Note:

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 8, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
<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
Toshizo Kurisu, Executive Officer and Vice President, Responsible for Finance
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the ordinary general meeting of shareholders:June 21, 2024
Scheduled date of the commencement of dividend payment:
May 31, 2024
Scheduled date of the submission of annual securities report:
June 14, 2024
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes(Amounts less than 1 million yen are discarded)

1.

Consolidated financial results for fiscal year 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Operating revenue

Operating profit

For the year ended Millions of yen% Millions of yen
March 31, 2024
1,758,626(2.3)
40,059March 31, 2023
1,800,668
0.4
60,085(Note) Comprehensive income:For the year ended March 31, 2024:
For the year ended March 31, 2023:(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent%
Millions of yen(33.3)
40,458(22.2)
58,06642,003million yen ((8.9)%)
46,114 million yen ((2.5)%)%(30.3)(31.1)

Millions of yen
37,62645,898%(18.0)(18.0)

Ratio of operating
profit to operating
revenue
For the year ended
Yen
Yen
%
%
%
March 31, 2024
107.23
—
6.3
3.6
2.3
March 31, 2023
126.64
—
7.6
5.3
3.3
(Reference) Share of loss (profit) of entities accounted for using equity method: For the year ended March 31, 2024: (837) million yen
For the year ended March 31, 2023: (4,158) million yen
Basic earnings per
share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets(2) Consolidated financial position
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Total assets
Net assets
Equity-to-asset ratio
Net assets per share
Millions of yen
Millions of yen%
Yen
1,135,895
591,98051.6
1,708.00
1,107,587
616,43055.1
1,684.87
As of March 31, 2024:
585,755million yen As of March 31, 2023:
610,380 million yen

(3) Consolidated cash flows
Cash flows fromoperating activities
For the year ended
March 31, 2024
March 31, 2023

2.

Cash flows frominvesting activities

Millions of yen
64,333
89,953

Cash flows fromfinancing activities

Millions of yen(22,435)(49,420)

Millions of yen(30,777)(38,617)

Millions of Yen
194,702183,225

Dividends
Annual dividends

Fiscal year
ended
March 31, 2023
March 31, 2024

Firstquarter

Secondquarter

Third
quarter

Fiscalyear-end

Yen

Yen

Yen

Yen

—
—

23.00
23.00

—
—

23.00
23.00

March 31, 2025
―
23.00
―
23.00
(Forecast)(Note) Revisions to the forecasts most recently announced: None3.

Cash and cash equivalents
at end of period

Total annual
dividends

Payout ratio(consolidated)

Dividends onequity(consolidated)

Yen

Millions of yen

%

%

46.00
46.00

16,686
15,988

36.3
42.9

2.8
2.7

Total

46.00

49.3

Consolidated earnings forecasts for fiscal year 2025 (from April 1, 2024 to March 31, 2025)
Operating revenue

Half year
Full year

Millions of yen
865,000
1,820,000

%
(0.2)
3.5

Operating profit
Millions of yen(5,000)50,000%－24.8(Percentages represent year-on-year changes)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen
%
Yen
－
－
(5,000)(7,000)(20.41)50,00023.6
32,000 (15.0)
93.31* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement:
None(3) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of March 31, 2024:
360,496,492 shares
As of March 31, 2023:
379,824,892 sharesb. Number of treasury shares as of the end of the period
As of March 31, 2024:
17,548,985 shares
As of March 31, 2023:
17,552,067 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the fiscal year ended March 31, 2024:
350,881,081 shares
For the fiscal year ended March 31, 2023:
362,445,520 shares(Note) For details of the number of shares used to calculate consolidated basic earnings per share, please see “3. Consolidated
Financial Statements and Significant Notes Thereto, (5) Notes to consolidated financial statements (Per share information)” of
the attached materials to the financial results report on page 25.

*Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
*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. Overview of Operating Results andOthers, (4) Future outlook” on page 7 of the attached materials to the financial results report.
• The Company plans to post supplementary materials on financial results on the Company’s website promptly after the announcement of thefinancial results.

Attached Materials
Index
1. Overview of Operating Results and Others ............................................................................................................ 2(1) Summary of operating results for the fiscal year ended March 31, 2024......................................................... 2(2) Explanation of financial position for the fiscal year ended March 31, 2024 ..................................................... 7(3) Overview of cash flows for the fiscal year ended March 31, 2024 ................................................................... 7(4) Future outlook ................................................................................................................................................. 7(5) Operational and financial issues to be addressed ........................................................................................... 8
2. Fundamental Approach to Selection of Accounting Standards............................................................................. 10
3. Consolidated Financial Statements and Significant Notes Thereto ...................................................................... 11(1) Consolidated balance sheet .......................................................................................................................... 11(2) Consolidated statement of income and consolidated statement of comprehensive income .......................... 14(3) Consolidated statement of changes in equity ................................................................................................ 17(4) Consolidated statement of cash flows ........................................................................................................... 19(5) Notes to consolidated financial statements ................................................................................................... 21(Notes to premise of going concern) ............................................................................................................. 21(Significant matters forming the basis of preparing the consolidated financial statements) .......................... 21(Segment information, etc.) ........................................................................................................................... 22(Per share information) .................................................................................................................................. 25(Important subsequent matters) .................................................................................................................... 25
4. Others .................................................................................................................................................................. 26
Operating revenue by segment ............................................................................................................................ 26-1-

1. Overview of Operating Results and Others(1) Summary of operating results for the fiscal year ended March 31, 2024
During the fiscal year ended March 31, 2024, the global inflationary trend became more stable, with the rise innatural resources and energy prices due to the instability in global affairs reversing to a decline, and measures
are being taken in anticipation of a slowdown in the economy, such as the financial authorities in Europe andthe U.S. maintaining current interest rates. Meanwhile in Japan, it remains hard to anticipate a full-fledged
economic recovery. Although the economic sentiment is currently improving, with cost inflation being passed on
to prices, and the growth in consumption for services due to the recovery in domestic and inbound tourism
demand, as well as the increase in capital expenditures, there are factors such as sluggish consumer spending
due to factors including the fact that real wages are not rising, as well as the labor shortage becoming more
serious.
Under these circumstances, the Yamato Group is promoting initiatives to provide comprehensive value toaddress the diversifying needs of customers and society, in order to achieve sustainable corporate valueenhancement through “Helping to enrich our society” which is part of our Management Philosophy, under theGroup management structure in which we brought together the management resources of each Group
company.
Our consolidated financial results for the fiscal year ended March 31, 2024 are as follows:(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the fiscal year
ended March 31, 2023
1,800,668
60,08558,066

For the fiscal year
ended March 31, 2024
1,758,626
40,05940,45845,89837,626

ChangeGrowth (%)(42,041)(20,025)(17,607)(2.3)(33.3)(30.3)(8,271)(18.0)For the fiscal year ended March 31, 2024, operating revenue was 1,758,626 million yen, down 42,041 million
yen from the previous year. This was attributable to factors such as our price optimization efforts, while parcel
volume and demand for international transportation declined.
Operating expenses was 1,718,566 million yen, down 22,016 million yen from the previous year. This was
attributable to factors such as our focus on optimizing operating expenses, in the face of the continuing
increase in costs due to changes in the external environment such as natural resource prices, energy prices
and hourly wages.
As a result, for the fiscal year ended March 31, 2024, operating profit was 40,059 million yen, down 20,025
million yen from the same period of the previous year. Profit attributable to owners of parent was 37,626 million
yen, down 8,271 million yen from the previous year, due to factors such as the booking of disposal gains of
non-current assets.
The Yamato Group made a resolution in the Board of Directors’ meeting held on July 27, 2023 to enter into a
strategic business alliance with World Holdings Co., Ltd., and transferred 51% of the shares of our consolidated
subsidiary Yamato Staff Supply Co. Ltd., to World Staffing Co., Ltd., which is a consolidated subsidiary of World
Holdings Co., Ltd. Following this share transfer, the ratio of voting rights of Yamato Staff Supply Co. Ltd. owned
by Yamato Holdings Co., Ltd. became 49%, making Yamato Staff Supply Co. Ltd. an entity accounted for using
the equity method of Yamato Holdings Co., Ltd. from the second quarter of the current consolidated fiscal year.

Initiatives for the entire Yamato GroupThe Yamato Group is working on initiatives to realize sustainable corporate value enhancement through“Helping to enrich our society”, which is in our management philosophy, and to enhance the comprehensive
value provision to address the diversifying needs of customers and society. In order to address the rise in costs
resulting from changes in the external environment, we are optimizing our pricing, as well as responding to cost
increases at our business partners in a timely and appropriate manner, thereby maintaining and strengthening
the transportation and delivery network as well as establishing an environment to continue providing higher
quality services to our customers.

-2-

① Structural reforms of our network operations
We are working to establish a designated network optimized for the diversifying needs for logistics,
including the EC demand as well as the shift in BtoB logistics towards small-lot and high frequency
deliveries. We are also promoting initiatives to reinforce the TA-Q-BIN network, such as consolidating andenlarging last-mile pick-up and delivery facilities, in contrast with our previous strategy of opening manysmall offices, in order to be able to make adjustments more flexibly in accordance with fluctuations inparcel volume, making the transportation between facilities more efficient, and shortening the waiting time
for parcels, as well as redefining the functions of our Terminals, innovating “sorting operations” and“transportation” using digital technologies, and making our administration more efficient.
In the fiscal year ended March 31, 2024, based on the Basic Agreement signed with Japan Post Group,
we began handling the “Kuroneko Yu-Packet” and “Kuroneku Yu-Mail” deliveries. We are continuing to use
the management resources of both Groups to establish transportation services that improve theconvenience for customers and grow our businesses, while addressing the “2024 Problem” faced by thelogistics industry, as well as carbon neutrality.
② Enhancing value provision to corporate clients
Amid the increasing risk factors such as global politics and economics as well as supply chains forming“blocks”, together with environmental issues, the Yamato Group has positioned the solutions business,
which aims to solve clients’ management issues across the entire supply chain, as a new growth area. In
this context, the Yamato Group continues to integrate sales and operations, while utilizing the Group’s
management resources to the fullest, in order to expand the value we provide to the entire supply chain,from Japan to the world.
In addition, the Yamato Group is promoting the reduction of greenhouse gas (GHG) emissions by theGroup (own emissions), through measures including the introduction of EVs and temperature-controlled
deliveries without using dry ice. Moreover, we are continuing to work on creating new value provided tocorporate clients, such as by developing a GHG emissions visualization tool that is in conjunction with theinternational standard ISO 14083:2023, in order to build a supply chain with less environmental impact, tooptimize inventory owned by clients and their production activities. In this fiscal year, we implemented the"Declaration of Carbon Neutrality" for three of our parcel delivery services: TA-Q-BIN, TA-Q-BIN Compact,
and EAZY. This declaration is to show that we achieved carbon neutrality in accordance with theinternational standard ISO 14068-1:2023 in the fiscal year ended March 31, 2023 (April 2022 to March
2023), and to show our commitment that we will continue our efforts to reduce our own GHG emissions
from business activities, to achieve carbon neutrality for three of our parcel delivery services by 2050.
Through the provision of transportation services that are mindful of climate change, the Yamato Group willfurther promote the use of such services by individual and corporate customers.
③ Promoting strategies for achieving sustainable enhancement of corporate value
The Yamato Group is working to promote digital and HR strategies, as well as enhancing sustainable
management and governance, which will serve as the platform to expand the value provided to the supply
chain on an “End to End” basis, while realizing the sustainable enhancement of corporate value.
As for our digital strategy, we are establishing a structure that integrates “Business and Digital”, while
expanding the value provided to clients and improving operational efficiency, by utilizing our digital
information platform “Yamato Digital Platform”, which can grasp all sorts of information on a real-timebasis, and connect it to both internal and external systems. In the fiscal year ended March 31, 2024, we
continued to utilize digital technologies to collect and analyze customers’ voices, as well as promote theimprovement and design of services, with the aim of further enhancing the value customers feel when theyexperience our services.
In terms of our HR strategy, we are establishing the optimal talent portfolio to create new value-add, as
well as accommodating a diverse variety of employees and boosting their motivation, based on our“Human Resources Management Policy” that links the growth of employees to the growth of the Group.
As for strengthening our sustainable management, we are promoting initiatives to address the materiality
specified based on our two visions, towards mid to long-term corporate value enhancement and realizing asustainable society, of “Connect. Deliver the Future via Green Logistics” and “Through Co-Creation andFair Business Activities, Help Create a Society That ‘Leaves No One Behind’”.

-3-

In the domain of the environment, we are continuing to promote measures such as “introducing 23,500
EVs”, “introducing 810 solar power generation equipment” and “improving the usage rate of renewableenergy-based electricity”, in order to achieve the target of “48% reduction in GHG in 2030, compared tofiscal year ended March 2021” and “net zero GHG emissions (own emissions) by 2050”. In the fiscal year
ended March 31, 2024, the Yawata TA-Q-BIN Sales Office in Kyoto was reopened following a renewal. We
will conduct trials for energy management at this facility, including initiatives to optimize EV operations,and utilize electricity derived from renewable sources. This facility will serve as a model, at which we areusing EVs for all its pickup and delivery trucks (32 trucks) for the first time in Japan, as well as introducing
solar power generation facilities and batteries, as well as using electricity generated from renewableenergy sources, and lowering the peak usage of electricity by introducing a system to level out electricity.
Moreover, we are working to realize sustainable logistics, such as by collaborating with a car manufacturer
to start trials using mini-EV vehicles with cartridge-type batteries in our pick-up and delivery operations.
In the domain of the society, we are continuing to work on initiatives towards realizing an enriched society
valuing the diversity of our talent, and creating a work environment that brings out the best of ouremployees, while addressing various social issues, and helping to build local communities through cocreation.
As for enhancing our governance, we will continue to reinforce our corporate governance, by measures
such as separating the oversight and execution in our management, as well as maintaining andstrengthening management transparency. We are also engaging in business structural reforms through agovernance structure focusing on the speed of decision-making.
④

Formulation of the medium-term management plan "Sustainability Transformation 2030 ~1st Stage~”
The Yamato Group has set a “value-creating company that contributes to the realization of a sustainable
future” as its aspiration for 2030, and in February 2024, set the medium-term management plan
"Sustainability Transformation 2030 ~1st Stage~", with the fiscal year ending March 2027 as the final
year. In accordance with this plan, the Group will work to reinforce the TA-Q-BIN network and enhance thevalue provided, expand the corporate business domain by providing solutions that cover the entire supply
chain, commercialize new business models that cater to the needs of diversifying customers and society,and strengthen the Group’s business platform, thereby generating “economic value”, as well as creating“environmental value” and “social value” through our initiatives to achieve social sustainability. Effectivefrom the fiscal year ending March 31, 2025, we will change to four business segments defined in themedium-term management plan: “Express Business”, “Contract Logistics Business”, “Global Business”,
and “Mobility Business”.

Business strategies of each segment

 Retail Business Unit
① The Retail Business Unit provides high-quality small-lot parcel delivery services such as TA-Q-BIN, whileserving as the starting point of business for the entire Group, and has been working to provide value that
addresses the needs of our customers by utilizing our strength of having points of contact with customers
that is originates through the provision of TA-Q-BIN services, with our front-line employees monitoring andcapturing changes in our customers in their lifestyles and business environments, and working with thesales people in charge of corporate clients and proposing solutions that utilize the Group’s management
resources. The Retail Business Unit has also been working to provide services that make sending andreceiving 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 1.7 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 The Retail Business Unit is working to reinforce the TA-Q-BIN network, with the aim of enhancing
productivity of the overall network operations. In the fiscal year ended March 31, 2024, we continued toconsolidate and enlarge the last-mile pick-up and delivery facilities mainly in the urban areas, in contrast
with our previous strategy of opening many small offices, as well as establish a network designated totemperature-controlled deliveries, while establishing a system to flexibly adjust the delivery area and routes
based on fluctuations in the workload.
-4-

③ Operating revenue of the Retail Business Unit from external clients amounted to 877,948 million yen, down
1.9% year-on-year, as a result of the rise in the unit price of parcels, while there was a decline in volume.
Operating profit declined 9,708 million yen year-on-year. Although progress was made in optimizing
operating costs, it was not enough to offset the decline in volume.

 Corporate Business Unit
① The Corporate Business Unit is integrating sales and operations and promoting the establishment andexpansion of the designated network, with the aim of enhancing value provision to the entire supply chainthat connects Japan to the world, while taking a step further than improving the quality and efficiency oflogistics operations, to strengthen account management, which involves making improvement proposals
based on management issues faced by clients, and engaging in effective project development as well as
management and operations.
② In the urban areas where EC demand is concentrated, the Unit has been building an EC logistics networkwith more simplified operations covering sorting, transportation and last-mile deliveries, as well as using
our partnerships with major e-commerce companies to implement initiatives to further improve
convenience and expand sales for services that completely or partially replace operational functions fromorder receiving to shipping and delivery, with the aim of optimizing logistics for e-commerce vendors withstores in online shopping malls.
③ In cross-border EC for which growth is accelerating, we are working on initiatives to enhance value
provided on an “End to End” basis over the supply chain, such as connecting the IT system for importcustoms clearance with the domestic delivery network, in order to shorten the lead-time to delivery. In thefiscal year ended March 31, 2024, we started providing small-lot marine transportation services for crossborder EC operators, that allows low-cost and speedy deliveries to the buyers who use cross border EC.
④ Operating revenue from customers was 824,096 million yen, down 2.6% year-on-year, mainly as a result of
the decline in international transportation volume. Operating profit declined 8,551 million yen year-on-year,
due to factors including the increase in expenses to consign deliveries to the Retail Unit.
(Reference)(Million parcels / units)
Category
TA-Q-BIN/TA-Q-BIN Compact/EAZY
Nekopos/Kuroneko Yu-packKuroneko DM-Bin/Kuroneko Yu-Mail

For the fiscal year
For the fiscal year
ended March 31, 2023 ended March 31, 2024
1,926
1,886
413
409
800
626

ChangeGrowth (%)
(40)
(3)
(173)

(2.1)
(0.9)
(21.7) Other① During the fiscal year ended March 31, 2024, we continued to promote efforts to expand sales fortransportation by transport box taking advantage of the network consisting of multiple corporate groups
and for vehicle maintenance services.
② Operating revenue from customers was 56,581 million yen, down 5.8% year-on-year. Operating profit was
12,734 million yen, down 8.4% year-on-year.
Initiatives such as safety and regional co-creation① 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
annual plans, all centered on respective Group companies whose main operations involve transport.
During the fiscal year ended March 31, 2024, we continued to conduct the “Traffic Safety Class forChildren” at kindergartens and elementary schools, as well as engage in activities to raise awareness-5-

towards safety, including the “Zero Traffic Accidents Campaign” by the entire Group, as well as the“National Safety Competition”, in which drivers from all over Japan competed with each other in their skills
and knowledge regarding driving safety.
② 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 operate the Neko
Support Station as a local community facility that supports the healthy and sustainable development of thelocal community, and the safe and comfortable lives of people in the area. We also provide housekeeping
support services, monitoring services that use “HelloLight” IoT light bulbs, consultation services foreveryday life, and hold events that enable interaction among community members. Moreover, in the fiscal
year ended March 31, 2024, based on the basic agreement regarding the partnership signed between aretailer that operates drug stores in Hokkaido and Yamato Transport, we are promoting activities toaddress social issues faced by Hokkaido and realize a sustainable regional economy, through initiatives
such as enhancing shopping support using the TA-Q-BIN sales offices and mobile vending vehicles,
making it possible to receive parcels at drug stores, having items purchased in stores delivered to people’s
homes, as well as providing efficient and stable deliveries of merchandise to retailers.
③ Aspiring to be a company that continually evolves in step with society, and led by the Yamato Welfare
Foundation, the Yamato Group conducts various activities to help realize a society in which disabled
people can experience 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
with disabilities at the Swan Bakery which makes and sells bread, and operating job-finding support
facilities where they take part in training to acquire skills and knowledge necessary for employment.

-6-(2) Explanation of financial position for the fiscal year ended March 31, 2024
Total assets were 1,135,895 million yen as of March 31, 2024, up 28,308 million yen from the end of theprevious fiscal year. The increase was largely attributable to the increase in property, plant and equipment of
11,736 million yen resulting from the construction and renovation of facilities, mainly in the Retail Business Unit,
cash and deposits of 9,687 million yen, and investment securities of 8,108 million yen due to mark-to-market
evaluation and other factors.
Liabilities increased 52,757 million yen to 543,914 million yen from the end of the previous fiscal year. The
increase was largely attributable to the 21,000 million yen increase in borrowings, and the 20,000 million yen
increase in bonds payable due to the issuance of green bonds.
Total net assets were 591,980 million yen, down 24,449 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 37,626 million yen, and conducting
16,432 million yen of dividends of surplus, as well as the acquisition of 50,001 million yen of our own shares.
As a result, the equity ratio changed to 51.6%, from 55.1% in the previous fiscal year.
(3) Overview of cash flows for the fiscal year ended March 31, 2024
Net cash generated by operating activities amounted to 64,333 million yen, which was 25,620 million yen lessthan the previous fiscal year. This is largely attributable to profit before income taxes being 51,704 million yen,which was a decrease of 5,111 million yen, and the booking of 12,239 million yen of gain on sales of noncurrent assets resulting from the sale of land.
Net cash used in investing activities amounted to 22,435 million yen, which is a decrease of 26,985 million yen
compared with the previous fiscal year. This is largely attributable to the 16,163 million yen increase inproceeds from the sale of property, plant and equipment, and the amount of other payments declining by 5,684
million yen.
Net cash used in financing activities was 30,777 million yen, which is a decrease of 7,839 million yen comparedto the previous fiscal year. This is largely attributable to the 26,553 million yen increase in income fromborrowings, and the 19,928 million yen income from the issuance of bonds, as well as the 40,006 million yen
increase in spending related to the purchase of treasury shares.
As a result of the above, cash and cash equivalents were 194,702 million yen as of March 31, 2024, up 11,476
million yen from the end of the previous fiscal year.
(4) Future outlook
As for the business environment surrounding the Yamato Group, the global inflationary trend became morestable, but in Japan, it remains hard to anticipate a full-fledged economic recovery. Costs are expected to riseas a result of changes in the external environment, such as the application of upper limits to overtime for thedriving of vehicles, which started in April 2024 (the “2024 issue”). Moreover, in the medium- to long-term, weare anticipating the expansion of EC, heightened geopolitical risks, the acceleration of the decline in birth rate
and aging of society, the depopulation of rural areas, as well as the intensifying of labor shortage and climatechange.
Under these circumstances, Yamato Group has set a “value-creating company that contributes to therealization of a sustainable future” as its aspiration for 2030, and set the medium-term management plan
"Sustainability Transformation 2030 ~1st Stage~", with the fiscal year ending March 2027 as the final year, inorder to realize sustainable corporate value enhancement by “Helping to enrich our society”, which is part ofour Management Philosophy. In accordance with this plan, the Group will work to reinforce the TA-Q-BIN
network and enhance the value provided, expand the Corporate business domain by providing solutions thatcover the entire supply chain, commercialize new business models that cater to the needs of diversifying
customers and society, and strengthen the Group’s business platform, thereby generating “economic value”, aswell as creating “environmental value” and “social value” through our initiatives to achieve social sustainability.
For the fiscal year ending March 2025, we will bring operating revenues back to a growth trajectory, based on
the strategies outlined in the medium-term management plan, and by addressing the various needs andexpectations of customers, while promptly implementing new initiatives for future growth, such as our facilities-7-

strategy to reinforce the TA-Q-BIN network, utilizing digital technologies to reform "sorting operations","transportation", and "work styles", and the starting of freighter operations, thereby achieving further growth in
the second year of the medium-term plan and onwards.
As for the consolidated earnings forecast for the full year, we are anticipating operating revenues of 1,820
billion yen, operating profit of 50 billion yen, ordinary profit of 50 billion yen, and profit attributable to owners ofparent of 32 billion yen.
(5) Operational and financial issues to be addressed
The Yamato Group is operating in a business environment in which global inflationary trends are stabilizing, but
in Japan it remains difficult to anticipate a full-fledged economic recovery, with personal consumption remaining
stagnant. Meanwhile, costs are expected to rise due to changes in the external environment, such as theregulation to set a “cap to overtime work (the 2024 issue)" for drivers, which was implemented from April 2024.
Moreover, we are anticipating medium- to long-term changes including the expansion of EC, the heightening of
geopolitical risks, the declining birthrate and the aging society, the depopulation of rural areas, as well as labor
shortage and climate change intensifying. Against this backdrop, the Yamato Group will, promote the following
initiatives ① to ⑤, based on the medium-term management plan “Sustainability Transformation 2030 ~1stStage~” which lasts until the fiscal year ending March 2027, in which we have set our aspiration for 2030 as
becoming a “value-creating company that contributes to the realization of a sustainable future”, to realize thesustainable enhancement of corporate value through "helping to enrich our society" as stated in ourmanagement philosophy.
① Reinforcement of the TA-Q-BIN network and the enhancement of value provided
With the expansion of EC, the declining birthrate, aging population, depopulation of rural areas, and theintensifying of labor shortages and climate change, the Yamato Group will continue to promote structuralreforms of our network operations in order to strengthen the TA-Q-BIN network as a social infrastructure to
make it more efficient and sustainable. Specifically, in order to flexibly respond to volume fluctuations,improve the efficiency of transportation between facilities, and shorten waiting times for cargo, we willconsolidate and enlarge the size of last-mile pick-up and delivery facilities, for which the strategy until now
has been to have a large number of small facilities, redefine terminal functions, and utilize digital technology
to reform "sorting operations", "transportation", and "work styles". The Yamato Group will also continue its
work to standardize the administration and indirect operations of front-line employees, as well as back-office
operations, and on BPR (Business Process Reform) through digitalization, to maintain and enhance thesafety and quality of operations, as well as the work environment and job satisfaction of our employees andpartners, while optimizing operating costs.
In addition, we will enhance the value we provide to customers by expanding our transportation service
lineup, raising the value of customer experience through the Kuroneko Members membership service forindividuals, and offering "carbon neutral deliveries" for the three parcel delivery products, etc. In addition, we
will promote the collection of appropriate tariffs and fees, through annual reviews of reported fares based onchanges in the external environment, and reviewing contracts with corporate clients.
② Expansion of corporate business domainWith various risk factors becoming more serious, including environmental issues, and blocs being formed
around the world in politics and the economy, as well as in the supply chain, the Yamato Group is
positioning the solution business, in which we seek to solve challenges faced by customers throughout theentire supply chain, as a growth area, and we are focused on expanding the Contract Logistics businessand the Global business.
In the Contract Logistics business, we will focus on synergies with the Express business, and by providing
solutions that solve issues faced by customers who use TA-Q-BIN, and supporting the growth of theirbusinesses, we will strengthen initiatives such as further promoting the use of parcel delivery services,charging the appropriate pricing based on the value provided, and securing new sources of logistics
revenue. In addition, we will strengthen our sales support system and enhance the skills of our sales
people, so that the corporate sales people assigned to each region can make optimal proposals, byutilizing information such as the insights gained by sales drivers from their contacts with customers.

-8-

In the Global business, we will capture the opportunity presented by changes in the supply chain, andwhile leveraging the vast domestic client base we have developed in the parcel delivery business, we will
strive to further expand in business domains where the Yamato Group has strengths, such as theautomotive and high-tech industries, as well as strengthening our sales power mainly in Japan, the UnitedStates and Mexico, India and Southeast Asia. We will also work to improve the cargo-loading efficiency in
our forwarding operations by narrowing down the markets we focus on, strengthen proposals for the
expanding cross-border EC, and capture logistics demand associated with the expansion of domestic
demand for consumer goods and other products in our focus regions.
In addition to our organic growth measures, we will promote M&A and strategic business alliances in orderto accelerate the expansion in growth areas. In considering M&A opportunities, the business division that is
responsible for revenues will work hand in hand with the department specializing in M&A to promote M&A
with discipline, and to prioritize the compatibility with the growth strategies in the Contract Logistics
business and the Global business, as well as set quantitative KPIs to monitor the success of investments.
③ Commercialization of new business models
In order to realize a sustainable future, the Yamato Group will promote the commercialization of new
business models that meet the increasingly diverse needs of customers and society, while leveraging
existing management resources and working with a wide range of partners.
In the Mobility Business, based on the vehicle maintenance business, we will develop the platform andecosystems that achieve both decarbonization and good economics, including support for the introduction
and operation of commercial EVs, utilizing the know-how regarding EVs, solar power generationequipment and energy management, accumulated through environmental investments and trials
conducted within the Yamato Group to date, thereby contributing to the sustainability of society and thelogistics industry as a whole. In addition, to meet the diverse needs of local communities, we will strive tocreate new value through measures such as the deployment of "Neko Support Station", which aims toprovide new services in addition to the shipping and receiving of parcels, and the sales expansion of"Kuroneko Mimamori Service Hello Light Visit Plan" using the "HelloLight" IoT bulb. Moreover, in order tocapture new demand, and expand distribution which revitalizes regional economies, by providing stable
and speedy transportation, as well as to maintain and improve the quality of transportation services, webegan operating dedicated cargo aircraft (freighters) in April 2024. Going forward, we will gradually
increase the number of flights and respond to new customer needs by setting routes and timetables in a
flexible manner.
④ Strengthening our Group management platform
The Yamato Group continues to work on its HR strategy, digital strategy, strengthening its sustainable
management, as well as strengthening corporate governance, to build the foundation for realizing
sustainable corporate value enhancement.
As for our HR strategy, we will prioritize the optimal allocation of talent, in conjunction with businessstructure reforms, and work on optimizing the organization and headcount, review our evaluation andcompensation scheme. Moreover, in order to develop talent that can generate value-add, we will establish
and operate an HR management system that promotes the proactive and autonomous development of
employees’ careers. In order to enhance the motivation and work environment for a diverse range of
employees, we will establish an employee welfare scheme that accommodates the life plans of diverse
employees, and promote the health management and improvement of our employees, while continuing toengage in promoting diversity, human rights due diligence, and the participation of women in theworkplace. Through these initiatives, we will bring out the best of each employee and maximize theircontribution, and aim to generate even higher value-add.
As for our digital strategy, we are strengthening our DX promotion structure, and will work to promote DX
that is integrated with our businesses, such as enhancing value provision to clients using the digitalplatform, innovating our “sorting operations”, “transportation” and “workstyle”, and reforming our back office
operational processes.
In enhancing our sustainable management, we will strengthen initiatives related to each of the materialities
that we have specified, based on our two Visions for enhancing corporate value over the mid-to-long term,
and realizing a sustainable society; “Connect. Deliver the Future via Green Logistics” and “Through CoCreation and Fair Business Activities, Help Create a Society That ‘Leaves No One Behind’”.
In terms of the environment domain, we will continue to promote measures such as “introducing 23,500-9-

EVs”, “introducing 810 solar power generation facilities” and “raising the usage rate of renewable energybased electricity”, as well as establish methods to calculate emissions from the supply chain (Scope 3), in
order to achieve the target of “Carbon neutrality (in-house emissions) in 2050” and “48% reduction in GHG
in 2030, compared to fiscal year ended March 2021”.
As for the society domain, we will continue to respect the diversity of talent, and create a workplaceenvironment which brings out the best of our employees, while addressing various social issues, andpromoting the development of a sustainable supply chain by building suitable relations with business
partners, including regular communication, and establishing structures, processes and methods to detectissues early and resolve them.
In enhancing our corporate governance, we will continue to separate management supervision andexecution, while maintaining and enhancing management transparency. We will strive to sustainably
enhance our corporate value, through constructive dialogue with shareholders and investors and theenrichment of our disclosure.
⑤ Embedding business management with a stronger focus on capital efficiency
The Yamato Group has added ROIC as a new management metric, together with operating profit margin
and ROE, in order to achieve capital profitability that is above our cost of capital, by embedding
management that places a stronger focus on capital efficiency, together with promoting the strategic
initiatives outlined in ①〜④ above. During the current medium-term management plan period, we will
actively make growth investments in our facility strategy and the promotion of DX that contributes tomaking our operations more efficient, while making environmental investments in EVs, solar power
generation equipment etc., to realize a low-carbon society by providing customers with logistics services
that have low environmental impact, as well as improving the energy efficiency of our operations. In thegrowth areas of Contract Logistics and Global businesses, we will make use of M&A and strategic
business alliances, together with organic growth measures.
In order to financially support the above plans, we will be mindful of our financial soundness and efficiency,
including the status of cash generation, the status of cash & deposits, shareholders’ equity ratio etc., aswell as making effective use of funds within the Group, while raising funding through loans from financial
institutions and bond issuances if necessary. From the perspective of financial soundness, we will use
around 45-50% for the shareholders’ equity ratio, and around 0.3-0.5 times for the D/E ratio as ourbenchmarks, and aim to maintain our rating (AA- from R&I). As for shareholder return, we will target 40%
or above in dividend payout ratio, and 50% or above in total payout ratio, based on profit attributable toowners of parent. We will flexibly consider share buybacks, based on factors including progress in growthinvestments, cash flow trends, our share price, etc.

2. Fundamental Approach to Selection of Accounting Standards
The Yamato Group has adopted Japanese GAAP because the Group engages in business primarily in Japan.
However, we intend to give ongoing consideration to IFRS and other accounting standards aligned withupcoming expansion into other locations overseas.

- 10 -

3. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

185,373

195,061

Notes and accounts receivable - trade, and contract
assets216,251

212,094

Accounts receivable - installment

50,50952,787

Merchandise and finished goods

168

97

Work in process

322

212

Raw materials and supplies

2,089

1,723

Other

31,40635,977

Allowance for doubtful accounts(1,474)(1,599)Total current assets

484,647

496,353

381,218

402,346

Accumulated depreciation(227,735)(236,813)

Buildings and structures, net

153,483

165,533

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

Machinery and equipment

77,64277,705

Accumulated depreciation(58,689)(59,406)

Machinery and equipment, net

18,953

18,299196,140

192,889(165,934)(163,716)

30,20529,173

Land

179,811

175,187

Leased assets

47,25751,085

Accumulated depreciation(13,110)(15,528)

VehiclesAccumulated depreciation
Vehicles, net

Leased assets, net

34,14635,556

Construction in progress

12,37917,147

Other

61,17362,291

Accumulated depreciation(47,136)(48,436)

Other, net

14,037

13,855443,017454,753

38,14936,653

Total property, plant and equipment
Intangible assets
Software
Other

5,609

4,562

Total intangible assets

43,75941,215- 11 -

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Investments and other assets
Investment securities

42,75850,867Long-term loans receivable

5,258

5,107

Leasehold deposits

22,317

23,255

20－

Deferred tax assets

64,291

63,277

Other

3,513

3,342

Allowance for doubtful accounts(1,996)(2,278)

Total investments and other assets

136,163

143,571Retirement benefit asset

Total non-current assets

622,940

639,541

1,107,587

1,135,895

Notes and accounts payable - trade160,766

164,073

Short-term borrowings

10,000

10,181

Lease liabilities

5,415

5,868

Income taxes payable

16,911

8,369

Total assets
Liabilities
Current liabilities

Deferred installment income

4,797

5,163

Provision for bonuses

36,91832,280Other

109,949

119,968

Total current liabilities

344,758

345,905－

20,000Non-current liabilities
Bonds payable
Long-term borrowings－

20,81832,85835,659482

535

98,295103,077

162

328

Other

14,59917,589Total non-current liabilities

146,398

198,009491,156

543,914

Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)

Total liabilities- 12 -

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Net assets
Shareholders’ equity
Share capital

127,234

127,234

Capital surplus

36,83936,839Retained earnings

473,891

448,109

Treasury shares(39,835)(42,850)

Total shareholders’ equity

598,130

569,333

Valuation difference on available-for-sale securities

9,280

14,354Foreign currency translation adjustment

1,781

2,907

Remeasurements of defined benefit plans

1,188

(839)

Total accumulated other comprehensive income

12,25016,422

Accumulated other comprehensive income

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

6,049

6,225

616,430

591,980

1,107,587

1,135,895

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the fiscal year ended March
31, 2023

For the fiscal year ended March
31, 2024

Operating revenue

1,800,668

1,758,626

Operating costs

1,687,241

1,664,317

113,426

94,30826,04625,622

Provision for bonuses

1,077

1,079

Retirement benefit expenses

1,190

953

Provision for share awards for directors (and other officers)

162

187

Commission expenses

9,364

10,407

Taxes and dues

9,399

10,113

Provision of allowance for doubtful accounts

677

891

Depreciation

2,494

2,150

Other

5,359

5,063

Total selling, general and administrative expenses

53,341

54,24960,08540,059Interest income

245

408

Dividend income

Operating gross profit
Selling, general and administrative expenses
Personnel expenses

Operating profit
Non-operating income

1,669

1,362

Green Innovation Fund Project Subsidy－

479

Gain on disposal of vehicles

298

239

Other

1,971

2,150

Total non-operating income

4,184

4,640

Interest expenses

904

1,404

Share of loss of entities accounted for using equity method

4,158

837

Loss on investments in investment partnerships

257

636

Other

882

1,362

Total non-operating expenses

6,203

4,241

58,06640,458Gain on sales of non-current assets

95

12,239Gain on sales of investment securities

1,970

3,861

Penalty income

125

－

Other

15

10

2,207

16,110Non-operating expenses

Ordinary profit
Extraordinary income

Total extraordinary income- 14 -

(Millions of yen)
For the fiscal year ended March
31, 2023

For the fiscal year ended March
31, 2024

Loss on retirement of non-current assets

499

401

Impairment losses

1,994

1,423

Loss on sale of investment securities

4－

Loss on valuation of investment securities

2

95

Payments for retirement and other

－

2,727

Provision of allowance for doubtful accounts

182

188

Dismantlement expenses

753

－

Other

21

29

3,458

4,865

56,81551,704

Income taxes - current

23,017

13,926

Income taxes - deferred(11,623)(61)

Total income taxes

11,393

13,864

Profit (loss)

45,42137,840(476)

213

45,89837,626Extraordinary losses

Total extraordinary losses
Profit before income taxes

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 15 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the fiscal year ended March
31, 2023

For the fiscal year ended March
31, 2024

45,42137,840

Valuation difference on available-for-sale securities(2,222)

5,063

Foreign currency translation adjustment

2,292

1,118

Remeasurements of defined benefit plans, net of tax

677(1,971)

Share of other comprehensive income of entities accounted
for using equity method

(54)

(48)

Total other comprehensive income

692

4,163

Comprehensive income

46,11442,003

46,597

41,798(483)

205

ProfitOther comprehensive income

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests- 16 -

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

127,234

Retained earnings

36,813

Total shareholders’equityTreasury shares

464,494(49,551)

578,991

Changes during period
Dividends of surplus(16,783)(16,783)

Profit attributable to ownersof parent

45,89845,898(10,001)(10,001)

(0)

0

0

(19,717)

19,717−Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
shares(0)Change in ownershipinterest of parent due totransactions with noncontrolling interests

25

25

Net changes in items otherthan shareholders’ equity

–

25

9,397

9,715

19,138127,234

36,839473,891(39,835)

598,130

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

11,498(513)

565

11,551

7,690

598,233

Changes during period
Dividends of surplus(16,783)

Profit attributable to ownersof parent

45,898Purchase of treasury shares(10,001)

Disposal of treasury shares

0Cancellation of treasury
shares−Change in ownershipinterest of parent due totransactions with noncontrolling interests

25

Net changes in items otherthan shareholders’ equity(2,218)

2,295

622

699

(1,641)(942)

Total changes during period(2,218)

2,295

622

699

(1,641)

18,196

Balance at end of period

9,280

1,781

1,188

12,2506,049

616,430- 17 -

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

127,234

Retained earnings

36,839Total shareholders’equityTreasury shares

473,891(39,835)

598,130

Changes during period
Dividends of surplus(16,432)(16,432)

Profit attributable to ownersof parent

37,626

37,626(50,001)(50,001)10

10(46,975)

46,975－－(25,781)(3,015)(28,796)

36,839448,109(42,850)569,333

Purchase of treasury shares
Disposal of treasury shares

0Cancellation of treasury
shares(0)－127,234

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

9,280

1,781

1,188

12,2506,049

616,430

Changes during period
Dividends of surplus(16,432)

Profit attributable to ownersof parent

37,626

Purchase of treasury shares(50,001)

Disposal of treasury shares

10

Cancellation of treasury
shares－Net changes in items otherthan shareholders’ equity

5,074

1,126

(2,028)

Total changes during period

5,074

1,126

(2,028)

Balance at end of period

14,354

2,907

(839)

- 18 -

4,171

175

4,347

4,171

175

(24,449)

16,4226,225

591,980

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before income taxes

56,81551,704

Depreciation

41,62644,430

Impairment loss

1,994

1,423

Increase (decrease) in retirement benefit liability

4,633

2,750

Increase (decrease) in provision for bonuses(2,056)(4,541)

Interest and dividend income(1,914)(1,771)

Interest expenses

904

1,404

Share of loss (profit) of entities accounted for using
equity method

4,158

837

Loss (gain) on sales of non-current assets(94)(12,239)

Loss on retirement of non-current assets

499

401

(1,965)(3,861)

Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables

2

95

1,234

1,288

Decrease (increase) in inventories

(356)

542

Increase (decrease) in trade payables(5,259)1,001

Other, net

9,845

1,710

Subtotal

110,066

85,175

1,948

1,852

Interest and dividends received
Interest paid

(900)

(1,370)

Income taxes paid

(21,160)(21,324)

Net cash provided by (used in) operating activities

89,95364,333

Payments into time deposits(4,107)(4,572)

Proceeds from withdrawal of time deposits

4,107

6,466

Purchase of property, plant and equipment(35,435)(31,956)

Proceeds from sales of property, plant andequipment

1,391

17,554Purchase of investment securities(1,751)(2,428)Proceeds from sales of investment securities

4,950

3,238

Payments for sales of shares of subsidiaries
resulting in change in scope of consolidation

－

1,265

Loan advances(3,191)(3,644)

Proceeds from collection of loans receivable

3,930

3,993

Other payments(20,175)(14,491)

Other proceeds

862

2,139

(49,420)(22,435)

Cash flows from investing activities

Net cash provided by (used in) investing activities- 19 -

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(5,000)600

Repayments of lease liabilities(5,689)(5,766)－

20,953

Proceeds from long-term borrowings
Proceeds from issuance of bonds－

19,928Purchase of treasury shares(10,025)(50,032)

Dividends paid

(16,770)(16,431)

Dividends paid to non-controlling interests

(380)

(34)

Purchase of shares of subsidiaries not resulting inchange in scope of consolidation

(777)

－

Proceeds from sale of shares of subsidiaries not
resulting in change in scope of consolidation

18－

Other, net

75(38,617)(30,777)

Effect of exchange rate change on cash and cash
equivalents

705

356

Net increase (decrease) in cash and cash equivalents

2,621

11,476

Cash and cash equivalents at beginning of period

180,603183,225

Cash and cash equivalents at end of period

183,225

194,702

Net cash provided by (used in) financing activities- 20 -

(5)Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.

(Significant matters forming the basis of preparing the consolidated financial statements)
1. Scope of consolidation(1) Number of consolidated subsidiaries: 27
Names of major consolidated subsidiaries:
Yamato Transport Co., Ltd.
Okinawa Yamato Transport Co., Ltd.
YAMATO TRANSPORT U. S. A., INC.
YAMATO ASIA PTE. LTD.
YAMATO INVESTMENT (HONG KONG) LIMITED YAMATO BOX CHARTER CO., LTD
Yamato System Development Co., Ltd.
Yamato Autoworks Co., Ltd.
In the fiscal year under review, the liquidation process was completed for Express Network Co., Ltd., and we
disposed part of the shares of Yamato Staff Supply Co., Ltd., and as a result both companies have been
excluded from the scope of consolidation.
(2) Non-consolidated subsidiaries, etc.
OTL ASIA SDN. BHD. and certain other subsidiaries are not included within the scope of consolidation. The
total assets, operating revenue, profit, and retained earnings of these non-consolidated subsidiaries are
immaterial and, even taken together as a group, they do not exert a significant influence on the consolidated
financial statements.
2. Application of equity method(1) Number of affiliates accounted for using equity method: 30
Names of major equity method affiliates:
Packcity Japan Co., Ltd.
GDEX BERHAD
Yamato Lease Co., Ltd.
Yamato Home Convenience Co., Ltd.
Yamato Staff Supply Co., Ltd.
Effective from the fiscal year under review, Yamato Staff Supply Co., Ltd. has been excluded from the scope of
consolidation, due to the partial disposal of shares, and has been included in the scope of the equity method.
ALP Capital Sdn. Bhd. and 4 other companies have been included in the scope of the equity method from thefiscal year ended March 31, 2024, due to equity method affiliate GDEX BERHAD newly acquiring the shares.
(2) Non-consolidated subsidiaries and affiliates not accounted for using equity method
Entities not subject to the equity method such as OTL ASIA SDN. BHD. and certain other non-consolidated
subsidiaries and YAMATO UNYU (THAILAND) CO., LTD. and certain other affiliated companies are excluded
from the scope of entities accounted for using the equity method because they do not exert a significant influenceon the consolidated financial statements even when taken together as a group, given immateriality of their profit,
retained earnings and other financial results corresponding to the ownership held by the Company.
(3) Special note on the application of equity method
The fiscal year-end dates of certain entities accounted for using the equity method differ from the consolidated
fiscal year-end date, and accordingly the financial statements have been prepared on the basis of the financial
statements and provisional financial results for the respective fiscal years of each of those entities.

- 21 -

(Segment information, etc.)
1. Segment information(1) Summary of reportable segment
The reportable segments of the Yamato Group are constituent units of the Yamato Group whose separate
financial information can be obtained. The Board of Directors of the Company periodically examines thesesegments to decide on the allocation of management resources and evaluate business performance.
The Yamato Group is operated through a Group management structure, under Yamato Holdings Co., Ltd.
which is a pure holding company, and manages business operations by customer segment, with the Retail
Business Unit which manages retail business that provides delivery services to individuals and mid-to-small
sized corporations, the Corporate Business Unit which manages corporate business, global SCM business andEC business that provide transportation services etc. to large corporations, and Other.
Accordingly, Yamato Group’s two reportable segments are the Retail Business Unit and the Corporate
Business Unit.
Type of services by reportable segment
Reportable segment
Retail Business Unit
Corporate Business Unit
Other

Type of services
Small parcel delivery services for consumers and mid-to-small sized corporations
Transportation services for large corporations, planning and operation of logistics
centers, customs services, air cargo agency services
Development and operation of IT systems, car maintenance services, sales of fuel,non-life insurance agency services, cargo vehicle transportation services(2) Method of calculating operating revenue, profit/loss, assets and other items by reportable segment
The accounting method used for reported business segments complies with accounting policy that has been
adopted in preparing the consolidated financial statements.

- 22 -

(3) Information regarding the amounts of operating revenue, profit/loss, assets and other items by reportablesegment
Fiscal year ended March 31, 2023
(Millions of yen)

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from894,574
846,053
60,0401,800,668–
1,800,668
customers
Inter-segment operating revenue
323,337
16,454
111,991
451,783(451,783)–
or transfers
Total
1,217,911
862,508
172,0322,252,452(451,783)
1,800,668
Segment profit (loss)
32,29813,13813,90059,337
747
60,085
Segment assets (Note 4)
788,000
181,737
142,258
1,111,996(4,409)1,107,587
OthersDepreciation
21,883
14,796
4,097
40,777780
41,557
Investment in entities accounted
768
4,309
–
5,077
4,311
9,389
for using equity method
Increases of property, plant andequipment and intangible assets
38,9729,101
2,324
50,398
5,292
55,691(Note 4)
Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies).
2. Adjustments made are as follows.
(1) The adjustment of 747 million yen of segment profit includes group-wide expenses which have not been allocated to eachreportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 7,385
million yen, as well as eliminations of transactions among segments of 8,132 million yen.
(2) The adjustment of negative 4,409 million yen of segment assets includes eliminations of inter-segment receivables andpayables, etc. of negative 112,276 million yen and group-wide assets of 107,867 million yen not allocated to each reportablesegment.
(3) The adjustment of 4,311 million yen of investment in entities accounted for using the equity method pertains to the amount ofinvestment in those entities accounted for using equity method which are not allocated to respective reportable segments.
(4) The adjustment of 5,292 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment amount.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
4. The segment assets and the increase in property, plant and equipment and intangible assets of the Retail Business Unit includes
the 540,416 million yen of segment assets of the Transport Department and Headquarter of Yamato Transport Co., Ltd., as well as
the 23,630 million yen increase in its plant and equipment and intangible assets.

- 23 -

Fiscal year ended March 31, 2024
(Millions of yen)

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from－877,948824,096
56,581
1,758,626
1,758,626
customers
Inter-segment operating revenue－
332,775
13,234
100,766
446,775(446,775)
or transfers
Total
1,210,723
837,331
157,347
2,205,402(446,775)
1,758,626
Segment profit (loss)
22,5894,586
12,73439,910149
40,059Segment assets (Note 4)
829,542
193,603139,203
1,162,350(26,455)
1,135,895
OthersDepreciation
24,463
15,5673,473
43,503790
44,294
Investment in entities accounted
859
－
－
859
8,495
9,354
for using equity method
Increases of property, plant andequipment and intangible assets
48,2197,320
1,670
57,2105,149
62,359(Note 4)
Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) and Yamato Autoworks Co., Ltd.
(collective vehicle management agent business for transportation companies).
2. Adjustments made are as follows.
(1) The adjustment of 149 million yen of segment profit includes group-wide expenses which have not been allocated to eachreportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 7,841
million yen, as well as eliminations of transactions among segments of 7,990 million yen.
(2) The adjustment of negative 26,455 million yen of segment assets includes eliminations of inter-segment receivables andpayables, etc. of negative 124,980 million yen and group-wide assets of 98,525 million yen not allocated to each reportablesegment.
(3) The adjustment of 8,495 million yen of investment in entities accounted for using the equity method pertains to the amount ofinvestment in those entities accounted for using equity method which are not allocated to respective reportable segments.
(4) The adjustment of 5,149 million yen of increases of property, plant and equipment and intangible assets is the Company’s
capital investment amount.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
4. The segment assets and the increase in property, plant and equipment and intangible assets of the Retail Business Unit includes
the 569,629 million yen of segment assets of the Transport Department and Headquarter of Yamato Transport Co., Ltd., as well as
the 26,903 million yen increase in its plant and equipment and intangible assets.

- 24 -

2.

Information regarding impairment losses of non-current assets by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Retail Business
Unit

Corporate
Business Unit

748

280

Impairment
Loss

Other

Corporate or
eliminations

Total
966

1,994

–

Consolidated
1,994

Fiscal year ended March 31, 2024
(Millions of yen)
Retail Business
Unit
Impairment
loss

Corporate
Business Unit

898

Other
–

Corporate or
eliminations

Total
524

1,423

–

Consolidated
1,423(Per share information)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net assets per share (Yen)
1,684.87
1,708.00
Basic earnings per share (Yen)
126.64107.23
Notes: 1. The Company’s shares held by the Board Benefit Trust (BBT), which is booked as the shares held in own name in theshareholders’ equity section are included in the shares held in own name that are deducted from the number of shares
outstanding as of the end of the fiscal period, when calculating net assets per share, and is included in the shares held in own
name that are deducted from the average number of shares during the period, when calculating net profit per share. The numberof shares held in own name as of the end of the fiscal periods that were deducted when calculating net assets per share was483,000 shares as of the end of the previous fiscal year, and 480,000 shares as of the end of this fiscal year. The average numberof shares held in own name during the fiscal periods that were deducted when calculating net profit per share was 483,000 shares
as of the end of the previous fiscal year, and 481,000 shares as of the end of this fiscal year.
2. Diluted earnings per share is not presented since no potential shares exist.
3. The basis for calculating “basic earnings per share” is as follows.
Fiscal year ended
March 31, 2023
Profit attributable to owners of parent (Millions of yen)Amount not belonging to ordinary shareholders (Millions of yen)

Fiscal year ended
March 31, 2024

45,89837,626－－

Profit attributable to owners of parent concerning common shares (Millions of yen)

45,89837,626

Average number of common shares during the period (Thousands of shares)

362,445

350,881(Important subsequent matters)
Not applicable.

- 25 -

4. Others
Operating revenue by segment
Business segment
IncomeRetail Business Unit

Corporate Business
Unit

Other

Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
Logistical support income
OthersEliminations
Total
Transportation income
OthersEliminations
Total
Total

For the fiscal year ended
March 31, 2023
AmountRatio(Millions of yen)(%)
1,191,264
66.2
3,352
0.2
25,858
1.4(325,901)(18.1)
894,57449.7
617,22134.3
259,525
14.4
33,3571.9(64,051)(3.6)
846,05347.0
24,616
1.4
155,187
8.6(119,763)(6.7)
60,0403.3
1,800,668
100.0- 26 -For the fiscal year ended
March 31, 2024
AmountRatio(Millions of yen)(%)
1,181,251
67.2
3,640
0.2
28,913
1.6(335,857)(19.1)
877,94849.9
627,09635.7
226,52212.9
31,842
1.8(61,364)(3.5)
824,096
46.9
22,835
1.3
141,115
8.0(107,369)(6.1)
56,5813.2
1,758,626
100.0

Change
(%)
(0.8)
8.6
11.8
3.1
(1.9)
1.6
(12.7)
(4.5)
(4.2)
(2.6)
(7.2)
(9.1)
(10.3)(5.8)(2.3)