Translation
February 5, 2024

Consolidated Financial Results
for the Third 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:
February 8, 2024
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 third quarter of fiscal year ending March 31, 2024
(cumulative: from April 1, 2023 to December 31, 2023)(1) Consolidated operating results
Operating revenue(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

For the third
quarter of the fiscal Millions of yen% Millions of yen%
Millions of yen%
Millions of yen
year ending/ended
March 31, 2024
1,366,827(2.1)
50,362(24.2)
50,615(21.2)
46,927
March 31, 2023
1,395,967
1.7
66,400(16.1)
64,235(24.6)
39,087(Note) Comprehensive income:For the third quarter of the fiscal year ending March 31, 2024:
51,241 million yen (24.7%)
For the third quarter of the fiscal year ended March 31, 2023:
41,099 million yen ((16.6)%)
Basic earnings per share
For the third quarter of the
fiscal year ending/ended
March 31, 2024
March 31, 2023

Diluted earnings
per share

Yen

Yen

132.75107.83——(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As ofMillions of yen
Millions of yen%
December 31, 2023
1,209,463
603,538
49.4
March 31, 2023
1,107,587
616,430
55.1(Reference) Equity:
As of December 31, 2023: 597,281 million yen As of March 31, 2023:
610,380 million yen%
20.1(18.2)

2.

Dividends
Annual dividends
First quarter

Second quarter

Third quarter

Fiscal year-end

Total

Fiscal year ended/ending

Yen

Yen

Yen

Yen

Yen

March 31, 2023
March 31, 2024

—
—

23.00
23.00

—
—

23.00

46.00

23.00

46.00

March 31, 2024 (Forecast)(Note) Revisions to the forecasts most recently announced: None3.

Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2023 to March 31, 2024)
Operating revenue

Operating profit

Millions of yen%
Millions of yen
Full year
1,765,000 (2.0)
40,000(Note) Changes from most recently announced forecast: Yes%(33.4)(Percentages represent year-on-year changes)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
40,000 (31.1)
36,000 (21.6)
102.60* 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 attachedmaterials to the quarterly financial results report on page 12.

(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 December 31, 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 December 31, 2023:
36,008,968 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 nine months ended December 31, 2023:
353,506,367 shares
For the nine months ended December 31, 2022:
362,501,978 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 Nine 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 Nine Months................................................................. 2(1) Summary of operating results.......................................................................................................................... 2(2) Explanation 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 .......................... 10
Consolidated statement of income (cumulative) ............................................................................................ 10
Consolidated statement of comprehensive income (cumulative) .................................................................. 11(3) Notes to consolidated financial statements ................................................................................................... 12(Notes to premise of going concern) ............................................................................................................. 12(Notes on significant changes in the amount of shareholders’ equity)........................................................... 12(Changes to the scope of consolidation and/or the application of the equity method)................................... 12(Application of specific accounting for preparing the quarterly consolidated financial statements) ............... 12(Segment information, etc.) ........................................................................................................................... 13
3. Others .................................................................................................................................................................. 14
Operating revenue by segment ............................................................................................................................ 14-1-

1. Qualitative Information on Settlement of Accounts for the Nine Months(1) Summary of operating results
During the nine months ended December 31, 2023, the global inflationary trend became more stable, with therise in natural resources and energy prices due to the instability in global affairs reversing to a decline, andmeasures are being taken in anticipation of a slowdown in the economy, such as the European financial
authorities deciding not to raise 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 the decline in demand andcost hikes due to further inflation, 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 nine months ended December 31, 2023 are as follows:(Millions of yen)
Item
Operating revenue
Operating profit
Ordinary profit
Profit attributable toowners of parent

For the nine months
ended December 31, 2022
1,395,967
66,40064,235For the nine months
ended December 31, 2023
1,366,827
50,36250,61539,08746,927

ChangeGrowth (%)(29,140)(16,038)(13,620)(2.1)(24.2)(21.2)

7,840

20.1

For the nine months ended December 31, 2023, operating revenue was 1,366,827 million yen, down 29,140
million yen from the same period of the previous year. This was attributable to factors such as our priceoptimization efforts, while parcel volume and demand for international transportation declined.
Operating expenses was 1,316,464 million yen, down 13,102 million yen from the same period of the previous
year. This was attributable to factors such as our focus on optimizing operating expenses, in the face of thecontinuing 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 nine months ended December 31, 2023, operating profit was 50,362 million yen, down
16,038 million yen from the same period of the previous year. However, profit attributable to owners of parent
was 46,927 million yen, up 7,840 million yen from the same period of 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.
Moreover, as a result of the above, the 14,055 employees of Yamato Staff Supply Co. Ltd., which were includedin the “Other” segment as of the end of the previous consolidated fiscal year, have been excluded starting fromthe 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-2-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 nine months ended December 31, 2023, based on the Basic Agreement signed with Japan Post
Group, we began handling the “Kuroneko Yu-Packet” deliveries. We are continuing to use themanagement resources of both Groups to establish transportation services that improve the conveniencefor customers and grow our businesses, while addressing the “2024 Problem” faced by the logistics
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 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 and initiatives towards achieving carbon neutrality of ourtransportation services, in order to build a supply chain with less environmental impact, to optimize
inventory owned by clients and their production activities.
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 nine months ended December 31, 2023,
we continued to utilize digital technologies to collect and analyze customers’ voices, as well as promote
the improvement and design of services, with the aim of further enhancing the value customers feel when
they experience 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’”.
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 ninemonths ended December 31, 2023, the Yawata TA-Q-BIN Sales Office in Kyoto was reopened following arenewal. We will conduct trials for energy management at this facility, including initiatives to optimize EV-3-

operations, and utilize electricity derived from renewable sources. This facility will serve as a model, at
which we are using EVs for all its pickup and delivery trucks (32 trucks) for the first time in Japan, as wellas introducing solar power generation facilities and batteries, as well as using electricity generated fromrenewable energy 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 to realize an enriched society valuing
the diversity 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 1.6 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 nine months ended December 31, 2023, we continued
to conduct trials to consolidate and enlarge TA-Q-BIN sales offices 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.
③ Operating revenue of the Retail Business Unit from external clients amounted to 683,475 million yen, down
1.5% 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 3,968 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-4-

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 thenine months ended December 31, 2023, we promoted the development of a system that ensures a smoothprocess for import customs clearance and bonded procedures for small-lot ocean freight, in order to allow
cross-border EC operators to provide low-cost and speedy deliveries to the buyers on their platforms.
④ Operating revenue from customers was 640,607 million yen, down 2.5% year-on-year, mainly as a result of
the decline in international transportation volume. Operating profit declined 11,236 million yen year-onyear, 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

For the nine months
ended December 31,
2022
1,492
311
607

For the nine months
ended December 31,
2023
1,458
311
549

ChangeGrowth (%)
(34)
0
(57)

(2.3)
0.1
(9.4)

 Other① During the nine months ended December 31, 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 42,743 million yen, down 5.0% year-on-year. Operating profit was
10,530 million yen, down 5.7% 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 nine months ended December 31, 2023, we continued to conduct the “Traffic Safety Class forChildren” at kindergartens and elementary schools, as well as engage in activities to raise awarenesstowards 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 ninemonths ended December 31, 2023, based on the basic agreement regarding the partnership signed
between a retailer that operates drug stores in Hokkaido and Yamato Transport, we are promoting activities
to address 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,-5-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
Total assets were 1,209,463 million yen as of December 31, 2023, up 101,876 million yen from the end of theprevious fiscal year. The increase was largely attributable to the increase in notes and accounts receivable trade, and contract assets of 72,653 million yen, the increase in property, plant and equipment of 6,243 million
yen, while investment securities increased 5,709 million yen due to mark-to-market evaluation and otherfactors.
Liabilities increased 114,767 million yen to 605,924 million yen from the end of the previous fiscal year. The
increase was largely attributable to the 50,000 million yen increase in borrowings, the 41,513 million yen
increase in notes and accounts payable – trade, while bonds payable increased 20,000 million yen due to theissuance of green bonds.
Total net assets were 603,538 million yen, down 12,891 million yen from the end of the previous fiscal year. The
major factors included profit attributable to owners of the parent being 46,927 million yen, and conducting
16,432 million yen of dividends of surplus, as well as the acquisition of 47,680 million yen of our own shares.
As a result, the equity ratio changed to 49.4% from 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 global inflationary trend became more stable, withthe rise in natural resources and energy prices due to the instability in global affairs reversing to a decline, andmeasures are being taken in anticipation of a slowdown in the economy, such as the European financial
authorities deciding not to raise 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 the decline in demand andcost hikes due to further inflation, as well as the labor shortage becoming more serious. Under thesecircumstances, the Yamato Group is promoting initiatives to provide comprehensive value to address thediversifying needs 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 Groupmanagement structure in which we brought together the management resources of each Group company.
As for the full-year earnings forecast, operating revenue is expected to be 20,000 million yen lower than theprevious forecast, due to the revenues of parcel delivery being below the expected level and the continuing
downward trend in international transportation.
Under these circumstances, although we will continue to focus on optimizing operating costs, operating
expense is expected to exceed the previous forecast by 5,000 million yen, mainly due to the rise in unit pricesof subcontracting expenses, mainly outsourcing expenses, etc. Operating profit has been revised downward to
40,000 million yen, down 25,000 million yen from the previous forecast. In addition, in the fourth quarter, when
demand for parcel delivery is expected to be weak, the company expects an operating loss, as it did last year.
Due to these factors, the Company has revised the forecast for ordinary profit to 40,000 million yen (down25,000 million yen from the previous forecast) and profit attributable to owners of parent to 36,000 million yen(down 16,000 million yen from the previous forecast).
Consolidated earnings forecasts for the full year of the fiscal year ending March 31, 2024
Operatingrevenue
Millions of yen
Forecast as ofNovember 1, 2023 (A)New Forecast (B)Forecast Change (B-A)
Forecast Change (%)

Millions of yen

Millions of yen

Profit attributable toowners of parent
Millions of yen

1,785,000

65,00065,00052,000148.21

1,765,000(20,000)(1.1)

40,000(25,000)(38.5)

40,000(25,000)(38.5)

36,000(16,000)(30.8)

102.60——Operating profit-7-

Ordinary profit

Basic earnings
per shareYen

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

As of December 31, 2023

AssetsCurrent assets
Cash and deposits

185,373

Notes and accounts receivable - trade, and contract
assets192,841

216,251

Accounts receivable - installment

50,50953,403Merchandise and finished goods

168

143

Work in process

322

117

Raw materials and supplies

2,089

1,870

Other

31,406

41,619Allowance for doubtful accounts(1,474)(1,542)

Total current assets

484,647

577,356

381,218

396,816

Accumulated depreciation(227,735)(234,404)

Buildings and structures, net

153,483

162,411

288,904

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

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

196,140

192,395(165,934)(165,921)

30,20526,474

179,811

174,824

47,25750,156

Accumulated depreciation(13,110)(14,876)

Leased assets, net

34,14635,279151,195

158,454(105,825)(108,184)

Other
Accumulated depreciation
Other, net

45,36950,270443,017449,260

43,75942,030Investment securities

42,75848,468Other

95,40094,529Allowance for doubtful accounts(1,996)(2,181)

Total investments and other assets

136,163

140,816

622,940

632,106

1,107,587

1,209,463

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

Total non-current assets
Total assets-8-

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade160,766

202,279

Short-term borrowings

10,00040,000

Lease liabilities

5,415

6,277

Income taxes payable

16,911

5,831

Deferred installment income

4,797

5,131

Provision for bonuses

36,91812,488

Other

109,949

140,776

Total current liabilities

344,758

412,785

Bonds payable－

20,000Long-term borrowings－

20,000Non-current liabilities

Lease liabilities

32,85834,574Retirement benefit liability

98,295

100,876

Other

15,244

17,688

Total non-current liabilities

146,398

193,139

491,156

605,924

Share capital

127,234

127,234

Capital surplus

36,83936,839Retained earnings

473,891

504,386

Treasury shares(39,835)(87,506)

Total shareholders’ equity

598,130

580,954

Valuation difference on available-for-sale securities

9,280

11,878Foreign currency translation adjustment

1,781

3,736

Remeasurements of defined benefit plans

1,188

712

Total accumulated other comprehensive income

12,25016,327

6,049

6,257

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets-9-616,430

603,538

1,107,587

1,209,463

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2022

For the nine months ended
December 31, 2023

Operating revenue

1,395,967

1,366,827

Operating costs

1,288,090

1,274,430

Operating gross profit

107,876

92,396

Selling, general and administrative expenses

41,47642,034

Operating profit

66,40050,362Non-operating income
Interest income

177

288

Dividend income

1,620

1,318

－

479

Other

1,471

1,559

Total non-operating income

3,268

3,646

Interest expenses

626

1,046

Share of loss of entities accounted for using equity method

3,994

1,074

Other

812

1,272

Total non-operating expenses

5,434

3,393

64,23550,615Gain on sales of non-current assets

1

12,234Gain on sales of investment securities

－

1,377

Penalty income

127

－

0

－

130

13,612

Loss on retirement of non-current assets

313

276

Impairment losses

1,111

29

Loss on sale of investment securities

4－

Loss on valuation of investment securities

2

95

Payments for retirement and other

－

2,665

Dismantlement expenses

753

－

Other

12

111

2,197

3,177

Profit before income taxes

62,16861,049

Income taxes

23,554

14,057

Profit (loss)

38,613

46,992(473)

64

39,08746,927

Green Innovation Fund Project Subsidy

Non-operating expenses

Ordinary profit
Extraordinary income

Other
Total extraordinary income
Extraordinary losses

Total extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 10 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the nine months ended
December 31, 2022

For the nine months ended
December 31, 2023

38,613

46,992

Valuation difference on available-for-sale securities(1,138)2,770

Foreign currency translation adjustment

3,390

1,942

Remeasurements of defined benefit plans, net of tax

252

(430)

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

(19)

(33)

2,485

4,249

41,09951,241

Comprehensive income attributable to owners of parent

41,58851,004Comprehensive income attributable to non-controllinginterests

(488)

237

ProfitOther comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 11 -

(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.
(Changes to the scope of consolidation and/or the application of the equity method)
Major changes to the scope of consolidation
From the second quarter of the fiscal year ending March 31, 2024, Yamato Staff Supply Co., Ltd. has been
removed from the scope of consolidation, as a result of the partial transfer of its shares.
During the third quarter of the fiscal year ending March 31, 2024, Express Network Co., Ltd. has been removed
from the scope of consolidation, as a result of the completion of its liquidation process.
Major changes to the scope of the equity method
From the second quarter of the fiscal year ending March 31, 2024, Yamato Staff Supply Co., Ltd. has been
removed from the scope of consolidation, and included in the scope of the equity method, as a result of thepartial transfer of its shares.
(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 third quarter under review.

- 12 -

(Segment information, etc.)[Segment information]
I.
1.

For the nine months ended December 31, 2022
Information regarding the amounts of operating revenue and profit or loss by reportable segment

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

(Millions of yen)Amountrecorded in
Reconciliation
consolidated(Note 2)
financialstatements(Note 3)Operating revenue
Operating revenue from－
694,010
656,967
44,9891,395,967
1,395,967
customers
Inter-segment operating－
244,345
12,92885,967343,241(343,241)revenue or transfers
Total
938,355
669,896130,957
1,739,208(343,241)
1,395,967
Segment profit (loss)
35,85318,936
11,16965,960440
66,400Notes: 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 440 million yen of segment profit includes group-wide expenses of negative 5,605 million yen not allocated toeach reportable segment (general and administrative expenses of the Company as a pure holding company) and eliminatingtransactions among segments of 6,045 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
2.

Information regarding impairment losses of non-current assets and/or goodwill etc. by reportable segment(Major impairment losses regarding non-current assets)
In “Other”, the Company lowered the book value of the asset group for which profitability had declined to the collectableamount, and booked an impairment loss of 908 million yen in the third quarter of the fiscal year ending March 31, 2024.

II.
1.

For the nine months ended December 31, 2023
Information regarding the amounts of operating revenue and profit or loss by reportable segment

RetailBusiness Unit

Corporate
Business Unit

Other
(Note 1)

Total

(Millions of yen)Amountrecorded in
Reconciliation
consolidated(Note 2)
financialstatements(Note 3)Operating revenue
Operating revenue from－
683,475
640,60742,743
1,366,827
1,366,827
customers
Inter-segment operating－
261,563
10,27081,089352,923(352,923)
revenue or transfers
Total
945,038
650,877
123,833
1,719,750(352,923)
1,366,827
Segment profit (loss)
31,885
7,699
10,53050,116245
50,362
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 245 million yen of segment profit includes group-wide expenses of negative 5,882 million yen not allocated toeach reportable segment (general and administrative expenses of the Company as a pure holding company) and eliminatingtransactions among segments of 6,128 million yen.
3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.
2.

Information regarding impairment losses of non-current assets and/or goodwill etc. by reportable segment(Major impairment losses regarding non-current assets)
Omitted due to lack of materiality.

- 13 -

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
OthersEliminations
Total
Transportation income
OthersEliminations
Total
Total

For the nine months ended
December 31, 2022
AmountRatio(Millions of yen)(%)
917,000
65.7
2,342
0.2
20,886
1.5(246,219)(17.6)
694,01049.7
478,21734.3
203,01114.5
25,8341.9(50,095)(3.6)
656,967
47.1
18,6381.3
118,288
8.5(91,936)(6.6)
44,9893.2
1,395,967
100.0- 14 -For the nine months ended
December 31, 2023
AmountRatio(Millions of yen)(%)
922,391
67.5
2,723
0.2
22,0701.6(263,710)(19.3)
683,475
50.0
488,84635.8
173,52112.7
24,522
1.8(46,282)(3.4)
640,60746.9
17,585
1.3
111,390
8.1(86,233)(6.3)
42,743
3.1
1,366,827
100.0

Change
(%)
0.6
16.3
5.7
7.1
(1.5)
2.2
(14.5)
(5.1)
(7.6)
(2.5)
(5.6)
(5.8)
(6.2)
(5.0)
(2.1)