This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States.

SENKO Co., Ltd.

Summary of Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2012
[Japan GAAP]
January 27, 2012
Name of Listed Company:
Code Number:

SENKO Co., Ltd.
9069

Stock Listed on:

The First Section of the Tokyo Stock Exchange
and Osaka Securities Exchange
URL http://www.senko.co.jp
Representative:
Title: President
Name: Yasuhisa Fukuda
Inquiries:
Title: Executive Officer, Public Relations
Name: Noburoh Sasaki
Tel. (06) 6440-5155
Scheduled Date of Issue of Financial Report:
February 9, 2012
Scheduled Date of Dividend Paid: Supplemental Information Materials:

None

Scheduled Date of Quarterly Information Meeting:None

1. Consolidated Operating Results for the First Three Quarters of the Fiscal Year Ending March 2012 (From April 1, 2011 to December 31,2011)(1) Consolidated Operating Results
Note: Amounts less than one million yen have been rounded down.

First three quarters of FY 2012
First three quarters of FY 2011

Operating revenues

Operating income

Ordinary income

Million yen
200,620
182,076

Million yen
6,9235,327

Million yen
6,760
5,387%
10.2
7.6%
30.0-0.5

Net income%
25.5
4.0

Million yen
2,769
2,754%
0.5
5.9(Note) Comprehensive income
First three quarters of FY2012: 2,774 million yen (6.3%), First three quarters of FY2011: 2,611 million yen (– %)Net income
per share

Diluted net income pershare
YenYenFirst three quarters of FY 2012

22.01

19.96

First three quarters of FY 2011

22.68

20.55

(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net assets per share

Million yen
Million yen%
201,19162,150
30.0
As of December 31, 2011
177,284
60,60433.3
As of March 31, 2011
(Reference) Shareholders’ equity:
As of December 31, 2011: 60,441 million yen Fiscal year ended March 31, 2011: 59,024million yen

Yen
480.42469.14

2. Dividends
First quarter
Yen
Fiscal year ended March 31, 2011
Fiscal year ending March 31, 2012－－

Second quarter
Yen
5.00
6.00

Annual dividend
Third quarter
Yen

Year-end－

Fiscal year ending March 31, 2012
(Forecast)

TotalYen
5.00

Yen
10.00

6.00

12.00

(Note) Change in the estimation of dividend from the latest announcement: None
Commemorative dividend is included for the first half (1.00 yen) and year end (1.00 yen) of fiscal year ending March 2012.
3. Forecast of Consolidated Operating Results for the Fiscal Year Ending March 2012 (From April 1, 2011 to March 31, 2012)(Percentage figures represent year on year changes)
Net income per
Operating revenues Operating income Ordinary income
Net income
shareMillion yen% Million yen% Million yen% Million yen%Yen
Fiscal year ending March 2012

270,000

12.0

8,150

33.6

8,000

25.5

3,200

41.5

25.44(Note) Change in the forecast from the latest announcement: Yes
Forecast stated in the results of operations for the fiscal year ending March 2012 announced on October 27, 2011 has been revised. Pleaserefer Forecast for Fiscal Year Ending March 2012 on page 3.

4. Others(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries associated with change in scope ofconsolidation): None
(2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements: None
(3) Changes in accounting principles and estimates, and retrospective restatement(a) Changes due to revision of accounting standards: None(b) Changes other than in (a): None(c) Changes in accounting estimates: None(d) Retrospective restatement: None(Note) Changes to be stated in the section “Changes in significant matters providing the basis for preparing consolidated financialstatements”(4) Number of shares outstanding (common stock)(a) Shares outstanding (including treasury stock)
As of December 31, 2011: 128,989,476

As of March 31, 2011: 128,989,476(b) Treasury stock
As of December 31, 2011: 3,178,877

As of March 31, 2011: 3,174,635(c) Average number of shares (quarterly consolidated cumulative period)
Period ended December 31, 2011: 125,812,998

Period ended December 31, 2010: 121,466,726* Information concerning quarterly review procedure
This quarterly financial report is not subject to the quarterly review procedure prescribed by the Financial Instruments and Exchange Law.
The review procedure prescribed by the Financial Instruments and Exchange Law for the quarterly consolidated financial statements had
not been completed when this quarterly financial report was released.
* Cautionary statement regarding forecasts of operating results and special notes
Forward-looking statements in these materials are based on information available to management at the time this report was preparedand assumptions that management believes are reasonable. Actual results may differ significantly from these statements for a number ofreasons. For information about the assumptions used for forecasts and precautions concerning the use of forecasts, please see“Forecast for Fiscal Year Ending March 2012” on page 3.

Index to accompanying materials

1.

Results of Operations and Financial Condition ......................................................................................................................................2(1)Results of operations ............................................................................................................................................................................2(2)Financial condition ................................................................................................................................................................................2(3)Forecast for fiscal year ending March 2012 ..........................................................................................................................................32. Other Information .......................................................................................................................................................................................3(1)Changes in significant subsidiaries .......................................................................................................................................................3(2)Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements....................................3(3)Changes in accounting principles and estimates, and retrospective restatement.................................................................................3

3. Consolidated Financial Statements ..........................................................................................................................................................4(1)Consolidated balance sheets ................................................................................................................................................................4(2)Consolidated statements of (comprehensive) income ..........................................................................................................................6(Consolidated statements of income).........................................................................................................................................................6(Consolidated statements of comprehensive income) ...............................................................................................................................71

1.

Results of Operations and Financial Condition(1)

Results of operations
In the first three quarters of the current fiscal year, the Japanese economy staged a steady recovery following the sharp drop in
production activity immediately after the Great East Japan Earthquake due to the restoration of supply chains and production
equipment. However, the outlook for the global economy is uncertain because of financial instability in Europe, slowing U.S.
economic growth and other issues. Furthermore, concerns about the impact of the yen’s strength, flooding in Thailand and otherevents on manufacturing and exports in Japan make the outlook is unclear for the Japanese economy, too.
In the logistics industry, cargo volume in Japan fell sharply after the earthquake because of the downturn in production activity. But
volume has been recovering since then along with recovery activities. However, the operating environment remains difficult due tothe slowing economic recovery in Japan and uncertainty about the scale and timing of demand associated with earthquake
reconstruction activities.
In this environment, the Senko Group is placing the highest priority on supporting the earthquake recovery and reconstruction
activities of our customers. Furthermore, the group is conducting aggressive activities in Japan and overseas because this is thesecond year of the three-year medium-term management plan based on the slogan “Moving Global.”
In October, operations began at the Noda No. 2 PD Center in Chiba prefecture to strengthen logistics services in the Kanto area. InNovember, Senko began operating the Senouu Maru, a chemical tanker that will contribute to reliable transport and growth in thegroup’s logistics operations for chemicals. In December, operations began at the Hyuga PD Center. This new center consolidates
warehouse operations in northern Miyazaki prefecture in a single location and enlarges warehouse capacity in this region. InJanuary, operations began at the North Hiroshima PD Center in order to expand logistics operations in all areas of Hokkaido.
In the first three quarters, revenues and earnings were higher than one year earlier. Revenues benefited from growth in the volumeof cargo due to demand involving earthquake reconstruction activities and the transport of products associated with earthquake
damage. There was also growth in cargo volume in existing categories such as products for conserving electricity. Furthermore,
revenues reflect the addition of Smile Corp. to the Senko Group in September 2011 and the results of aggressive sales activities toattract new customers. The result was a 10.2% increase in consolidated operating revenues to 200,620 million yen. The higher
cost of fuel had a negative impact on earnings, but this was more than offset by the growth in revenues and measures to cut costs.
Operating income increased 30.0% to 6,923 million yen and ordinary income increased 25.5% to 6,760 million yen. After thenegative impact of a reversal of deferred tax assets in response to the official announcement in Japan of a new law concerning a
corporate income tax rate reduction, net income was up 0.5% to 2,769 million yen.
Business segment performance in the first three quarters was as follows.
Distribution
There was growth in cargo volume for current customers in the housing logistics sector because of earthquake reconstruction
demand, including for temporary housing, and in the retail logistics sector because of demand for housing-related products
associated with reconstruction, electricity-conserving products, and products to cope with summer heat. Extensive measures toattract new customers also contributed to growth in this segment’s revenues. The result was a 4.9% increase in operating
revenues to 168,025 million yen.
Commerce and Trade
Operating revenues increased 53.3% to 30,368 million yen due to the addition of Smile Corp. to the Senko Group, higher
revenues in the petroleum product sales business along with the higher cost of crude oil, and growth in revenues at Marufuji Co.,
Ltd. and in the trading business.
OthersOperating revenues increased 5.1% to 2,226 million yen.

(2)

Financial condition
Total assets
Total assets were 201,191 million yen at the end of the third quarter, 23,907 million yen higher than at the end of the previous
fiscal year. There were increases of 10,533 million yen in notes and accounts receivable, 3,659 million yen in inventories and9,095 million yen in property, plant and equipment.
Liabilities
Total liabilities were 139,041 million yen at the end of the third quarter, 22,361 million yen higher than at the end of the previous
fiscal year. There were increases of 11,685 million yen in notes and operating accounts payable, 5,000 million yen in bonds and7,692 million yen in long-term loans payable. Short-term loans payable decreased 1,701 million yen.
Net assets
Net assets increased 1,545 million yen to 62,150 million yen mainly because of a 1,385 million yen increase in retained earnings.
The equity ratio decreased 3.3 percentage points to 30.0%.

2

(3)

Forecast for fiscal year ending March 2012
The Japanese economy will probably recover at a moderate pace along with the emergence of demand associated withearthquake reconstruction activities. However, the economic picture is expected to remain difficult because a full-scale recovery
is unlikely to occur in the near future.
The current fiscal year is the second year of the Senko Group’s ongoing three-year medium-term management plan. During thisplan, the group is leveraging its collective strengths to coexist with society while increasing the commitment of group employees
to achieve growth. The goal is to become a logistics and information organization able to provide high-quality services with a low
cost in relation to their benefits on a global scale.
There are no revisions to the forecasts announced in October for consolidated operating revenues, operating income andordinary income because performance in the current fiscal year is generally in line with plans. The net income forecast has beenrevised mainly because of an increase in deferred taxes. This increase is caused by a reversal of deferred tax assets in
response to the official announcement in Japan of a new law concerning a corporate income tax rate reduction.
There is no change in the dividend forecast of 12 yen per share applicable to the current fiscal year, the sum of interim andyear-end dividends of 6 yen.

Million yen

Million yen

Million yen

Million yen

Net income pershareYen

Previous forecast (A)270,000

8,150

8,000

3,750

29.81

New forecast (B)270,000

8,150

8,000

3,200

25.44

Difference (B–A)----550-

Pct. change (%)----14.7-

241,046

6,099

6,375

2,261

18.44

Operating revenues Operating income(Ref.) Results for FY endedMarch 31, 2011

2.

Ordinary income

Net income

Other Information(1)

Changes in significant subsidiaries
None

(2)

Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements
None(3)

Changes in accounting principles and estimates, and retrospective restatement
None33.

Consolidated Financial Statements(1)

Consolidated balance sheets(Unit: Millions of Yen)
As of March 31, 2011

As of December 31, 2011

AssetsCurrent assets
Cash and deposits

14,394

12,642

Notes and accounts receivable

31,147

41,680719

4,125

Merchandise
Real estate for sale

153

Work in process

104

358

Supplies

176

187

Other

6,304

5,457

Allowance for doubtful accounts

(29)

(51)

52,83364,404

Buildings and structures (net)36,962

44,565

Land

39,23339,623

Other (net)

10,508

11,610Total property, plant and equipment

86,703

95,799

1,028

3,755

Other

3,358

3,577

Total intangible assets

4,387

7,333

Guarantee deposits

8,719

8,741

Deferred tax assets

4,969

4,100

Other

19,89721,040

(226)

(229)

Total current assets
Noncurrent assets
Property, plant and equipment

Intangible assetsGoodwill

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

33,35933,654

124,450

136,786

177,284

201,191

(Unit: Millions of Yen)
As of March 31, 2011

As of December 31, 2011

Liabilities
Current liabilities
Notes and operating accounts payable- trade22,603Current portion of bonds with subscription rights to shares

34,288-4,900

Short-term loans payable

16,545

14,843

Income taxes payable

1,719

857

Provision for bonuses

2,853

1,985

Provision for directors’ bonuses

112

104

Allowance for loss on disaster

836

64

Other

9,251

10,836

Total current liabilities

53,92367,882

Bonds payable

7,000

12,000Convertible bond-type bonds with subscription rights to shares

4,900-Long-term loans payable

32,33140,023

Provision for retirement benefits

9,724

9,568

Provision for directors’ retirement benefits

3761

Provision for special repairs

39

46

Noncurrent liabilities

Asset retirement obligations
Other
Total noncurrent liabilities

292

298

8,431

9,159

62,756

71,159116,679

139,041

Capital stock

20,521

20,521Capital surplus

18,782

18,782Retained earnings

20,80622,191

Treasury stock(1,046)(1,048)

Total shareholders’ equity

59,06360,447

Valuation differences on available-for-sale securities

2(12)Deferred gains or losses on hedges

(9)

64

Foreign currency translation adjustment

(31)

(58)

Total accumulated other comprehensive income

(38)

(5)

107

149

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Subscription rights to shares
Minority interests

1,472

1,559

Total net assets

60,604

62,150177,284

201,191

Liabilities and net assets

5(2)Consolidated statements of (comprehensive) income(Consolidated statements of income)(For the first three quarters ended December 31, 2010 and 2011)(Unit: Millions of Yen)First three quarters ended
December 31, 2010

First three quarters ended
December 31, 2011

(April 1, 2010 –December 31, 2010)(April 1, 2011 –December 31, 2011)

Operating revenues

182,076

200,620

Cost of sales

166,115

181,814Gross profit

15,96018,805

Selling, general and administrative expenses

10,633

11,881

Operating income

5,327

6,923

Interest income

138123

Dividends income

671

693

Other454

327

1,263

1,144877

881

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income

325

426

1,203

1,307

5,387

6,760

Extraordinary loss
Loss on sales of noncurrent assets

56299

Special retirement expenses

74179

Loss on retirement of noncurrent assets

159

118

Loss on cancellation of lease contracts

2230

130

-

Loss on adjustment for changes of accounting standard
for asset retirement obligation
Total extraordinary loss

443

628

Income before income taxes

4,944

6,132

Income taxes- current

1,573

1,087

Income taxes- deferred690

2,311

Total income taxes

2,264

3,399

Income before minority interests

2,680

2,732

Minority interest in income (loss)
Net income

6(74)

(36)

2,754

2,769

(Consolidated statements of comprehensive income)(For the first three quarters ended December 31, 2010 and 2011)(Unit: Millions of Yen)First three quarters ended
December 31, 2010

First three quarters ended
December 31, 2011

(April 1, 2010 –December 31, 2010)(April 1, 2011 –December 31, 2011)

2,680

2,732Valuation difference on available-for-sale securities

(49)

(4)

Deferred gains or losses on hedges

1483

Foreign currency translation adjustment

(27)

(33)

(5)

(3)

Income before minority interests
Other comprehensive income

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income

(69)

41

2,611

2,774

2,696

2,804

(85)

(30)

Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests7