Translation
August 3, 2023

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending 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 submission of quarterly securities report:
August 8, 2023
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 ending March 31, 2024
(from April 1, 2023 to June 30, 2023)(1) Consolidated operating results
Operating revenue(Percentages represent year-on-year changes.)
Profit attributable toOrdinary profit
owners of parent

Operating profit

For the first quarterof the fiscal year
Millions of yen% Millions of yen%
Millions of yen%
Millions of yen
ending/ended
March 31, 2024
420,212(0.9)
1,598(33.9)
1,837(26.3)(133)
March 31, 2023
424,1591.0
2,416(81.0)
2,493(84.7)
320(Note) Comprehensive income:For the first quarter of the fiscal year ending March 31, 2024:
2,934 million yen (177.8%)
For the first quarter of the fiscal year ended March 31, 2023:
1,056 million yen ((93.9)%)
Diluted earnings
Basic earnings per shareper share
For the first quarterof the fiscal year
ending/ended
March 31, 2024
March 31, 2023

Yen

Yen

(0.37)
0.88——(2) Consolidated financial position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity:

Net assets

Equity-to-asset ratio

Millions of yen
Millions of yen
1,112,780
601,652
1,107,587
616,430
As of June 30, 2023:
595,475 million yen
As of March 31, 2023:

%
53.5
55.1
610,380 million yen%—(97.3)

2.

Dividends
Annual dividends
First quarter

Second quarter

Third quarter

Fiscal year-end

Total

Fiscal year ending/ended

Yen

Yen

Yen

Yen

Yen

March 31, 2023
March 31, 2024

—
—

23.00

—

23.00

46.00

23.00

—

23.00

46.00

March 31, 2024 (Forecast)—(Note) Changes from most recently announced forecast: None3.

Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2023 to March 31, 2024)
Operating revenue(Percentages represent year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Operating profit

Millions of yen%
Millions of yen
Half year
873,000(1.2)
13,000
Full year
1,820,000
1.1
80,000(Note) Changes from most recently announced forecast: Yes%(28.0)
33.1

Millions of yen
13,00080,000%(28.9)
37.8

Millions of yen
4,400
58,000%(57.5)
26.4

Yen
12.32
165.37* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to consolidated financial
statements (Application of specific accounting for preparing the quarterly consolidated financial statements)” of the attached materials to
the quarterly financial results report on page 13.

(3) 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(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of June 30, 2023:
379,824,892 shares
As of March 31, 2023:
379,824,892 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2023:
21,192,178 shares
As of March 31, 2023:
17,552,067 sharesc. Average number of shares during the period
For the first quarter of the year ending March 31, 2024:
360,674,211 shares
For the first quarter of the year ended March 31, 2023:
362,964,294 shares*Quarterly financial results reports are exempt from quarterly review 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. Qualitative Information on Settlement of
Accounts for the Three Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” on page 7 of theattached materials to the quarterly financial results report.
• 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) Summary of operating results ............................................................................................................................ 2(2) Overview of financial position ............................................................................................................................ 7(3) Explanation of consolidated earnings forecasts and other forward-looking statements .................................... 7
2. Consolidated Financial Statements and Significant Notes Thereto .......................................................................... 8(1) Consolidated balance sheet .............................................................................................................................. 8(2) Consolidated statement of income and consolidated statement of comprehensive income ............................ 11
Consolidated statement of income (cumulative) .............................................................................................. 11
Consolidated statement of comprehensive income (cumulative)..................................................................... 12(3) Notes to consolidated financial statements ..................................................................................................... 13(Notes to premise of going concern)................................................................................................................ 13(Notes on significant changes in the amount of shareholders’ equity) ............................................................. 13(Application of specific accounting for preparing the quarterly consolidated financial statements) ................. 13(Segment information, etc.) ............................................................................................................................. 14
3. Others .................................................................................................................................................................... 15
Operating revenue by segment .............................................................................................................................. 15-1-

1. Qualitative Information on Settlement of Accounts for the Three Months(1) Summary of operating results
During the first three months ended June 30, 2023, the impact of COVID-19 weakened, and there was progress
towards the normalization of economic activity. On the other hand, inflationary trends are continuing globally,
including energy prices remaining high as well as the rise in raw material prices, caused by the instability inglobal affairs. Meanwhile in Japan, it remains hard to anticipate a full-fledged economic recovery, despite signsof an improvement in economic sentiment, driven by action taken by companies to pass on cost inflation to theirprices, as well as the continuing recovery in consumer spending and capital expenditures.
Moreover, COVID-19 has triggered a change in consumption behavior and lifestyles, as well as the expansionof e-commerce in various industries, driven by more people working from home, as well as medical treatment
and education taking place online.
Under these circumstances, the Yamato Group is focused on providing comprehensive value to address theneeds of customers and society, in order to achieve sustainable corporate value enhancement through “Helping
to enrich our society” which is part of our Management Philosophy, under the Group management structure inwhich we brought together the management resources of each Group company, towards innovating the supply
chain to address changes in people’s lifestyles and the distribution structure.
Our consolidated financial results for the three months ended June 30, 2023 are as follows:(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Net profit attributable toowners of parent

For the three months ended
June 30, 2022
424,159
2,416
2,493

For the three months ended
June 30, 2023
420,212
1,598
1,837

320

(133)

ChangeGrowth (%)(3,946)
(818)
(656)

(0.9)
(33.9)(26.3)(453)—

For the three months ended June 30, 2023, operating revenue was 420,212 million yen, down 3,946 million yen
from the same period of 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 418,614 million yen, down 3,127 million yen from the same period of the previous
year. Despite the continuing increase in costs due to changes in the external environment such as energy
prices, raw material prices and hourly wages, operating expenses declined thanks to the progress made in
optimizing operating expenses.
As a result, for the three months ended June 30, 2023, operating profit was 1,598 million yen, down 818 million
yen from the same period of the previous year.

-2-

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 partner companies 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.
① Structural reforms of our network operations
We are working to establish and expand a designated network optimized for the diversifying needs forlogistics, including the EC demand as well as the shift in BtoB logistics towards small-lot and highfrequency deliveries. We are also promoting initiatives to reinforce our existing network, such as
consolidating and enlarging the TA-Q-BIN Sales offices, in contrast with our previous strategy of opening
many small offices, in order to be able to make adjustments more flexibly in accordance with fluctuations
in parcel volume, as well as redefining the functions of our Terminals, and making transportation anddelivery, sorting and administration more efficient.
In the three months ended June 30, 2023, we signed the Basic Agreement with Japan Post Group
regarding our partnership to promote sustainable logistics services. Going forward, we will use themanagement resources of both Groups to establish transportation services that improve the conveniencefor customers and grow our businesses, while contributing to address the “2024 Issue” 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 establish and expand dedicated networks by integrating 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 green logistics, such as the introduction of EVs andtemperature-controlled deliveries without using dry ice, in order to achieve our goal of net zero
greenhouse gas (GHG) emissions (own emissions) by 2050. In the three months ended June 30, 2023,
we began developing a GHG emissions visualization tool based on the international standard ISO
14083:2023, with the aim of visualizing our clients' GHG emissions and building a supply chain with lessenvironmental impact, while at the same time working to reduce our own emissions.
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 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’”.
In terms of the environment, we are continuing to promote measures such as “introducing 20,000 EVs”,“introducing 810 solar power generation facilities” and “improving the usage rate of renewable energybased electricity”, in order to achieve the target of “48% reduction in GHG in 2030, compared to fiscal year-3-

ended March 2021” and “net zero GHG emissions (own emissions) by 2050”. In the three months ended
June 30, 2023, we started on-the-road trials of large fuel cell trucks, with the aim of assessing thepossibilities and commercial potential of hydrogen fuel, in order to realize sustainable logistics. The
Gunma Prefectural government and Yamato Transport signed a partnership agreement regarding the cocreation towards carbon neutrality. Going forward, both parties will be bringing together their targets,characteristics and strengths, in pursuit of achieving carbon neutrality as well as a sustainable society that
benefits local citizens, corporates and governments.
In terms of the society, we are continuing to work on initiatives to realize an enriched society valuing thediversity of our talent, and creating a work environment that brings out the best of our employees, while
addressing various social issues, and helping to build local communities through co-creation.
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.
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 1.5 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 three months ended June 30, 2023, we conducted
trials to consolidate and enlarge TA-Q-BIN sales offices mainly in the urban areas, in contrast with ourprevious strategy of opening many small offices, as well as establish a network designated to temperaturecontrolled deliveries, while establishing a system to flexibly adjust the delivery area and routes based on
fluctuations in the workload.
③ Operating revenue of the Retail Business Unit from external clients amounted to 208,298 million yen, down
1.3% year-on-year, as a result of the rise in the unit price of parcels, while there was a decline in volume.
Operating profit increased 6,939 million yen year-on-year, due to factors including progress made in
optimizing operating costs.

 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. To optimize
logistics for e-commerce vendors with stores in online shopping malls, we used our partnerships with major-4-e-commerce companies to implement initiatives to further improve convenience and expand sales forservices that completely or partially replace operational functions from order receiving to shipping anddelivery.
③ For retailers who are developing physical stores and e-commerce omni-channel sales frameworks, the Unit
has been promoting efforts to optimize inventory and logistics through centralized management, thereby
making clients’ inventories in their omni-channel operations more fluid, by combining the consolidated andenlarged business facilities with the transportation and delivery networks. Moreover, we are focusing on
making proposals in our sales activities to provide comprehensive value, such as through one-stop
management of clients’ logistics operations by the Yamato Group, covering the entire process starting fromprocuring merchandise for their physical stores as well as their official e-commerce sites, to the storage,
packaging and sending of such merchandise.
④ In cross border EC for which growth is accelerating, we have connected the IT system for import customs
clearance with the domestic delivery network, in order to shorten the lead-time to delivery. In the threemonths ended June 30, 2023, we partnered with an EC platform operator and began providing“anonymous delivery cross border EC services” to realize safer and more secure cross border EC, bymaking it possible to send items anonymously, thereby protecting the personal information of both theseller and the buyer, as well as making the parcel receipt process more convenient through the linkage
with the “Kuroneko Members” service.
⑤ Operating revenue from customers was 197,977 million yen, almost flat year-on-year, mainly as a result of
the Unit tapping e-commerce demand, as well as promoting logistics optimization of corporate clients.
Operating profit declined 7,804 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 DM-Bin

For the three months
ended June 30, 2022
449
104
208

For the three months
ended June 30, 2023
442
108
201

ChangeGrowth (%)
(7)
4
(6)

(1.6)
4.2
(3.2)

 Other① During the three months ended June 30, 2023, 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 13,937 million yen, down 5.9% year-on-year. Operating profit was
3,351 million yen, down 474 million yen 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 three months ended June 30, 2023, we resumed the “Traffic Safety Class for Children” atkindergartens and elementary schools, which we had suspended due to COVID-19. Moreover, the entire
Yamato Group carried out the “Zero Traffic Accidents Campaign” and “Campaign to Prevent Work-related
Accidents” in order to improve safety awareness.
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 the-5-local 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 threemonths ended June 30, 2023, with the aim of realizing the sustainable growth of local industries throughthe Furusato tax payment scheme, we have started to provide comprehensive support for products from
Kamo City of Niigata Prefecture, from promotion to shipment and delivery, in collaboration with an operator
of a direct-to-consumer e-commerce platform.
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) Overview of financial position
Total assets were 1,112,780 million yen as of June 30, 2023, up 5,193 million yen from the end of the previous
fiscal year. This was largely attributable to the 4,092 million yen increase in investment securities.
Liabilities were 511,127 million yen, up 19,970 million yen from the end of the previous fiscal year. This waslargely attributable to the 51,795 million yen increase in accrued expenses mainly due to the booking ofsummer bonuses, the 22,084 million yen decrease in provision for bonuses and a decrease in income taxes
payable of 13,106 million yen due to the payment of income taxes.
Total net assets were 601,652 million yen, down 14,777 million yen from the end of the previous fiscal year.
This was largely attributable to the 8,343 million yen of dividends of surplus and the 9,334 million yen purchaseof treasury shares.
As a result, the equity ratio declined to 53.5% from the 55.1% in the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
In the business environment surrounding Yamato Group, the impact of COVID-19 weakened, and there wasprogress towards the normalization of economic activity. On the other hand, inflationary trends are continuing
globally, including energy prices remaining high as well as the rise in raw material prices, caused by the
instability in global affairs. Meanwhile in Japan, it remains hard to anticipate a full-fledged economic recovery,
despite signs of an improvement in economic sentiment, driven by action taken by companies to pass on cost
inflation to their prices, as well as the continuing recovery in consumer spending and capital expenditures.
Under these circumstances, the Yamato Group is promoting structural reforms of our network operations andenhancing value provision to corporate clients, in order to achieve sustainable corporate value enhancement
through “Helping to enrich our society” which is part of our Management Philosophy.
As for the half year and full-year earnings forecast, operating revenue is expected to be lower than the previous
forecast, due to the status of earnings in the first quarter as well as current demand trends. Operating profit willremain unchanged, taking into account the progress of efforts to optimize operating costs. In addition, ordinary
profit and profit attributable to owners of parent include the impact of the sale of assets held by the Company
and other factors.
Due to these and other factors, the Yamato Group has made changes to the consolidated earnings forecasts
for the fiscal year ending March 31, 2024, since the announcement made on May 10, 2023. The changes are
as follows;① Consolidated earnings forecast for the first half of the fiscal year ending March 31, 2024

Previous forecast (A)New forecast (B)Change (B-A)
Change (%)

Operatingrevenue
Millions of yen
896,000
873,000(23,000)(2.6)

Operating profit
Millions of yen
13,00013,0000
0.0

Ordinary profit
Millions of yen
13,00013,0000
0.0

Profit attributable toowners of parent
Millions of yen
6,000
4,400
(1,600)(26.7)

Basic earnings
per share
Yen
16.81
12.32

—
—

② Consolidated earnings forecast for the full year of the fiscal year ending March 31, 2024

Previous forecast (A)New forecast (B)Change (B-A)
Change (%)

Operatingrevenue
Millions of yen
1,860,000
1,820,000(40,000)(2.2)

Operating profit
Millions of yen
80,00080,0000
0.0-7-

Ordinary profit
Millions of yen
81,00080,000(1,000)(1.2)

Profit attributable toowners of parent
Millions of yen
50,00058,000+8,000+16.0

Basic earnings
per shareYen
142.78165.37——

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

As of June 30, 2023

AssetsCurrent assets
Cash and deposits

185,373

176,543

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

216,183

Accounts receivable - installment

50,50951,528Merchandise and finished goods

168

180

Work in process

322

184

Raw materials and supplies

2,089

2,364

Other

31,40640,203

Allowance for doubtful accounts(1,474)(1,546)

Total current assets

484,647

485,640

381,218

386,681

Accumulated depreciation(227,735)(230,095)

Buildings and structures, net

153,483

156,586

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

196,140

194,697(165,934)(166,012)

30,20528,684

179,811

179,81247,257

48,528

Accumulated depreciation(13,110)(14,034)

Leased assets, net

34,14634,494

151,195

150,828(105,825)(106,653)

Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets-8-45,36944,174443,017443,751

43,75943,657

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Investments and other assets
Investment securities

42,75846,851

Other

95,40094,884

Allowance for doubtful accounts(1,996)(2,004)

Total investments and other assets

136,163

139,730

622,940

627,139

1,107,587

1,112,780

Notes and accounts payable - trade160,766

147,967

Short-term borrowings

10,00015,000

Lease liabilities

5,415

5,824

Income taxes payable

16,911

3,805

Deferred installment income

4,797

4,890

Provision for bonuses

36,918

14,833

Other

109,949

170,605

Total current liabilities

344,758

362,926

Lease liabilities

32,85832,971Retirement benefit liability

98,29599,296

Total non-current assets
Total assets
Liabilities
Current liabilities

Non-current liabilities

Other

15,244

15,932

Total non-current liabilities

146,398

148,200

491,156

511,127

Total liabilities-9-

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Net assets
Shareholders’ equity
Share capital

127,234

127,234

Capital surplus

36,83936,839Retained earnings

473,891

465,414

Treasury shares(39,835)(49,169)

Total shareholders’ equity

598,130

580,318

Valuation difference on available-for-sale securities

9,280

12,148Foreign currency translation adjustment

1,781

1,972

Remeasurements of defined benefit plans

1,188

1,036

Total accumulated other comprehensive income

12,25015,156

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

6,049

6,177

616,430

601,652

1,107,587

1,112,780

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the three months ended
June 30, 2022

For the three months ended
June 30, 2023

Operating revenue

424,159

420,212

Operating costs

408,119405,545

Operating gross profit

16,03914,667

Selling, general and administrative expenses

13,622

13,069Operating profit

2,416

1,598

Non-operating income
Interest income

48

76

Dividend income

442

366

Green Innovation Fund Project Subsidy－

479

Foreign exchange gains

328

－

Other

444

518

Total non-operating income

1,263

1,441

Interest expenses

207

352

Share of loss of entities accounted for using equity method

662

479

Other

316

370

Total non-operating expenses

1,186

1,202

2,493

1,837

Gain on sales of non-current assets

1

2

Penalty income

69－

Total extraordinary income

702

Loss on retirement of non-current assets

93

83

Loss on valuation of investment securities

2－

Payments for retirement－

69

Dismantlement expenses

752

－

9

－

858

153

Profit before income taxes

1,706

1,686

Income taxes

1,343

1,795

Profit (loss)

362

(108)

Profit (loss) attributable to non-controlling interests

42

24

Profit (loss) attributable to owners of parent

320

(133)

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses

Other
Total extraordinary losses- 11 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the three months ended
June 30, 2022

For the three months ended
June 30, 2023

362

(108)

Valuation difference on available-for-sale securities

(355)

3,005

Foreign currency translation adjustment

974

186

Remeasurements of defined benefit plans, net of tax

84

(137)

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

(10)

(10)

Total other comprehensive income

693

3,043

1,056

2,934

Comprehensive income attributable to owners of parent

1,018

2,772

Comprehensive income attributable to non-controllinginterests

38

162

Profit (loss)
Other comprehensive income

Comprehensive income
Comprehensive income attributable to- 12 -

(3) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.
(Application of specific accounting for preparing the quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses are calculated by multiplying the profit before income taxes by the reasonably estimated effective tax
rates after the application of tax effect accounting to the profit before income taxes for the fiscal year including the firstquarter under review.

- 13 -

(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and profit or loss by reportable segment
For the three months ended June 30, 2022
(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－
211,090
198,254
14,814424,159
424,159
customers
Inter-segment operating revenue－
68,253
4,480
27,709100,442(100,442)
or transfers
Total
279,343
202,735
42,523524,601(100,442)
424,159
Segment profit (loss)(8,413)
7,379
3,826
2,792
(375)
2,416
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. The adjustment of negative 375 million yen of segment profit includes group-wide expenses of negative 2,019 million yen notallocated to each reportable segment (general and administrative expenses of the Company as a pure holding company) andeliminating transactions among segments of 1,643 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

For the three months ended June 30, 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 from
208,298
197,977
13,937420,212－420,212customers
Inter-segment operating revenue
80,965
3,416
28,945
113,327(113,327)－
or transfers
Total
289,264
201,393
42,882
533,540(113,327)
420,212Segment profit (loss)(1,473)
(424)
3,351
1,453
145
1,598
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. The adjustment of 145 million yen of segment profit includes group-wide expenses of negative 1,919 million yen not allocated toeach reportable segment (general and administrative expenses of the Company as a pure holding company) and eliminatingtransactions among segments of 2,064 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

- 14 -

3. 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
Other
Eliminations
Total
Transportation income
Other
Eliminations
Total
Total

For the three months ended
June 30, 2022
AmountRatio(Millions of yen)(%)
273,116
64.4
754
0.2
6,132
1.4
(68,913)(16.2)
211,09049.8
140,379
33.1
65,230
15.4
8,694
2.0
(16,050)(3.8)
198,254
46.7
6,059
1.4
38,537
9.1(29,782)(7.0)
14,814
3.5
424,159
100.0- 15 -For the three months ended
June 30, 2023
AmountRatio(Millions of yen)(%)
281,352
67.0
942
0.2
7,488
1.8
(81,485)(19.4)
208,298
49.6
146,379
34.8
57,864
13.8
8,207
2.0
(14,473)(3.4)
197,977
47.1
5,832
1.4
38,787
9.2(30,683)(7.3)
13,9373.3
420,212100.0

Change
(%)
3.0
25.0
22.1
18.2
(1.3)
4.3
(11.3)
(5.6)
(9.8)
(0.1)
(3.7)
0.6
3.0
(5.9)
(0.9)