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 Fiscal Year ended March 31, 2011 [Japan GAAP]May 16, 2011
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 Annual Shareholders Meeting:June 29, 2011
Scheduled Date of Dividend Paid: June 30, 2011
Scheduled Date of Issue of Financial Report:
June 29, 2011
Yes
Supplemental Information Materials:
Yes (for institutional investors)
Scheduled Date of Information Meeting:Name of Listed Company:
Code Number:

SENKO Co., Ltd.
9069

1. Consolidated Operating Results for the Fiscal Year Ended March 2011 (From April 1, 2010 to March 31, 2011)(1) Consolidated Operating Results
Note: Amounts less than one million yen have been rounded down.
Operating Revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended March 31, 2011
241,046
5.9
6,099
(0.8)
6,375
2.3
2,261
(23.2)
Fiscal year ended March 31, 2010
227,692
7.1
6,150
10.5
6,232
12.6
2,946
3.4
(Note) Comprehensive income
Fiscal year ended March 2011
2,082 million yen (-24.7%)
Fiscal year ended March 2010
2,764 million yen (–%)

Net income
per share

Diluted net income
per share

Yen
Fiscal year ended March 31, 2011
18.44
Fiscal year ended March 31, 2010
26.83
(Reference) Equity in earnings (losses) of affiliates
Fiscal year ended March 31, 2011
3 million yen

Return on
shareholders’equity

Yen
16.72
24.16

Ratio of ordinary
income to total
assets

%4.0
5.6

Fiscal year ended March 31, 2010

%
3.7
3.9

Ratio ofoperating income
to operating
revenues%
2.5
2.7

16 million yen(2) Consolidated Financial Position
Total assets
Million yen
177,284
168,131

Fiscal year ended March 31, 2011
Fiscal year ended March 31, 2010
(Reference) Shareholders’ equity:
Fiscal year ended March 31, 2011 59,024 million yen

Net assets
Million yen
60,604
55,123Equity ratio
%
33.3
32.0

Net assets per shareYen
469.14489.99Fiscal year ended March 31, 2010 53,809 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen
7,408
6,120

Fiscal year ended March 31, 2011
Fiscal year ended March 31, 2010

Cash flows fromfinancing activities

Million yen(11,389)(2,234)

Million yen
3,405(1,164)

Cash and cash
equivalents at fiscal
year-end
Million yen
14,394
14,504

2. Dividends
Total dividends paid

Annual dividend

Fiscal year ended March 31, 2010
Fiscal year ended March 31, 2011
Fiscal year ending March 31, 2012
(Forecast)Interim
Yen
4.00
5.00

Year-end
Yen
4.00
5.00

Annual
Yen
8.00
10.00

5.00

5.00

10.00

(Annual)Million yen
878
1,263

Payout ratio(Consolidated)
%
29.8
54.2

Dividend on equity
ratio(Consolidated)
%
1.7
2.1

40.6

3. Forecast of Consolidated Operating Results for the 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
First half ending September 2011
123,000
3.8
2,500
(9.4)
2,400 (14.9)900 (31.9)
7.15
Fiscal year ending March 2012
255,000
5.8
6,600
8.2
6,500
2.0
3,100 37.1
24.64

1

4. Others(1) Changes in significant subsidiaries during the fiscal year (Changes in specified subsidiaries associated with change in scope of
consolidation): None
(2) Revisions to accounting rules, procedures or presentation methods
a. Changes involving amendments and revisions to accounting standards: Yes
b. Changes other than those included in the above a.: None
(3) Shares outstanding (Common shares)
a. Shares outstanding at fiscal year end (including treasury stocks)
Fiscal year ended March 31, 2011

128,989,476 sharesFiscal year ended March 31, 2010

111,989,476 shares

3,174,635 sharesFiscal year ended March 31, 2010

2,172,362 shares

122,632,149 sharesFiscal year ended March 31, 2010

109,817,219 sharesb. Treasury stocks at fiscal year end
Fiscal year ended March 31, 2011
c. Average number of sharesFiscal year ended March 31, 2011

[Reference] Overview of Non-Consolidated Operating Results
1. Non-Consolidated Operating Results for the Fiscal Year Ended March 2011 (From April 1, 2010 to March 31, 2011)(1) Non-Consolidated Operating Results
Operating Revenues
Operating income
Ordinary income
Million yen%
Million yen%
Million yen%
Fiscal year ended March 31, 2011
174,299
2.6
4,794
(6.2)
4,937
(3.9)
Fiscal year ended March 31, 2010
169,880 (3.1)
5,113
14.9
5,136
5.7

Fiscal year ended March 31, 2011
Fiscal year ended March 31, 2010

Net income
per share
Yen
7.77
22.32

Net income
Million yen%
952(61.1)
2,450(6.1)

Diluted net income
per share
Yen
7.04
20.09

(2) Non-Consolidated Financial Position
Total assets

Net assets

Million yen
157,964
149,455

Fiscal year ended March 31, 2011
Fiscal year ended March 31, 2010
(Reference) Shareholders’ equity:
Fiscal year ended March 31, 2011 55,439 million yen

Million yen
55,54751,601

Shareholders’ equity per
share
%
Yen
35.1
440.6434.5
469.16Equity ratio

Fiscal year ended March 31, 2010 51,521 million yen(Status of implementation of auditing procedure)
The auditing procedure for the consolidated financial statements that is prescribed by the Financial Instruments and Exchange Act had notbeen completed when this 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 prepared andassumptions that management believes are reasonable. Actual results may differ significantly from these statements for a number of reasons.
Please refer to 2) Outlook for fiscal year ending March 2012 on page 4 for information concerning for forecasts.

2

1.

Results of Operations(1) Analysis of the results
1)

Fiscal year performance
Increasing demand in emerging countries and benefits of programs by the Japanese government to stimulate domestic demand kept
the Japanese economy healthy in the fiscal year that ended in March 2011. However, there was no full-scale economic recovery
because of the yen’s strength and much higher prices for fuel and natural resources. Along with the impact of the March 11 Great
East Japan Earthquake, these factors make the economic outlook extremely uncertain.
In the logistics industry, the operating environment continued to be very challenging as cargo volume within Japan decreased for the
11th consecutive year.
The past fiscal year was the first year of the Senko Group’s new three-year medium-term business plan, which is based on theslogan “Moving Global.” During the year, we took many actions in Japan and overseas that included the establishment of large
logistics bases and new companies in order to generate profits. In Japan, we started operations at the Fukui PD Center (Fukui
prefecture) in April 2010 and at the Kanazawa PD Center (Ishikawa prefecture) in July. In September, we established the Maishima
PD Center (Osaka prefecture) to strengthen and expand cargo storage and handling capabilities in the Kansai region. In March 2011,
we further strengthened our Kanto region logistics services by opening the Shin-Toda PD Center (Saitama prefecture). In October
2010, we started construction of the Noda No. 1 PD Center (tentative name) and the Noda No. 2 PD Center (tentative name), both in
the city of Noda in Chiba prefecture. These bases will upgrade our operations in the northern Kanto region. Overseas, joint venture
Senko-Lancaster Silkroad Logistics LLP was established in May 2010 to operate a new logistics business in Kazakhstan. In China,
we established Qingdao Xuexing International Logistics Co., Ltd. in July 2010 to expand Japan-China integrated fashion distribution
operations. The Qingdao Apparel Logistics Center started operations in December and the Dalian No. 2 Distribution Center started
operations in January.
Our operating revenues in the fiscal year benefited from aggressive measures to establish relationships with new customers andinvestments to build large logistics facilities. The addition of Marufuji Co., Ltd. to the Senko Group also contributed to operating
revenues. The result was a 5.9% increase in consolidated operating revenues to 241,046 million yen.
Operating income decreased 0.8% to 6,099 million yen mainly because of the impact of the Great East Japan Earthquake onbusiness activities in the Tohoku and Kanto regions. But an improvement in net non-operating income and expenses caused ordinary
income to increase 2.3% to 6,375 million yen.
There was an extraordinary loss of 1,030 million yen for repairs and other expenses associated with earthquake damage at
distribution centers in the Tohoku region and at other facilities. Due to this extraordinary loss, net income was down 23.2% to 2,261
million yen.
Business segment performance was as follows.
Distribution
Operating revenues increased 3.8% to 211,508 million yen because of extensive activities to capture orders from new customers andinvestments in large logistics facilities.
Trading and Commerce
Operating revenues increased 24.5% to 26,687 million yen because of the acquisition of Marufuji and higher sales of petroleum
products.
OthersOperating revenues increased 13.9% to 2,850 million yen because of growth in the outsourced information processing business.
ReferenceStarting with the fiscal year that ended on March 31, 2011, Senko changed its business segments due to adoption of “AccountingStandard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Statement No. 17, March 27, 2009) and“Guidance on Accounting Standard for Disclosure about Segments of an Enterprise and Related Information” (ASBJ Guidance No.
20, March 31, 2008). Results of operations based on the new business segments were as follows.
(Unit: Millions of Yen)
Year ended March 31, 2010

Year ended March 31, 2011

ChangeDistribution

203,746

211,508

3.8%

Trading and Commerce
Others21,441
2,503

26,687
2,850

24.5%
13.9%

Total

227,692

241,046

5.9%

3

2)

Outlook for fiscal year ending March 2012
There are concerns about stagnation in manufacturing, exports, personal spending and other economic activity in Japan for the time
being due to the impact of the Great East Japan Earthquake. Although an economic recovery is expected when manufacturing
activity starts recovering, the outlook is still uncertain.
Providing support for the earthquake damage recovery and reconstruction activities of customers is one of the highest priorities of the
Senko Group. Group companies are determined to meet the expectations of customers regarding this assistance.
The fiscal year ending in March 2012 is the second year of the Senko Group’s new three-year medium-term business plan, which isbased on the slogan “Moving Global.” Our goals are to provide customers in Japan and overseas with high-quality services withoutstanding performance in relation to cost and to develop new markets. One more goal is to increase the motivation and skills of thegroup’s workforce along with employees’ health and well-being as we fulfill our corporate citizenship responsibilities centered oncompliance with laws and regulations, environmental protection and safety.
Based on this outlook for more aggressive initiatives, we forecast consolidated operating revenues of 255.0 billion yen, operating
income of 6.6 billion yen, ordinary income of 6.5 billion yen and net income of 3.1 billion yen.

(2) Analysis of Financial Condition
1)

Assets, liabilities and net assets
Total assets
Total assets were 177,284 million yen at the end of the fiscal year, 9,153 million yen higher than one year earlier. There was anincrease of 4,467 million yen in property, plant and equipment mainly because of the construction of the Kanazawa PD Center andFukui PD Center and the purchase of land for the Noda No. 1 PD Center (tentative name) and Noda No. 2 PD Center (tentativename). In addition, investments and other assets increased 2,526 million yen.
Liabilities
Total liabilities increased 3,671 million yen to 116,679 million yen. There were increases of 1,225 million yen in short-term loans
payable and 934 million yen in long-term loans payable and an 836 million yen increase in the allowance for disaster losses becauseof the Great East Japan Earthquake.
Net assets
Net assets increased 5,481 million yen to 60,604 million yen. This was mainly the result of increases of 2,175 million yen in capitalstock and the capital surplus because of the June public offering of stock and a 1,201 million yen increase in retained earnings. The
equity ratio increased by 1.3 percentage point to 33.3%.

2)

Cash flows
There was a net decrease of 110 million yen in cash and cash equivalents to 14,394 million yen at the end of the fiscal year.
Net cash provided by operating activities was 7,408 million yen. Major components are income before income taxes of 4,287 million
yen, depreciation and amortization of 5,590 million yen and income taxes paid of 2,881 million yen.
Net cash used in investing activities was 11,389 million yen. Major uses of cash were payments of 9,646 million yen for the purchaseof property, plant and equipment and 1,565 million yen for long-term loans receivable.
Net cash provided by financing activities was 3,405 million yen. There were proceeds of 9,100 million yen from long-term loans
payable and 4,350 million yen from the issuance of common stock. Uses of cash included payments of 6,490 million yen for the
repayment of long-term loans payable, 1,543 million yen for the repayment of finance leases obligations and 1,071 million yen for
cash dividends paid.

4

3)

Performance indicators associated with cash flows
Years ended March 31

2008

2009

2010

2011

Equity ratio (%)

34.6

33.5

32.0

33.3

Market capitalization equity ratio (%)

29.3

22.1

22.4

19.1

Interest-bearing debt to cash flow ratio (multiple)

7.9

9.9

9.6

8.2

Interest coverage ratio

8.1

6.1

5.3

6.2

Notes:
Equity ratio: Shareholders’ equity/Total assets
Market capitalization equity ratio: Market capitalization/Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt/Operating cash flows
Interest coverage ratio: Operating cash flows/Interest expenses*All figures are based on the consolidated financial statements.
*Market capitalization is calculated by multiplying the fiscal year-end stock price and the number of shares issued at the end of the
fiscal year (after deducting treasury stock).
*Operating cash flows are the figure shown in the consolidated statement of cash flows. Interest-bearing debt is the sum of all
liabilities on the consolidated balance sheet on which interest is paid. Interest expenses are the figure shown in the consolidated
statement of cash flows.
(3) Fundamental policy for distribution of earnings and dividend for previous and next fiscal year
The fundamental policy for earnings distributions is to pay a stable dividend as well as a dividend that reflects earnings in order toreturn more earnings to shareholders. These distributions also take into consideration the need to retain earnings in order to fundfuture business operations and create a stronger base of operations.
Based on results of operations in the past fiscal year and other factors, Senko plans to pay a year-end dividend of ¥5 per share. With
the interim dividend of ¥5, this will result in a dividend of ¥10 per share applicable to the fiscal year that ended in March 2011. Senko
plans to pay a dividend of ¥10 per share for the fiscal year ending in March 2012 as well.
(4) Business risk
No discussion of business and other risks is presented here because there have been no significant changes involving these risks
since the most recent Securities Report (dated June 29, 2010), which includes a section about business and other risks.
(5) Planned and actual use of proceeds of public offering of stock at market value
Senko conducted a public offering of stock with a payment date of June 22, 2010 that generated proceeds of 3,839 million yen. There
was also a private placement of stock for a secondary offering associated with an over-allotment that generated proceeds of 511
million yen. A summary of planned and actual uses of these proceeds is presented below.
1) Planned use of proceeds
Capital expenditures for purchase of land and construction of buildings for the Noda No. 1 PD Center (tentative name) and theNoda No. 2 PD Center (tentative name)2) Actual use of proceeds
Proceeds were used primarily as planned.

52.

Corporate GroupThe Senko Group includes Senko, 63 subsidiaries and three affiliated companies. To meet the increasingly diverse and exacting needs ofcustomers, Group companies conduct a full line of logistics operations extending from the development of strategic logistics systems to
the operation of these systems. There are three business segments: Distribution, which includes cargo transport by truck, cargo transportby rail, warehouse operations, the operation of distribution centers, and other activities; Trading and Commerce, which includes sales of
petroleum products, trading sales and international trade; and Others, which includes outsourced data processing services, motor vehicle
maintenance, insurance agency services and other activities. A diagram of these business operations is presented below.

Customers
SENKO CO., LTD.
Distribution

Trading and Commerce

Others

Subsidiaries

Subsidiaries

Subsidiaries○ Senko Moving Plaza Co., Ltd.

○ Senko Trading Co., Ltd.

○ Senko Trading Co., Ltd.

○ Senko A Line Amano Co., Ltd.

○ Marufuji Co., Ltd.

○ Senko Insurance Services Co., Ltd.

○ Tokyo Nohin Daiko Co., Ltd.

Japan SELECT LLP○ Senko Information System Co., Ltd.

○ Inui Transport Co., Ltd.

○ Logi Solution Co., Ltd.

○ Sapporo Senko Transport Co., Ltd.

○ Kanto Senko Transport Co., Ltd.
Subsidiaries○ Saitama Senko Transport Co., Ltd.

○ Chushikoku Logistics Co., Ltd.

○ Chiba Senko Transport Co., Ltd.

○ Fukuoka Senko Transport Co., Ltd.

○ Fuji Senko Transport Co., Ltd.

○ Kanto Senko Transport Co., Ltd.

○ Minami Kyushu Senko Co., Ltd.

○ Shiga Senko Transport Co., Ltd.

○ Saitama Senko Transport Co., Ltd.

○ Miyazaki Senko Transport Co., Ltd.

○ Osaka Senko Transport Co., Ltd.

○ Senko Housing Logistics Co., Ltd.

○ Miyazaki Senko Apollo Co., Ltd.

○ Minami Osaka Senko Transport Co., Ltd.

○ Chiba Senko Transport Co., Ltd.

Senko Medical Logistics Co., Ltd.

○ Senko Fashion Logistics Co., Ltd.

Senko (U.S.A.) Inc.

Hokkaido Senko Logi Service Co., Ltd.
○ Tohoku Senko Transport Co., Ltd.
Tohoku Senko Logi Service Co., Ltd.

○ Kashiwa Senko Transport Co., Ltd.

○ Dalian Tri-Enterprise Logistics Co., Ltd.

○ Kanagawa Senko Transport Co., Ltd.

Senko Logistics (Shanghai) Co., Ltd.

○ Hokuriku Senko Transport Co., Ltd.

Shanghai Senko International Freight Co., Ltd.

○ Fuji Senko Transport Co., Ltd.
○ Daito Senko Apollo Co., Ltd.
○ Tokai Senko Transport Co., Ltd.
○ Toyohashi Senko Transport Co., Ltd.
○ Mie Senko Logistics Co., Ltd.
○ Shiga Senko Transport Co., Ltd.
○ Osaka Senko Transport Co., Ltd.

○ Guangzhou Senko Logistics Co., Ltd.
Senko International Logistics(Hong Kong) Ltd.
Qingdao Xuexing International
Logistics Co., Ltd.

○ Shikoku Reefer Transport andWarehousing Co., Ltd.
○ Miyazaki Senko Transport Co., Ltd.
○ Senko Foods Co., Ltd.
Crefeel Koto Co., Ltd.
○ S-TAFF Co., Ltd.
Senko Business Support Co., Ltd.
Logi Factoring Co., Ltd.
Senko School Farm Tottori Co., Ltd.
Senko Logistics (U.S.A.) Inc.

Senko (Thailand) Co., Ltd.
○ Senko International Logistics Pte. Ltd.

○ Tokyo Nohin Daiko West Japan Co., Ltd.

Senko Logistics Australia Pty Ltd.

○ Minami Osaka Senko Transport Co., Ltd.

Senko-Lancaster Silkroad Logistics LLP○ Hanshin Senko Transport Co., Ltd.
○ Esaka Logistics Service Co., Ltd.

Affiliated Companies○ Hanshin Transport Co., Ltd.

Moriyama Hoso Co., Ltd.

○ Nara Senko Logistics Co., Ltd.

Hososhimako Niyaku Shinko Co., Ltd.

○ Okayama Senko Transport Co., Ltd.
○ Sankyo Freight Co., Ltd.

△ DFTZ Best International Trade &Logistics Co., Ltd.

○ Sanyo Senko Transport Co., Ltd.

6○: Consolidated subsidiaries△: Affiliates accounted for by equity
method3.

Management Policies(1) Fundamental management policy
The Senko Group is dedicated to becoming a company that earn the trust of shareholders, customers, employees and society andprovide benefits to these stakeholders by using highly advanced logistics and information technologies to create and provide servicesof the highest quality.
To accomplish this goal, group companies seek to maximize corporate value by supplying customers with high-quality, low-costvalue-added logistics services. From the standpoint of coexisting with society, the Senko Group also places priority on safety andenvironmental protection along with helping maintain social order. The aim is to create an energetic organization that is dedicated to
growth and trust and able to fulfill its obligations as a leading member of the logistics industry.
(2) Targeted performance indicators
The new three-year medium-term business plan, which began in the fiscal year ending in March 2011, includes the following goals.
Operating revenues: ¥300 billion

Operating income: ¥9 billion

Operating margin: 3%

Debt/equity ratio: Under one(3) Medium and long-term strategies
The following is a summary of the three-year medium-term business plan that covers the three-year period ending with the fiscal yearthat ends in March 2013.
Summary of the Senko Group Medium-term Business Plan (April 2010 to March 2013)

Corporate slogan: “Moving Global”
1.

The Senko Group’s medium-term vision
The Senko Group aims to become a logistics and information organization that provides high-quality services with low costs inrelation to benefits on a global scale. This goal includes measures to coexist with society and increase the commitment ofgroup employees to achieve growth.

2.

The Senko Group’s medium-term objectives(1) Create new markets by meeting the needs of customers in Japan and other countries.
(2) Improve efficiency across the entire Senko Group in order to supply high-quality services with low costs in relation tobenefits.
(3) Upgrade CSR activities by placing priority on three themes: compliance, environmental protection and safety.
(4) Continue establishing systems and the workplace environment needed to increase enhance the motivation, skills andwell-being of group employees.
(5) Implement financial policies that place emphasis on maintaining financial soundness.

3.

Plan
(billion yen)
Fiscal year ended March 2010

Plan for Fiscal year ending March 2011

Operating revenues

227.69300.0

Operating income

6.15

9.0

Ordinary income

6.23

8.5

Net income

2.95

4.3

7

4. Consolidated financial statements(1) Consolidated balance sheets(Unit: Millions of Yen)
As of March 31, 2010

As of March 31, 2011

AssetsCurrent assets
Cash and deposits

14,504

14,394

Notes and accounts receivable

30,364

31,147

Merchandise

1,237

719

Real estate for sale24

15

Supplies

112

176

Work in process

202

104

Deferred tax assets

1,933

2,505

Other

3,110

3,798

Allowance for doubtful accounts

(44)

(29)

51,44552,833

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

81,68383,805

Accumulated depreciation(45,013)(46,842)

Buildings and structures (net)36,66936,962

Machinery, equipment and vehicles

18,542

18,326(13,050)(13,361)

5,492

4,964

Tools, furniture and fixtures

4,256

4,475

Accumulated depreciation(3,403)(3,623)

852

851

Land

35,401

39,233

Lease assets

4,817

5,586

Accumulated depreciation(1,483)(2,235)

Lease assets (net)

3,334

3,351

Construction in progress

484

1,340

82,23586,703

3,616

4,387

Investment securities

2,776

2,984

Long-term loans receivable

2,961

4,313

Guarantee deposits

8,728

8,719

Accumulated depreciation
Machinery, equipment and vehicles (net)

Tools, furniture and fixtures (net)Total property, plant and equipment
Intangible assets
Investments and other assets

Deferred tax assets

5,007

4,969

Other

11,60912,599Allowance for doubtful accounts

(251)

(226)

Total investments and other assets

30,83233,359116,685

124,450

168,131

177,284

Total noncurrent assets
Total assets

8

(Unit: Millions of Yen)
As of March 31, 2010

As of March 31, 2011

Liabilities
Current liabilities
Notes and operating accounts payable- trade22,47322,603

Short-term loans payable

15,320

16,545

Lease obligations

1,086

1,608

Income taxes payable

1,845

1,719

Provision for bonuses

3,384

2,853

84

112

-

836

Other

7,164

7,643

Total current liabilities

51,35953,923

Bonds payable

7,000

7,000

Convertible bond-type bonds with subscription rights

4,900

4,900

Long-term loans payable

31,39632,331

Lease obligations

3,969

4,136

Provision for retirement benefits

9,907

9,724

Provision for directors’ retirement benefits

53

37

Provision for special repairs

25

39

Asset retirement obligations

-

292

Other

4,397

4,295

Total noncurrent assets

61,64862,756

113,008

116,679

Capital stock

18,345

20,521

Capital surplus

16,607

18,782Retained earnings

19,60420,806(772)(1,046)53,78559,063

Valuation differences on available-for-sale securities

49

2

Deferred gains or losses on hedges

(22)

(9)

Foreign currency translation adjustment

(3)

(31)

Total accumulated other comprehensive income

23

(38)

80

107

Minority interests

1,233

1,472

Total net assets

55,12360,604

168,131

177,284

Provision for directors’ bonuses
Reserve for loss on disaster

Noncurrent liabilities

Total liabilities
Net assets
Shareholders’ equity

Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income

Subscription rights to shares

Liabilities and net assets

9(2) Consolidated statements of (comprehensive) income(Consolidated statements of income)(Unit: Millions of Yen)
Fiscal year ended

Fiscal year ended

March 31, 2010

March 31, 2011

(April 1, 2009 –March 31, 2010)(April 1, 2010 –March 31, 2011)

Operating revenues

227,692

241,046

Cost of sales

208,310

220,569

Gross profit

19,381

20,477

Selling, general and administrative expenses

13,23014,377

Operating income

6,150

6,099

Non-operating income
Interest income

213

214

Dividends income

883

870

Insurance income

231

249

Other

583

700

1,911

2,035

Interest expenses

1,163

1,187

Insurance expenses

267

278

Other

398

294

1,829

1,760

6,232

6,375

-

34

Gain on sales of noncurrent assets

39-

Total extraordinary income

39

34

Loss on disaster-

976

Impairment loss

-

451

331

180

-

130

42

119

Special retirement expenses

47

84

Loss on cancellation of lease contracts

110

82

Loss on sales of investment securities-

62

Loss on valuation of investments in capital-

34

Loss on prior periods adjustment

180-

Settlement package

62-

Loss on valuation of investment securities

43-

Loss on valuation of noncurrent assets

32-

Total extraordinary loss

850

2,122

Income before income taxes

5,421

4,287

Income taxes- current

2,800

2,708

Income taxes- deferred

(187)

(561)

Total income taxes

2,613

2,146

Income before minority interests

-

2,140

Minority interest in income or loss

(138)

(120)

Net income

2,946

2,261

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Income tax immune

Extraordinary loss

Loss on retirement of noncurrent assets
Loss on adjustment for changes of accounting standard for asset
retirement obligation
Loss on sales of noncurrent assets

10(Consolidated statements of comprehensive income)(Unit: Millions of Yen)
Fiscal year ended

Fiscal year ended

Income before minority interests

March 31, 2010

March 31, 2011

(April 1, 2009 –March 31, 2010)(April 1, 2010 –March 31, 2011)

-

2,140

Valuation difference on available-for-sale securities

-

(41)

Deferred gains or losses on hedges-

19

Foreign currency translation adjustment

-

(29)

Share of other comprehensive income of associates accounted forusing equity method-(5)

Total other comprehensive income

-

(57)

-

2,082

Comprehensive income attributable to owners of the parent

-

2,205

Comprehensive income attributable to minority interests

-

(122)

Other comprehensive income

Comprehensive income
Comprehensive income attributable to11

(3) Consolidated statements of changes in net assets(Unit: Millions of Yen)
Fiscal year ended

Fiscal year ended
March 31, 2010

March 31, 2011

(April 1, 2009 –March 31, 2010)(April 1, 2010 –March 31, 2011)

Shareholders’ equity
Capital stock
Balance at previous fiscal year end

18,345

18,345Issuance of new shares

-

2,175

Total changes of items during the period

-

2,175

18,345

20,521

16,607

16,607Issuance of new shares

-

2,175

Disposal of treasury stock

(0)

(0)

-

0

(0)

2,175

16,607

18,782

17,52019,604

Dividends from surplus(878)(1,073)

Net income

2,946

2,261

16

13

2,084

1,201

19,60420,806

(778)

(772)

Purchases of treasury stock

(4)

(276)

Disposal of treasury stock

10

1

Total changes of items during the period

5

(274)

(772)

(1,046)

51,69553,785Issuance of new shares

-

4,350

Dividends from surplus(878)(1,073)

Net income

2,946

2,261

Purchases of treasury stock

(4)

(276)

Disposal of treasury stock

10

1

Change of scope of consolidation

16

13

2,090

5,277

53,78559,063

Changes of items during the period

Balance at fiscal year end
Capital surplus
Balance at previous fiscal year end
Changes of items during the period

Change of scope of consolidation
Total changes of items during the period
Balance at fiscal year end
Retained earnings
Balance at previous fiscal year end
Changes of items during the period

Change of scope of consolidation
Total changes of items during the period
Balance at fiscal year end
Treasury stock
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Total shareholders’ equity
Balance at previous fiscal year end
Changes of items during the period

Total changes of items during the period
Balance at fiscal year end

12

(Unit: Millions of Yen)
Fiscal year ended

Fiscal year ended
March 31, 2010

March 31, 2011

(April 1, 2009 –March 31, 2010)(April 1, 2010 –March 31, 2011)

Accumulated other comprehensive income
Valuation differences on available-for-securities
Balance at previous fiscal year end

(26)

49

Net changes of items other than shareholders’ equity

75

(47)

Total changes of items during the period

75

(47)

49

2

-

(22)

Net changes of items other than shareholders’ equity

(22)

12

Total changes of items during the period

(22)

12

(22)

(9)

(10)

(3)

Net changes of items other than shareholders’ equity

7

(27)

Total changes of items during the period

7

(27)

(3)

(31)

(36)

23

Net changes of items other than shareholders’ equity

60

(61)

Total changes of items during the period

60

(61)

23

(38)

60

80

Net changes of items other than shareholders’ equity

20

27

Total changes of items during the period

20

27

80

107

411

1,233

Net changes of items other than shareholders’ equity

822

238

Total changes of items during the period

822

238

1,233

1,472

52,13055,123Issuance of new shares

-

4,350

Dividends from surplus(878)(1,073)

Net income

2,946

2,261

Purchases of treasury stock

(4)

(276)

Changes of items during the period

Balance at fiscal year end
Deferred gains or losses on hedges
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Foreign currency translation adjustment
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Total accumulated other comprehensive income
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Subscription rights to shares
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Minority interests
Balance at previous fiscal year end
Changes of items during the period

Balance at fiscal year end
Total net assets
Balance at previous fiscal year end
Changes of items during the period

Disposal of treasury stock

10

1

Change of scope of consolidation

16

13

Net changes of items other than shareholders’ equity

902

204

2,992

5,481

55,12360,604

Total changes of items during the period
Balance at fiscal year end

13

(4) Consolidated statements of cash flows(Unit: Millions of Yen)
Fiscal year ended

Fiscal year ended
March 31, 2010

March 31, 2011

(April 1, 2009 –March 31, 2010)(April 1, 2010 –March 31, 2011)

Cash flows from operating activities
Income before income taxes

5,421

4,287

Depreciation and amortization

4,968

5,590

Loss on disaster-

976

Impairment loss

-

451

331

180

-

130

Increase (decrease) in provision for retirement benefits

(94)

(183)

Increase (decrease) in provision for bonuses

513

(531)

Interest and dividends income(1,096)(1,084)

Interest expenses

1,163

1,187

Decrease (increase) in notes and accounts receivable- trade(2,827)(728)

Decrease (increase) in inventories

(682)

560

Increase (decrease) in notes and accounts payable- trade

2,035

774

Other

(743)

(401)

Sub-total

8,989

11,209278

275

Interest expenses paid

(1,150)(1,194)

Income taxes paid

(1,996)(2,881)

Net cash provided by (used in) operating activities

6,120

7,408

(2,455)(9,646)

Loss on retirement of noncurrent assets
Loss on adjustment for changes of accounting standard for asset
retirement obligation

Interest and dividends income received

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

324

661

Purchase of investment securities

(20)

(29)

Proceeds from sales of investment securities

72

76

Purchase of stocks of subsidiaries and affiliates

(24)

(400)

Proceeds from sales of stocks of subsidiaries and affiliates

134-

Purchase of investments in subsidiaries resulting in change in scopeof consolidation

(478)

-

Payments for investments in capital of subsidiaries and affiliates

(215)

(171)

Payments of long-term loans receivable
Other
Net cash provided by (used in) investing activities-(1,565)

427

(314)

(2,234)(11,389)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable(1,684)(450)

Proceeds from long-term loans payable

4,400

9,100

Repayment of long-term loans payable(1,527)(6,490)

Proceeds from issuance of bonds

7,000

-

Redemption of bonds(7,000)-

Repayments of finance lease obligations(1,064)(1,543)

Proceeds from issuance of common stock

-

4,350

(4)

(276)

Purchase of treasury stock
Proceeds from sales of treasury stock

2

1

Cash dividends paid

(878)

(1,071)

Other

(407)

(215)

(1,164)

3,405

0

(31)

Net increase (decrease) in cash and cash equivalents

2,721

(606)

Cash and cash equivalents at beginning of year

11,74814,50435

495

14,504

14,394

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Increase (decrease) in cash and cash equivalents resulting from changeof scope of consolidation
Cash and cash equivalents at end of year

14