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 September 30, 2012
(Based on Japanese GAAP)
November 6, 2012
Company name
Aoyama Zaisan Networks Co., Ltd.
Stock exchange listing Tokyo
Stock Code
Representative

8929
President

URL

http://www.azn.co.jp/
Masazumi Hasumi

Inquiries
General Manager, Administration Division
Scheduled date to file Quarterly Securities Report

Yoshikazu Mizushima
November 8, 2012

Scheduled date to commence dividend payments
Preparation of supplementary material on quarterly earnings

none

Holding of quarterly earnings performance review

none

TEL

03-6439-5800(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended September 30, 2012 (from January 1, 2012 to September 30, 2012)(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes
Net sales

Nine months ended September 30, 2012
Nine months ended September 30, 2011

Millions of yen
4,815
4,537

Operating income

Net income% Millions of yen% Millions of yen% Millions of yen
6.1(96)
(99)
(92)
68.6
41 (65.6)
24 (72.0)(38)

Net income per share%-Diluted net income per share

Yen(878.43)(363.65)

Nine months ended September 30, 2012
Nine months ended September 30, 2011

Ordinary incomeYen-(2) Consolidated financial position
Total assets
As of September 30, 2012
As of December 31, 2011

Net assets

Millions of yen
3,852
3,698

Equity ratio

Millions of yen
1,007
1,224Net assets per share%
26.1
33.1

Yen
9,527.20
11,584.90

2. Cash dividends
Annual dividends

Year ended December 31, 2011
Year ending December 31, 2012

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen-

Yen
0.00
0.00

Yen-

Yen
650.00Yen
650.00650.00650.00Year ending December 31, 2012 (Forecast)Total

3. Forecast for the year ending December 31, 2012 (from January 1, 2012 to December 31, 2012)

Full year

Percentages indicate year-on-year changes
Net income
Net sales
Operating income
Ordinary income
Net income
per shareMillions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
5,780 (24.2)
100 (46.4)
90 (45.8)
85 (61.0)
804.12

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended September 30, 2012(changes in specified subsidiaries resulting in the change in scope of consolidation):none(2) Application of special accounting for preparing quarterly consolidated financial statements:none(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

yes
none

Changes in accounting estimates:
Restatement of prior period financial statements after error corrections:

yes
none

(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of September 30, 2012

105,705 shares As of December 31, 2011

105,705 shares

Number of shares of treasury stock at the end of the period
As of September 30, 2012

- shares As of December 31, 2011

- sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2012

105,705 shares Nine months ended September 30, 2011

2105,705 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of December 31, 2011

As of September 30, 2012

AssetsCurrent assets
Cash and deposits

1,474,995

961,467

Accounts receivable-trade
Real estate for sale

215,206
0277,131
65,000Purchased receivables
Other52,527
100,12146,727
93,213

Allowance for doubtful accounts(51,929)(50,077)

1,790,921

1,393,463

Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net

47,053

653,194

Other, net

16,364

149,539

Total property, plant and equipment

63,417802,733

34,162
286,447

24,298
163,678

Intangible assets
Software
Goodwill
Other

2,374

2,287

Total intangible assets

322,984

190,264

Investments and other assets
Investment securities

1,382,765

1,326,021

Stocks of subsidiaries and affiliates
Other3,260
134,951

3,260
136,906

Total investments and other assets

1,520,977

1,466,188

1,907,380

2,459,187

3,698,302

3,852,650

Total noncurrent assets
Total assets3

(Thousands of yen)
As of December 31, 2011

As of September 30, 2012

Liabilities
Current liabilities
Accounts payable-trade

63,68232,145

Short-term loans payable
Current portion of long-term loans payable

600,000
33,600600,000
58,595Current portion of bonds
Income taxes payable

395,000
17,799130,000
4,265

Provision for bonuses
Other provision

22,15945,82650,987

Other354,484

244,343

1,486,7241,166,164

Bonds payable
Long-term loans payable

92,50058,000769,567

Long-term deposits received
Provision for retirement benefits

70,216
48,061

63,32649,229Long-term lease and guarantee deposited

718,216

797,291

Total current liabilities
Noncurrent liabilities

Total noncurrent liabilities

986,995

1,679,414

2,473,719

2,845,578

Capital stock
Capital surplus

1,030,817
334,224

1,030,817
334,224

Retained earnings

235,059

73,4951,600,100

1,438,537

Total liabilities
Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities(375,518)(431,464)

Total accumulated other comprehensive income(375,518)(431,464)

1,224,582

1,007,072

3,698,302

3,852,650

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)(Thousands of yen)
Nine months ended
September 30, 2011

Nine months ended
September 30, 2012

Operating revenue
Operating revenueReal estate sales

2,304,553
2,232,775

2,207,483
2,607,545

Total operating revenue
Operating cost

4,537,329

4,815,029

Cost For Sales
Cost of sales-real estate

1,363,431
2,133,941

1,545,947
2,499,531

3,497,372
1,039,956

4,045,479
769,549

998,789
41,167866,342(96,792)

Total operating cost
Operating gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income

199

224

Dividends income
Insurance premiums refunded cancellation

5,755-

8,702
2,914

Other

4,218

2,998Total non-operating income

10,173

14,838Interest expenses
Equity in losses of affiliates

14,354
6,452

14,062
-

Other

5,813

3,436

Total non-operating expenses

Non-operating expenses

26,62017,498

Ordinary income (loss)

24,720(99,452)

Extraordinary income
Gain on sales of noncurrent assets

6,439

1,214

Reversal of provision for directors' retirement benefits
Gain on sales of investment securities

2,416
-

203

Total extraordinary income

8,856

1,417

Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets

23,555
6-

Loss on sales of investment securities
Loss on valuation of investment securities

4,660
1,496

347
-

Loss on sales of stocks of subsidiaries and affiliates
Loss on disaster

32,927
10,990-Total extraordinary losses

73,637347(40,060)(98,383)(11,027)(29,033)(1,053)(97,329)

9,406(4,475)Extraordinary loss

Loss before dividends distribution from silent partnership, incometaxes
Dividends distribution from silent partnership
Loss before income taxes and minority interests
Income taxes-current
Total income taxes9,406(4,475)

Loss before minority interests(38,439)(92,854)

Net loss(38,439)(92,854)

5Consolidated statements of comprehensive income (cumulative)(Thousands of yen)
Nine months ended
September 30, 2011

Nine months ended
September 30, 2012

Loss before minority interests(38,439)(92,854)

Other comprehensive income
Valuation difference on available-for-sale securities(181,047)(55,946)

Total other comprehensive income
Comprehensive income(181,047)(55,946)(219,486)(148,801)(219,486)-(148,801)-

Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests6