Financial Results for the Six-Month Period Ended December 31, 2015
February 12, 2016
Company name: ZERO CO., LTD.
Code No: 9028
Tokyo Stock Exchange (Second Section)(URL http://www.zero-group.co.jp/)
Representative:
Takeo Kitamura, President and COO
Contact for inquiries:
Toshihiro Takahashi, Corporate Officer
Tel: 044-520-0106
General Manager of Corporate Planning Department
Date of financial report submission
Date to begin payment of dividend:
Additional materials for the financial results for 2Q FY2015
Briefing session for the financial results for 2Q FY2015

February 15, 2016
None
Yes (to analysts)

1. Consolidated Financial Results for the Six-Month Period Ended December 31, 2015
(From July 1, 2015 to December 31, 2015)(1) Consolidated Results     (Figures less than one million yen are rounded down.)

Percentages shown below are the rates of increase or decrease compared with the same period of the previous year.
Net income attributable toSales
Operating income
Ordinary income
owners of parent company
Million yen
Six Months
period ended
Dec. 31,2015
Six Months
periodended Dec.
31, 2014(Note)%

Million yen%

Million yen%

Million yen%

38,611

9.8

2,504

133.2

2,676

127.9

1,638

147.9

35,158

9.9

1,073

-28.1

1,174

-23.1

660

-18.4

Comprehensive income:  2Q FY2015
2Q FY2014

1,489 million yen (131.9%)642 million yen (-25.4%)

Earnings per share-basic

Earnings per share-diluted

Yen

Yen

Six Month Period Ended Dec. 31, 2015

98.12

-

Six Month Period Ended Dec. 31, 2014

38.67

-

(2Consolidated Financial Position                      

As of Dec. 31, 2015
As of June 30, 2015
(Ref.) Shareholders’ equity:

Total assets

Net assets

Shareholders’ equity ratio Net assets per share

Million yen

Million yen

34,564

17,35235,145

16,605

As of Dec. 31, 2015: 17,352 million yen

1

%

Yen
50.2

1,045.80

47.2

971.51

As of June 30, 2015: 16,605 million yen

2. Dividends
Dividend per share(Record date)At end of
1Q
Yen-

At end of
2Q
Yen
8.00
13.00

At end of3Q
Yen-

FY2014FY2015
Forecast for
FY2015(Note) Revision from the latest dividend forecast: Yes

At end of
4Q
Yen
19.50

Annual
total
Yen
27.50

30.40

43.40

3. Consolidated Forecasts for FY2015 (From July 1, 2015 to June 30, 2016)
Percentages shown below for whole FY2014 are the rates of increase or decrease compared with the previous year.

Sales

Operating income

Ordinary income

Net income

Earnings

attributable toper share -basic

owners of parent
company

Millionyen%

Millionyen

Whole FY2015
77,8000.7
4,750(Note) Revision from the latest dividend forecast: Yes%
29.7

Million
yen
5,000

%
32.6

Million
yen
2,900

%

Yen

54.4

173.64*Remarks(1) Changes in important subsidiaries during period (Transfer of particular subsidiary which involves the change of scopeof consolidation): N/A(2) Application of particular accounting methods for quarterly consolidated financial statements: N/A(3) Changes in accounting policies, procedure or notation method for documenting consolidated financial statements
Changes in accordance with the revision of accounting standards and others: Yes
Changes other than above: N/AChanges in accounting estimates: N/ARestatement of corrections: N/A(4) Number of issued shares (common shares)
Number of issued shares (including treasury stock) at the end of each period:
As of December 31, 2015: 17,560,242
As of June 30, 2015: 17,560,242
Number of treasury stock:
As of December 31, 2015: 967,732
As of June 30, 2015: 467,732
Average number of issued shares during the fiscal year (excluding treasury stock)
2Q FY2015: 16,701,206
2Q FY2014: 17,092,521
Implementation status review procedure
This financial report is exempt from the review procedure based upon the Financial Instruments and Exchange Act. The
financial statements are under the review procedure at the time of disclosure of this report.
Explanation regarding appropriate use of forecasts
Statements in this report relating to future matters such as earnings forecasts are based on the information presently
available. Actual results may differ from those forecasts depending on various factors.

2

Table of Contents of Attachments
1. Qualitative Information ….…………..……………..……………..……………..………………….....

2(1) Analysis of business performance ……………..……………..……………..……………..……………...

2(2) Analysis of the financial condition ……………..……………..……………..……………..……………..

3(3) Forecast for the next consolidated fiscal year ...............................................................................................

4

2. Summary Information (Notes) ……………..……………..……………..……………..……………..

4(1) Changes in important subsidiaries during period ...................................................................................................

4(2) Application of particular accounting methods for quarterly consolidated financial statements…..…………….

4(3) Changes in accounting policies, accounting estimates and restatement of corrections……………………………

4(4) Additional Information ………………………………………………………………..……………………

5

3. Consolidated Financial Statements .……………..……………..………………..…………………….

6(1) Consolidated Balance Sheet .……………..…………..……………..……………………………………

6(2) Consolidated Income Statement and Consolidated Comprehensive Income Statement……………………….. 10(Consolidated Income Statement)
First six months …...…………………..……………..………………………….………..…………. 10(Consolidated Comprehensive Income Statement)
First six months …..……………………..…………………………………………………………… 11(3) Consolidated Cash Flow Statement ……………………………………………………………………….. 13(4) Notes to Consolidated Financial Statements ……………………………………………………………….. 16(Note for the assumption of going concern) …………………………………………………………….….. 16(Note concerning major changes in shareholders’ equity) ………………………………………………………… 16(Segment Information) ……………………………………………………………………………………………... 16-1-

1. Qualitative Information(1) Analysis of business performance
While affected by the economic downturn in Emerging countries, as a result of the Japanese companies’ positive
earnings and the government-led reflation measures, the nation’s economy during the first six months of fiscal 2015(referred to as the “current term”) continues its progress. On the other hand, against the backdrop of a sluggish
growth in individual consumption and a pressure of labor supply and demand, the nation’s economic prospect andbusiness environment remains unclear.
In the automobile industry, Japanese automakers’ new vehicle sales in the domestic market turned out to be 92.5% ofthat in the corresponding quarter from the previous year (hereinafter referred as “year-on-year”) (Japan Automobile
Manufacturers Association’s statistical data), being affected by the hike in vehicle taxes on mini-cars. On the other
hand, with the yen continuing to be weak the situation has remained favorable to exports to overseas markets,recording a year-on-year increase.
The used car market is in a downturn due to a weakening in consumer confidence, but in the latest quarter showedsigns of recovery on a year-on-year basis. However, the export of used cars is weakening,
Under these circumstances, our Group promoted strategic sales activities matching the changes in the market
environment in each of its segments, created higher added-value services by strengthening the group synergy of its
three businesses, and worked to strengthen cost reduction and other profit administration systems.
Our Group’s financial results for the first six-month of fiscal 2015 recorded sales of 38,611 million yen (109.8%
year-on-year) and operating income of 2,504 million yen (233.2% year-on-year), thus posting year-on-year increasein sales and income. Upon taking non-operating gains and losses into account, ordinary income was 2,676 million
yen (227.9% year-on-year), and net income attributable to owners of parent company was 1,638 million yen (247.9%
year-on-year).
No. of Motor Vehicles Related to Domestic Distribution
Domestic Sales
New Vehicles

Domestic automakers*1Nissan Motor Co. only*1

Foreign automakers*2

Used Cars

UnitUnits

July 2014-December 2014
July 2015-December 2015
Year-on-year Change (%)
2,410,851

2,229,020

92.5%(283,150)(262,189)(92.6%)

146,231

140,857

96.3%

1,739,700

1,770,011

101.7%

1,370,996

1,373,044

100.1%

3,110,696

3,143,055

101.0%

119,826

103,300

86.2%

Passenger cars

*3

Mini-cars*4

Total used cars

Deregistered vehicles*3
Exports
Domestic automakers’ newvehicles
July 2014-December 2014
*1

2,297,764

July 2015- December 2015
2,400,441

Year-on-year Change (%)
104.5%

Used passenger cars

*5
699,628
97.3%
718,992*1: Calculated using the Japan Automobile Manufacturers Association’s statistics*2: Calculated using the Japan Automobile Importers Association’s statistics*3: Calculated using the Japan Automobile Dealers Association’s statistics*4: Calculated using the Japan Light Motor Vehicle and Motorcycle Association’s statistics*5: Calculated using the number of deregistered used cars for export listed in the Japan Automobile Dealers Association’s statistics! Automobile-related BusinessIn this business segment, domestic sales of Nissan Motor Company, our major customer, was affected by adownturn in consumer confidence, and posted sales of 262,189 units (92.6% year-on-year) of new vehicles in-2-

Japan (Japan Automobile Manufacturers Association’s statistical data). Due to the above reasons, sales of
Nissan's new cars transportation decreased. However, efforts were made to increase used car exports andtransportation of non-Nissan new cars and as a result, the automobile-related business posted an overall increase
year on year.
As a result, this segment’s sales rose to 29,520 million yen (109.5% year-on-year) and profit was 2,797 million
yen (201.6% year-on-year).
" Human Resources BusinessIn this segment, while companies seeking human resources are on the increase as the nation’s economy is on arecovery trend, our corporate clients continue to be very strict in terms of dispatch and contract work fees. Under
these circumstances, we were able increase sales in this segment, thanks to steady efforts to develop new sales
regions and customers through strong sales activities and enhanced sales operations in the employee dispatch
business
As a result, this segment posted sales of 6,659 million yen (111.6% year on year) but due to increase inrecruitment costs, etc., profits in this segment were 235 million yen (96.4% year-on-year).
# General Cargo Transportation Business
Sales of 2,682 million yen (109.1% year-on-year) was recorded in this business segment, the growth being
attributable to steady movement in the port cargo handling and other businesses. As a result of improvements inthe business efficiency from the cost aspect, this segment posted profit of 484 million yen (147.7% year-on-year).
Incidentally, concerning unclassifiable group-wide expenses (expenses concerning the company’s administrative
departments) and the amortization of goodwill, etc., which are not included in the above profit and loss by segment,
they are recognized as “Adjustments” items as listed in “Segment Information” in “3. “Consolidated Financial
Statements” and amounted to 1,012 million yen.
(2) Analysis of the financial condition! Assets, Liabilities and Net Assets(Assets)
Compared to the end of the previous term, current assets decreased by 577 million yen (3.4%) to 16,312 million
yen. This is chiefly due, despite the increase of notes and accounts receivable – trade by 419 million yen, to thedecrease of cash and deposits by 723 million yen.
Compared to the end of the previous term, fixed assets decreased by 3 million yen (0.0%) to 18,251 million yen.
This is chiefly due, despite the increase of buildings and structures by 94 million yen, to the decrease of goodwillby 173 million yen
As a result of the foregoing, compared to the end of the previous term, total assets decreased by 581 million yen(1.7%) to 34,564 million yen.
(Liabilities)
Compared to the end of the previous term, current liabilities decreased by 763 million yen (6.9%) to 10,342
million yen. This is due to the decrease of notes and accounts payable by 121 million yen and accrued
consumption taxes by 177 million yen.
Compared to the end of the previous term, long-term liabilities decreased by 565 million yen (7.6%) to 6,868
million yen. This is chiefly due to the decrease of long-term loans payable by 522 million yen and provision for
retirement benefits by 92 million yen.
As a result of the foregoing, compared to the end of the previous term, total liabilities decreased by 1,328 million
yen (7.2%) to 17,211 million yen.
(Net Assets)
Compared to the end of the previous term, net assets increased by 746 million yen (4.5%) to 17,352 million yen.

-3-

This is chiefly due, despite the increase of treasury stock by 701 million yen, to the increase of retained earnings
by 1,305 million yen.
" Cash Flow Situation
At the end of the current term, cash and cash equivalents (hereinafter referred to as “Funds”) decreased by 671
million yen compared to the end of the previous term, to 5,185 million yen.
The respective cash flow situation in the current term and their causes are as follows.
(Cash flow from operating activities)
Funds provided by operating activities were 1,170 million yen (income in the corresponding quarter from theprevious year was 191 million yen).
Income was provided mainly by 2,671 million yen in income before income taxes, 473 million yen in
depreciation, and 173 million yen in amortization of goodwill. Payments were made mainly as 901 million yen
in income taxes paid, increase of 419 million yen in notes and accounts receivable-trade, and decrease of 177
million yen in accrued consumption taxes.
(Cash flow from investment activities)
Funds used in investment activities were 291 million yen (payments in the corresponding quarter from theprevious year were 848 million yen).
Income was provided mainly by 52 million yen as proceeds from withdrawals from time deposits. Payments
were made mainly as 268 million yen in payments for purchases of property, plant and equipment, and 90
million yen in purchase of intangible assets.
(Cash flow from financing activities)
Funds used in financing activities were 1,549 million yen (income in the corresponding quarter from theprevious year was 466 million yen).
Income was provided mainly by 110 million yen as proceeds from long-term loans payable. Payments weremade mainly as 721 million yen in repayment of long-term loans payable, 409 million yen for purchase oftreasury stock, and 333 million yen in cash dividends paid.
(3) Forecast for the next consolidated fiscal year
The financial forecasts for fiscal year ending June 30, 2016, published on August 7, 2015, have been revised as set
forth in the “Revisions in Financial Forecasts, Determination of Dividend of Surplus (Interim Dividend) andRevisions in Year-end Dividend Projection” disclosed today (February 12, 2016).

2. Summary Information (Notes)(1) Changes in important subsidiaries during period: N/A(2) Application of particular accounting methods for quarterly consolidated financial statements: N/A(3) Changes in accounting policies, accounting estimates and restatement of corrections(Application of the ASBJ Statement)
The Company has applied “Revised Accounting Standard for Business Combinations (ASBJ Statement No. 21,
September 13, 2013) (hereinafter referred to as the “Business Combinations Accounting Standard”), “Revised
Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, September 13, 2013) hereinafterreferred to as the “Consolidation Accounting Standard”), “Revised Accounting Standard for Business Divestitures”-4-

(ASBJ Statement No. 7, September 13, 2013) (hereinafter referred to as the “Business Divestitures AccountingStandard” ) and other standards from the current term. Accordingly, the accounting methods have been changed torecord the difference arising from changes in equity in subsidiaries which the Company continues to control as capitalsurplus, and to record business acquisition costs as expenses for the fiscal year in which incurred. In addition,
regarding business combinations occurring on or after the start of the current term, the accounting method has beenchanged to retroactively reflect adjustments to the amount allocated to acquisition costs arising from the finalization of
the provisional accounting treatment on the consolidated financial statements of the period in which the businesscombination occurs. Furthermore, presentation of Net income has been changed. In order to reflect the changes inpresentation of financial statements, reclassification was made accordingly in the quarterly consolidated financial
statements for the three months ended September 30, 2014 and the consolidated financial statements for the previous
fiscal year.
The Business Combinations Accounting Standard and other standards have been applied from the start of the current
term in accordance with the transitional treatment set forth in Article 58-2 (4) of the Business Combinations
Accounting Standard, Article 44-5 (4) of the Consolidation Accounting Standard and Article 57-4 (4) of the Business
Divestitures Accounting Standard. Incidentally, there is no effect on the profits and losses in the quarterly consolidated
financial statements for the current term and on the capital surplus at the end of the current accounting period.
(4) Additional Information(Abolition of Retirement Benefits for Directors)
At the ordinary general meeting of shareholders convened on September 29, 2015, a resolution was passed to makefinal payment pursuant to abolition of the directorate retirement benefits system. Pursuant to the foregoing, theCompany reversed the full amount of “Provision for retirement benefits for director” and included the outstandingbalance under “Others” of Long-term liabilities as long-term accounts payable in order to continue to be prepared to
pay retirement benefits for directors.
Incidentally, in some of the consolidated subsidiaries, in order to prepare for payment of retirement benefits todirectors, the amounts to be paid based on internal regulations have been recognized under “Provision for retirement
benefits for directors”.
(Introduction of a Performance-based Stock Compensation Program)At the ordinary general meeting of shareholders convened on September 29, 2015, a resolution was passed to newly
introduce a new stock compensation program ‘Board Benefit Trust (BBT)’ (hereinafter referred to as the “Program”)
for the Company’s directors, auditors and executive officers (excluding those serving concurrently as officers of theCompany’s parent company, outside directors and outside auditors) (hereinafter referred to as the “Directors andOthers”). The purpose of the Program is to make clearer the link between compensation of the Directors and Others
and the Company’s performance and stock prices, and by having the Directors and Others share not only the merits ofan increase in stock prices but the risks of a drop in stock prices, increase the awareness of the Directors and Others of
their contribution to improving medium to long-term performance and increasing corporate value.
This is a performance-based stock compensation program whereby shares of the Company are acquired by the Trustusing money contributed as funds by the Company, and distributed by the Trust in accordance with the Rules onDistributions of Board Benefits based on points given to each of the Directors and Others in view of their positions
and performance. Incidentally, the shares of the Company shall be distributed to the Directors and Others as a generalrule when they leave their positions.
Shares owned by the Trust are stated as treasury shares under “Net Assets” of the Consolidated Balance Sheet of thecurrent term by book value in the trust. The book value and number of these treasury shares at the end of the current
term was 499 million yen and 357,100 stocks.

-5-

3. Consolidated Financial Statements(1) Consolidated Balance Sheet(Unit: million yen)
As of June 30, 2015

As of December 31, 2015

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

6,051

5,328

8,448

8,868

812

825

82

91

262

274

Merchandise
Supplies
Deferred tax assets
Others

1,320

1,002

Allowance for doubtful accounts
(87)

(77)

16,89016,312

3,288

3,383

Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net

218

273

Tools, furniture and fixtures, net
67

71

7,939

7,939

2,059

2,032

73

4

13,647

13,705

1,227

1,053

Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Others535

558

Total intangible assets
1,763

1,611

1,468

1,458

85

102

406

391

1,004

1,080

Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Others-6-

Allowance for doubtful accounts(120)

Total investments and other assets

2,844

(97)
2,933

Total fixed assets
18,255

18,25135,14534,564

Total assets-7-

As of June 30, 2015

As of December 31, 2015

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable

3,212

3,091

880

900

1,335

1,246

Income taxes payable
948

1,046

649

472

435

413

Accrued consumption taxes
Allowance for bonuses
Allowance for sub-lease loss

15

15

Others
3,629

3,158

11,106

10,342

1,823

1,301

Total current liabilities
Long-term liabilities
Long-term loans payable
Provision for retirement benefits for directors

496

Provision for stock contributionAllowance for sub-lease loss

28

101
20
20

Provision for retirement benefits
2,155

2,063

14

9

Deferred tax liabilities
Deferred tax liabilities for land revaluation
987

987

Asset retirement obligation
84

84

1,842

2,279

OthersTotal long-term liabilities

7,433

6,868

Total liabilities
18,54017,211

3,390

3,390

3,204

3,497

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings

10,317

11,622

Treasury stock
(152)

-8-

(854)

Total shareholders’ equity
16,75917,656

54

43

(603)

(603)

147

88

Accumulated other comprehensive income
Unrealized gains (losses) on securities
Revaluation reserve for land
Foreign currency translation adjustment
Accumulated retirement benefits adjustment
247

Total accumulated other comprehensive income

167

(154)

(303)

16,605

17,35235,14534,564

Total net assets
Total liabilities and net assets-9-(2) Consolidated Income Statement and Consolidated Comprehensive Income Statement(Consolidated Income Statement)(First six months)(Unit: million yen)First six months of FY14
(from July 1, 2014
to Dec. 31, 2014)

First six months of FY15
(from July 1, 2015
to Dec. 31, 2015)

Sales
35,15838,611

30,621

32,396

4,536

6,215

3,462

3,710

1,073

2,504

1

1

Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income

10Commission fee
30

30

19

67

29

13

54

97

137

212

35

34

Equity in earnings of affiliates
Sales of inventories

OthersTotal non-operating income
Non-operating expenses
Interest expenses
Others2
6Total non-operating expenses
37

40

1,174

2,676

1

2

62



Ordinary income
Extraordinary income
Gain on sale of fixed assets
Compensation receivable
Gain from the sale of investment securities

5

Total extraordinary income
64

8

0



Extraordinary loss
Loss on sales of fixed assets- 10 -

Loss on disposal of fixed assets
4

Total extraordinary losses

13

5
13

Net income before tax adjustments
1,232

2,671

571

1,032

Income taxes
Income before minority interests
660

1,638

Net income attributable to owners of parent company
660- 11 -

1,638

(Consolidated Comprehensive Income Statement)(First six months)(Unit: million yen)First six months of FY14
(from July 1, 2014 toDec. 31, 2014)

First six months of FY15
(from July 1, 2015 toDec. 31, 2015)

Income before minority interests
660

1,638

Other comprehensive income
Unrealized gains (losses) on securities
6

(11)

(44)

(80)

18

(58)

Accumulated retirement benefits adjustment
Equity of equity-method affiliate
Total other comprehensive income (loss)
(18)

(149)

Comprehensive income
642

1,489

642

1,489

(Breakdown)
Parent company portion of comprehensive income- 12 -

(3) Consolidated Cash Flow Statement(Unit: million yen)First six months of FY14
(from July 1, 2014
to Dec. 31, 2014)

First six months of FY15
(from July 1, 2015
to Dec. 31, 2015)

Cash flows from operating activities
Net income before tax adjustments

2,671
1,232

Depreciation

473
405

Depreciation of goodwill

173
169

Increase (decrease) in allowance for doubtful accounts

(32)
(7)

Increase (decrease) in allowance for bonuses

(22)
(5)

Increase (decrease) in provision for Directors’ stock
benefit
Increase (decrease) in liabilities related to retirement
benefits

20
(219)
(139)

Increase (decrease) in provision for directors’ retirement
benefits(394)
35

Increase (decrease) in allowance for sub-lease loss

(7)
(7)

Interest and dividends

(2)
(2)

Interest expenses

34
35

Loss (gain) from sale of investment securities



Loss (gain) from sale of fixed assets
4

Loss (gain) from equity in earnings of affiliates

(5)
10
(67)

(19)
Compensation receivable
(62)

Decrease (increase) in notes and accounts receivable

(419)
211

Decrease (increase) in inventories

(22)
(264)

Decrease (increase) in other current assets

269
(158)

Increase (decrease) in trade payable

(121)
(361)

Decrease in other current liabilities

(495)
(169)

Increase (decrease) in accrued consumption taxes

(177)
79

Others, net

439
(8)

Subtotal

2,104
964

- 13 -

First six months of FY14
(from July 1, 2014
to Dec. 31, 2014)

First six months of FY15
(from July 1, 2015
to Dec. 31, 2015)

Interest and dividends received
2

2

(35)
(803)

(34)

Interest expenses paid

Income taxes (paid) or refunded(901)
Compensation received62

Net cash provided by operating activities
191

1,170

Cash flows from investing activities
Payments into time deposits

Proceeds from withdrawal of time deposits

(2)

(0)



52"

(505)
3

(268)

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

2
Purchase of intangible assets(26)
Purchase of investment securities(391)
Proceeds from sale and redemption of investment insecurities
Proceeds from acquisition of subsidiary associatedwith change of scope of consolidation

0

(90)
(0)
8

40



(141)

(27)

160

39

13

(8)

(848)

(291)

570

20

Payments of loans receivable
Proceeds from collection of loans receivable
OthersNet cash used in investing activities

Cash flows from financing activities
Increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
950
Repayment of long-term loans payable(654)
Repayments of lease obligations
(157)
(0)

Purchase of treasury stock
Cash dividends paid

(241)
Net cash used in by financing activities
466
Net increase (decrease) in cash and cash equivalents
(190)

110
(721)
(215)
(409)
(333)
(1,549)(671)

Cash and cash equivalents at beginning of term
5,148

- 14 -

5,856

Increase (decrease) in cash and cash equivalents associatedwith change of scope of consolidation

104



5,063

5,185

Cash and cash equivalents at end of term

- 15 -

(4) Notes to Consolidated Financial Statements(Note for the assumption of going concern)
None.
(Note concerning major changes in shareholders’ equity)
None.
Segment Information
1. Sales and profit for each reportable segment for the first six months of FY2014 (from July 1, 2014 toDecember 31, 2014)(Unit: million yen)
Automobiletransportationrelated
Sales(1) Sales ofexternalcustomers(2) Internalsales between
business segments
or transfer
Total

Human resources

General cargotransportation

Total

Elimination andcorporate(Note 1)

Consolidated(Note 2)

26,936

5,804

2,417

35,158



35,158

32

164

41

239

(239)



2,459

35,398(239)

35,158

(886)

1,073

5,969

26,969Operating income
1,387

244

327

1,960

(Notes)
1. Elimination of -886 million yen includes corporate expense of -717 million yen, goodwill amortization of -169
million yen and elimination among the segments of 0 million yen. The corporate expense is the expense of theadministrative departments which do not belong to any reported segment.
2. The segment profit is adjusted according to the operating profit in the quarterly consolidated profit and loss
statement.
2. Sales and profit for each reportable segment for the first six months of FY2015 (from July 1, 2015 to
December 31, 2015)(Unit: million yen)
Automobiletransportationrelated
Sales(1) Sales forexternalcustomers(2) Internalsales between
business segments
or transfer
Total

Human
resources

General cargotransportation

Total

Elimination andcorporate(Note 1)

Consolidated(Note 2)29,490

6,479

2,642

38,611



38,611

30

180

40

251

(251)



29,520

6,659

2,682

38,863(251)

38,611

2,797

235

484

3,517

(1,012)

2,504

Operating income(Notes)
1. Elimination of -1,012 million yen includes corporate expense of -838 million yen, goodwill amortization of 173 million yen and elimination among the segments of 0 million yen. The corporate expense is the expense of
the administrative departments which do not belong to any reported segment.
2. The segment profit is adjusted according to the operating profit in the quarterly consolidated profit and loss
statement.

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