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 Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 4, 2022
Company name:
Yasuda Logistics Corporation
Stock exchange listing: Tokyo
Stock code:
Representative:

9324
URL
President & CEO

Inquiries:

General Manager
Accounting Dept.

https://www.yasuda-soko.co.jp
Nobuyuki Fujii
Masayuki Arakawa

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

November 11, 2022
December 5, 2022

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
Yes

TEL

03-3452-7311(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
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%Six months ended September 30, 2022
29,58917.7
1,229 (11.7)
2,150
8.1
1,409
10.9
Six months ended September 30, 2021
25,14410.0
1,392 (13.6)
1,988(4.7)
1,270(5.9)
Note: Comprehensive income

Six months ended September 30, 2022

¥1,565 million [0.1%]

Six months ended September 30, 2021

¥1,564 million [–%]

Earnings per share

Diluted earnings per share

Yen
48.65
43.87

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022
Reference: Equity

Net assets

Millions of yen
159,038
159,082

Equity ratio

Millions of yen
76,08974,916

As of September 30, 2022

¥75,711 million

As of March 31, 2022

¥74,578 million

%
47.6
46.9

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end3rd 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: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Full year

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
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 six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:
Changes in accounting policies due to other reasons:

NoNo

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 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 September 30, 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)
Six months ended September 30, 2022

28,961,418 shares Six months ended September 30, 2021

28,958,753 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 September 30, 2022

AssetsCurrent assets
Cash and deposits
Notes and Operating accounts receivable

18,224
8,397

16,541
9,626

Merchandise
Other

3,212
1,095

3,025
1,109

Allowance for doubtful accounts
Total current assets

(2)

(2)

30,92730,300Non-current assets
Property, plant and equipment
Buildings and structures, net

36,43836,259Machinery, equipment and vehicles, netTools, furniture and fixtures, net

2,298
858

2,180
860

Land
Construction in progress

36,980166

37,036
1,130

Total property, plant and equipment

76,741

77,468Intangible assets
Goodwill

741

684

Leasehold interests in land
Other

1,016
1,715

1,016
2,105

Total intangible assets

3,472

3,805

Investments and other assets
Investment securities

44,86544,538Deferred tax assets
Retirement benefit asset

556302559
324

Other
Allowance for doubtful accounts

2,236
(19)

2,060
(19)

Total investments and other assets

47,94047,463

128,154

128,737

159,082

159,038

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Trade accounts payable

4,013

4,827

Short-term borrowings
Current portion of bonds payable

4,370
62

4,370
62

Current portion of long-term borrowings
Income taxes payable

2,913
604

2,568
539

Accrued expenses
Other

1,544
2,367

1,567
1,738

Total current liabilities

15,875

15,673

Non-current liabilities
Bonds payable

10,362

10,331Long-term borrowings
Deferred tax liabilities

38,44812,31137,502
12,207Retirement benefit liability
Long-term leasehold and guarantee deposits received

2,155
3,971

2,201
4,052

Other

1,040

980

Total non-current liabilities

68,28967,27584,16582,949

Share capital
Capital surplus

3,602
2,814

3,602
2,814

Retained earnings
Treasury shares

40,091(1,180)41,122(1,175)

Total shareholders' equity

45,32846,36328,932

28,706(58)
375

291
349

29,24929,347338

377

74,91676,089159,082

159,038

Total liabilities
Net assets
Shareholders' equity

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)

Operating revenue
Storage revenue

Six months ended

Six months ended

September 30, 2021

September 30, 2022

4,031

4,213

Warehouse cargo handling revenue
Land transportation revenue

4,031
8,010

4,371
10,648International freight forwarding revenue
Rent revenue of logistics facilities

3,552
794

4,768
892

Rent revenue of real estate
Other

2,214
2,509

2,334
2,361

Total operating revenue

25,14429,589Operating costs
Operating expenses

10,161

12,496

Personal expenses
Rent expenses

4,957
1,583

6,364
1,717

Taxes and duesDepreciation

538
1,545

566
1,673

Other

3,215

3,582

Total operating costs

22,002

26,400

3,142

3,189

688

807

Welfare expenses
Retirement benefit expenses

118
16

136
31

Depreciation
Commission expenses

90
237

84
232

Taxes and dues
Other

92
505

77
588

1,749

1,959

1,392

1,229

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

Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains

11707
1859
327

Miscellaneous income6046

Total non-operating income

770

1,234

172
–

297
141

1

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

5174

313

1,988

2,150

(Millions of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Extraordinary income
Gain on sale of non-current assets

213

Total extraordinary income

213

Extraordinary losses
Loss on sale of non-current assets

0479
2241
–

Loss on abandonment of non-current assets
Loss on valuation of investment securities
Total extraordinary losses

10146

1,889

2,116

Income taxes - current

600

663

Income taxes - deferred

07

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6600

671

1,288

1,445

1836

1,270

1,409

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022

1,288

1,445

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

109179(225)
371

Remeasurements of defined benefit plans, net of tax

(13)

(25)

275

120

Comprehensive income

Total other comprehensive income

1,564

1,565

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,538

1,507

2558

Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2021

September 30, 2022

1,8892,116

Depreciation
Increase (decrease) in allowance for doubtful accounts

1,636
(4)

1,758
(0)

Increase/decrease in net defined benefit asset and liability
Interest and dividend income

(37)
(708)

(13)
(861)

Interest expenses
Loss (gain) on sale of non-current assets

172
(1)

297
(8)

Loss on abandonment of non-current assets
Decrease (increase) in trade receivables

79
(617)

41
(1,171)(1,536)
144

186
776

(4)

77

Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in leasehold and guarantee deposits
received
Other, net

229

(327)

Subtotal

1,242

2,872

Interest and dividends received

707

861

Interest paid
Income taxes paid

(173)
(755)

(298)
(736)

Net cash provided by (used in) operating activities

1,022

2,697

(0)

(11)

(4,798)7(2,460)
22

Purchase of intangible assets
Purchase of investment securities

(283)
(0)

(422)
(2)

Proceeds from sale of investment securities
Other, net

0(54)

–(45)

(5,130)(2,919)Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings

4,100

120

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

(100)
1,029

(120)
200

Repayments of long-term borrowings
Redemption of bonds(1,735)(31)(1,625)
(31)

(0)
(421)

–(377)

Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(15)

(121)

2,825

(1,955)65480

Net increase (decrease) in cash and cash equivalents(1,217)(1,696)

Cash and cash equivalents at beginning of period

8,680

18,199Cash and cash equivalents at end of period

7,463

16,5028