Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)May 7, 2024
Company name:
Yasuda Logistics Corporation
Stock exchange listing: Tokyo
Stock code:
Representative:

9324
URL
President & CEO

https://www.yasuda-soko.co.jp
Kazunari Ogawa

Inquiries:

Executive Officer and General Manager ofMasayuki Arakawa
Accounting Department

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2024
June 26, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 27, 2024
Yes

Holding of financial results meeting:

Yes

TEL

03-3452-7311(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2024
67,384
12.8
2,642
4.3
3,951
4.6
2,302
2.5
Year ended March 31, 2023
59,75612.7
2,534(12.9)
3,776
(6.5)
2,245(21.8)
Note: Comprehensive income

Year ended March 31, 2024
Year ended March 31, 2023

Earnings per share¥17,227 million [436.1%]¥3,213 million [–%]
Profit attributable toOrdinary profit/total
owners ofassetsparent/equity
Yen%%–
2.7
2.1–
3.0
2.3

Diluted earnings pershareYen
79.51
77.54

Year ended March 31, 2024
Year ended March 31, 2023

Reference: Share of profit (loss) of entities accounted for using equity method Year ended March 31, 2024
Year ended March 31, 2023

Operatingprofit/Operating
revenue%
3.9
4.2¥– million¥– million(2) Consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023
Reference: Equity

Net assets

Millions of yen
211,656
166,777
As of March 31, 2024
As of March 31, 2023

Millions of yen
93,792
77,372Equity ratio

Net assets per share%
44.1
46.2

Yen
3,224.87
2,658.28¥93,405 million¥76,994 million

Note: During the fiscal year ended March 31, 2024, the Company finalized the provisional accounting treatment for business combinations. As aresult, figures for the fiscal year ended March 31, 2023 reflect the finalization of the provisional accounting treatment.
(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows fromoperating activities
Millions of yen
5,884
6,547

Cash flows frominvesting activities
Millions of yen(15,773)(11,889)1

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen
12,027
17,344
2,123
15,1012. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%

%

––

12.50
13.50

––

13.50
14.50

26.00
28.00

756
814

33.5
35.2

1.01.0

–

15.00

–

15.00

30.00

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)

34.1

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Profit attributable toOperating revenue
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
September 30, 2024
Full year

35,0006.4

1,000(12.4)

1,650(12.5)

1,000(14.9)

34.53

72,000

6.8

2,800

5.9

4,000

1.2

2,550

10.7

88.04

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):
Number of newly consolidated: 2
Company name: Yasuda Logistics Singapore Pte. Ltd.
Number of excluded from consolidation: 0Yes

Yasuda Logistics India Pvt. Ltd.

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

30,360,000 shares As of March 31, 2023

30,360,000 shares

Number of treasury shares at the end of the period
As of March 31, 2024

1,396,002 shares As of March 31, 2023

1,395,882 shares

28,964,012 shares Year ended March 31, 2023

28,962,768 shares

Average number of shares during the period
Year ended March 31, 2024

2Reference: Summary of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes)
Operating revenue

Year ended March 31, 2024
Year ended March 31, 2023

Millions of yen
38,31538,289Operating profit%
0.1
7.7

Earnings per share

Millions of yen
2,153
1,857

%
15.91.3

Millions of yen
3,885
3,513

Profit%10.6
4.2

Millions of yen
2,609
2,472

%
5.5
4.0

Diluted earnings per share

Yen
90.10
85.38

Year ended March 31, 2024
Year ended March 31, 2023

Ordinary profit

Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023
Reference: Equity

Net assets

Millions of yen
193,893
155,173
As of March 31, 2024
As of March 31, 2023

Millions of yen
90,17073,962Equity ratio

Net assets per share%
46.5
47.7

Yen
3,113.18
2,553.58¥90,170 million¥73,962 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual performance and other results may differ materially due to various factors.

3

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

15,13917,389Notes and Operating accounts receivable
Merchandise

9,586
3,025

13,232
2,471

Other
Allowance for doubtful accounts

1,023
(2)

2,127
(2)

Total current assets

28,77135,218100,463(63,595)

114,860(66,149)

Buildings and structures, net

36,867

48,711

Machinery, equipment and vehicles
Accumulated depreciation

12,404(10,036)

13,669(10,920)

2,368

2,748

4,856
(3,950)5,074(4,179)Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, netTools, furniture and fixtures
Accumulated depreciation

906

894

Land
Construction in progress

Tools, furniture and fixtures, net

37,0363,054

43,489431

Total property, plant and equipment

80,233

96,274

Intangible assets
Goodwill

3,146

4,986

Leasehold interests in land
Software

1,016
1,238

1,016
1,003

Software in progress
Other

4
3,324

30
2,147

Total intangible assets

8,729

9,183

Investments and other assets
Investment securities

45,666

66,545

Deferred tax assets
Retirement benefit asset

584
672

589
1,338

Other
Allowance for doubtful accounts

2,138
(19)

2,543
(36)

Total investments and other assets

49,04270,979138,005

176,438

166,777

211,656

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Trade accounts payable
Short-term borrowings

4,721
10,320

7,262
4,526

Current portion of bonds payable
Current portion of long-term borrowings

62
2,631

2825,029

Income taxes payable
Accrued expenses

534
1,692

524
1,861

Other

2,286

2,846

Total current liabilities

22,24922,333

Bonds payable
Long-term borrowings

10,29935,98016,53750,675

Deferred tax liabilities
Retirement benefit liability

13,4092,194

20,533
2,190

Long-term leasehold and guarantee deposits received
Other

4,081
1,190

4,189
1,403

Total non-current liabilities

67,155

95,53089,404

117,863

Shareholders' equity
Share capital

3,602

3,602

Capital surplus
Retained earnings

2,814
41,5952,814
43,112Treasury shares(1,175)(1,175)

Total shareholders' equity

46,83648,35329,43067

43,822
242

660

986

30,15745,051

Non-current liabilities

Total liabilities
Net assets

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5378

387

77,372

93,792

166,777

211,656

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)

Operating revenue
Storage revenue

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
8,551

10,003

Warehouse cargo handling revenue
Land transportation revenue

8,977
21,854

9,591
27,185International freight forwarding revenue
Rent revenue of logistics facilities

9,003
1,832

7,283
1,934

Rent revenue of real estate
Other

4,759
4,777

4,678
6,707

Total operating revenue

59,756

67,384

Operating costs
operating expenses

25,16027,220

Personal expenses
Rent expenses

12,703
3,438

13,756
4,093

Taxes and dues
Depreciation

1,117
3,413

1,257
3,777

Other

7,251

9,275

Total operating costs

53,08559,381

Operating gross profit

6,671

8,003

Selling, general and administrative expenses
Remuneration, salaries and allowances

1,637

2,188

Welfare expenses
Retirement benefit expenses

270
57

351
57

Depreciation
Commission expenses

190
466

472
564

Taxes and dues
Other

156
1,358

176
1,550

Total selling, general and administrative expenses

4,136

5,360

2,534

2,642

4

28

Dividend income
Miscellaneous income

1,699
161

1,978
237

Total non-operating income

1,864

2,245

582

714

29–

12942

Operating profit
Non-operating income
Interest income

Non-operating expenses
Interest expenses
Borrowing-related expenses
Bond issuance costs
Miscellaneous expenses
Total non-operating expenses
Ordinary profit

6949

622

936

3,776

3,951

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

Fiscal year ended
March 31, 2024

Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities

17–

113
2

Other–

12

Total extraordinary income

17128

62540477–107

Extraordinary losses
Loss on sale of non-current assets
Loss on abandonment of non-current assets
Compensation for damage

260

584

Profit before income taxes

Total extraordinary losses

3,534

3,494

Income taxes - current
Income taxes - deferred

1,246
(7)

1,192(18)

Total income taxes

1,238

1,174

Profit

2,295

2,320

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

749

17

2,245

2,302

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitFiscal year ended
March 31, 2024
2,295

2,320

Other comprehensive income
Valuation difference on available-for-sale securities497

14,392Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

135
284

188
326

Total other comprehensive income
Comprehensive income

917

14,907

3,213

17,227

3,153

17,19659

31

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

8Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

3,602

Retained earnings

2,814

Total shareholders'equity

Treasury shares

40,091(1,180)45,328Changes during period
Dividends of surplus

(742)

(742)

Profit attributable to ownersof parent

2,245

2,245

Disposal of treasury shares

44

Net changes in items otherthan shareholders' equity–

–

1,503

4

1,508

3,602

2,814

41,595(1,175)46,836

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income28,932(58)

375

29,249Non-controllinginterests

Total net assets

338

74,916

Changes during period
Dividends of surplus(742)

Profit attributable to ownersof parent

2,245

Disposal of treasury shares

4

Net changes in items otherthan shareholders' equity

497

125

284

907

39

947

Total changes during period

497

125

284

907

39

2,456

29,43067

660

30,157378

77,372

Balance at end of period

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

Capital surplus

3,602

Retained earnings

2,814

Total shareholders'equity

Treasury shares

41,595(1,175)46,836

Changes during period
Dividends of surplus

(785)

(785)

Profit attributable to ownersof parent

2,302

2,302

Purchase of treasury shares

(0)

(0)

Net changes in items otherthan shareholders' equity––

1,517

(0)

1,516

3,602

2,814

43,112(1,175)48,353

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income29,43067

660

30,157

Non-controllinginterests

Total net assets

378

77,372

Changes during period
Dividends of surplus(785)

Profit attributable to ownersof parent

2,302

Purchase of treasury shares(0)

Net changes in items otherthan shareholders' equity

14,392

174

326

14,893

Total changes during period

14,392174326Balance at end of period

43,822

242

986

109

14,903

14,893

916,42045,051387

93,792

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

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before income taxes
Depreciation

3,534
3,603

3,494
4,249

(0)
(33)

17(199)(1,703)582(2,007)714

Loss on abandonment of non-current assets
Loss (gain) on sale of non-current assets

254(11)

477(112)

Loss (gain) on sale of investment securities
Amortization of long-term prepaid expenses–32(2)
32

Decrease (increase) in trade receivables
Decrease (increase) in inventories

(628)
186

(2,961)
554

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

312(211)

2,189
(205)

83

39

108

108

645

(580)

Subtotal

6,756

5,806

Interest and dividends received
Interest paid

1,703(587)

2,006(695)

Income taxes paid

(1,324)(1,233)

Net cash provided by (used in) operating activities

6,547

5,884

(11)
–(9)
57(5,787)
24(12,509)
191

(751)
(100)

(166)
(173)

–3

(5,034)(1,276)

Increase (decrease) in allowance for doubtful accounts
Increase/decrease in net defined benefit asset and liability
Interest and dividend income
Interest expenses

Increase (decrease) in accrued expenses
Increase (decrease) in leasehold and guarantee deposits
received
Other, net

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Payments for acquisition of businesses–(1,431)

Decrease (increase) in investments and other assets
Purchase of long-term prepaid expenses

(13)
(61)

(19)
(21)

Other, net

(152)

(417)

(11,889)(15,773)

Net cash provided by (used in) investing activities

11

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

Fiscal year ended
March 31, 2024

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings

6,480(530)4,577(10,549)

Proceeds from long-term borrowings
Repayments of long-term borrowings

300(3,105)

16,184(3,528)Proceeds from issuance of bonds
Redemption of bonds

–(62)

6,457
(82)

Purchase of treasury shares
Dividends paid–
(742)

(0)
(784)

Dividends paid to non-controlling interests
Other, net

(20)
(196)

(21)
(223)

Net cash provided by (used in) financing activities

2,123

12,027

Effect of exchange rate change on cash and cash equivalents

121103

Net increase (decrease) in cash and cash equivalents(3,098)2,242

Cash and cash equivalents at beginning of period

18,19915,101

Cash and cash equivalents at end of period

15,101

17,34412