yen
As of March 31, 2021: 576,367 million yen(Note) The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year 2022, and figures in the consolidated financial position
as of September 30, 2021, are those after applying the accounting standard and relevant revised ASBJ regulations.

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2.

Dividends
First quarter
Yen——

Second quarter
Yen
16.00
23.00

Fiscal 2021
Fiscal 2022
Fiscal 2022 (Forecast)(Note) Revisions to the forecasts most recently announced: None

3.

Annual dividends
Third quarter
Yen—

Fiscal year-end
Yen
30.00

—

23.00

Total
Yen
46.00
46.00

Consolidated earnings forecasts for fiscal year 2022 (from April 1, 2021 to March 31, 2022)
Operating revenue

Operating profit

Millions of yen%
Millions of yen
Full year
1,790,000
5.6
95,000(Note) Revisions to the forecasts most recently announced: Yes%
3.1(Percentages represent year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
100,000
6.4
55,000(3.0)
148.24* Notes(1) Changes in significant subsidiaries during the six months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note)For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to consolidated
financial statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of theattached materials to the quarterly financial results report on page 17.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Yes
b. Changes other than a:Yesc. Changes in accounting estimates:
Yes
d. Restatement:
None(Note)For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to consolidated
financial statements (Changes in accounting policies)” of the attached materials to the quarterly financial results report on page17.

(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of September 30, 2021:
388,575,592 shares
As of March 31, 2021:
388,575,592 sharesb. Number of treasury shares as of the end of the period
As of September 30, 2021:
17,550,947 shares
As of March 31, 2021:
17,550,515 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2021:
371,024,853 shares
For the six months ended September 30, 2020:
377,257,203 shares*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various
reasons. For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of
Accounts for the Three Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” of the attachedmaterials to the quarterly financial results report on page 10.
• The Company plans to post supplementary materials on quarterly financial results on the Company’s website promptly after theannouncement of the quarterly financial results.

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Attached Materials
Index
1. Qualitative Information on Settlement of Accounts for the Six Months ................................................................... 4(1) Explanation of operating results ...................................................................................................................... 4(2) Explanation of financial position .................................................................................................................... 10(3) Explanation of consolidated earnings forecasts and other forward-looking statements ................................ 10
2. Consolidated Financial Statements and Significant Notes Thereto ...................................................................... 12(1) Consolidated balance sheet .......................................................................................................................... 12(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 14
Consolidated statement of income (cumulative) ............................................................................................ 14
Consolidated statement of comprehensive income (cumulative) .................................................................. 15(3) Consolidated statement of cash flows ........................................................................................................... 16(4) Notes to consolidated financial statements ................................................................................................... 17(Notes to premise of going concern) ............................................................................................................. 17(Notes on significant changes in the amount of shareholders’ equity)........................................................... 17(Changes in scope of consolidation and equity method application) ............................................................. 17(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 17(Changes in accounting policies)................................................................................................................... 17(Additional information).................................................................................................................................. 18(Segment information, etc.) ........................................................................................................................... 19(Important subsequent matters) .................................................................................................................... 21
3. Supplementary Information .................................................................................................................................. 22
Operating revenue by segment ............................................................................................................................ 22-3-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Explanation of operating results
During the six months ended September 30, 2021, the economic environment continued to be affected by the
spread of the novel coronavirus disease (COVID-19). Amid that situation, overseas economies have been
mounting a recovery given a prevailing scenario of proliferation of vaccines, and business sentiment has been
showing signs of improvement particularly in the manufacturing industry. Still, the outlook for full-scaleeconomic recovery remains difficult to project due to numerous factors giving rise to uncertainties, particularly
with respect to the status of COVID-19 transmission ahead, amid a scenario of global supply chain disruptions
and high raw material prices combined with effects of yen depreciation and high crude oil prices.
Meanwhile, COVID-19 has accelerated growth in the e-commerce domain across all industries amid a scenario
of changes in consumer behavior and lifestyles brought about by developments such as companies promoting
telework arrangements and a shift to online services in the fields of medicine and education.
Under such circumstances, the Yamato Group embarked on a new Group management structure centered on
the “New Yamato Transport,” which combines management resources of our respective Group companies, withthe aim of sustainably increasing its corporate value through contribution to the creation of an enriched society
as stated under its Management Philosophy. In addition, we took steps to furthermore provide comprehensive
value by meeting the needs of our customers and society by transforming supply chains in response tochanging lifestyles and changing distribution structure, based on the medium-term management plan, “OneYamato 2023,” with the fiscal year ending March 31, 2024 set as its final fiscal year.
Our consolidated financial results for the six months ended September 30, 2021 are as follows.
(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the six months ended
September 30, 2020
806,067
26,91527,933For the six months ended
September 30, 2021
865,470
31,69036,921

14,186

14,631

ChangeGrowth (%)

59,402
4,774
8,988

7.4
17.7
32.2

445

3.1

For the six months ended September 30, 2021, operating revenue amounted to 865,470 million yen, up 59,402
million yen from the previous year.
This is largely attributable to our having achieved an increase in parcel delivery volume as a result of taking
action in the burgeoning e-commerce domain, and also a result of our having focused on optimizing logistics forcustomers.
Operating expenses amounted to 833,779 million yen, up 54,627 million yen from the previous year.
This was due to factors that include an increase in strategic costs associated with our promotion of themedium-term management plan, “One Yamato 2023,” in addition to factors that include an increase intransportation costs associated with higher delivery volume, along with a rising unit price of fuel, despite
progress achieved in optimizing costs by making optimal allocations of management resources.
As a result, for the six months ended September 30, 2021, operating profit amounted to 31,690 million yen, up
4,774 million yen from the previous fiscal year.
Ordinary profit amounted to 36,921 million yen, up 8,988 million yen from the previous fiscal year mainly due torecording of 4,178 million yen in gain on investments in investment partnerships.
Profit attributable to owners of parent amounted to 14,631 million yen, up 445 million yen from the previous
fiscal year mainly due to recording of 14,999 million yen in loss on revision of retirement benefit plan under
extraordinary losses.
In addition, the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year
under review.
In addition, effective from the first quarter of the fiscal year under review, the Company and its domestic
consolidated subsidiaries have changed from the declining-balance method to the straight-line method as theirdepreciation method for property, plant and equipment in order to allocate costs in a manner that better reflects
actual use of assets, and have accordingly modified useful lives of some vehicles.
Details are shown on “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes toconsolidated financial statements (Changes in accounting policies).”-4-During the six months ended September 30, 2021, the Company resolved to transfer 51% of the Company’s
holdings of issued common shares of its subsidiary Yamato Home Convenience Co., Ltd. (“YHC”) to ART
CORPORATION at its meeting of the Board of Directors held on July 20, 2021, and concluded the sharetransfer agreement on the same day. Effective from the fourth quarter of the fiscal year under review, theCompany intends to make YHC an equity method affiliate rather than its current designation as a consolidated
subsidiary, given that the Company holds 49% of the voting rights in YHC, down from 100% previously as aresult of the transfer of shares.
Initiatives for the entire Yamato GroupThe Yamato Group has been continuously working to increase its corporate value based on the medium-term
management plan, “One Yamato 2023,” aiming to provide comprehensive value with respect to diversifying
needs of customers and society.
Furthermore, in response to the spread of COVID-19 and to ensure that customers can use TA-Q-BIN withpeace of mind, we have continued to take steps that include making sure that employees practice full hygiene
management, promoting workplace vaccinations among employees who wish to be vaccinated, and otherwise
placing focus on implementing contact-free deliveries and other infection prevention measures when interactingwith customers, using our website to share information, and continuing to provide logistics services, including
TA-QBIN.
① Increasing productivity across the entire Yamato GroupIn order to address the changing and increasingly diverse needs of our customers, we have continued
working to optimally allocate the Group’s management resources while striving to improve the accuracy ofour demand and operating amount forecasts on the basis of data analysis. In addition, we have beencoordinating efforts to the Retail Business Unit, Corporate Business Unit, Transportation Function Division,and Digital Function Division with respect to optimizing and standardizing our delivery process bytransforming work operations, and shifting to automation and digitization, thereby increasing the amount oftime frontline personnel interact with our customers, expanding our collection and delivery capabilities, andenabling us to make improvements in safety and quality. During the six months ended September 30,
2021, Yamato Management Service Co., Ltd., which handles bookkeeping and accounting operations aswell as personnel affairs for respective companies of the Yamato Group, was combined with Yamato
Transport Co., Ltd. by means of absorption-type merger, thereby enabling us to make progress inachieving optimal allocations of specialist human resources in our accounting and HR operations.
Moreover, our Professional Service Function Division has been operating under the “One Yamato
Structure” in spearheading efforts to reduce the administrative and indirect operations workload of ourfrontline personnel by engaging in business process re-engineering (BPR), which has involved
standardizing and digitizing such tasks.
② Increasing operating revenue through growth in the corporate client domain
For our corporate clients who have been coping with changes in consumer behavior and lifestyles causedby the spread of COVID-19, we have been advancing proposals for helping to address customers’
business challenges by optimizing management resources for corporate business such as previously
dispersed sales functions, logistics and distribution functions, and the trunk-route transportation network
connecting our distribution centers.
In addition, our Corporate Solutions Control Center, which consolidates sales information, created optimal
proposals for all of our corporate clients and launched initiatives to promote frontline sales activities.
Moreover, we have been working to provide comprehensive value across entire supply chains bystreamlining distribution for customers, which has involved building transportation networks with theaddition of networks for corporate enterprises to TA-Q-BIN and EAZY transportation modes, andorganically combining that with respective sites of the Yamato Group.
We have been continuing to tap expanding e-commerce (EC) demand by promoting systemic
development of our EAZY CREW delivery partners, while also proposing solutions in upstream domains oflogistics, particularly in areas that include e-commerce company procurement and inventory liquidation.
During the six months ended September 30, 2021, we launched the “digital return and sending service” fore-commerce companies. The service involves shifting to digital procedures for returns of purchased
merchandise and simplifying procedures for returns particularly in terms of hassles encountered whenpurchasers would previously make a return request by telephone or in preparing delivery slips. The service-5-also makes it possible to return items without the need for delivery slips from nearby business offices,
PUDO Station parcel lockers, and certain convenience stores. Moreover, we served as the official logistics
services partner of the Tokyo 2020 Olympic Games, which involved facilitating smooth and safe operations
with respect to logistics design and implementation during the event by providing comprehensive logistics
services in addition to TA-Q-BIN.
③ Promoting strategies for achieving sustainable enhancement of corporate value
With the aim of sustainably enhancing our corporate value, we have engaged in initiatives under our
medium-term management plan “One Yamato 2023” plan that involve promoting data and innovation
strategies, reforming management structure and reinforcing governance, engaging in HR strategy which
supports “Innovating Delivery Business,” improving capital efficiency, and strengthening sustainable
management.
Our data strategy aims at maintaining digital data and enhancing digital platforms to achieve moresophisticated use of date. Meanwhile, our innovation strategy moved forward with initiatives to promote
open innovation, which entails discovering and collaborating with startups, as well as to invest in such
startups with the aim of creating new businesses, particularly using the “KURONEKO Innovation Fund.”We are also working on strengthening governance based on the new Group management structure
through ongoing efforts to strengthen corporate governance. This will entail separating management
supervision and execution, maintaining and enhancing management transparency, as well as enhancing
governance with an emphasis on decision-making speed.
When it comes to HR strategy which supports “Innovating Delivery Business,” we will promote initiatives
for enhancing our digital education programs with the aims of increasing digital literacy of all employees
including management and rapidly developing digitally literate employees. In order to strike a balance
between sustainable growth and the development of a sustainable society, we have been engaging inbusiness in a manner that involves considering the environment and society, in part by streamlining
transportation in a manner that involves attentively connecting people with resources and data. These
efforts have been underpinned by our dual visions, one of which is “Connect. Deliver the Future via Green
Logistics.” and the other of which is, “Through Co-Creation and Fair Business Activities, Help Create aSociety That ‘Leaves No One Behind.”During the six months ended September 30, 2021, we established the “Yamato Group Environmental
Policy,” which stipulates policy for the environment, encompassing the aims of providing environmentallysound products and services, protecting the global environment given that it serves as the foundation forlife of modern-era and future generations, and contributing to realizing a healthy and abundant society.
Business strategies of each segment
The Company has changed its classification of reportable segments, effective from the first quarter of the fiscal
year under review. As such, figures for the previous corresponding period have been restated to the newreportable segments to enable segment comparisons.

 Retail Business Unit
① The Retail Business Unit provides high-quality parcel delivery services such as TA-Q-BIN and hasotherwise been working to provide value that addresses needs of our customers by drawing on the
distinctive characteristics of TA-Q-BIN in terms of its points of contact with a broad range of customers.
The business unit continued to focus on proposing solutions that draw on the Group’s management
resources in collaboration with the Corporate Business Unit, in a manner whereby frontline personnel
grasp customer changes associated with lifestyles and the business environment, thereby serving as astarting point for business of the entire Yamato Group. Moreover, it has also been working in collaboration
with the Platform Function Division, in part through efforts to provide services that make delivery and pickup more convenient, particularly the “Kuroneko Members” service, which has more than 50 million
registered members, and the “Yamato Business Members” service, which is used by more than 1.3 million
corporate clients, and also through efforts to upgrade various services other than those involving
transportation that are beneficial in terms of people’s lives and business.
② During the six months ended September 30, 2021, in preparation for launch of “TA-Q-BIN Request by
Smartphone” in October we made progress in improving the service, which enables customers tocomplete TA-Q-BIN sending procedures using their smartphones via a service-specific website thatenables them to take care of everything from preparing shipping labels to paying TA-Q-BIN fees. Such-6-

improvements included expanding the list of delivery options available in terms of targeting leisureinterests through delivery options such as Golf TA-Q-BIN, Ski TA-Q-BIN, Airport TA-Q-BIN, and Round-Trip
TA-Q-BIN, and also making preparations for TA-Q-BIN to accommodate larger items.
③ Working in collaboration with the Transportation Function Division and Digital Function Division, the Retail
Business Unit continued to strive to improve the accuracy of demand and operating amount forecasts in
respective geographic regions, and has been endeavoring to increase productivity by appropriately
allocating personnel and by heightening efficiency of collection and delivery and of our trunk-routetransportation.
④ In terms of profitability, operating revenue from customers amounted to 429,379 million yen, up 3.6% fromthe previous fiscal year, mainly as a result of the business unit having engaged in efforts to optimallydeliver parcels in alignment with diversifying needs and it having focused on acquiring parcels from small
businesses in collaboration with the Corporate Business Unit. Operating revenue of the Retail Business
Unit overall amounted to 558,368 million yen, down 2.9% from the previous year, as a result of parcels
from e-commerce companies, which had shown a dramatic increase in the previous year, having beenshifted to the Corporate Business Unit.
Although operating expenses decreased by 2.0% from the previous year largely due to lower personnel
expenses, and despite higher transportation costs associated with rising unit price of fuel and higherdelivery volume, operating profit decreased by 34.0% from the previous year.

 Corporate Business Unit
① The Corporate Business Unit has been seeking to provide value across entire corporate logistics supply
chains, including midstream and upstream domains of business. To such ends, the business unit has been
taking on initiatives that include planning supply chain management (SCM) strategies that contribute tocustomers’ business decisions, above and beyond improving and streamlining logistics operations, andfurthermore engaging in account management, which involves developing effective projects and assuming
responsibility through to management and operations. In addition, for customers who have turned toservices in the downstream realm of their supply chains, the business unit has been seeking to provide
value in the midstream and upstream domains. This involves building relationships of trust with suchcustomers, identifying supply chain and managerial issues, and proposing solutions to address such
issues.
② Moreover, for retailers who are developing physical stores and e-commerce omni-channel sales
frameworks, the business unit has been promoting efforts to optimize inventory and distribution throughcentralized management, thereby liquidating sales inventories with customers’ omni-channel operations by
combining restructured business facilities and transportation networks under the “One Yamato Structure.”③ During the six months ended September 30, 2021, the Yamato Group embarked on operations that involve
integrated management encompassing all of its logistics services for companies that handle skincare
products, extending from procurement of merchandise for stores and merchandise for official online
shopping websites, to storage, packaging and delivery.
④ For the ever-growing e-commerce domain, the business unit has been promoting sales expansion of the“EAZY” delivery service, which enables greater purchase, delivery and pick-up convenience and safety. In
addition, to optimize logistics for e-commerce vendors with stores in online shopping malls, we used ourpartnerships with major e-commerce companies to implement initiatives to further improve convenienceand expand sales for services that completely or partially replace operational functions from order
receiving to shipping and delivery. Furthermore, the business unit has also been engaging in efforts
involving cross-border e-commerce amid growing demand, such that involve achieving shorter lead times
up through delivery by seamlessly linking import customs clearance systems with the domestic delivery
network.
⑤ Operating revenue from customers amounted to 392,158 million yen, up 11.1% from the previous fiscal
year, mainly as a result of the business unit tapping growing e-commerce demand, promoting logistics
optimization of corporate clients, and encountering recovery of import-export freight movement, which had
been stagnant due to the global spread of COVID-19. Operating profit was 14,178 million yen, up 31.4%
from the previous year.

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(Reference)(Million parcels / units)
Category

For the six months
For the six months
ended September 30, ended September 30,
2020
2021

ChangeGrowth (%)

Parcel delivery

994

1,102

108

10.9

Kuroneko DM-Bin

398

412

14

3.7

TA-Q-BIN/TA-Q-BIN Compact/EAZY/Nekopos Other① During the six months ended September 30, 2021, we promoted efforts to expand sales for transportation
by transport box taking advantage of its network consisting of multiple companies and for vehicle
maintenance services.
② Operating revenue from customers was 43,932 million yen, up 13.5% from the previous year. Operating
profit was 8,106 million yen, up 6,493 million yen from the previous year.
ESG Initiatives① The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. Accordingly, its transport safety management practices in that regard involve drawing up its
Safety Management Regulations, building up its transport safety management systems, and formulating
fiscal year plans, all centered on respective Group companies whose main operations involve transport.
During the six months ended September 30, 2021, the entire Yamato Group carried out the “Zero Traffic
Accidents Campaign” in order to improve safety awareness on a Group-wide basis and also sought toprevent occupational accidents. Due to COVID-19, we refrained from holding our “Safety Classes forChildren,” which we have been continually offering to children in day care facilities, kindergartens andelementary schools across Japan since 1998 with the aim of convey the importance of traffic safety.
② Based on its Group Corporate Philosophy, the Yamato Group carries out business activities in accordancewith the law and social norms and actively promotes compliance management. Striving to maximize
corporate value is one of the top priorities of management, and we have implemented measures andbolstered management systems as part of our corporate governance initiative. During the six months
ended September 30, 2021, we further strengthened Group governance in part as a result of Yamato
Management Service Co., Ltd., which handles bookkeeping and accounting operations as well as
personnel affairs for respective companies of the Yamato Group, having been combined with Yamato
Transport Co., Ltd. by means of absorption-type merger.
③ Under the transformation plan “YAMATO NEXT100,” which serves as a grand design for management
over the medium to long term, the Yamato Group formulated the Sustainable Medium-Term Environmental
Plan 2023 and Medium-Term Social Plan 2023, with the aim of achieving our two visions stated as“Connect. Deliver the Future via Green Logistics” and “Through Co-Creation and Fair Business Activities,
Help Create a Society That Leaves No One Behind,” set forth for the creation of a sustainable future. We
have been seeking to evolve into a company that supports society’s development in a manner that meets
current and future needs of our customers and communities, and have accordingly been working toward
strengthening sustainable management upon having set specific actions to be taken on each materiality
and targets to be achieved by the fiscal year ending March 31, 2024.
④ The Yamato Group has been taking on challenges established under the “Environmental” component of its
Sustainable Medium-Term Environmental Plan 2023 and Medium-Term Social Plan 2023, and has
accordingly set aggregate targets for reducing the environmental burden of its business activities and hasotherwise set targets for areas in the logistics industry where the Yamato Group is able to bring about
widespread use of innovative technology, such as with respect to materials and vehicles. Given that thesetargets also cover initiatives and business opportunities in collaboration with diverse partners, we will work
to increase the resilience of our customers, partners, and local communities, and to create environmental
value. During the six months ended September 30, 2021, we have continued taking action to achieve thevision of virtually zero carbon dioxide emissions (in-house emissions) by 2050, established as a long-termgoal. This entails efforts that include shifting to use of vehicles that produce lower greenhouse gas
emissions, adopting collection and delivery methods that do not generate greenhouse gas emissions
through use of hand trucks, bicycles and other such modes of transportation, and using electricity derived
from renewable energy. Due to COVID-19, we refrained from holding our “Kuroneko Yamato-8-

Environmental Class” sessions, which we have been continually offering nationwide since 2005, with theaim of providing support for environmental education of children who will bear responsibilities of the next
generation.
⑤ The Yamato Group has been taking on challenges established under the “Social” component of its
Sustainable Medium-Term Environmental Plan 2023 and Medium-Term Social Plan 2023. To such ends,
we have been continuing to take on initiatives that involve developing a work environment in which we
respect diverse personnel and in which employees are able to play active roles, and creating an
employee-friendly and rewarding working environment for our employees. In addition, we have beenaddressing social challenges and promoting community development enlisting a co-creation approach aswell as working to realize an enriched society that serves as infrastructure for social sustainability. During
the six months ended September 30, 2021, we have been promoting regional cohesion and local industry,working in collaboration with the likes of Takahashi City in Okayama Prefecture and railway companies.
This has involved providing scheduled transport of extremely fresh, premium quality agricultural goods
enlisting our “combined passenger-cargo” operations for transport of local products making use of vacant
space on trains, and providing sales and services using space in stores located within railway stations.
⑥ Aiming to create more sustainable social value, the Yamato Group promotes initiatives for sharing value
with society based on the concept of “Creating Shared Value (CSV).” We continue to engage in various
initiatives to such ends. For instance, we have been operating our community-based Neko Support Station
locations enlisting close local ties and facilitating healthy and sustainable development of local
communities, along with lifestyles of safety and comfort among local residents. We have also been setting
up housekeeping support services, monitoring services that use “HelloLight” IoT light bulbs, consultation
services for everyday life, and holding events that enable interaction among community members.
⑦ Aspiring to be a company that continually evolves in step with society, led by Yamato Welfare Foundation,
the Yamato Group conducts various activities to help realize a society in which disabled people canexperience the joy of working autonomously. Specifically, we engage in ongoing programs that support
economic independence of people with disabilities, such that include actively employing people withdisabilities at the Swan Bakery which makes and sells bread, providing them with workplaces through theconsigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they take part intraining to acquire skills and knowledge necessary for employment.

-9-(2) Explanation of financial position(Assets, liabilities and net assets)
Total assets were 1,096,540 million yen as of September 30, 2021, up 6,549 million yen from the end of theprevious fiscal year. The increase was largely attributable to increases in property, plant and equipment,
particularly vehicles, of 6,915 million yen, intangible assets of 7,834 million yen mainly due to purchases ofsoftware, and investment securities of 11,168 million yen mainly due to fair value assessment, despite adecrease in cash and deposits of 22,863 million yen.
Liabilities increased 614 million yen to 506,318 million yen from the end of the previous fiscal year. The
increase was largely attributable to an increase in retirement benefit liability of 15,831 million yen mainly due torevision of the retirement benefit plan, despite a decrease in income taxes payable of 18,692 million yen.
Total net assets were 590,222 million yen, up 5,935 million yen from the end of the previous fiscal year. Thiswas mainly due to the recording of profit attributable to owners of parent of 14,631 million yen and payment ofdividends of surplus of 11,145 million yen.
Accordingly, the equity ratio changed to 53.1% from 52.9% of the previous fiscal year.
(Cash flows)
Net cash provided by operating activities for the six months ended September 30, 2021 amounted to 3,750
million yen. Compared with the year-ago period, the amount of net cash provided decreased by 26,241 million
yen. This is largely attributable to 13,674 million yen increase in accrued consumption taxes and 15,084 million
yen increase in income taxes paid.
Net cash used in investing activities was 29,042 million yen, a difference of 100,595 million yen compared withnet cash provided in investing activities in the year-ago period. This is largely attributable to a 92,803 million
yen decrease in proceeds from collection of loans receivable.
Net cash provided by financing activities was 1,915 million yen, a difference of 76,234 million yen comparedwith net cash used in financial activities in the year-ago period. This is largely attributable to an increase inproceeds from borrowings of 41,500 million yen and a decrease in purchase of treasury shares of 35,705
million yen.
As a result of the above, cash and cash equivalents were 218,351 million yen as of September 30, 2021, down
22,933 million yen from the end of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The economic environment continues to be affected by the spread of the novel coronavirus disease (COVID19). Amid that situation, overseas economies have been mounting a recovery given a prevailing scenario of
proliferation of vaccines, and business sentiment has been showing signs of improvement particularly in the
manufacturing industry. Still, the outlook for full-scale economic recovery remains difficult to project due tonumerous factors giving rise to uncertainties, particularly with respect to the status of COVID-19 transmission
ahead, amid a scenario of global supply chain disruptions and high raw material prices combined with effects ofyen depreciation and high crude oil prices. Meanwhile, COVID-19 has accelerated growth in the e-commercedomain across all industries amid a scenario of changes in consumer behavior and lifestyles brought about by
developments such as companies promoting telework arrangements and a shift to online services in the fieldsof medicine and education.
Under such circumstances, the Yamato Group has been working to provide comprehensive value in addressing
needs of its customers and society with its sights set on transforming the supply chain in response to changing
lifestyles and distribution structures, based on the medium-term management plan, “One Yamato 2023,” withthe fiscal year ending March 31, 2024 set as its final fiscal year. During the fiscal year ending March 31, 2022,
we will continue to address growing e-commerce demand by accelerating development of our e-commercedelivery networks, improving pick-up convenience, and providing solutions tailored to e-commerce companies
and sellers. In addition, working in collaboration with our respective Business Divisions and Functional
Divisions operating under the One Yamato Structure, we will also increase operating revenue by not only
organically combining TA-Q-BIN, e-commerce delivery, and middle-mile networks with our network of business- 10 -

facilities, and streamlining distribution but also by focusing on providing value across the entire supply chain
through efforts that involve making backyard operations related to stores and e-commerce operations more
efficient, reducing sales opportunity loss and optimizing inventories.
As for expenditures, we will continue to focus on optimizing costs, which will involve enlisting data analysis withrespect to making optimal allocations of management resources and further streamlining trunk-routetransportation, while also promoting strategies encompassing structural transformation of networks with the aimof tapping increasing demand particularly with respect to e-commerce, based on the medium-term
management plan, “One Yamato 2023.”
The Yamato Group has made changes to the consolidated earnings forecasts for the full year of the fiscal year
ending March 31, 2022 since the announcement made on August 12, 2021.

- 11 -

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2021

As of September 30, 2021

AssetsCurrent assets
Cash and deposits

241,523

218,659

Notes and accounts receivable - trade212,766––

207,836

Accounts receivable - installment

45,64345,838Merchandise and finished goods

392

261

Work in process

117

190

Notes and accounts receivable - trade, and contract
assetsRaw materials and supplies

1,770

1,496

Other

27,50833,255

Allowance for doubtful accounts(1,341)(1,369)Total current assets

528,379

506,169

367,718

372,332

Accumulated depreciation(214,421)(217,008)

Buildings and structures, net

153,296

155,324

199,976

201,688(185,268)(182,343)

14,70819,344Land

174,140

174,659

Leased assets

36,64537,829

Accumulated depreciation(10,467)(11,536)

Leased assets, net

26,17826,293

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

VehiclesAccumulated depreciation
Vehicles, net

Other137,034

137,181

Accumulated depreciation(99,046)(99,574)

Other, net

37,98837,606406,312413,228

29,55537,389Investment securities

52,231

63,399Other

74,89277,813

Allowance for doubtful accounts(1,379)(1,461)

Total investments and other assets

125,744

139,752

561,612590,371

1,089,991

1,096,540

Total property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets- 12 -

(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade153,860

146,028

Short-term borrowings

34,00050,000

Lease obligations

5,054

5,351

Income taxes payable

32,09913,406

Deferred installment income

4,781

4,826

Provision for bonuses

40,17347,488Other

119,401

105,698

Total current liabilities

389,369

372,798

Lease obligations

26,09825,585Retirement benefit liability

71,834

87,666

Other

18,401

20,267

Total non-current liabilities

116,334

133,519505,704

506,318

127,234

127,234

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

36,81336,813Retained earnings

431,571431,714

Treasury shares(39,549)(39,550)

Total shareholders’ equity

556,070

556,212Valuation difference on available-for-sale securities

15,883

21,422Foreign currency translation adjustment(1,316)(969)

Remeasurements of defined benefit plans

5,730

5,430

Total accumulated other comprehensive income

20,29725,883

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets- 13 -

7,919

8,126

584,287

590,222

1,089,991

1,096,540

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the six months ended
September 30, 2020

For the six months ended
September 30, 2021

Operating revenue

806,067

865,470

Operating costs

748,694

802,336

Operating gross profit

57,373

63,133

Selling, general and administrative expenses

30,45731,443Operating profit

26,91531,690Non-operating income
Interest income

107

94

Dividend income

680

919

Gain on investments in investment partnerships

252

4,178

Other

974

869

Total non-operating income

2,014

6,060

Interest expenses

351

399

Share of loss of entities accounted for using equity method

311

270

Other

333

159

Total non-operating expenses

996

829

27,93336,9217040Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on liquidation of subsidiaries

–

1,210

Other

207

53

Total extraordinary income

911

1,264

Loss on retirement of non-current assets

131

223

Impairment losses

222

566

Loss on valuation of investment securities

349

2

Extraordinary losses

Loss on revision of retirement benefit plan–

14,999

1,163

–

2

99

1,869

15,892

Profit before income taxes

26,97522,293

Income taxes

12,704

7,572

Profit14,271

14,72184

89

14,186

14,631

Loss associated with measures to address COVID-19
Other
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 14 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the six months ended
September 30, 2020

For the six months ended
September 30, 2021

14,271

14,721

Valuation difference on available-for-sale securities

2,189

5,952

Foreign currency translation adjustment

(883)

339

Remeasurements of defined benefit plans, net of tax

1,373

(300)

4

6

2,684

5,998

16,95520,719Comprehensive income attributable to owners of parent

16,716

20,217

Comprehensive income attributable to non-controllinginterests

239

501

ProfitOther comprehensive income

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 15 -

(3) Consolidated statement of cash flows(Millions of yen)
For the six months ended
September 30, 2020

For the six months ended
September 30, 2021

Profit before income taxes

26,97522,293

Depreciation

22,442

16,882

222

566

Increase (decrease) in retirement benefit liability

1,205

16,300

Increase (decrease) in provision for bonuses

12,056

7,294

311

270

Decrease (increase) in trade receivables(3,859)

1,051

Increase (decrease) in trade payables(14,484)(8,023)

Other, net(1,704)(24,726)

Subtotal

Cash flows from operating activities

Impairment losses

Share of loss (profit) of entities accounted for using equity
method43,16531,908Interest and dividends received

891

1,132

Interest paid

(291)

(431)

Income taxes paid

(13,773)(28,858)

Net cash provided by (used in) operating activities

29,992

3,750(15,176)(17,040)

Proceeds from sale of property, plant and equipment

1,736

143

Purchase of investment securities(613)(2,224)

99

0

Payments for sale of shares of subsidiaries resulting inchange in scope of consolidation

(484)

–

Loan advances(1,780)(2,626)

Proceeds from collection of loans receivable

95,164

2,361

Other payments(8,466)(13,704)

Other proceeds

1,074

4,049

Net cash provided by (used in) investing activities

71,552(29,042)

Net increase (decrease) in short-term borrowings(20,000)

20,000

Repayments of lease obligations(2,923)(2,884)

Repayments of long-term borrowings(5,500)(4,000)Purchase of treasury shares(35,707)(1)

Dividends paid

(10,001)(11,133)

(185)

(64)

(74,318)

1,915

(293)

442

Net increase (decrease) in cash and cash equivalents

26,932(22,933)

Cash and cash equivalents at beginning of period

196,662

241,284

Cash and cash equivalents at end of period

223,595

218,351

Cash flows from investing activities
Purchase of property, plant and equipment

Proceeds from sale of investment securities

Cash flows from financing activities

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 16 -

(4) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and equity method application)
Effective from the first quarter of the fiscal year under review, Yamato Global Express Co., Ltd., Yamato
Logistics Co., Ltd., Yamato Global Logistics Japan Co., Ltd., Yamato Packing Service Co., Ltd., Yamato
Packing Technology Institute Co., Ltd., and Yamato Financial Co., Ltd., are excluded from the scope of
consolidation given that they have ceased to exist as a result of an absorption-type merger in which Yamato
Transport Co., Ltd. is the surviving company.
Effective from the second quarter of the fiscal year under review, Yamato Management Service Co., Ltd. is
excluded from the scope of consolidation given that it has ceased to exist as a result of an absorption-typemerger in which Yamato Transport Co., Ltd. is the surviving company. In addition, Yamato (China) Transport
Co., Ltd. is also excluded from the scope of consolidation upon conclusion of liquidation.
(Application of specific accounting for preparing the quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses are calculated by multiplying the profit before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the profit before income taxes for the fiscal
year including the second quarter under review.
(Changes in accounting policies)
Application of Accounting Standard for Revenue Recognition, Etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year underreview, and it has recognized revenue at the time the control of promised goods or services is transferred tothe customer at the amount expected to be received upon exchange of said goods or services. As such,whereas revenue derived from certain business transactions including transportation income involving the
Yamato Group’s mainstay service, TA-Q-BIN, was previously recognized when parcels, etc. were consigned
to TA-Q-BIN, the Company will now recognize such revenue upon fulfillment of performance obligations.
The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations issubject to the transitional treatment provided for in the proviso to paragraph 84 of the Accounting Standard
for Revenue Recognition. The cumulative effect of the retrospective application, assuming the new
accounting policy had been applied to periods prior to the beginning of the first quarter of the fiscal year
under review was added to or deducted from the opening balance of retained earnings of the first quarter ofthe fiscal year under review, and thus the new accounting policy was applied from such opening balance.
However, by applying the method set forth in item (1) of the supplementary provisions of paragraph 86 of the
Accounting Standard for Revenue Recognition, modifications to contracts carried out prior to the beginning of
the first quarter of the fiscal year under review were accounted for based on the contractual terms after all
contract modifications were reflected. Consequently, this cumulative effect was added to or deducted fromthe opening balance of retained earnings of the first quarter of the fiscal year under review.
For the six months ended September 30, 2021, as a result of this change, operating revenue decreased by
628 million yen, and operating costs decreased by 991 million yen, while operating profit, ordinary profit andprofit before income taxes each increased by 363 million yen. In addition, retained earnings as of the
beginning of the fiscal year under review decreased by 3,343 million yen.
Due to the application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations,“Notes and accounts receivable - trade” under current assets of the consolidated balance sheet as of the endof the previous fiscal year has been included in “Notes and accounts receivable - trade, and contract assets”
under current assets from the quarterly consolidated balance sheet as of the end of the first quarter of the
fiscal year under review. In accordance with the transitional treatment provided for in paragraph 89-2 of the
Accounting Standard for Revenue Recognition, figures for the previous fiscal year have not been restated inaccordance with the new approach to presentation.

- 17 -

Application of Accounting Standard for Fair Value Measurement
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of the fiscal year underreview. In the future, the Company will furthermore apply new accounting policy stipulated by the AccountingStandard for Fair Value Measurement and relevant ASBJ regulations subject to the transitional treatment
provided for in paragraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2 ofthe “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). In addition, thisapplication has no impact on quarterly consolidated financial statements is immaterial.
Changes in accounting policies which are difficult to distinguish from changes in accounting estimates andchanges in accounting estimates
Changes in depreciation method for property, plant and equipment and changes in useful life
Effective from the first quarter of the fiscal year under review, the Company and its domestic consolidated
subsidiaries have changed to the straight-line method as their depreciation method for property, plant andequipment (excluding leased assets) from the declining-balance method previously (however, the straight-line
method has been adopted for buildings acquired on or after April 1, 1998 (excluding facilities attached tobuildings) and for facilities attached to buildings and structures acquired on or after April 1, 2016). Overseas
consolidated subsidiaries have been using the straight-line method thus far.
Based on its medium-term management plan, “One Yamato 2023,” the Yamato Group has transitioned to its“One Yamato” management structure, which has involved transforming to a fully optimized organization
structured according to customer segments and further accelerating management. To such ends, Yamato
Transport Co., Ltd. carried out absorption-type mergers and absorption-type company splits involving sevenGroup companies. In so doing, we were able to review our use of property, plant and equipment in Japan.
We consequently changed to the straight-line method, upon having deemed that the straight-line method of
allocating costs more rationally reflects actual use of assets given that we expect our asset use in Japan toremain consistent.
In addition, the Company and its domestic consolidated subsidiaries conducted surveys on actual use ofproperty, plant and equipment, on the occasion of reviewing changes to the depreciation method of property,
plant and equipment. Effective from the first quarter of the fiscal year under review, they consequently revised
useful life figures of some vehicles based on more realistic, economically feasible forecast periods. Thischange will apply into the future.
As a result, operating profit, ordinary profit, and profit before income taxes for the first six months of the fiscal
year under review are each 5,446 million yen increased more than would have been the case using theprevious method.
(Additional information)
Revision of retirement benefit plan
In April 2021, the Company resolved to revise its retirement benefit plan in terms of accordingly changing
benefit levels of the lump-sum benefit plan with July 2021 serving as the date of revision with respect to its
regulations and October 2021 serving as the date on which the regulations take effect, and in terms ofcarrying out transition of its corporate pension fund plan to a defined contribution pension plan from thedefined-benefit corporate pension plan.
For the accounting treatment associated with transition of the plan, the Company has applied the “Accounting
for Transfer between Retirement Benefit Plans” (ASBJ Guidance No. 1, December 16, 2016) and the“Practical Solution on Accounting for Transfer between Retirement Benefit Plans” (ASBJ PITF No. 2,
February 7, 2007).
As a result, with respect to past service costs incurred due to changes made to benefit levels of the lumpsum benefit plan, the Company recorded loss on revision of retirement benefit plan of 14,999 million yen
under extraordinary losses for the first six months of the fiscal year under review subject to revision of its
regulations.
Effects associated with the transition of the corporate pension fund plan to a defined contribution pension
plan from the defined-benefit corporate pension plan are stated under “2. Consolidated Financial Statements
and Significant Notes Thereto, (4) Notes to consolidated financial statements (Important subsequent
matters).”- 18 -

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2020
1.

Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

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

Retail Business
Unit

Corporate
Business Unit

Other
(Note 1)

414,352

353,023

38,691

806,067

160,464

19,446

56,642

236,553(236,553)

574,817
15,059372,469
10,792

95,334
1,612

1,042,621
27,464(236,553)
(548)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
statement ofincome(Note 3)–

Notes: 1. Other includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development), and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. The adjustment of negative 548 million yen of segment profit includes group-wide expenses of negative 7,752 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 7,204 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2.

Information regarding impairment losses of non-current assets or goodwill, etc. by reportablesegment(Significant impairment losses on non-current assets)
Descriptions are omitted, as the value is immaterial.

- 19 -

806,067–
806,067
26,915

II. For the six months ended September 30, 2021
1.

Information regarding the amounts of operating revenue and profit or loss by reportable segment(Millions of yen)

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

Retail Business
Unit

Corporate
Business Unit

Other
(Note 1)

429,379

392,158

43,932865,470

128,989

13,58062,633

205,203(205,203)

558,368
9,934

405,738
14,178106,5658,106

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

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
statement ofincome(Note 3)–

865,470–
865,470
31,690Notes: 1. Other includes Yamato Home Convenience Co., Ltd. (lifestyle support services), Yamato System Development Co., Ltd.
(information systems development), and Yamato Autoworks Co., Ltd. (collective vehicle management agent business fortransportation companies).
2. The adjustment of negative 529 million yen of segment profit includes group-wide expenses of negative 6,347 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 5,817 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

2. Disclosure of changes, etc. in reportable segments(Changes in reportable segments)
Effective from the first quarter of the fiscal year under review, the Company has changed its classificationof reportable segments to reflect its transition to a management structure consisting of four Business
Divisions (Retail, Corporate, Global SCM, and EC) and four Functional Divisions in April 2021.
The change mainly involves transition to a dual business unit structure consisting of the “Retail Business
Unit” and the “Corporate Business Unit” based on customer segments, from the previous six operating
segment structure based on categories of business at that time.
The segment information for the six months ended September 30, 2020 has been prepared andpresented according to the new classification of reportable segments.
(Application of Accounting Standard for Revenue Recognition, Etc.)
The Company has applied the “Accounting Standard for Revenue Recognition, etc.” from the beginning of
the first quarter of the fiscal year under review as stated under “2. Consolidated Financial Statements andSignificant Notes Thereto, (4) Notes to consolidated financial statements (Changes in accounting
policies),” and has likewise changed its method of calculating business segment profit or loss as a resultof it having changed its accounting method for revenue recognition.
As a result, for the first six months of the fiscal year under review, operating revenue and segment profit in
the Retail Business Unit were 85 million yen and 85 million yen higher, respectively, than would havebeen the case using the previous method; operating revenue and segment profit in the Corporate
Business Unit were 225 million yen and 94 million yen higher, respectively, and; operating revenue andsegment profit in Other were 939 million yen lower and 182 million yen higher, respectively.
(Changes in depreciation method for property, plant and equipment and changes in useful life)
Effective from the first quarter of the fiscal year under review, the Company has changed to the straightline method as its depreciation method for property, plant and equipment (excluding leased assets), as
stated under “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes toconsolidated financial statements (Changes in accounting policies).” In addition, the Company has
reviewed useful lives of some vehicles. This change will apply into the future.
As a result, for the first six months of the fiscal year under review, segment profit in the Retail Business
Unit, Corporate Business Unit and Other were 4,500 million yen, 758 million yen, and 186 million yen
higher, respectively, than would have been the case using the previous method.

- 20 -

3.

Information regarding impairment losses of non-current assets or goodwill, etc. by reportablesegment(Significant impairment losses on non-current assets)
In Other segment, the Company has decreased the book value of an asset group with diminishedprofitability to the recoverable value, and has accordingly recorded impairment losses of 566 million yen
for the six months ended September 30, 2021.
(Important subsequent matters)
Revision of retirement benefit plan
The Company has carried out transition of its corporate pension fund plan to a defined contribution pension
plan from the defined-benefit corporate pension plan, effective October 1, 2021.
Details regarding transition of the plan and associated accounting treatment are as stated under “2.
Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to consolidated financial
statements (Additional information).”Calculation of the effects associated with the transition to a defined contribution pension plan is currently
pending due to recalculation of the retirement benefit obligations and related pension assets prevailing as of thetransition date.

- 21 -

3. Supplementary Information
Operating revenue by segment
For the six months ended
For the six months ended
September 30, 2020
September 30, 2021
Change(%)
AmountRatio
Amount
Ratio
Income(Millions of yen)(%)
(Millions of yen)(%)
Transportation income
558,95069.3
543,07662.7(2.8)
Logistical support income
5,001
0.6
3,091
0.4
(38.2)
Retail Business Unit
Others
14,471
1.8
13,9891.6(3.3)
Eliminations(164,071)(20.4)(130,778)(15.1)(20.3)
Total
414,352
51.4
429,379
49.6
3.6
Transportation income
307,71338.2
291,726
33.7(5.2)
Logistical support income
101,272
12.6
117,930
13.6
16.4
Corporate Business
Other
11,084
1.4
15,914
1.8
43.6
Unit
Eliminations(67,046)(8.3)(33,413)(3.9)(50.2)
Total
353,02343.8
392,158
45.3
11.1
Transportation income
22,043
2.7
24,1582.8
9.6
Others81,558
10.1
91,508
10.6
12.2
Other
Eliminations(64,910)(8.1)(71,734)
(8.3)
10.5
Total
38,691
4.8
43,932
5.1
13.5
Total
806,067
100.0
865,470100.0
7.4
Due to the shift of the management structure from the first quarter of the fiscal year under review, the Company discloses the details of
operating revenue by segment instead of operating revenue by business, which was disclosed until the previous fiscal year.
Business segment- 22 -