Consolidated Financial Results for the First Quarter Ended June 30, 2012
Asahi Holdings, Inc.
July 30,2012
Stock code:

5857

Shares listed:Tokyo Stock Exchange (First Section)

U R L:

http://www.asahiholdings.com

Representative

Mitsuharu Terayama, Chairman, CEO

For further information please contact:

Tomoya Higashiura, Director

Filing date of Quarterly Report:

August 10, 2012

Scheduled date of start of dividend payment:－(Phone) +81-3-6270-1833

Supplementary materials for the quarterly financial results: NoInvestor conference for the quarterly financial results: No(Rounded down to the nearest million yen)
１．Results of the three months ended June 30, 2012 (From April 1, 2012 to June 30, 2012)（１）Results of operations (cumulative)(Percentage changes relative to previous corresponding period)
Net sales
The three months ended
June 30, 2012
June 30, 2011
(Note) Comprehensive income

Millions of yen％

Operating income

Ordinary income

Millions of yen

Millions of yen

Net income per share
The three months ended
June 30, 2012
June 30, 2011
（２）Financial Position％

26,412 (24.6)
1,200 (62.9)
35,036 31.8
3,232(2.3)
The three months ended June 30, 2012
The three months ended June 30, 2011

Net income％Millions of yen％

1,345 (59.5)
606 (68.7)
3,326 (1.1)
1,940 (4.5)
1,235 million yen (50.7％)
2,504 million yen 4.0％

Diluted net income per share

Yen
18.71
60.04

Yen
－－

Shareholders’ equity
ratio
As of
Millions of yen
Millions of yen％
June 30, 2012
55,59939,222
70.4
March 31, 2012
58,31538,902
66.6(Reference) Shareholders’ equity
As of June 30, 2012
39,145 million yen
As of March 31, 2012
38,835 million yen
Total assets

Net assets

２．Dividend payments

Year ended March 31, 2012
Year ending March 31, 2013
Year ending March 31, 2013
(Forecast)

Dividends per share
Second quarter
Third quarter
Yen
Yen
30.00
－

First quarter
Yen－－

30.00

－

Year-end
Yen
30.00

Annual
Yen
60.00

30.00

60.00

(Note) Revisions in dividend forecast in the current quarter : No
３．Forecast (From April 1, 2012 to March 31,2013)(Percentage changes relative to previous corresponding period)
Net income
Operating income
Ordinary income
Net income
per share

Net sales
Millions of Yen

1st half
Year ending March 31, 2013％

48,000 (34.0)
96,000 (36.5)

Millions of Yen

2,400
5,100％(59.8)(54.5)

Millions of Yen

2,4005,100％(60.2)(54.2)

Millions of Yen ％1,2002,800(65.6)(52.8)(Note) Revisions in forecast in the current quarter : Yes
For details, please refer to “Notice of Revision of Financial Results Forecast” made public on July 30, 2012.

Yen

37.01
86.30

４．Notes（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: Yes(ii) Changes other than (i) above: No(iii) Changes in accounting estimates: Yes(iv) Restatement: NoChanges subject to Article 10(5) of the Ordinance on Terminology, Forms and Preparation Methods ofQuarterly Consolidated Financial Statements. For details, please refer to “(3) Changes in Accounting Policies,accounting estimates and restatement” under “2. Notes Regarding Summary Information” on page 3.

（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 June 30, 2012
As of March 31, 2012
36,254,344 shares(ii) Number of treasury shares at the quarter end
3,827,139 shares
As of June 30, 2012
As of March 31, 2012
3,858,589 shares(iii) Averaged number of shares during the period (quarterly cumulative period)
32,408,093 shares
Three months ended June 30, 2012
Three months ended June 30, 2011
32,312,630 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’smanagement and certain assumptions judged rational. Accordingly, these might be cases in which actualresults materially differ from forecasts of this report. Please refer to page 2 “(3) Qualitative Information onConsolidated 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 ................................................................................................3(１)Changes in important subsidiaries during the current quarter .....................................................3(２)Application of special accounting methods for quarterly consolidated financial statements .......3(３)Changes in accounting policies, accounting estimates and restatement .......................................33. Consolidated Financial Statements........................................................................................................4(1) Consolidated Balance Sheets .............................................................................................................4(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income....5
Consolidated Statements of Income for the three months ended June 30, 2012 ............................................. 5
Consolidated Statements of Comprehensive Income for the three months ended June 30, 2012.................... 5(3) Notes on Assumptions for Going Concern.........................................................................................6(4) Notes in case of Significant Changes to Shareholders’ Equity ........................................................6(5) Segment Information, etc...................................................................................................................61

1. Qualitative Information(1) Qualitative Information on Consolidated Business Performance
During the three months of the fiscal year under review (three months ending June 30, 2012), the Japaneseeconomy had been in a severe situation due to protracted European Sovereign Debt Crisis and the continued
appreciation of Japanese yen, while there is some indication of recovery on the back of demand forreconstruction.
Under these circumstances, regarding precious metal recycling business, the volumes of collected gold,silver, platinum, palladium and indium were lower than the previous corresponding period. Also, the averagesales prices of silver, platinum palladium and indium were lower than the previous period, though theaverage sales price of gold was higher than the previous corresponding period. In addition, net sales was
lower than the previous corresponding period, because we changed a part of precious metal recycling business
transactions from purchase and sale contracts to fee-based processing contracts.
Regarding environmental protection business, the transaction volumes of waste oil, sludge, andmedical-related wastes were higher than the previous corresponding period. In addition, as of July 2, 2012,
we made Intercentral Co. ltd. a wholly owned subsidiary which is engaged in manufacturing and sellingbusiness of energy saving heating equipments and radiant air-conditioning systems.
As a result of the above, as consolidated results for the three-month period, we recorded net sales of 26,412
million yen, down 8,624 million yen (-24.6%) year-on-year; operating income of 1,200 million yen, down 2,032
million yen (-62.9%) year-on-year; ordinary income of 1,345 million yen, down 1,980 million yen (-59.5%)
year-on-year; and net income of 606 million yen, down 1,333 million yen (-68.7%) year-on-year.
Looked at by segment, sales in the precious metal recycling business were 23,033 million yen, down 8,721
million yen (-27.5%) year-on-year; and sales in the environmental protection business were 3,379 million yen,up 97 million yen (+3.0%) year-on-year.

(2) Qualitative Information on Consolidated Financial Position
As of June 30, 2012, total assets amounted to 55,599 million yen, down 2,715 million yen from the previous
fiscal year end. This was due mainly to a decrease of 1,200 million yen in notes and accounts receivable-trade,a decrease of 2,627 million yen in inventories.
Total liabilities amounted to 16,376 million yen, down 3,036 million yen from the previous fiscal year end.
This was due mainly to decrease of 3,076 million yen in income taxes payable.
Net assets totaled 39,222 million yen up 320 million yen from the previous fiscal year end. This was due
mainly to the increase in retained earnings resulting from the recording of 606 million yen in net income.
As a result, the shareholders’ equity ratio changed to 70.4%, from 66.6% at the end of the previous fiscalyear.

(3) Qualitative Information on Consolidated Performance Forecasts
As for the forecasts, associated with the sluggish domestic production activity in the electronics industry
and other industries, collection volumes of metals have been less than the initial forecasts in the precious
metal recycling business. Additionally, average unit sales prices of metals are expected to remain lower thanthose assumed initially. Consequently, we have revised forecasts for the first half and full-year financial
results in the fiscal year 2012, as stated below.

Revision of the first half period consolidated results forecast (April 1, 2012 to September 30, 2012)（Millions of YEN, ％）Net Income perNet IncomeShare 2Q
2Ｑ FY2012
FY2012Net Sales

Operating
IncomeOrdinary
IncomePrevious Forecast (A)(Announced on May 11,2011））

48,000

4,000

4,000

2,20067.86

Revised Forecast (B)48,000

2,400

2,400

1,20037.01

Change (B－A）―(1,600)(1,600)(1,000)―Change (%)―(40.0％)(40.0％)(45.5％)―(Ref.) 2QFY2011 ended
September 30, 2011

72,748

5,974

6,034

3,488

2107.93

Revision of consolidated results forecast for the fiscal year ending March 2013
（April 1, 2012 to March 31, 2013）（Millions of YEN, ％）Net Income Net Income perShare FY2012
FY2012Net Sales

Operating
IncomeOrdinary
IncomePrevious Forecast (A)(Announced on May 11,2012）

105,000

9,000

9,000

5,000

154.11

Revised Forecast (B)96,000

5,100

5,100

2,800

86.30

Change (B－A）(9,000)(3,900)(3,900)(2,200)―Change (%)(8.6％)(43.3％)(43.3％)(44.0％)―（Ref.）the fiscal year ended
March 31, 2012

151,094

11,217

11,1305,926

183.202. Notes Regarding Summary Information(１)Changes in important subsidiaries during the current quarter
Not applicable(２)Application of special accounting methods for quarterly consolidated financial statements
Not applicable(３)Changes in accounting policies, accounting estimates and restatement(Changes in the depreciation method)
In the first quarter ended June 30, 2012, the Company and its domestic consolidated subsidiaries changed
the depreciation method for tangible fixed assets acquired on or after April 1, 2012 in line with the revision of
the Corporate Tax Act. The effect of this change on operating income, ordinary income and income before
income taxes and minority interests for the current quarter is minimal.

33. Consolidated Financial Statements(1) Consolidated Balance Sheets

ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance 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

As ofJune 30,
2012
Thousands ofU.S.dollars

As ofMarch 31,
2012
Millions of yen

As ofJune 30,2012
Millions of yen

3,527
9,480
2,123
10,727
618
2,833
(11)
29,301

5,017
8,280
1,977
8,254
610
3,032
(9)
27,16363,269104,408
24,928104,073
7,702
38,238(117)342,502

9,495
12,9103,356
25,763

9,216
12,754
3,245
25,216116,209160,82240,923317,954

1,970
519
2,490
760
29,01458,315

1,892
558
2,451
767
28,43555,59923,868
7,044
30,912
9,675
358,541
701,043

LIABILITIESCurrent liabilities
Notes and accounts payable-trade
3,253
2,194
27,671
Short-term loans payable
4,545
7,445
93,874Current portion of long-term loans payable
1,000
1,000
12,609
Income taxes payable
3,267
191
2,411
Provision for bonuses
659
308
3,889
30
Provision for directors’ bonuses
343
100
Provision for repairs
71
907
Other
3,275
2,173
27,400Total current liabilities
16,13013,387
168,803
Noncurrent liabilities
1,500
Long-term loans payable
1,250
15,761
Provision for retirement benefits
6567
854
Other
1,716
1,671
21,075
Total noncurrent liabilities
3,282
2,989
37,689Total liabilities
19,413
16,376
206,493
NET ASSETS
Shareholders’ equity
Capital stock
56,4984,480
4,480
Capital surplus
76,7686,087
6,088
Retained earnings
34,12433,759425,665
Treasury stock(5,656)(5,610)(70,745)
Total shareholders’ equity
39,036
38,717488,185
Accumulated other comprehensive income
18
Valuation difference on available-for-sale securities
16205
Deferred gains or losses on hedges
(111)
412
5,200
Foreign currency translation adjustment
(108)
(0)
(11)
Total accumulated other comprehensive income
(201)
427
5,395
Subscription rights to shares
6776970
TOTAL NET ASSETS
38,902
39,222494,551TOTAL LIABILITIES AND NET ASSETS
58,31555,599701,043
U.S. dollar amounts represent translations using the approximate exchange rate on June 30, 2012 ofYen79.31=US$1, and are included solely for the convenience of readers.

4(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income for the three months ended June 30, 2012

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 three months
ended June 30, 2011
Millions of yen

The three months
ended June 30, 2012
Millions of yen

The three months
ended June 30, 2012
Thousands ofU.S.dollars

35,03630,570
4,465
1,232
3,232
105
11
3,326
24
3,301
1,105
255
1,361
1,940
1,940

26,412
23,913
2,498
1,297
1,200
152
7
1,345
4
312
1,037
153
277
430
606
606

333,027
301,523
31,504
16,36615,138
1,922
94
16,96655
3,945
13,076
1,931
3,499
5,430
7,645
7,645

Consolidated Statements of Comprehensive Income for the three months ended June 30, 2012
The three months
ended June 30, 2011
Millions of yen

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

The three months
ended June 30, 2012
Millions of yen

The three months
ended June 30, 2012
Thousands of
U.S.dollars

1,940

606

7,645

(14)
557
26(2)
524
103(31)
6,612
1,304(4)

4

54

564
2,504

629
1,235

7,938
15,584

2,504
-

1,235
-

15,584-

U.S. dollar amounts represent translations using the approximate exchange rate on June 30, 2012 ofYen79.31=US$1, and are included solely for the convenience of readers.

5(3) Notes on Assumptions for Going Concern
Not applicable(4) Notes in case of Significant Changes to Shareholders’ Equity
Not applicable(5) Segment Information, etc.
[Segment information]
For the three months ended June 30, 2011(From April 1, 2011 to June 30, 2011)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

1) Customers
2) Intersegment

31,754－

3,281－

35,036－

Total

31,754

3,281

35,036

2,9442883,232

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
For the three months ended June 30, 2012(From April 1, 2012 to June 30, 2012)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

23,033

3,379

26,412－－－

23,033

3,379

26,412

854

345

1,200

Total

Net sales
1) Customers
2) IntersegmentTotalSegment 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)
Resulting from the decision of dismantling a part of building and structures, their book value wasreduced to a recoverable amount and the reduced amount with demolition cost were posted as impairment
loss under extraordinary losses. In consequence, impairment losses were recognized in the amount of 71
million yen in precious metal recycling segment and 148million yen in environmental protection segment.

6