Translation
July 31, 2012

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

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Makoto Kigawa, President
Kenichi Shibasaki, Managing Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
August 10, 2012
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 2013
(cumulative: from April 1, 2012 to June 30, 2012)(1) Consolidated operating results

For the three months ended
June 30, 2012
June 30, 2011
(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%
298,8071.6
5,151(32.3)
5,675(29.3)
2,226
74.1
294,234
3.3
7,608
82.2
8,027
72.4
1,279
35.9
For the three months ended June 30, 2012: 1,629 million yen (19.8%)
For the three months ended June 30, 2011: 1,360 million yen ( — %)Net income per share

For the three months ended
June 30, 2012
June 30, 2011

Yen
5.18
2.97

Net income pershare - fully diluted
Yen
5.05
2.90

(2) Consolidated financial position
As ofJune 30, 2012
March 31, 2012
(Reference) Equity:2.

Total assets
Millions of yen
924,827
919,294
As of June 30, 2012: 511,673 million yen

Net assets
Equity ratio
Millions of yen%
520,32555.3
523,783
56.0
As of March 31, 2012: 514,996 million yen

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2012—
11.00
Fiscal 2013——
Fiscal 2013 (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 2013 (from April 1, 2012 to March 31, 2013)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Half year
630,000
2.7
23,500
3.6
Full year
1,308,000
3.7
70,0005.0(Note) Revisions to the forecasts most recently announced: None

(Percentages indicate year-on-year changes.)
Net income
Ordinary income
Net income
per share
Millions of yen%
Millions of yen%
Yen
24,0003.0
12,000 104.2
27.90
71,000
4.6
39,00097.1
90.67* Notes(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 “2. Matters Regarding Summary Information (Notes), (1) Application of specific accounting for preparing thequarterly consolidated financial statements” of the attached materials 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 due to revision to accounting standards, etc.: Yes
b. Changes other than a:
Nonec. Changes in accounting estimates:
Yes
d. Restatement of prior period financial statements after error corrections:
None(Note) Effective from the first quarter ended June 30, 2012, a change has been made to the depreciation method and this change falls into thecase where “it is difficult to distinguish between change in accounting policy and change in accounting estimate.” For details, please see“2. Matters Regarding Summary Information (Notes), (2) Changes in accounting policies, changes in accounting estimates, andrestatement of prior period financial statements after error corrections” of the attached materials to the quarterly financial results reporton page 7.

(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, 2012
468,052,892 shares
As of March 31, 2012
468,052,892 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2012
37,906,378 shares
As of March 31, 2012
37,905,955 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended June 30, 2012
430,146,645 shares
For the three months ended June 30, 2011
430,282,049 shares*Indication regarding execution of quarterly review procedures

At the time of the 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 “1. Qualitative Information on Settlement of Accounts
for the Three Months, (3) Qualitative information on consolidated earnings forecasts” of the attached materials to the quarterly financial
results report on page 6.
• The Company plans to post supplementary materials on quarterly financial results on the Company’s website promptly after theannouncement of the quarterly financial results.

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 (Notes).................................................................................................... 7(1) Application of specific accounting for preparing the quarterly consolidated financial statements...................... 7(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period
financial statements after error corrections........................................................................................................ 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
Regarding the business environment during the three months ended June 30, 2012, although there were signsof recovery as the mail-order market continued to expand and consumer spending gently improved, conditions
continued to be unpredictable because of concerns about the overseas economic slowdown resulting from theEuropean debt crisis, the impact of the strong yen, and the electricity supply shortage, among other factors.
Operating in this environment, the Yamato Group worked to achieve greater sophistication of its existing
businesses, particularly the TA-Q-BIN Business, to realize the objectives of the Long-Term Management Plan
“DAN-TOTSU Management Plan 2019” and the Medium-Term Management Plan “DAN-TOTSU Three-Year
Plan HOP,” and took steps to create new value by utilizing the management resources within the Group andconstruct an intermodal transportation platform in the Asian region.
In the Delivery Business, while making efforts to expand sales channels to corporate clients and support theseclients in finding solutions to management challenges, we carried out initiatives for individual customers suchas by expanding points of service that provide TA-Q-BIN. As a result the number of TA-Q-BIN deliveries
increased year on year, also supported by the expansion of the mail-order market.
In the non-delivery businesses, we took steps to develop new services while further expanding sales ofservices that link various management resources of the respective group companies.
Our consolidated financial results for the three months ended June 30, 2012 were as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Net income

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

For the three months
ended June 30, 2012
298,807
5,151
5,675
2,226

Change4,572(2,457)(2,352)947

Growth (%)
1.6(32.3)(29.3)
74.1

Initiatives for the entire Yamato Group
a.

b.

c.

d.

Aiming to strengthen the growth momentum of the entire Yamato Group, the Group is focusing its energies
on expanding its business area through greater penetration of its services in the Asia region. In Japan, inorder to make the lives of customers more convenient, the Group is striving to create new value by linking
together the management resources of the Yamato Group while aiming to advance TA-Q-BIN and otherexisting functions.
In its business evolution into the Asia region, in addition to reinforcing sales activities in regions such asSingapore and Shanghai where TA-Q-BIN is being promoted, the Group is collaborating with Okinawa
Prefecture to develop a new small-lot international transportation service. In the future, by constructing anintermodal transportation platform that utilizes Okinawa’s international logistics hub, we aim to realize
next-day delivery and Cool TA-Q-BIN services for small-lot transportation in the Asian region.
In the Japanese market, while proactively proposing composite services that have been tailored to suit theindividual needs of corporate clients, the Group, in collaboration with the governments of each region, hascommenced the provision of services that support local residents and companies. In the future, whileproviding convenience to corporate as well as individual customers through the utilization of theaccumulated functions and network of the entire Yamato Group, the Group shall promote contribution toregional society.
Aiming to further expedite the strengthening of collaboration and understanding between Yamato Group
companies, the Group has acquired new land and buildings, which will be used to bring together the basesof the main group companies. In the future, by reinforcing collaboration among the group companies, theGroup shall create new value and pursue the further satisfaction of customers.

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Summary of each operating segment

 Delivery
The delivery volumes of TA-Q-BIN and Kuroneko Mail services are as follows.
Category
TA-Q-BIN
Kuroneko Mail

a.
b.

c.

d.

e.

For the three months
ended June 30, 2011
318
558

For the three months
ended June 30, 2012
337
538

(Million parcels / units)
ChangeGrowth (%)
19
(20)

6.1
(3.6)

In the Delivery Business, driven by the basic corporate philosophy of “Total Reliability,” the Yamato Group
works on TA-Q-BIN-centered business evolution in order to make the lives of customers more convenient.
For individual customers, we strove to enhance convenience when sending and receiving parcels such as
by expanding our TA-Q-BIN agent agreements with convenience store chains. In initiatives to provide local
community-oriented services, in collaboration with local governments, the Group promoted services toconfirm the safety of elderly persons and shopping support services to make day-to-day shopping moreconvenient.
For corporate clients, to expand sales channels and support clients in improving their business operations,
the Group promoted proposal-based sales that utilize a multiple assortment of the management resources
accumulated in the Group, interlinking the TA-Q-BIN service with logistics functions and information
processing functions. As a result, TA-Q-BIN delivery volumes increased with greater usage primarily by
mail-order industry clients.
As part of reforms being carried out in the pickup and delivery operations, the Group conducted en-massedelivery during the time zones that our customers are most frequently at home, by promoting team-based
pick-up and delivery involving part-time employees called “Field Casts” and Sales Drivers, and these
efforts both raised quality and constrained costs. In the three months ended June 30, 2012, in addition to
expanding the pickup/delivery areas in which Field Casts are utilized, we took steps to construct
team-based pick-up delivery systems most suited to the local characteristics of the areas.
Operating revenue amounted to 237,200 million yen, up 2.0% from the year-ago period as a result of
TA-Q-BIN delivery volumes that have continued to fare well, despite a decline in the delivery volume of
Kuroneko Mail due to the impact of stricter parcel acceptance policies that emphasize compliance. On thecost front, the Group invested in developing the Field Casts in anticipation of an expansion in the
TA-Q-BIN market. Subcontracting was also increased. As a result, operating loss was 383 million yen.

 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 TA-Q-BIN network with international transportation
functions and logistics functions.
For corporate clients requiring international transportation, the Yamato Group provides a variety ofservices, including a small-lot international intermodal transportation service that is interlinked with the
TA-Q-BIN network, as well as a delivery service based on box units. In the three months ended June 30,
2012, these services performed firmly, backed by expansions of transport of components to Asia handled
at the “Sanin Ryutsu Trinity Center,” which was established jointly with Tottori Prefecture, and imports ofoverseas products by mail-order industry clients.
As part of logistics systems provided to the mail-order industry, the Group is developing logistics systems
that provide the “Today Shopping Service” that, by ensuring the product in storage is in our safekeeping
beforehand, offers delivery in as short a time as four hours from ordering as well as shipping support thatmeets the needs of the clients who do not wish to manage storage or adjust to busy and not-so-busy
periods. In the three months ended June 30, 2012, we steadily increased our revenue owing to an
expansion of usage of services by new customers, particularly cosmetics makers.
For customers who handle pharmaceutical products and medical devices, the Group has constructedadvanced sanitary management and security systems. By utilizing distribution centers dedicated to thesecustomers, the Group provides services that support all these customers’ needs ranging from thewarehousing of pharmaceutical products through to the delivery of these products as well as cleaning andmaintenance services for medical devices. In the three months ended June 30, 2012, the number of times

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e.

these services were used by existing customers increased and the business grew firmly.
Operating revenue amounted to 21,341 million yen, up 4.1% from the year-ago period due to an increasein handling volume for international transportation and an increase in the use of services for mail-orderindustry clients and services related to medical devices, among other factors. Operating income was 1,202
million yen, up 58.4% from the year-ago period.

 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.
In our services for individual customers, we provide a moving service designed for the moving needs ofsingle persons, and a rental and recycle service for furniture and electronics, among other services. In thethree months ended June 30, 2012, to accompany the expansion of sales for the moving service, we
proactively developed peripheral services such as tidying and cleaning services before and after moving.
In our services for corporate customers, in addition to office relocation services and moving services
associated with personnel transfers, we also provided delivery and installation agent services for electronic
products and household equipment. In the first three months ended June 30, 2012, we steadily expanded
our installation and maintenance services for eco-house equipment such as solar power panels.
Operating revenue amounted to 10,901 million yen, down 17.5% from the year-ago period because of lastyear’s heavy moving demand associated with the Great East Japan Earthquake. On the cost front,
moreover, although steps were taken to improve productivity and constrain costs, this was insufficient tocover the decline in revenue and operating loss was 523 million yen.

 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.
In the e-money related services, the Group offers solutions through collaboration between the e-Businessand the Financial Business. It has been promoting installation and operation of a multi e-money settlement
terminal that allows settlement by multiple types of e-money with a single device. In the first three months
ended June 30, 2012, we promoted sales to retail-industry and distribution-industry customers and tenantsof large commercial facilities, thereby firmly expanding the number of devices that have been introduced.
To customers who must manage products on an individual basis such as medical device manufacturers
and customers who handle personal information, the Yamato Group offers services that contribute tobetter visualization of the flow of items by utilizing freight-tracking know-how from the TA-Q-BIN system. In
the three months ended June 30, 2012, the use of these services by customers such as communicationequipment suppliers expanded, and we started the operation of services aimed at customers who require
advanced security and transportation quality such as medical institutions and testing laboratories.
To customers who operate mail-order businesses, the Group developed services that provide total
services including information management functions linked with TA-Q-BIN functions beginning with theplacement of orders and ending with the delivery of the product, as well as sales data analysis functions.
In the first three months ended June 30, 2012, the number of times these services were used by existingcustomers increased and use was expanded by a new customers such as a customer starting a net
supermarket business, and as a result, such services performed firmly.
Operating revenue amounted to 8,650 million yen, an increase of 4.5% from the year-ago period as aresult of the expansion of services, such as services that incorporate the management products on an
individual basis with security and mail-order related services. Operating income was 1,055 million yen,down 5.6% from the year-ago period due to an increase in anticipatory investment for e-money related
services.

 Financiala.

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.

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b.

c.

d.

e.

In services for the mail-order industry, while continuing to take steps to develop sales of e-money related
services that provide payment settlement systems unrivaled by other companies, the Group strengthened
proposal-based sales to small-lot mail-order industry clients by using the management resources of theentire Yamato Group. As a result, in the first three months ended June 30, 2012, the number oftransactions was higher than the year-ago period.
We provide our corporate clients with a comprehensive money collection agent service forbusiness-to-business transactions called “Kuroneko Anshin Settlement Service.” Through this service, we
provide value through improving business efficiency and reducing the cost of managing accounts
receivable. In the first three months ended June 30, 2012, we promoted a sales promotion solution thatcollectively offers, on top of the settlement function, direct mail planning, printing and delivery services,and the use of this service by customers expanded.
In the lease business, we took steps to provide business support mostly involving leasing and installment
sales of vehicles for transportation operators. In the first three months ended June 30, 2012, in addition to
the leasing of new vehicles, we also started a business that finds the used trucks that are most suited tothe customer’s business through the use of a website that links the transportation operators with the used
truck sales companies.
Operating revenue was up 3.5% from the year-ago period to 13,617 million yen due to an increase in thenumber of payment settlement transactions of the TA-Q-BIN Collect. Operating income was 2,179 million
yen, down 23.8% from the year-ago period due to a reversal of allowance for doubtful accounts that was
carried out in the previous fiscal year in relation to the Great East Japan Earthquake.

 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, 2012, we offered our “Off-Time Vehicle Inspection,” whereby vehicle
inspections are conducted in the hours that are convenient to the customer, and our “12-Month Fixed-Price
Maintenance Package,” which evens out the monthly vehicle maintenance expenses. We also improved
the convenience of our customers by expanding the scope of inspection and maintenance to include wings
and tailgates, among others.
Operating revenue amounted to 5,889 million yen, up 10.9% from the year-ago period. Operating income
was 965 million yen, up 11.1% from the year-ago period.

 Othera.

b.

The “JITBOX Charter service” is a service that provides transportation by transport box. The service takes
advantage of its Group network consisting of multiple companies and provides value to customers throughdelivery timed to suit the customer’s needs and frequent, right-volume delivery. In the three months ended
June 30, 2012, the Group increased the number of transportation orders, mostly for manufacturing
companies, and the handling volume exceeded that of the year-ago period. In addition, we developed new
packaging material suited for the transportation of precision equipment, among other items, and strove toprovide a reliable and safe transportation service.
Operating income excluding dividends which Yamato Holdings Co., Ltd. received from Group companies
decreased 26.7% from the year-ago period to 182 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, 2012, the Group continuously conducted activities in thelocal communities. For example, more than 2 million people have now participated in the “Safety Classes
for Children” held in day-care facilities, kindergartens and elementary schools across Japan. In addition,
we conducted safety education for employees and promoted the introduction and expansion of “See-T
Navi,” an on-board system designed with safety in mind, among other initiatives.
The Yamato Group recognizes that initiatives to address environmental problems are challenges to be

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c.

shared by all humanity, and we take the initiative to proactively promote environmental protection activities.
In the three months ended June 30, 2012, we formulated “Nekology” (combining “Kuroneko” with“ecology”), which is an environmental protection philosophy and guideline for environmental activities forthe entire Yamato Group, and we carried out various initiatives to promote it. Some of the initiatives
already put forward include reducing carbon dioxide emission volumes such as by using electric bicycles
with rear cars attached, electric vehicles and roadway trams, as well as electricity conservation measures
such as promoting the introduction of LED lighting.
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.

(2) Qualitative information on consolidated financial position
Total assets were 924,827 million yen as of June 30, 2012, up 5,532 million yen from the end of the previous
fiscal year. Major factor included an increase in property, plant and equipment of 5,843 million yen.
Liabilities increased 8,990 million yen to 404,501 million yen from the end of the previous fiscal year. Major
factors behind this increase included an increase in accrued expenses of 42,900 million yen due to thereporting of scheduled payments of summer bonuses on one hand, and the decrease in provision for bonusesof 17,454 million yen and the decrease of income taxes payable of 13,752 million yen due to the payment ofincome taxes, on the other.
Total net assets were 520,325 million yen, down 3,457 million yen from the end of the previous fiscal year.
Major factors included the payment of dividends from surplus of 4,731 million yen on one hand, and a decrease
in retained earnings of 2,690 million yen due to the recording of net income of 2,226 million yen on the other.
Accordingly, the equity ratio changed to 55.3% from the previous fiscal year’s 56.0%.
(3) Qualitative information on consolidated earnings forecasts
Looking forward at the state of the economy, although a gentle recovery was observed on the back ofearthquake-recovery related demand, it is expected that uncertain conditions will remain, particularly
considering the concern about electricity supply insufficiencies and the sentiment of a slowdown in the global
economy.
Confronting such an economic environment, the Yamato Group will look to continue to improve earnings by
accurately grasping its customers’ needs to further enhance the Group’s existing businesses. At the same time,
the Group will proactively develop sales of solutions that link together the management resources of the
Yamato Group. On the cost front, while promoting reforms in pickup and delivery operations to achieve
improvements in both delivery quality and productivity, the Group will promote improvement of the cost
structures by achieving thoroughgoing improvements in business efficiency.
The Yamato Group has not made any changes to the consolidated earnings forecasts for the half year and forthe full year of the fiscal year ending March 31, 2013 since the announcement made on April 27, 2012.

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2. Matters Regarding Summary Information (Notes)(1) 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.
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period
financial statements after error corrections
Changes in accounting policies(Change in depreciation method)
Following the revision of the Corporation Tax Act, the Company and its domestic consolidated subsidiaries
applied the depreciation method in compliance with the revised Corporation Tax Act to property, plant andequipment acquired on or after April 1, 2012, from the first three months ended June 30, 2012.
Due to the effect of these changes, operating expenses for the first three months ended June 30 decreased by
69 million yen and operating income, ordinary income and income before income taxes and minority interests
each increased by the same amount.

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

As of June 30, 2012

AssetsCurrent assets
Cash and deposits

209,179

203,981

Notes and accounts receivable-trade158,174

158,732

Accounts receivable-installment

35,53836,541

Lease investment assets

18,924

19,463Merchandise and finished goods

770

756

Work in process

87

170

Raw materials and supplies

2,487

2,531

Other

41,55347,219Allowance for doubtful accounts(2,260)(1,986)

Total current assets

464,455

467,410273,712275,254

Accumulated depreciation(162,098)(163,914)

Buildings and structures, net

111,613111,339

Noncurrent assets
Property, plant and equipment
Buildings and structures

Vehicles

182,004

183,719(170,306)(170,303)

11,697

13,416

Land

182,303

188,100

Lease assets

25,93725,621

Accumulated depreciation(12,008)(12,041)

Lease assets, net

13,928

13,579141,619

138,682(85,983)(84,094)

Accumulated depreciation
Vehicles, net

Other
Accumulated depreciation
Other, net

55,63554,587375,179

381,023

Goodwill

584

551

Other

16,20916,249Total intangible assets

16,794

16,800Investment securities

21,96818,415

Other

42,872

42,738

Allowance for doubtful accounts(1,754)(1,338)

Allowance for investment loss

(222)

(222)

62,86559,593454,839

457,416

919,294

924,827

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, 2012

As of June 30, 2012

Liabilities
Current liabilities
Notes and accounts payable-trade129,454

126,555

Short-term loans payable

17,39020,494

Lease obligations

4,950

4,926

Income taxes payable

17,631

3,878

Deferred installment income

4,959

4,835

Provision for bonuses

29,421

11,967

Other

78,535

117,768

Total current liabilities

282,343

290,425

Noncurrent liabilities
Bonds with subscription rights to shares

20,00020,000Long-term loans payable

40,85040,850

Lease obligations

9,588

9,164

Provision for retirement benefits

31,73333,193

7

2

Other

10,987

10,865

Total noncurrent liabilities

113,167

114,075

395,510404,501

Capital stock

127,234

127,234

Capital surplus

121,314

121,314Retained earnings

321,862

319,171

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

Total shareholders’ equity

513,897

511,206

Provision for directors’ and auditors’ retirement benefits

Total liabilities
Net assets
Shareholders’ equity

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

2,975

1,710

Foreign currency translation adjustment(1,876)(1,242)

Total accumulated other comprehensive income

1,099

467

Minority interests

8,787

8,652

Total net assets

523,783

520,325

919,294

924,827

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, 2011

For the three months ended
June 30, 2012

Operating revenue

294,234

298,807

Operating cost

279,491

285,484

Operating gross profit

14,743

13,322

Selling, general and administrative expenses

7,135

8,171

Operating income

7,608

5,151

Non-operating income
Interest income

138

Dividends income

285

237

Other

506

588

Total non-operating income

804

834

Interest expenses

205

168

Other

179

141

Total non-operating expenses

384

310

8,027

5,675

Gain on sales of noncurrent assets—

0

Total extraordinary income—0

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets

199

33

Loss on valuation of investment securities

590

161

Donation for earthquake recovery initiatives

3,182

—

Other

365

1

Total extraordinary losses

4,338

196

Income before income taxes and minority interests

3,689

5,479

Income taxes

2,446

3,264

Income before minority interests

1,243

2,214

Minority interests in income (loss)

(35)

(11)

1,279

2,226

Net income- 10 -

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
For the three months ended
June 30, 2011

For the three months ended
June 30, 2012

1,243

2,214

Valuation difference on available-for-sale securities(124)(1,361)

Foreign currency translation adjustment

241

776

Total other comprehensive income

117

(584)

1,360

1,629

Comprehensive income attributable to owners of the parent

1,376

1,695

Comprehensive income attributable to minority interests

(15)

(65)

Income before minority interests
Other comprehensive income

Comprehensive income(Breakdown)- 11 -

(3) Notes to premise of going concern
Not applicable.
(4) Segment information, etc.
[Segment information]
Information regarding the amounts of operating revenue and income or loss by reportable segment
For the three months ended June 30, 2011

(Millions of yen)

BIZ-Logistics

Home
Convenience

e-Business

Financial

232,578

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)

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
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 (loss)
868
10,662
17,512(9,904)
7,608
Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 10,218 million yen.
3. The adjustment of segment income is the eliminating transactions among segments.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

For the three months ended June 30, 2012
BIZ-Logistics

e-Business

Financial

237,200

21,341

10,901

8,650

13,617

13,170

3,200

3,265

6,376

1,000

250,370(383)

24,542
1,202

14,166(523)

15,026
1,055

14,6172,179

Reconciliation(Note 3)

Amountrecorded inconsolidated
statements ofincome(Note 4)

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

Truck
Maintenance

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
5,889
1,206
298,807—298,807(2) Inter-segment operating revenue or
7,032
26,23960,284(60,284)—
transfers
Total
12,92227,446
359,092(60,284)
298,807
Segment income (loss)
965
17,843
22,339(17,188)
5,151
Notes: 1. Other includes business-to-business distribution via JITBOX Charter, staffing services and shared services.
2. Operating revenue in Other includes dividends which the Company received from Group companies as a pure holding company
and the effect of this on operating revenue and segment income is 17,553 million yen.
3. The adjustment of segment income is the eliminating transactions among segments.
4. We made an adjustment between segment income and operating income in the consolidated statements of income.

- 12 -

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

- 13 -

4. Supplementary Information
Operating revenue by businessBusiness segment

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
8,876
3.0
6,725
2.3
1,920
0.7
954
0.3
8,379
2.9
(6,357)(2.2)
20,498
7.0
11,979
4.1
4,382
1.5
(3,156)(1.1)
13,205
4.5
2,299
0.8
1,736
0.6
1,109
0.4

For the three months
ended June 30, 2012
AmountRatio(Millions of yen)(%)
199,463
66.8
32,88211.0
10,317
3.4
15,215
5.1(20,677)(6.9)
237,200
79.4
8,830
2.9
7,673
2.6
2,106
0.7
980
0.3
8,729
2.9
(6,978)(2.3)
21,341
7.1
10,058
3.3
4,116
1.4
(3,273)(1.1)
10,901
3.6
2,434
0.8
1,712
0.6
1,047
0.4

Change(%)

Fiscal year ended
March 31, 2012
AmountRatio(Millions of yen)(%)
854,40967.8
136,170
10.8
43,585
3.5
65,796
5.2(85,397)(6.8)
1,014,564
80.5
34,1472.7
28,123
2.2
9,517
0.8
4,001
0.3
33,3292.6(26,640)(2.1)
82,478
6.5
45,9603.6
15,933
1.3(14,178)(1.1)
47,715
3.8
9,641
0.8
7,177
0.6
4,406
0.3

TA-Q-BIN
4.4
Kuroneko Mail
(7.8)
Express(0.8)
Delivery
Others(1.3)
Eliminations
3.1
Total
2.0
Trade logistics service(0.5)
Retail logistics service
14.1
Multi maintenance
9.7
BIZ-Logistics Export Factory
2.7
Others4.2
Eliminations
9.8
Total
4.1
Home convenience(16.0)
Business convenience
(6.1)
Home
Convenience Eliminations
3.7
Total
(17.5)
e-logistics solution
5.9
Credit card solution(1.4)
IT operating solution(5.6)
Web-based
mail
order
e-Business
1,530
0.5
1,580
0.5
3.3
7,006
0.5
solution
Others
8,797
3.0
9,027
3.0
2.6
37,584
3.0
Eliminations(7,196)(2.5)(7,150)(2.4)(0.6)(30,311)
(2.4)
Total
8,276
2.8
8,650
2.9
4.5
35,504
2.8
TA-Q-BIN Collect
8,496
2.9
8,938
3.0
5.2
35,505
2.8
Lease
4,360
1.5
4,507
1.5
3.4
17,5201.4
Shopping credit
1,087
0.4
876
0.3
(19.4)
4,007
0.3
Financial
Others
293
0.1
316
0.1
7.7
1,328
0.1
Eliminations(1,085)(0.4)(1,020)(0.3)(6.0)(4,247)(0.3)
Total
13,152
4.5
13,617
4.6
3.5
54,114
4.3
Truck maintenance
11,0693.8
11,9734.0
8.2
45,082
3.6
Others
1,335
0.4
1,540
0.5
15.4
5,202
0.4
Truck
Maintenance
Eliminations(7,094)(2.4)(7,624)(2.5)
7.5(29,097)
(2.3)
Total
5,309
1.8
5,889
2.0
10.9
21,188
1.7
JITBOX Charter service
735
0.2
785
0.3
6.7
3,046
0.2
Others19,6206.7
27,356
9.1
39.4
47,986
3.8
Other
Eliminations(19,143)(6.5)(26,934)(9.0)
40.7(45,764)
(3.6)
Total
1,212
0.4
1,206
0.4
(0.5)
5,267
0.4
Total
294,234
100.0
298,807100.0
1.6
1,260,832
100.0* Effective the first three months ended June 30, 2012, changes have been made to the categorization of business segments in the Home
Convenience business due to circumstances related to management and administration. To reflect this change, the figures of the Home
Convenience business for the first three months ended June 30, 2011 and the fiscal year ended March 31, 2012 have been restated.

- 14 -