Translation
October 29, 2015

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2016
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange9064
http://www.yamato-hd.co.jp/
Masaki Yamauchi, President
Kenichi Shibasaki, Managing Executive Officer, in charge of Financing and Accounting
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the submission of quarterly securities report:
November 12, 2015
Scheduled date of the commencement of dividend payment:
December 10, 2015
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 second quarter of fiscal year 2016
(cumulative: from April 1, 2015 to September 30, 2015)(1) Consolidated operating results

For the six months ended
September 30, 2015
September 30, 2014
(Note) Comprehensive income:(Percentages indicate year-on-year changes.)
Profit attributable toOperating revenue
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
683,785
1.6
18,000(15.4)
18,627(16.6)
9,759(19.7)
673,237
2.7
21,284(8.8)
22,322(6.6)
12,149(1.8)
For the six months ended September 30, 2015: 7,964 million yen ((38.7) %)For the six months ended September 30, 2014: 12,989 million yen ((18.1)%)
Basic earnings per share

For the six months ended
September 30, 2015
September 30, 2014

Diluted earnings
per share

Yen
23.71
28.99

Yen
23.48
28.26

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
September 30, 2015
1,035,394
556,753
53.2
March 31, 2015
1,082,531
571,199
52.2(Reference) Equity:
As of September 30, 2015: 550,892 million yen As of March 31, 2015: 565,521 million yen

2.

Dividends
First quarter

Second quarter
Yen
Yen
Fiscal 2015—
12.00
Fiscal 2016—
13.00
Fiscal 2016 (Forecast)——(Note) Revisions to the forecasts most recently announced: None

Annual dividends
Third quarter
Yen
—
—
—

Fiscal year-end
Yen
13.00
—
13.00

Total
Yen
25.00
—
26.00

3.

Consolidated earnings forecasts for fiscal year 2016 (from April 1, 2015 to March 31, 2016)
Operating revenue

Operating income

Millions of yen%
Millions of yen%
Full year
1,415,000
1.3
69,0000.1(Note) Revisions to the forecasts most recently announced: Yes(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary income
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Yen
70,000(1.3)
41,0009.2
99.77* Notes(1) Changes in significant subsidiaries during the six months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes(Note) For details, please see “2. Matters Regarding Summary Information (Notes), (1) Application of specific accounting for preparing thequarterly consolidated financial statements” of the attached materials to the quarterly financial results report on page 7.

(3) Changes in accounting policies, changes in accounting estimates, and 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 September 30, 2015:
425,161,692 shares
As of March 31, 2015:
435,564,792 sharesb. Number of treasury shares as of the end of the period
As of September 30, 2015:
17,264,375 shares
As of March 31, 2015:
22,370,985 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2015:
411,611,429 shares
For the six months ended September 30, 2014:
419,089,270 shares*Indication regarding execution of quarterly review procedures
At the time of the disclosure of this quarterly financial results report, the quarterly review procedures in accordance with the Financial
Instruments and Exchange Act are in progress.

*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that we consider to be reasonable. Actual financial results may differ significantly from the projections for various reasons.
For points to note when using such assumptions and financial projections, please see “1. Qualitative Information on Settlement of Accounts
for the Six Months, (3) Qualitative information on consolidated earnings forecasts” of the attached materials to the quarterly financial results
report on page 7.
• The Company plans to hold a financial results meeting for analysts on October 30, 2015. The materials distributed at this financial resultsmeeting shall be posted on the Company’s website after the meeting has been held.

Attached Materials
Index

1. Qualitative Information on Settlement of Accounts for the Six Months ..................................................................... 2(1) Qualitative information on consolidated operating results ................................................................................. 2(2) Qualitative information on consolidated financial position ................................................................................. 7(3) Qualitative information on consolidated earnings forecasts............................................................................... 7
2. Matters Regarding Summary Information (Notes) .................................................................................................... 7(1) Application of specific accounting for preparing the quarterly consolidated financial statements ...................... 7(2) Additional information ........................................................................................................................................ 8
3. Consolidated Financial Statements .......................................................................................................................... 9(1) Consolidated balance sheet .............................................................................................................................. 9(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) Consolidated statement of cash flows ............................................................................................................. 13(4) Notes to consolidated financial statements ..................................................................................................... 14(Notes to premise of going concern) ................................................................................................................ 14(Segment information, etc.) .............................................................................................................................. 14(Notes on significant changes in the amount of shareholders’ equity) ............................................................. 15
4. Supplementary Information .................................................................................................................................... 16
Operating revenue by business ................................................................................................................................ 16-1-

1. Qualitative Information on Settlement of Accounts for the Six Months(1) Qualitative information on consolidated operating results
During the six months ended September 30, 2015, the business environment overall was one marked by visible
signs of recovery in the Japanese economy underpinned by strong corporate earnings, yet where the outlook
remains uncertain amid adverse effects from the Chinese economic slowdown and other such factors. With
personal consumption, although the adverse effect of the pull-back in demand following the consumption tax
hike has subsided, buying behavior has remained stagnant due to factors including concerns of rising prices
and adverse weather conditions. The Company also continued to face harsh operating circumstances as tightlabor market conditions persisted. Operating in this environment, we worked toward achieving the objectives of
the Long-Term Management Plan “DAN-TOTSU Management Plan 2019” and the Medium-Term Management
Plan “DAN-TOTSU Three-Year Plan STEP.” To that end, we focused on creation of a business model for
generating substantial added value by building a premium-quality network to enable efficient logistics andfusing together the Group’s business resources.
In the Delivery Business, we took steps to expand sales of our new “TA-Q-BIN Compact” and “Nekopos”
services which were launched in April. Use of the new services has been steadily growing as a result of efforts
beginning in the second quarter that include reaching out to mail-order business operators and our initiation ofpartnerships with multiple flea market websites. Overall, despite an increase in TA-Q-BIN delivery volume,
growth achieved by Kuroneko DM-Bin and the new services failed to make up for the adverse impact of
discontinuing the Kuroneko Mail service. Consequently, revenues remained flat year on year, while earnings
decreased.
In the non-delivery businesses, we took steps to expand our existing service offerings by enlisting the strengthsof Group companies, while also drawing on Group-wide ties as we aggressively promoted solution sales
geared toward addressing customers’ business challenges.
Our consolidated financial results for the six months ended September 30, 2015 are as follows.
(Millions of yen)
Item
Operating revenue
Operating income
Ordinary income
Profit attributable toowners of parent

For the six months
ended September 30, 2014
673,237
21,284
22,322For the six months
ended September 30, 2015
683,785
18,00018,627

12,1499,759

ChangeGrowth (%)

10,548(3,283)(3,695)

1.6(15.4)(16.6)(2,390)(19.7)

During the six months ended September 30, 2015, we purchased treasury shares of 7.28 million shares, for a
total acquisition cost of about 20,000 million yen, and retired 10.40 million shares of treasury shares asmeasures for shareholder return, based on a resolution passed at the Board of Directors meeting on July 30,
2015.
Initiatives for the entire Yamato Group
a.

b.

c.

The Yamato Group has been pursuing its “Value Networking” design, on the basis of creating businessmodels for generating a high level of added value through the combined efforts of our respective
businesses, while at the same time contributing to growth strategies and international competitive
strengths of the Japanese economy. Meanwhile, we are also taking steps to forge a robust corporate
culture that acts as a foundation for business creation and development.
To further promote our “Value Networking” design, we have been drawing on alliances with Group
companies in promoting solution sales, and crafting business models that deliver a high level of added
value by leveraging our business network. Also, to address varied customer needs in Japan and overseas,
we have been making more effective use of our innovative network platform consisting of the “Haneda
Chronogate,” “Atsugi Gateway” and “Okinawa International Logistics Hub” facilities, in addition to ourexisting “last mile” network.
We continued to drive initiatives geared toward forging a more robust corporate culture. To that end, we
worked on enhancing the efficiency and dependability of operations, in part by improving our transportsystems and by using our information technology network to enable visual monitoring of operating

-2-

d.

e.

f.

volumes. In addition, we redoubled our employee education efforts and focused on building systems for
ensuring that we honor promises made to our customers. Moreover, we actively engaged in CSR-related
activities linked to Yamato Group business endeavors, such as through environmental and safetymeasures, and efforts to prosper communities.
Given expectations for future growth in the mail-order market, we aggressively forged ahead with efforts toincrease sales of the “YES!” (Yamato Ec Solutions) service which involves drawing on capabilities of theGroup in providing packages of services in order to serve that market. We also improved the services weoffer both business operators and buyers, and helped generate further vitality in the market, throughefforts that included teaming up with large mail-order websites and launching services that enable
customers to pick up purchased items at TA-Q-BIN centers and convenience stores.
For our corporate clients, we began marketing our “Yamato Cloud Depot” service which enables them tomake use of our 4,000 TA-Q-BIN centers nationwide as hubs for their own business operations. In
developing such solution sales, we are supporting the growth of customer businesses by helping themboost salesforce productivity and reduce back office workloads at their sales locations, drawing on
business resources of the Yamato Group.
We have been taking aggressive action to reduce costs through efforts that include implementing thoroughcontrols on costs linked to operating volumes and also pursuing measures to improve productivity, amid adeteriorating external cost environment marked by a tightening labor market.

Summary of each operating segment

 Delivery
The delivery volumes of TA-Q-BIN and Kuroneko DM-Bin services are as follows.
(Million parcels / units)
For the six months
For the six months
Category
ChangeGrowth (%)
ended September 30, 2014
ended September 30, 2015
TA-Q-BIN
787
821
33
4.3
Kuroneko DM-Bin
944
757
(187)
(19.9)
Results shown for Kuroneko DM-Bin in the six months ended September 30, 2014 are those of the Kuroneko Mail service.

a.
b.

c.

d.

e.

In the Delivery Business, the Yamato Group concentrated on TA-Q-BIN-centered business development,
aiming to provide infrastructure that best suits our customers and contribute to enriching people’s lives.
We engaged in efforts to expand sales of the “TA-Q-BIN Compact” and “Nekopos” services. The two newservices enable customers in the growing mail-order business a simple means of sending small parcels forreasonable fees. With “TA-Q-BIN Compact,” we took steps to promote use of the service by successively
adding new points of service access at convenience stores and other such locations. With “Nekopos,” weengaged in aggressive efforts to increase sales by teaming up with multiple flea market websites andoffering options that differentiate us from our competitors, including a service where customers receive
e-mail notification at the time of delivery, and an “anonymous delivery” service for which we have initiatedtrial operations. We also launched our new “Kuroneko DM-Bin” mailbox posting service which takes theplace of our Kuroneko Mail service which was discontinued as of the previous fiscal year, thereby enabling
us to respond to demand in areas such as direct mail sent by corporate clients.
With respect to corporate clients, we have been leveraging our front-line business network to gather
customer information to make use of in actively proposing solutions tailored to our clients’ management
objectives. We worked to boost profitability by making proposals that provide high added value using theGroup’s business resources. Continuing on from the previous fiscal year, we took on initiatives for
ensuring collection of adequate fees for the task of providing consistent quality with respect to deliveries.
Efforts in our business geared toward revitalizing communities have involved various initiatives to address
locally-based hardships and challenges. For instance, we are working in collaboration with municipalities
and other entities in providing support with regard to helping those living in remote areas who facedifficulties doing their shopping, and with regard to watching over elderly residents. Moreover, we havealso been helping to bring about greater sales of local products by deploying a service that involves
delivering such items to the Tokyo metropolitan area and other locations throughout Asia, in a speedy
manner to ensure that such products retain their freshness.
Operating revenue amounted to 533,514 million yen, approximately the same level as the year-ago period
despite an increase in TA-Q-BIN delivery volume, given that growth achieved by Kuroneko DM-Bin and the-3-new services failed to make up for the decrease in revenue caused by discontinuing the Kuroneko Mail
service. Operating income was 4,175 million yen, down 49.7% from the year-ago period.

 BIZ-Logistics
a.

b.

c.

d.

e.

In the BIZ-Logistics Business, the Yamato Group is providing customers with innovative logistics systems
by combining management resources such as the TA-Q-BIN network with logistics functions, maintenanceand recall handling functions, cleansing functions for medical devices and international transportation
functions.
For the mail-order industry, we are offering one-stop services involving various types of logistical support
in line with customer needs, including support for facilitating everything from placing and accepting orders
to visual monitoring of inventories and enabling speedier shipments. During the six months ended
September 30, 2015, volume handled increased largely due to success at gaining new customers for oursame-day delivery service.
With respect to our product maintenance and recall services, we have been developing integrated services
where we handle collection, repair and returns of faulty products, while also expanding total support
services for dealing with corporate product recalls. During the six months ended September 30, 2015,
revenues increased steadily due to factors that included our making headway in selling the “Kuroneko
Extended Warranty Service” to large mail-order and consumer electronics business operators, landing
business involving large-scale product recalls, and handling a greater volume of voluntary product recalls.
For medical service providers, we have been developing medical device loaner support (storage, cleaningand delivery) and other services that help revolutionize logistics operations. During the six months ended
September 30, 2015, the segment achieved revenue growth amid a steadily increasing volume ofbusiness mainly from existing customers.
Operating revenue amounted to 54,544 million yen, up 17.0% from the year-ago period due to favorable
results ongoing from the first quarter generated from overseas relocation service and services related to
medical devices, combined with other factors such as having landed new business involving large-scale
product recalls. Operating income was 2,628 million yen, up 25.1% from the year-ago period.

 Home Convenience
a.
b.

c.

d.

In the Home Convenience Business, we are working toward enabling customers to achieve greater
convenience and comfort in their lives through lifetime lifestyle support businesses and corporate
enterprise support business that draw on the Yamato Group’s nationwide network.
With respect to individual customers, the Yamato Group operated a variety of services to assist in daily life
such as the “Raku Raku Household TA-Q-BIN” service for delivering large furniture items and home
appliances and moving-related services. In the six months ended September 30, 2015, we engaged inaggressive sales activities by promoting our “e-commerce Total Support Service” and our “Comfortable
Lifestyle Support Service,” the former of which entails collaborating with mail-order business operators inproviding additional functions to our previous service offerings that include hauling away used furniture
and appliances when making deliveries of new items and moving large furniture items, and the latter ofwhich entails resolving everyday inconveniences associated with house cleaning and collection of
unwanted items, and achieved greater rates of capacity utilization on weekdays.
For our corporate clients, we have been developing our “Technical Network Business” where we combine
the networks of the Yamato Group and our construction and installation contractors so that we can provide
one-stop support in handling everything from household equipment delivery and set-up, to installation andmaintenance of such equipment, as well as business support services such as office-related services andprocurement services for sourcing goods. During the six months ended September 30, 2015, client use of
our services in this segment increased steadily given a strong showing from our office-related services
combined with new business captured for our Technical Network Business.
Operating revenue amounted to 23,312 million yen, down 1.1% from the year-ago period due to lackluster
results with respect to volume of long-distance transport for individual customers handled, and despite
having made progress in gaining new business in office-related services and other offerings. As for profits,
operating income amounted to 154 million yen, an improvement of 538 million yen from the year-ago
period as a result of gains in rates of capacity utilization on weekdays due to aggressive marketing ofservice offerings such as the “Comfortable Lifestyle Support Service.”-4- e-Business
a.
b.

c.

d.

e.

In the e-Business, the Yamato Group helps customers streamline their business processes and solve
potential issues by proactively conducting solution platform business that combine logistics technology andfinancial technology with information technology.
With respect to services for assisting with order-acceptance and dispatching operations, the YamatoGroup provides a “Web-based Shipment Control” that comprehensively supports such operations as
dispatch information processing, printing of delivery slips, and freight tracking. In the six months ended
September 30, 2015, use of this service increased particularly among our existing large-lot customers,
against a backdrop that included mail-order market growth.
For customers whose needs involve managing products on an individual basis, the Yamato Group has
been developing setup support services whereby tasks of affixing data to products and partial processingof merchandise are aligned with information system functions such as serial acceptance/dispatch control
in warehouses and inventory tracking. In the six months ended September 30, 2015, these services
attracted favorable volumes of use primarily among our customers who are new entrants in thetelecommunications equipment business.
In its e-money related services, the Yamato Group offers solutions through collaboration between thee-Business and the Financial Business, and provides services that involve installation and operation of“Multi e-money Settlement Terminals” that allow settlements in multiple types of e-money using a single
device. In the six months ended September 30, 2015, the e-money settlement system geared toward theamusement industry achieved favorable sales.
Operating revenue amounted to 20,932 million yen, up 4.9% from the year-ago period mainly due togrowth in setup support services for telecommunications equipment business operators. Operating income
was 3,871 million yen, up 11.1% from the year-ago period mainly due to efforts for controlling systemdevelopment costs.

 Financial
a.
b.

c.

d.

In the Financial Business, the Yamato Group has been developing settlement and financial services
tailored to a range of customer needs for payment collection on mail-order product deliveries, B2B
transaction settlement, and vehicle leasing.
With respect to our payment settlement services, in addition to providing our mainstay service “TA-Q-BIN
Collect,” we have also been promoting increased customer use of both our “Kuroneko Web Collect”
comprehensive internet-based transaction settlement service and our e-money settlement services. In thesix months ended September 30, 2015, we engaged in efforts to increase profitability by promoting our“Kuroneko Web Collect” and “Kuroneko Pay After Delivery” services to our customers who use only the“TA-Q-BIN Collect” service. Moreover, with respect to our services related to e-money, the use of our “Multie-money Settlement Terminal” rental services at large events and other activities increased steadily.
In the lease services business, we achieved revenue growth by promoting proposals for total solutions
related to the Group’s network and vehicles. This includes operating leases that enable customers to cut
costs by providing them with new vehicles premised on the condition of vehicle purchase or re-use after
lease expiration, and leases of previously-owned cars linked with such purchase or re-use.
Operating revenue amounted to 34,781 million yen, up 9.0% from the year-ago period due to increased
use of our payment settlement for operators of mail-order businesses and e-money related services, andalso due to other factors such as an increase in contracts for truck leases in the lease services business.
As for profits, operating income was 4,221 million yen, down 3.4% from the year-ago period largely due tolackluster results with respect to volume handled through our mainstay TA-Q-BIN Collect service.

 Autoworksa.

In the Autoworks Business, the Yamato Group develops its “24-hour-a-day, 365-day-a-year service thatenables customers to service their vehicles without stopping operation,” thereby providing value tologistics operations and logistics service providers primarily in the form of “improvement of vehicle
maintenance convenience” and “reduced maintenance expenses.” Furthermore, to better provide one-stop
service solutions geared toward customer business operations, we have added services for “maintaining
and safeguarding logistics facilities and equipment, and improving such workplace environments,” along

-5-

b.
c.

with “insurance agency services where we offer risk management-related insurance plans tailored tocustomer needs.”
In the six months ended September 30, 2015, we developed new operating locations and took other steps
to enhance the quality of services provided to our customers, and also aggressively marketed our“Repairworks” services entailing periodic on-site customer visits.
Operating revenue amounted to 12,785 million yen, down 11.0% from the year-ago period mainly due tolower unit price of fuel. Operating income was 2,030 million yen, up 0.4% from the year-ago period.

 Othera.

b.

The “JITBOX Charter service” provides transportation by transport box. The service takes advantage of its
network consisting of multiple companies and provides added value to customers through timely delivery
and frequent, right-volume delivery. In the six months ended September 30, 2015, use of the service
steadily increased partially as a result of our initiatives to develop information systems and improve service
quality, and also due to favorable results from existing service offerings.
Operating income in Other excluding dividends which Yamato Holdings Co., Ltd. received from the Group
companies increased 258.1% from the year-ago period to 962 million yen.

CSR Initiatives
a.

b.

c.

d.

The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. In the six months ended September 30, 2015, the Group promoted various initiatives geared
toward achieving greater safety awareness among employees, with such efforts including our “Zero
Accident Campaign” which is a safety campaign deployed horizontally throughout the entire group
including our TA-Q-BIN operators overseas. In addition, since 1998 we have been holding our “Safety
Classes for Children,” through which we convey the importance of traffic safety, in day care facilities,
kindergartens and elementary schools across Japan. A total of more than 2.72 million people have now
participated.
The Yamato Group has established the “Environmental Conservation Declaration” on the basis of theGroup corporate philosophy, and moreover works to ensure that our distribution mechanisms areenvironmentally sound. At the same time, the Yamato Group works to promote environmental conservation
initiatives, which we pursue under our policy of “Nekology” (combining “Kuroneko” with “ecology”), andcontinue to heighten employee awareness of such issues. We also hold “Kuroneko Yamato Environmental
Class” sessions designed to provide support for environmental education of children who will bear
responsibilities of the next generation. We have held such classes on an ongoing basis nationwide since2005, attracting about 220 thousand participants so far.
Aspiring to be a company that continually evolves in step with society, led by Yamato Welfare Foundation,
the Yamato Group conducts various activities to help realize a society in which disabled people can freely
enjoy a lifestyle as a member of the workforce. Specifically, we engage in ongoing programs that support
economic independence of people with disabilities, such that include actively employing people withdisabilities at the Swan Bakery which makes and sells bread, providing them with workplaces through theconsigned delivery of Kuroneko DM-Bin, and operating job-finding support facilities where they take part intraining to acquire skills and knowledge necessary for employment.
Aiming to create more sustainable social value, the Yamato Group promotes initiatives for sharing value
with society based on “Creating Shared Value (CSV).” In the six months ended September 30, 2015, westarted “combined passenger-cargo” operations involving use of scheduled-route passenger buses totransport TA-Q-BIN items within certain zones in localities with substantially declining populations. This isbeneficial in terms of reducing CO2 emissions and enabling bus companies to maintain existing routes,
while also contributing to improvements in lifestyle services for residents of local communities. Moreover,
we continued to engage in efforts geared toward extending a diverse range of services leveraging thebusiness resources of the Yamato Group, such as by providing assistance to people living in remote areas
who face difficulties doing their shopping and lending support for community revitalization efforts. We haveworked with government bodies on 1,304 endeavors in that regard thus far.

-6-

(2) Qualitative information on consolidated financial position(Assets, liabilities and net assets)
Total assets were 1,035,394 million yen as of September 30, 2015, down 47,136 million yen from the end of theprevious fiscal year. The major factor in this was a decrease of 47,587 million yen in cash and deposits.
Liabilities decreased 32,690 million yen to 478,641 million yen from the end of the previous fiscal year. The
major factors in this were decreases in notes and accounts payable - trade of 24,914 million yen and accrued
consumption taxes of 23,295 million yen while loans payable increased 16,281 million yen.
Total net assets were 556,753 million yen, down 14,446 million yen from the end of the previous fiscal year.
This was mainly attributable to the recording of profit attributable to owners of parent of 9,759 million yen andpayment of dividends of surplus of 5,371 million yen, as well as purchase of treasury shares amounting to
20,003 million yen.
Accordingly, the equity ratio changed to 53.2% from the previous fiscal year’s 52.2%.
(Cash flows)
Net cash used in operating activities for the six months ended September 30, 2015 amounted to 14,330 million
yen. Compared with the year-ago period, the amount of net cash provided decreased by 32,799 million yen.
The major factor was an increase in net decrease in accrued consumption taxes of 36,829 million yen.
Net cash used in investing activities was 23,085 million yen. Compared with the year-ago period, the amount of
net cash used decreased by 6,707 million yen. This is largely attributable to expenditures of 17,409 million yen
used for the purchase of property, plant and equipment, which is a decrease of 10,852 million yen comparedwith the year-ago period.
Net cash used in financing activities was 11,862 million yen. Compared with the year-ago period, the amount of
net cash provided decreased by 15,954 million yen. This is largely attributable to purchase of treasury shares of
20,005 million yen.
As a result of the above, cash and cash equivalents were 197,875 million yen as of September 30, 2015, down
49,175 million yen from the end of the previous fiscal year.
(3) Qualitative information on consolidated earnings forecasts
Looking ahead at the economy, we expect business conditions in Japan to remain on a path of gradual
recovery underpinned by strong corporate earnings. However, the outlook remains uncertain amid concerns
regarding the prospect of an economic downturn in overseas markets.
In this environment, the Yamato Group will pursue efforts in the Delivery Business to engage in proposal-based
sales that deliver substantial added value from the perspective of our customers, and will aggressively forge
ahead with initiatives to expand sales of the “TA-Q-BIN Compact,” “Nekopos” and “Kuroneko DM-Bin” services.
Moreover, we will continue taking steps to ensure collection of adequate fees for the task of providing
consistent quality with respect to deliveries. In the non-delivery businesses, we will expand the revenue basethrough efforts to create and develop a business model for generating a high level of added value by leveraging
the Group’s business resources.
On the cost front, we will continue our efforts geared toward keeping costs in line with operating volumes, andimproving productivity.
The Yamato Group has made changes to the consolidated earnings forecasts for the full year of the fiscal year
ending March 31, 2016 since the announcement made on April 30, 2015.

2. Matters Regarding Summary Information (Notes)(1) Application of specific accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
Tax expenses are calculated by multiplying the income before income taxes by the reasonably estimatedeffective tax rates after the application of tax effect accounting to the income before income taxes for the fiscal
year including the second quarter under review.

-7-

(2) Additional information
The Company has applied provisions of Paragraph 39 of the “Accounting Standard for Consolidated Financial
Statements” (ASBJ Statement No. 22, September 13, 2013), etc., and has accordingly made changes in thepresentation of net income, etc. and has also made changes in presentation from minority interests tonon-controlling interests. To reflect these changes, the Company has restated its quarterly and full-year
consolidated financial statements for the first six months of the previous fiscal year and the previous fiscal year.

-8-3. Consolidated Financial Statements(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2015

As of September 30, 2015

AssetsCurrent assets
Cash and deposits

247,398

199,810Notes and accounts receivable - trade187,833

182,003

Accounts receivable - installment

42,00743,047

Lease investment assets

44,94847,894Merchandise and finished goods

721

706

Work in process

512

259

Raw materials and supplies

2,101

1,914

Other

42,02043,631

Allowance for doubtful accounts(1,338)(1,021)

Total current assets

566,205

518,246

334,119332,836

Accumulated depreciation(185,622)(187,612)

Buildings and structures, net

148,497

145,223

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

Vehicles

194,198

197,633(176,205)(176,871)

17,992

20,761

Land

187,964

187,965

Lease assets

24,02816,063(17,181)(7,610)

6,846

8,452

156,845

160,408(98,045)(101,714)

Accumulated depreciation
Vehicles, net

Accumulated depreciation
Lease assets, net
Other
Accumulated depreciation
Other, net

58,80058,694420,101

421,097

17,60019,376

Investment securities

34,56732,997

Other

45,17344,614

Allowance for doubtful accounts(1,116)(938)

Total investments and other assets

78,624

76,673516,325

517,147

1,082,531

1,035,394

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

Total non-current assets
Total assets-9-

(Millions of yen)
As of March 31, 2015

As of September 30, 2015

Liabilities
Current liabilities
Notes and accounts payable - trade157,479

132,565

Short-term loans payable

34,44348,852Current portion of bonds with subscription rights toshares

9,660

5,980

Lease obligations

2,733

2,575

Income taxes payable

20,024

11,059Deferred installment income

5,655

5,794

Provision for bonuses

30,236

36,613

Other

96,80077,350Total current liabilities

357,034

320,790

83,87685,748Non-current liabilities
Long-term loans payable
Lease obligations

4,655

5,118

Net defined benefit liability

53,02354,350Other

12,742

12,633

Total non-current liabilities

154,297

157,851

511,331478,641

127,234

127,234

Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

70,20947,506

Retained earnings

395,352

399,828

Treasury shares(43,007)(37,472)

Total shareholders’ equity

549,789

537,097

Valuation difference on available-for-sale securities

13,847

11,716

Foreign currency translation adjustment

1,169

1,095

Remeasurements of defined benefit plans

715

982

15,731

13,794

Accumulated other comprehensive income

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

5,678

5,860

571,199556,753

1,082,531

1,035,394

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

Operating revenue

673,237

683,785

Operating cost

633,922645,448

Operating gross profit

39,31538,337

Selling, general and administrative expenses

18,031

20,336

Operating income

21,28418,000Non-operating income
Interest income

44

54

Dividend income

387

432

Other

1,003

676

Total non-operating income

1,435

1,163

Interest expenses

167

251

Foreign exchange losses

—

113

Other

229

172

Total non-operating expenses

397

537

22,322

18,627

Gain on sales of non-current assets

407

32

Gain on sales of investment securities—

22

Compensation for damage received

257—

Total extraordinary income

664

54

Loss on retirement of non-current assets

89

89

Loss on litigation

598

—

Other

—

0

Total extraordinary loss

687

89

Income before income taxes and minority interests

22,29918,592

Income taxes

10,129

8,707

Profit12,169

9,884

20

125

12,1499,759

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 11 -

Consolidated statement of comprehensive income (cumulative)(Millions of yen)
For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

12,1699,884

Valuation difference on available-for-sale securities

1,324(2,114)Foreign currency translation adjustment

(633)

(73)

Remeasurements of defined benefit plans, net of tax

128

266

Total other comprehensive income

819(1,920)12,9897,964

Comprehensive income attributable to owners of parent

12,8107,822

Comprehensive income attributable to non-controllinginterests

178

142

ProfitOther comprehensive income

Comprehensive income(Breakdown)- 12 -

(3) Consolidated statement of cash flows(Millions of yen)
For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

Cash flows from operating activities
Income before income taxes and minority interests

22,29918,592

Depreciation

21,183

21,675

Increase (decrease) in net defined benefit liability

1,653

1,326

Increase (decrease) in provision for bonuses

6,304

6,371

Decrease (increase) in notes and accounts receivable trade

3,117

2,033

Increase (decrease) in notes and accounts payable - trade(31,154)(25,079)

Other, net

13,965(20,158)

Subtotal

37,3694,761Interest and dividend income received

452

479

Interest expenses paid

(325)

(399)

Income taxes paid

(19,026)(19,171)

Net cash provided by (used in) operating activities

18,469(14,330)

Cash flows from investing activities
Purchase of property, plant and equipment(28,261)(17,409)

Proceeds from sales of property, plant and equipment

1,296

746

Purchase of investment securities

(356)

(775)

—

28

(707)

(545)

Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities

769

548

(3,691)(7,425)

1,158

1,747

(29,793)(23,085)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable

4,000

4,187

Repayments of finance lease obligations(2,555)(1,708)Proceeds from long-term loans payable

16,50016,671

Repayment of long-term loans payable(8,073)(4,764)(3)(20,005)

Cash dividends paid

(5,028)(5,372)Other, net

(747)

(870)

Net cash provided by (used in) financing activities

4,091(11,862)

Purchase of treasury shares

Effect of exchange rate change on cash and cash equivalents

(320)

(110)

Net increase (decrease) in cash and cash equivalents(7,553)(49,388)

Cash and cash equivalents at beginning of period

219,395

247,051—

213

211,842

197,875

Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at end of period- 13 -

(4) Notes to consolidated financial statements(Notes to premise of going concern)
Not applicable.
(Segment information, etc.)[Segment information]
Information regarding the amounts of operating revenue and income or loss by reportable segment
For the six months ended September 30, 2014
(Millions of yen)
BIZ-Logistics

Home
Convenience

e-Business

Financial

533,575

46,612

23,582

19,95731,92330,600

5,788

7,527

14,021

1,651

564,175
8,294

52,401
2,101

31,109(384)

33,9793,485

33,575
4,372

Reconciliation(Note 3)

Amountrecorded inconsolidated
statement ofincome(Note 4)

DeliveryOperating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income (loss)

Autoworks

Other(Notes 1, 2)

Total

Operating revenue(1) Operating revenue from customers
14,364
3,222
673,237—
673,237(2) Inter-segment operating revenue or
14,571
33,964
108,126(108,126)—transfers
Total
28,93537,187
781,363(108,126)
673,237
Segment income (loss)
2,022
22,65642,548(21,264)
21,284
Notes: 1. Other includes business-to-business distribution via JITBOX Charter and shared services.
2. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment income is 22,100 million yen.
3. The adjustment of segment income resulted from eliminating transactions among segments, etc.
4. We made an adjustment between segment income and operating income in the consolidated statement of income.

- 14 -

For the six months ended September 30, 2015
(Millions of yen)
Delivery(Note 1)
Operating revenue(1) Operating revenue from customers(2) Inter-segment operating revenue ortransfers
Total
Segment income

533,514

BIZ-Logistics

Home
Convenience

e-Business

Financial

54,544

23,312

20,932

34,781

32,409

6,077

7,936

14,524

1,690

565,924
4,175

60,622
2,628

31,249154

35,4563,871

36,472
4,221

Reconciliation(Note 4)

Amountrecorded inconsolidated
statement ofincome(Note 5)

Autoworks

Other(Notes 1, 2, 3)

Total

Operating revenue(1) Operating revenue from customers
12,785
3,914
683,785—
683,785(2) Inter-segment operating revenue or
14,05337,371
114,063(114,063)—
transfers
Total
26,83841,286
797,849(114,063)
683,785
Segment income
2,030
25,61942,701(24,701)
18,000Notes: 1. Effective from the first quarter of the fiscal year ending March 31, 2016, the Company has made changes to business segmentclassifications to ensure that such classifications more adequately accord with actual circumstances related to management andadministration. These changes mainly involve inclusion of the human resources management business in the Delivery Businesssegment, from the Other segment previously. The segment information for the six months ended September 30, 2014 has been
prepared and presented according to the new classification.
2. Other includes business-to-business distribution via JITBOX Charter and shared services.
3. Operating revenue in Other includes dividends which the Company received from the Group companies as a pure holding
company and the effect of this on operating revenue and segment income is 24,889 million yen.
4. The adjustment of segment income resulted from eliminating transactions among segments, etc.
5. We made an adjustment between segment income and operating income in the consolidated statement of income.

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

- 15 -

4.

Supplementary Information
Operating revenue by business

For the six months
For the six months
Fiscal year ended
ended September 30, 2014 ended September 30, 2015 Change
March 31, 2015
Business segment(%)
AmountRatio
AmountRatio
AmountRatio(Millions of yen)(%)
(Millions of yen)(%)
(Millions of yen)(%)
TA-Q-BIN
467,88869.5
481,94470.5
3.0
969,923
69.4
Kuroneko DM-Bin *1
58,166
8.6
43,735
6.4(24.8)
116,619
8.4
Express
21,311
3.2
20,8813.0(2.0)
42,918
3.1
Delivery
Others *2
41,3986.2
44,8796.6
8.4
87,6196.3
Eliminations(55,189)(8.2)(57,926)(8.5)
5.0(113,891)
(8.2)
Total
533,575
79.3
533,51478.0(0.0)
1,103,188
79.0
Trading logistics service
18,4912.8
19,8072.9
7.1
43,215
3.1
Sales and Logistics
16,4442.4
17,403
2.5
5.8
34,767
2.5
Multi maintenance
6,986
1.0
7,914
1.2
13.3
15,6891.1
BIZ-Logistics Export Factory
2,032
0.3
2,145
0.3
5.6
4,185
0.3
Others
18,664
2.8
21,841
3.2
17.0
39,416
2.8
Eliminations(16,006)(2.4)(14,568)
(2.1)
(9.0)
(33,453)
(2.4)
Total
46,612
6.9
54,5448.0
17.0
103,821
7.4
Home convenience
20,674
3.1
20,4843.0(0.9)
41,561
3.0
Business convenience
8,129
1.2
8,557
1.3
5.3
16,665
1.2
HomeTechnical Network
2,319
0.3
2,220
0.3
(4.3)
4,817
0.3
Convenience
Eliminations(7,540)(1.1)(7,949)(1.2)
5.4(14,568)
(1.0)
Total
23,582
3.5
23,312
3.4(1.1)
48,4753.5
e-logistics solution *2
4,699
0.7
4,899
0.7
4.3
9,829
0.7
Credit card solution
4,050
0.6
4,663
0.7
15.2
8,087
0.6
IT operating solution
3,294
0.5
3,028
0.4
(8.1)
6,253
0.4
Web-based mail ordere-Business
3,032
0.5
2,797
0.4
(7.7)
6,074
0.4
solution
Others *2
20,322
3.0
22,415
3.3
10.3
41,500
3.0
Eliminations(15,441)(2.3)(16,872)(2.5)
9.3(31,258)
(2.2)
Total
19,9573.0
20,9323.0
4.9
40,486
2.9
TA-Q-BIN Collect
18,0272.7
18,0372.6
0.1
37,5492.7
Lease
12,8391.915,4592.3
20.4
27,065
1.9
Credit & Finance
1,698
0.2
1,747
0.3
2.9
3,354
0.2
Financial
Others
1,048
0.2
1,269
0.2
21.0
2,160
0.2
Eliminations(1,690)(0.3)(1,732)(0.3)
2.5(3,481)(0.2)
Total
31,923
4.7
34,781
5.1
9.0
66,649
4.8
Truck solution *3
26,534
3.9
24,346
3.6(8.2)
51,122
3.6
Others
3,576
0.5
3,663
0.5
2.4
7,070
0.5
Autoworks
Eliminations(15,746)(2.3)(15,225)
(2.2)
(3.3)
(31,039)
(2.2)
Total
14,364
2.1
12,7851.9(11.0)
27,153
1.9
JITBOX Charter service
2,707
0.4
3,515
0.5
29.8
6,035
0.4
Others *2
35,251
5.2
38,9705.7
10.5
48,268
3.5
Other
Eliminations(34,736)(5.1)(38,571)(5.6)
11.0(47,369)
(3.4)
Total
3,222
0.5
3,914
0.6
21.5
6,933
0.5
Total
673,237
100.0
683,785100.0
1.6
1,396,708
100.0*1. Results shown for Kuroneko DM-Bin in the six months ended September 30, 2014 and the fiscal year ended March 31, 2015 are those of
the Kuroneko Mail service for those periods.
*2. Effective from the first quarter of the fiscal year ending March 31, 2016, the Company has made changes to business segmentclassifications as shown below to ensure that such classifications more adequately accord with actual circumstances related to
management and administration. The figures presented for the six months ended September 30, 2014, and for the fiscal year ended March
31, 2015, have been restated in accordance with these changes.
• The human resources management business, previously included in the Other segment, is now presented in the Others category of the
Delivery segment.
• The setup and logistics solutions business, previously included in the e-logistics solutions category of the e-Business segment, is now
presented in the Others category.
*3. Effective from the first quarter of the fiscal year ending March 31, 2016, the name of the Truck maintenance category in the Autoworks
segment has been changed to the Truck solution.

- 16 -