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 Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
February 3, 2023
Company name:

Yasuda Logistics Corporation

Stock exchange listing: Tokyo
Stock code:
9324
Representative:
Inquiries:

URL

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

President & CEOGeneral Manager

Nobuyuki Fujii
Masayuki Arakawa

Accounting Dept.
Scheduled date to file Quarterly Securities Report:

February 10, 2023

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

03-3452-7311(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)

Nine months ended December 31, 2022
Nine months ended December 31, 2021
Note: Comprehensive income

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%
45,36518.1
2,153(2.1)
2,864(0.9)
1,834 (12.4)
38,4109.5
2,199(5.3)
2,888
2.5
2,094
24.8

Nine months ended December 31, 2022

¥1,705 million [–%]

Nine months ended December 31, 2021¥(803) million [–%]

Earnings per share

Diluted earnings per share

Yen
63.36
72.32Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––

Note: During the fiscal year ended March 31, 2022, the Company finalized the provisional accounting treatment for business combinations. As aresult, figures for the nine months ended December 31, 2021 reflect the finalization of the provisional accounting treatment.
(2) Consolidated financial position
Total assets
Millions of yen
158,053
159,082

As of December 31, 2022
As of March 31, 2022
Reference: Equity

Net assets

As of December 31, 2022
As of March 31, 2022

Equity ratio

Millions of yen75,865
74,916%47.8
46.9¥75,471 million¥74,578 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
12.00
12.50

Yen––

Yen
13.00

Yen
25.00

12.50

25.00

Year ending March 31, 2023 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1

Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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
Full year
58,0009.3
2,750(5.5)
3,800(5.9)
2,300 (20.0)
79.42
Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

30,360,000 shares As of March 31, 2022

30,360,000 shares

Number of treasury shares at the end of the period
As of December 31, 2022

1,395,882 shares As of March 31, 2022

1,401,282 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

28,962,318 shares Nine months ended December 31, 2021

28,958,741 shares* Quarterly financial results reports are exempt from quarterly reviews 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.

2

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and deposits

18,224

12,754

Notes and Operating accounts receivable
Merchandise

8,397
3,212

10,473
3,025

Other
Allowance for doubtful accounts

1,095
(2)

1,126(2)Total current assets

30,927

27,377

Buildings and structures, net
Machinery, equipment and vehicles, net

36,4382,298

35,9892,102

Tools, furniture and fixtures, net
Land

858
36,980838
37,036

166

3,702

76,741

79,669Goodwill
Leasehold interests in land

741
1,016

656
1,016

Other

1,715

2,279

Total intangible assets

3,472

3,951

Investment securities
Deferred tax assets

44,865556

44,187514

Retirement benefit asset
Other302
2,236

335
2,035

Allowance for doubtful accounts

(19)

(19)

Total investments and other assets

47,94047,054

128,154

130,675

159,082

158,053

Non-current assets
Property, plant and equipment

Construction in progress
Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities
Current liabilities
Trade accounts payable
Short-term borrowings

4,013
4,370

5,245
4,320

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

62
2,913

62
2,443

Income taxes payable
Accrued expenses

604
1,544

234
1,260

Other

2,367

1,986

Total current liabilities

15,875

15,552

Bonds payable
Long-term borrowings

10,36238,44810,30736,912

Deferred tax liabilities
Retirement benefit liability

12,311
2,155

12,152
2,225Long-term leasehold and guarantee deposits received
Other

3,971
1,040

4,082
954

Total non-current liabilities

68,28966,63584,165

82,188

Shareholders' equity
Share capital

3,602

3,602

Capital surplus
Retained earnings

2,814
40,091

2,814
41,184

Treasury shares(1,180)(1,175)

Total shareholders' equity

45,32846,42528,932(58)

28,408
300

375

336

29,24929,045338

393

74,91675,865

159,082

158,053

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

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Operating revenue
Storage revenue
Warehouse cargo handling revenue

6,121
6,252

6,408
6,799

Land transportation revenue
International freight forwarding revenue

12,335
5,556

16,3507,346

Rent revenue of logistics facilities
Rent revenue of real estate

1,192
3,334

1,351
3,533

Other

3,617

3,575

Total operating revenue

38,41045,365

Operating expenses
Personal expenses

15,811
7,478

19,333
9,588

Rent expenses
Taxes and dues

2,408
809

2,582
840

Depreciation
Other

2,341
4,758

2,539
5,330

Total operating costs

33,607

40,213

4,802

5,151

1,030
180

1,219
205

Retirement benefit expenses
Depreciation

24133

44
127

Commission expenses
Taxes and dues

347
123

345
107

Operating costs

Operating gross profit
Selling, general and administrative expenses
Remuneration, salaries and allowances
Welfare expenses

Other762

948

2,603

2,998

2,199

2,153

Interest income
Dividend income

8839

2
1,026

Miscellaneous income

105

151

Total non-operating income

953

1,180

262–444
22

Total selling, general and administrative expenses
Operating profit
Non-operating income

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

52

3264

469

2,888

2,864

(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Extraordinary income
Gain on sale of non-current assets
Gain on bargain purchase

2232

17–

Total extraordinary income

235

17

Extraordinary losses
Loss on sale of non-current assets

24

Loss on abandonment of non-current assets
Loss on valuation of investment securities

85
26

61
–

Total extraordinary losses

113

66

Profit before income taxes

3,010

2,814

Income taxes - current

752

781

Income taxes - deferred

135

147

Total income taxes

888

929

2,122

1,885

27

50

2,094

1,834

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent6Consolidated statements of comprehensive income (cumulative)(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Profit

2,122

1,885

Other comprehensive income
Valuation difference on available-for-sale securities(3,112)(524)

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

206
(19)

383
(38)

Total other comprehensive income
Comprehensive income(2,925)

(179)

(803)

1,705

(840)

1,630

3774

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

7

Consolidated statements of cash flows(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Cash flows from operating activities
Profit before income taxes
Depreciation

3,010
2,475

2,814
2,667

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

(4)
(59)

0(18)

Interest and dividend income
Interest expenses

(848)
262

(1,029)444(0)
85(12)
61(556)(1,536)(2,015)186(104)

1,192(24)107

Loss (gain) on sale of non-current assets
Loss on abandonment of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in leasehold and guarantee deposits
received
Other, net

70(104)

Subtotal

2,770

4,294

Interest and dividends received
Interest paid

847(264)

1,028(446)

Income taxes paid

(1,197)(1,128)Net cash provided by (used in) operating activities

2,155

3,748(10)1(11)–(5,482)8(5,530)26(311)
(1)

(647)
(94)

0–(625)–

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
Other, net
Net cash provided by (used in) investing activities

(68)

(55)

(6,490)(6,311)

Cash flows from financing activities
Proceeds from short-term borrowings

5,850

360

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

(150)
1,289

(410)
300

Repayments of long-term borrowings
Redemption of bonds(2,825)(55)(2,438)
(55)

(0)
(764)

–(735)

Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities

(21)

(169)

3,322

(3,149)Effect of exchange rate change on cash and cash equivalents

110228Net increase (decrease) in cash and cash equivalents(902)(5,483)

Cash and cash equivalents at beginning of period

8,680

18,199Cash and cash equivalents at end of period

7,778

12,7158