Summary of Financial Results for the First Quarter of Fiscal Year 2011
(Three Months Ended March 31, 2011)[Japanese GAAP]
April 28, 2011
Company name: Senshukai Co., Ltd.
Stock exchanges: Tokyo and Osaka, First Sections
Stock code:
8165
URL: http://www.senshukai.co.jp
Representative:
Mr. Michio Tanabe, President and Representative Director
Inquiries:
Mr. Kiichi Tagawa, Senior Managing Director
Tel: +81-6-6881-3100
Scheduled date of filing of Quarterly Report: May 13, 2011
Scheduled date of payment of dividend: Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting: None
(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the 1st Quarter of 2011 (January 1, 2011 – March 31, 2011)(1) Consolidated operating results (cumulative)(Percentages represent changes from the same period of the previous fiscal year)
Operating income
Ordinary income
Net income

Net sales
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

31,77632,164

(1.2)
(9.7)

714
529

35.0
-

881
1,063

(17.1)
-

675
1,077

(37.3)-

1Q 2011
1Q 2010Net income per share
1Q 2011
1Q 2010

Diluted net income per
share

Yen

Yen

15.59
24.88

-

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

86,915
1Q 201190,086
Fiscal Year 2010
Reference: Shareholders’ equity (million yen)

40,26939,411

46.3
43.7

929.80909.991Q 2011:40,269Fiscal Year 2010:

39,411

2. Dividends
1Q-endDividend per share
3Q-end2Q-endYen

Fiscal Year 2010
Fiscal Year 2011
Fiscal Year 2011 (forecasts)
Note: Revision of dividend forecast during the period: None

Yearend

Total

Yen

Yen

Yen

Yen

6.00

-

8.00

14.00

7.00

-

7.00

14.00

3. Consolidated Outlook for Fiscal Year 2011 (January 1, 2011 – December 31, 2011)
Net sales
Millions of yen(Percentages represent changes from the same period of the previous fiscal year)
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen

69,000 (0.9)
1,200 (41.7)
2Q 2011 (cumulative)
137,500
0.5
2,000 (41.6)
Full Year 2011
Note: Revision of consolidated outlook during the period: None

% Millions of yen

1,600 (20.4)
2,700 (14.8)%

Yen

1,100 (24.2)
2,000 (1.8)

25.40
46.18

4. Other (Please refer to “2. Other Information” on page 4 of the attached documents for further information)(1) Changes in significant subsidiaries during the period: None
Newly added: -Excluded: -Note: Changes in specified subsidiaries affecting the scope of consolidation during the period(2) Application of simplified accounting methods and special accounting methods: Yes
Note: Application of simplified accounting methods and special accounting methods for presenting quarterly consolidated
financial statements(3) Changes in accounting principles, procedures, presentation methods, etc.
1) Changes caused by revision of accounting standards: Yes
2) Other changes: None
Note: Changes in accounting principles, procedures, presentation methods, etc. for presenting quarterly consolidated
financial statements described in “Changes in the Significant Accounting Policies for the Preparation of Quarterly
Consolidated Financial Statements”(4) Number of shares outstanding (common shares)
1) Number of shares outstanding at end of period (including treasury stock)
1Q 2011:47,630,393 sharesFiscal Year 2010:

47,630,393 sharesFiscal Year 2010:

4,320,645 shares

1Q 2010:43,310,631 shares

2) Number of treasury stock at end of period
1Q 2011:

4,320,819 shares

3) Average number of shares outstanding during the period
1Q 2011:43,309,633 shares* Disclosure regarding the implementation of quarterly review procedures
These quarterly financial results materials are not subject to quarterly review procedures based on the Financial Instruments
and Exchange Act. Thus, at the time of disclosure of these quarterly financial results materials, the quarterly financial
statement review procedures based on the Financial Instruments and Exchange Act have not been completed.

* Cautionary statement with respect to forward-looking statements
The above projections are based on information available at the time of release of this report. Actual results could differ
significantly from these projections due to a variety of factors. For further details regarding the projections, please refer to page3, “(3) Qualitative Information Regarding Consolidated Outlook.”Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

Contents of Attachments

1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Qualitative Information Regarding Consolidated Results of Operations

2(2) Qualitative Information Regarding Consolidated Financial Position

3(3) Qualitative Information Regarding Consolidated Outlook

3

2. Other Information

4(1) Overview of Changes in Significant Subsidiaries

4(2) Overview of Application of Simplified Accounting Methods and Special Accounting Methods

4(3) Overview of Changes in Accounting Principles, Procedures, Presentation Methods, etc.

4

3. Quarterly Consolidated Financial Statements

5(1) Quarterly Consolidated Balance Sheets

5(2) Quarterly Consolidated Statements of Income7(3) Quarterly Consolidated Statements of Cash Flows

8(4) Going Concern Assumption

10(5) Segment Information

10(6) Significant Changes in Shareholders’ Equity

11

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Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Results of Operations
In the first quarter (January 1, 2011 to March 31, 2011) of the current fiscal year, the Japanese economy gradually
recovered due to higher exports driven by economic growth in emerging markets, and the government’s economic
stimulus measures such as the eco-point system. However, the employment situation and household incomes failed
to show significant improvement. Also, the business environment has been harsh in the wake of the Great East Japan
Earthquake, which struck on March 11, due to the enormous impact on the domestic economy and the slump in
consumers’ appetites.
In the retail industry, signs began to emerge around the start of the year of a bottoming out of personal consumption,
but after the earthquake struck, the buying psychology of consumers cooled and conditions in the overall retailindustry remained harsh.
In this environment, the Senshukai Group pulled together to achieve the first fiscal year targets of its medium-term
management plan which concludes in Fiscal Year 2013.
Net sales in the first quarter declined 1.2% year-over-year to 31,776 million yen.
As for profits, operating income rose 35.0% year-over-year to 714 million yen, despite the decline in net sales, due
to reductions to catalog expenses and other selling expenses, and a decline in general and administrative expenses.
However, ordinary income declined 17.1% year-over-year to 881 million yen due to a decline in foreign exchange
gains, and net income dropped 37.3% to 675 million yen due to the application of accounting standards for asset
retirement obligations.
Segment information(Mail-order Business)
Consolidated sales in the mail-order business, comprising the catalog and the hanpukai businesses, totaled 28,693
million yen in the first quarter. Sales increased in January and February above the respective years-ago figures, but
declined after the earthquake struck in March.
In terms of profits, operating income was 813 million yen due to reductions in catalog costs and SG&A expenses.
1) Catalog business
Consolidated sales in the catalog business were 26,323 million yen in the first quarter.
2) Hanpukai business
Consolidated sales in the hanpukai business were 2,369 million yen in the first quarter.
(Bridal business)
Consolidated sales in the bridal business, centered on the subsidiary Dears Brain Inc. which operates the housewedding business, totaled 1,398 million yen in the first quarter, and operating loss totaled 203 million yen.
(Corporates business)
Consolidated sales in the corporates business, which provides products and services to corporations, totaled 1,284
million yen in the first quarter, and operating income totaled 126 million yen.
(Other businesses)
Consolidated sales in the other businesses, which consist of the services business primarily offering travel and credit
card services, and the pet business, totaled 399 million yen in the first quarter, and operating loss totaled 23 million
yen.

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Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011(2) Qualitative Information Regarding Consolidated Financial Position(Balance sheet position)
Assets totaled 86,915 million yen at the end of the first quarter of the current fiscal year, down 3,171 million yen
from the end of the previous fiscal year.
Current assets decreased 2,746 million yen to 39,909 million yen. The main factors were an increase of 2,154
million yen in merchandise and finished goods, and decreases of 4,036 million yen in cash and deposits, and 2,099
million yen in accounts receivable-other. Noncurrent assets decreased 425 million yen to 47,005 million yen, mainly
due to increases of 29 million yen in property, plant and equipment, and 314 million yen in intangible assets, and adecrease of 768 million yen in investments and other assets.
Current liabilities decreased 3,608 million yen to 37,709 million yen. The main factors were decreases of 2,129
million yen in other, and 982 million yen in forward exchange contracts. Noncurrent liabilities decreased 421
million yen to 8,935 million yen. Asset retirement obligations of 302 million yen were booked due to the applicationof accounting standards for asset retirement obligations, but long-term loans payable declined 459 million yen andbonds payable declined 350 million yen.
Net assets increased 858 million yen to 40,269 million yen. The main factor was a decrease in valuation difference
on available-for-sale securities of 178 million yen, and increases of 686 million yen in deferred gains or losses onhedges, and 328 million yen in retained earnings. Consequently, the equity ratio was 46.3%.
(Cash flow position)
The balance of cash and cash equivalents at the end of the first quarter of the current fiscal year was 6,818 million
yen, a decrease of 4,036 million yen from the end of the previous fiscal year.
Operating activities used net cash of 3,131 million yen (net cash provided of 992 million yen in the previous fiscal
year). The main contributing factors were a 1,301 million yen decrease in other current assets, and income before
income taxes and minority interests of 683 million yen. Negative factor included a 2,363 million yen decrease inother current liabilities, and a 2,157 million yen increase in inventories.
Investing activities used net cash of 43 million yen (a 457 million yen decrease from the previous fiscal year). The
main cash inflow was a 607 million yen proceeds from sales of investment securities. The main cash outflows were
472 million yen for the purchase of intangible assets, and 237 million yen for the purchase of property, plant andequipment.
Financing activities used net cash of 844 million yen (a 140 million yen decrease from the previous fiscal year). The
main cash inflow was a 300 million yen increase in short-term loans payable, while cash outflows include a
repayment of long-term loans payable of 459 million yen, redemption of bonds of 350 million yen, and cash
dividends paid of 321 million yen.
(3) Qualitative Information Regarding Consolidated Outlook
Expectations exist that the economy will pick up over the current fiscal year driven by a recovery in production
activity and strength in overseas economies. Also, some signs of a pickup in personal consumption are evident
despite initial weakness in the wake of the earthquake as some people held back on consumption. Still, how large
the impact of rolling blackouts will be, and the extent to which consumer sentiment will recover, is uncertain.
At the time of release of this report, Senshukai has not changed the consolidated outlook for the current fiscal year
(January 1, 2011 to December 31, 2011) which it released on February 3, 2011 as it is still examining the impact of
the earthquake disaster. It has not changed its non-consolidated outlook either. However, Senshukai will quickly
disclose any anticipated impact to earnings in the current fiscal year.

-3-Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

2. Other Information(1) Overview of Changes in Significant Subsidiaries
Not applicable.
(2) Overview of Application of Simplified Accounting Methods and Special Accounting Methods(Simplified accounting methods)
1) Method for estimating the uncollectible amount of general reserve
The uncollectible amount of general reserve was estimated using the historical default rates at the end of theprevious fiscal year as the ratio at the end of the first quarter of the current fiscal year was found not to besignificantly different from the ratio at the end of the previous fiscal year.
2) Valuation of inventories
For inventories at the end of the first quarter of the current fiscal year, a valuation was determined by using areasonable method based on actual inventories at the end of the previous fiscal year. No physical inventory count
was performed.
3) Calculation of depreciation expense for noncurrent assets
For assets subject to the declining-balance method, depreciation expense for the period is calculated pro rata fromthe full-year amount of depreciation expense for the fiscal year.
4) Judgments about the recoverability of deferred tax assets
Judgments about the recoverability of deferred tax assets are made based on the earnings forecast at the end of theprevious fiscal year and tax planning with regard to items where there have been no significant changes in theoperating environment or in the occurrence of temporary differences following the end of the previous fiscal year.
(Special accounting methods in the preparation of quarterly financial statements)
The tax expenses were calculated by first estimating the effective tax rate after the application of tax effectaccounting with respect to income before income taxes and minority interests during the fiscal year, and multiplyingthat rate by the quarterly income before income taxes and minority interests. However, the Company uses legally
stipulated effective tax rates to calculate tax expenses for cases in which using estimated tax rates gives a noticeably
irrational result. Income taxes-deferred were included and displayed with income taxes.
(3) Overview of Changes in Accounting Principles, Procedures, Presentation Methods, etc.
1) “Accounting Standard for Equity Method of Accounting for Investments” and “Practical Solution on Unificationof Accounting Policies Applied to Associates Accounting for Using the Equity Method”
Beginning with the first quarter of the current fiscal year, “Accounting Standard for Equity Method of Accounting
for Investments” (Accounting Standards Board of Japan (ASBJ) Statement No. 16, issued on March 10, 2008) and“Practical Solution on Unification of Accounting Policies Applied to Associates Accounting for Using the Equity
Method” (ASBJ Practical Issue Task Force (PITF) No. 24, March 10, 2008) have been applied.
This change has no effect on the amount of income (loss).
2) Accounting standard for asset retirement obligations
Beginning with the first quarter of the current fiscal year, “Accounting Standard for Asset Retirement
Obligations” (ASBJ Statement No. 18, March 31, 2008) and “Guidance on Accounting Standard for Asset
Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008) have been applied.
As an effect of this change, operating income and ordinary income decreased by 6 million yen each, and income
before income taxes and minority interests decreased by 118 million yen.
In addition, these changes increased the account balance of asset retirement obligations by 332 million yen.
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Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
1Q 2011(As of Mar. 31, 2011)

Fiscal Year 2010 Summary(As of Dec. 31, 2010)

AssetsCurrent assets
Cash and deposits

6,818

10,855

Notes and accounts receivable-trade

6,762

6,362

Short-term investment securities

2

8

Merchandise and finished goods

14,755

12,600Raw materials and supplies

126

123

Accounts receivable-other

6,848

8,948

Other

4,812

3,998

Allowance for doubtful accounts

(218)

(241)

Total current assets

39,90942,656

Buildings and structures, net

14,32914,402

Land

10,945

10,945

Other, net

1,972

1,870

Total property, plant and equipment

27,247

27,218Goodwill

2,542

2,580

Other

3,646

3,294

Total intangible assets

6,188

5,874

Investment securities

7,167

7,761

Other

6,769

6,764

Noncurrent assets
Property, plant and equipment

Intangible assets

Investments and other assets

Allowance for doubtful accounts

(367)

(187)

Total investments and other assets

13,56914,33847,00547,43086,91590,086

Total noncurrent assets
Total assets-5-Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

(Million yen)
Fiscal Year 2010 Summary(As of Dec. 31, 2010)

1Q 2011(As of Mar. 31, 2011)
Liabilities
Current liabilities
Notes and accounts payable-trade

7,828

7,932

Short-term loans payable

3,337

3,036

Current portion of bonds

766

766

Accounts payable-factoring

13,254

13,548

Income taxes payable

51

468

Provision for sales promotion expenses

673

656

Forward exchange contracts

2,603

3,585

Other

9,195

11,325

Total current liabilities

37,70941,318

Bonds payable

2,936

3,286

Long-term loans payable

4,638

5,097

31

27

Noncurrent liabilities

Provision for retirement benefits

302

-

Other

1,027

945

Total noncurrent liabilities

8,935

9,356

46,64550,675

Capital stock

20,35920,359

Capital surplus

21,03821,038Asset retirement obligations

Total liabilities
Net assets
Shareholders’ equity

Retained earnings

11,673

11,344

Treasury stock(2,775)(2,775)

Total shareholders’ equity

50,29549,966

Valuation difference on available-for-sale securities(1,106)(928)

Deferred gains or losses on hedges(1,655)(2,342)

Revaluation reserve for land

(7,117)(7,117)

Valuation and translation adjustments

Foreign currency translation adjustment

(145)

(167)

Total valuation and translation adjustments(10,026)(10,555)

40,26939,411

86,91590,086

Total net assets
Total liabilities and net assets-6-Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011(2) Quarterly Consolidated Statements of Income(For the Three-month Period)
1Q 2010(Jan. 1, 2010 – Mar. 31, 2010)
32,164(Million yen)
1Q 2011(Jan. 1, 2011 – Mar. 31, 2011)
31,776

Cost of sales

16,05916,467Gross profit

16,10415,308Selling, general and administrative expenses

15,575

14,594529

714

Interest income

19

11

Dividends income

11Gain on valuation of compound financial instruments

101

27

Foreign exchange gains

356

169

Other

157

98

Total non-operating income

636

308

75

59

Relief aid expenses

-

64

Other

26

17

102

141

1,063

881

Net sales

Operating income
Non-operating income

Non-operating expenses
Interest expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets

12-Gain on sales of investment securities-

137

Reversal of allowance for doubtful accounts

28

-

Other

0

-

Total extraordinary income

41

137

Loss on sales and retirement of noncurrent assets

7

16

Loss on valuation of golf club memberships

4-

Provision of allowance for doubtful accounts
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Loss on disaster

-

181

-

111

-

12

Other

2

12

Total extraordinary losses

13

335

1,090

683

Income taxes

17

8

Income before minority interests-

675

Extraordinary loss

Income before income taxes and minority interests

Minority interests in loss
Net income

-7-

(4)

-

1,077

675

Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011(3) Quarterly Consolidated Statements of Cash Flows(Million yen)
1Q 2010
1Q 2011(Jan. 1, 2010 – Mar. 31, 2010) (Jan. 1, 2011 – Mar. 31, 2011)
Net cash provided by (used in) operating activities
1,090

683

Depreciation and amortization

585

571

Increase (decrease) in allowance for doubtful accounts

(60)

156

Increase (decrease) in allowance for sales promotion expenses

15

17Interest and dividends income

(21)

(13)

Interest expenses

75

59

Foreign exchange losses (gains)

(366)

(268)

Equity in (earnings) losses of affiliates

(10)

(20)

Loss (gain) on valuation of compound financial instruments

(101)

(27)

Loss (gain) on sales and retirement of noncurrent assets

(5)

16

Loss (gain) on sales of investment securities

2

(137)

Loss on valuation of golf club membership
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Decrease (increase) in notes and accounts receivable-trade

4

-

-

111

23

(399)

Decrease (increase) in inventories(254)(2,157)

Decrease (increase) in other current assets

1,862

1,301

Increase (decrease) in notes and accounts payable-trade

(238)

(104)

Increase (decrease) in accrued consumption taxes

(141)

(68)

Income before income taxes and minority interests(1,146)(2,363)

Other, net

371

Subtotal

1,349(2,640)

Increase (decrease) in other current liabilities

23

15

Interest expenses paid

(100)

(86)

Income taxes paid

(279)

(420)

Net cash provided by (used in) operating activities

992(3,131)

Purchase of property, plant and equipment

(542)

(237)

Proceeds from sales of property, plant and equipment

125-

Purchase of intangible assets

(234)

(472)

Purchase of investment securities

(20)

-

4

607

200

-

Interest and dividends income received

Net cash provided by (used in) investing activities

Proceeds from sales of investment securities
Proceeds from redemption of investment securities
Purchase of investments in subsidiaries(0)-

Other, net

(32)

59

Net cash provided by (used in) investing activities

(500)

(43)

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Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

(Million yen)
1Q 2011
1Q 2010(Jan. 1, 2010 – Mar. 31, 2010) (Jan. 1, 2011 – Mar. 31, 2011)
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable

(500)

300

Proceeds from long-term loans payable

300-

Repayment of long-term loans payable

(433)

(459)

Redemption of bonds

(350)

(350)

Purchase of treasury stock

(0)

(0)

Cash dividends paid

(0)

(321)

-

(13)

(984)

(844)

(6)

(17)

Net increase (decrease) in cash and cash equivalents(499)(4,036)

Cash and cash equivalents at beginning of period

8,795

10,855

Cash and cash equivalents at end of period

8,296

6,818

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents-9-Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011(4) Going Concern Assumption
Not applicable.

(5) Segment Information
Business segments
1Q 2010 (Jan. 1, 2010 – Mar. 31, 2010)(Million yen)

Mail-orderbusiness

Other businesses

Elimination or
corporate

Total

Consolidated

Net sales(1) Sales to customers

28,311

3,853

32,164-32,164(2) Inter-segment sales

395

244

639

(

639)

-

Total

28,706

4,097

32,804(639)

32,164

(134)
523
5
657
Operating income (loss)
Notes: 1. The classification of business segments is based on categories adopted for internal management purposes.

529

2. Principal activities of each business segment(1) Mail-order business: Catalog and hanpukai businesses(2) Other businesses:

Product sales, services, and transportation

Geographical segment information
1Q 2010 (Jan. 1, 2010 – Mar. 31, 2010)
Geographic segment information has not been presented because the Company and its consolidated subsidiaries have conducted
over 90% of their total net sales in Japan.

Overseas sales
1Q 2010 (Jan. 1, 2010 – Mar. 31, 2010)
Overseas sales have not been presented because they represented less than 10% of total consolidated sales.

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Senshukai Co., Ltd. (8165) Financial Report for the First Quarter of Fiscal Year 2011

Segment Information
1. Overview of reportable segment
Segments used for financial reporting are the Company’s constituent units for which separate financial information
is available and for which the Board of Directors performs periodic studies for the purposes of determining theallocation of resources and evaluating performance.
The Senshukai Group primarily operates the Mail-order business, Bridal business, and Corporates business, and theCompany and its group companies manage each of these businesses according to these classifications.
Therefore the Group, comprised of these different business segments, has three reportable segments: the Mail-orderbusiness, Bridal business, and Corporates business.
The Mail-order business is engaged in mail-order sales via a variety of media centered on catalogs and the Internet.
The Bridal business provides mostly house wedding services. The Corporates business uses the Company’s
infrastructure to provide solutions services and promotional services targeting mail-order companies ande-commerce businesses.

2. Information related to sales and profit or loss for each reportable segment
1Q 2011 (Jan. 1, 2011 – Mar. 31, 2011)(Million yen)

Mail-orderbusiness

Bridalbusiness

Corporates
business

Sub-total

Others(Note 1)

Total

Adjustment(Note 2)

Amounts shown on
consolidated
statements ofincome(Note 3)

28,693

1,398

1,284

31,376399

31,776-

31,776

Reportable segment

Net sales
Sales to customers
Inter-segment sales

336

-

76

413

24

438

(

438)

-

Total

29,029

1,398

1,361

31,790424

32,214(438)

31,776

Segment profit
(203)
126
736
(23)
712
1
714
813
(loss)
Notes: 1. Others represent the businesses which are not included in any of the three reportable segments and consist of theservices business primarily offering travel and credit card services, and the pet business.
2. The 1 million yen adjustment to segment profit comprises elimination for inter-segment transactions.
3. Segment profit is adjusted to be consistent with operating income shown on the quarterly consolidated statements ofincome.

3. Information related to impairment of noncurrent assets, goodwill, etc. for each reportable segment
No major events or changes occurred in the consolidated first quarter.

Supplemental Information
Beginning with the first quarter of the current fiscal year, “Accounting Standard for Disclosures about Segments ofan Enterprise and Related Information” (ASBJ Statement No. 17, March 27, 2009) and “Guidance on the
Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Guidance
No. 20, March 21, 2008) have been applied.
(6) Significant Changes in Shareholders’ Equity
Not applicable.

* This financial report is solely a translation of summary of “kessan Tanshin” (in Japanese, including attachments), which has
been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.
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