Consolidated Financial Results for the Third Quarter Ended December 31, 2011
Asahi Holdings, Inc.
February 1, 2012
Stock code:

5857

Shares listed:Tokyo Stock Exchange (First Section)

U R L:

http://www.asahiholdings.com

Representative

Mitsuharu Terayama, Chairman, President and CEO

For further information please contact:

Hirohisa Yamaguchi, Department Manager, Planning(Phone) +81-3-6270-1833

Filing date of Quarterly Report:

February 13, 2012

Scheduled date of start of dividend payment:－Supplementary materials for the quarterly financial results: No
Investor conference for the quarterly financial results: No(Rounded down to the nearest million yen)
１．Results of the nine months ended December 31, 2011 (From April 1, 2011 to December 31, 2011)（１）Results of operations (cumulative)(Percentage changes relative to previous corresponding period)
Net sales
The nine months ended
December 31, 2011
December 31, 2010
(Note) Comprehensive income

Millions of yen％

Operating income

Ordinary income

Millions of yen

Millions of yen％

113,116 41.5
8,321
5.7
79,938 41.0
7,870
60.5
The nine months ended December 31, 2011
The nine months ended December 31, 2010Net income per share

The nine months ended
December 31, 2011
December 31, 2010

Net income％Millions of yen

8,053
3.5
4,438
7,777 58.9
4,527
5,136 million yen (21.6%)
4,223 million yen (－%)

％

(2.0)
61.3

Diluted net income per shareYen
137.27140.38Yen－－（２）Financial Position
Shareholders’equity ratio
As ofMillions of yen
Millions of yen％
December 31, 2011
59,90037,852
63.1
March 31, 2011
59,14334,341
58.0(Reference) Shareholders’ equity
As of December 31, 2011
37,795 million yen
As of March 31, 2011
34,313 million yen
Total assets

Net assets

２．Dividend payments

Year ended March 31, 2011
Year ending March 31, 2012
Year ending March 31, 2012
(Forecast)

Dividends per share
Second quarter
Third quarter
Yen
Yen
25.00
－30.00－First quarter
Yen－－

Year-end
Yen
25.00

Annual
Yen
50.00

30.00

60.00

(Note) Revisions in dividend forecast in the current quarter : No
３．Forecast (From April 1, 2011 to March 31,2012)(Percentage changes relative to previous corresponding period)
Net income
Operating income
Ordinary income
Net income
per share

Net sales
Millions of Yen

Year ending March 31, 2012

135,000％

22.2

Millions of Yen％

Millions of Yen％

11,0003.2

11,0004.7(Note) Revisions in forecast in the current quarter : No

Millions of Yen ％

6,500

5.8

Yen

200.93

４．Other（１）Changes in important subsidiaries during the current quarter : No
（２）Application of special accounting methods for quarterly consolidated financial statements : No
（３）Changes in accounting policies, accounting estimates and restatement(i) Changes in accounting policies resulting from the revision of the accounting standards and otherregulations: No(ii) Changes other than (i) above: No(iii) Changes in accounting estimates: No(iv) Restatement: No（４）Number of issued shares (common stock)(i) Number of issued shares at the quarter end (including treasury shares)
36,254,344 shares
As of December 31, 2011
As of March 31, 2011
36,254,344 shares(ii) Number of treasury shares at the quarter end
3,876,939 shares
As of December 31, 2011
As of March 31, 2011
3,953,239 shares(iii) Averaged number of shares during the period (quarterly cumulative period)
32,337,065 shares
Nine months ended December 31, 2011
Nine months ended December 31, 2010
32,249,572 shares*Indication regarding the situation of quarterly review procedures
These financial results are not subject to the quarterly review procedures pursuant to the Financial
Instruments and Exchange Act. As of the disclosure of the financial results, the procedures for reviewing
quarterly financial statements pursuant to the Financial Instruments and Exchange Act are in progress.
*Statement regarding the proper use of financial forecasts and other special remarks
These forecast performance figures are based on the information currently available to the Company’s
management and certain assumptions judged rational. Accordingly, these might be cases in which actual
results materially differ from forecasts of this report. Please refer to page 2 “(3) Qualitative Information on
Consolidated Performance Forecasts”.

【Appendix】

Table of contents of the appendix

1. Qualitative Information ..........................................................................................................................2(1) Qualitative Information on Consolidated Business Performance ............................................................2(2) Qualitative Information on Consolidated Financial Position...................................................................2(3) Qualitative Information on Consolidated Performance Forecasts ...........................................................2
2. Notes Regarding Summary Information ................................................................................................2
3. Consolidated Financial Statements........................................................................................................3(1) Consolidated Balance Sheets .............................................................................................................3(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income....4
Consolidated Statements of Income for the nine months ended December 31, 2011....................................... 4Consolidated Statements of Comprehensive Income for the nine months ended December 31, 2011............. 4(3) Notes on Assumptions for Going Concern.........................................................................................5(4) Segment Information, etc...................................................................................................................5(5) Notes in case of Significant Changes to Shareholders’ Equity ........................................................51

1. Qualitative Information(1) Qualitative Information on Consolidated Business Performance
During the nine months of the fiscal year under review (nine months ending December 31, 2011), theJapanese economy remained in a severe situation, due to the influence of Great East Japan Earthquake,
European Sovereign Debt Crisis and the Japanese yen persistent at historically high levels.
Under these circumstances, regarding precious metal recycling business, the volume of collected metals
such as gold, silver, platinum and palladium was higher than the previous corresponding period, due to theefforts in acquiring new customers and the expansion of overseas business, though the volume of collectedindium was lower than the previous corresponding period. The average sales prices of gold, silver, palladiumand indium were higher than the previous corresponding period, though the average sales price of platinum
was lower than the previous period.
Regarding environmental protection business, in spite of being influenced from the downturn of domestic
productive activities, the transaction volume of waste liquid, waste oil, and hospital waste was higher thanthe previous corresponding period. The only exception was waste photo-sensitized materials, the volume ofwhich continues to be on a decreasing trend because of digitalization.
As a result of the above, as consolidated results for the nine-month period, we recorded net sales of 113,116
million yen, up 33,177 million yen (+41.5%) year-on-year; operating income of 8,321 million yen, up 451
million yen (+5.7%) year-on-year; ordinary income of 8,053 million yen, up 275 million yen (+3.5%)
year-on-year; and net income of 4,438 million yen, down 88 million yen (-2.0%) year-on-year.
Looked at by segment, sales in the precious metal recycling business were 102,398 million yen, up 32,874
million yen (+47.3%) year-on-year; and sales in the environmental protection business were 10,717 million
yen, up 302 million yen (+2.9%) year-on-year.

(2) Qualitative Information on Consolidated Financial Position
As of December 31, 2011, total assets amounted to 59,900 million yen, up 756 million yen from the previous
fiscal year end. This was due mainly to an increase of 962 million yen in notes and accounts receivable-trade,an decrease of 345 million yen in inventories.
Total liabilities amounted to 22,047 million yen, down 2,754 million yen from the previous fiscal year end.
This was due mainly to an decrease of 1,350 million yen in loan payable and an decrease of 712 million yen inincome taxes payable.
Net assets totaled 37,852 million yen up 3,511 million yen from the previous fiscal year end. This was due
mainly to the increase in retained earnings resulting from the recording of 4,438 million yen in net income.
As a result, the shareholders’ equity ratio changed to 63.1%, from 58.0% at the end of the previous fiscalyear.

(3) Qualitative Information on Consolidated Performance Forecasts
Forecasts for full-year performance in the fiscal year 2011 (ending March 2012) remain unchanged fromforecasts announced in the Notification of an upward revision of the Earnings forecast released October 27,2011.

2. Notes Regarding Summary Information
Not applicable23. Consolidated Financial Statements(1) Consolidated Balance Sheets
As ofDecember 31,
2011
Millions of yen

As ofDecember 31,
2011
Thousands of
U.S.dollars

2,321
4,754
5,914
12,509
530
3,312
(10)
29,332

2,820
5,717
4,062
14,121
424
3,488
(11)
30,622

36,27673,54552,252
181,649
5,462
44,874(151)
393,908

9,349
12,563
4,644
26,557

9,535
12,722
3,551
25,809122,664
163,650
45,687332,002

2,036
519
2,556
697
29,81159,143

2,049
519
2,568
899
29,27759,90026,3626,680
33,041
11,569376,612770,519

As ofMarch 31,
2011
Millions of yen
ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Total noncurrent assets
Total assets

LIABILITIESCurrent liabilities
Notes and accounts payable-trade
3,405
3,806
48,969
Short-term loans payable
9,448
8,848
113,815
Current portion of long-term loans payable
1,000
1,000
12,863
Income taxes payable
2,512
1,799
23,150
Provision for bonuses
741
389
5,014
Provision for directors’ bonuses
28
23
299
Provision for repairs
100
56
724
Provision for loss on disaster
59
14
186
Other
3,180
2,588
33,293
Total current liabilities
238,313
20,475
18,526
Noncurrent liabilities
Long-term loans payable
2,500
1,750
22,511
Provision for retirement benefits
20562799
Other
1,620
1,708
21,979Total noncurrent liabilities
45,2894,325
3,520
Total liabilities
283,60224,801
22,047NET ASSETS
Shareholders’ equity
Capital stock
57,6394,480
4,480
Capital surplus
78,285
6,074
6,085
Retained earnings
419,828
29,97632,637
Treasury stock(73,113)(5,795)(5,683)
Total shareholders’ equity
482,638
34,73637,520
Accumulated other comprehensive income
243
Valuation difference on available-for-sale securities
3318
Deferred gains or losses on hedges
4,916
(374)
382
Foreign currency translation adjustment(1,620)
(81)
(125)
3,538
Total accumulated other comprehensive income(422)275
Subscription rights to shares
741
2857
TOTAL NET ASSETS
486,917
34,34137,852
770,519
TOTAL LIABILITIES AND NET ASSETS
59,14359,900U.S. dollar amounts represent translations using the approximate exchange rate on December 31, 2011 ofYen77.74=US$1, and are included solely for the convenience of readers.

3(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income for the nine months ended December 31, 2011

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Income before income taxes and minority interests

Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

The nine months
ended December 31,
2010
Millions of yen

The nine months
ended December 31,
2011
Millions of yen

The nine months
ended December 31,
2011
Thousands ofU.S.dollars

79,93868,668
11,2693,399
7,87051143
7,777
14
25
7,766
1,542
1,696
3,239
4,527
4,527

113,116
101,169
11,947
3,625
8,321
47
315
8,053
160
264
7,949
3,226
283
3,510
4,438
4,438

1,455,056
1,301,377
153,679
46,637
107,042606
4,054
103,595
2,068
3,406
102,256
41,504
3,652
45,157
57,10057,100Consolidated Statements of Comprehensive Income for the nine months ended December 31, 2011
The nine months
ended December 31,
2010
Millions of yen

Income before minority interests
Other comprehensive incomeValuation difference on available-for-sale securitiesDeferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

The nine months
ended December 31,
2011
Millions of yen

The nine months
ended December 31,
2011
Thousands ofU.S.dollars

4,527

4,438

57,1005(269)
(33)

(14)
756
(36)

(192)
9,734
(464)

(5)

(8)

(105)(304)
4,223

697
5,136

8,973
66,072

4,223
－

5,136
－

66,072－

U.S. dollar amounts represent translations using the approximate exchange rate on December 31, 2011 ofYen77.74=US$1, and are included solely for the convenience of readers.

4(3) Notes on Assumptions for Going Concern
Not applicable(4) Segment Information, etc.
[Segment information]
Ⅰ For the nine months ended December 31, 2010(From April 1, 2010 to December 31, 2010)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmentalprotectionbusiness

1) Customers
2) Intersegment

69,523－

10,415－79,938－

Total

69,523

10,41579,938

6,539

1,330

7,870

Total

Net sales

Segment income(Note) Total segment income matches operating income recorded on the consolidated statements of income.
2. Impairment losses on noncurrent assets, goodwill, etc. by reporting segment
Not applicable
Ⅱ For the nine months ended December 31, 2011(From April 1, 2011 to December 31, 2011)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmentalprotectionbusiness

102,398

10,717113,116－－－

102,398

10,717113,116

7,013

1,308

8,321

Total

Net sales
1) Customers
2) Intersegment
TotalSegment income(Note) Total segment income matches operating income recorded on the consolidated statements of income.
2. Impairment losses on noncurrent assets, goodwill, etc. by reporting segment(Material impairment loss on noncurrent assets)
In the segment of precious metal recycling business, impairment losses were recognized in theamount of 171 million yen, resulting from the decision on disposal of a part of PP&E.

(5) Notes in case of Significant Changes to Shareholders’ Equity
Not applicable5