May 9, 2012

To whom it may concern:

TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative Director(Tokyo Stock Exchange Securities Code: 8129)
Contact: Katsuya Kato
Corporate Officer and General Manager ofCorporate Communications Officeand Corporate Planning Office(TEL: 03-5259－9520)

Results of Operations for Fiscal Year Ended March 2012
In the domestic prescription pharmaceuticals market during the consolidated fiscal year ended
March 2012, while there was an increase of 4.4% compared with the preceding year (estimates byCrecon Research and Consulting Inc.), our pharmaceutical wholesaling business was able toensure a growth rate in sales of 4.2% on a year-on-year basis, nearly at the same level as themarket average, backed up by the thorough operation of a price management, as well as theoutcomes of proposal-based marketing and sales based on customer support systems.
Under these circumstances, the Group’s consolidated net sales for fiscal 2012 were 1,108,089
million yen, 104.6% of that of the previous year. The gross profit for fiscal 2012 secured 112.9% ofthat for the last year, assisted by significantly increased revenues due to the strict operation of aprice lock system and the use of fee-businesses, etc., resulting from sufficient of use of Meissa andcustomer support systems. At the same time, as a result of activities to reduce expenses together
with all the group companies, the Company was able to keep SG&A expenses down to not morethan those in the revised operating results forecast announced on January 24, 2012. As a result,the consolidated operating income was 14,073 million yen, 241.0% of that of the preceding year,
and the ratio of operating income to net sales was 1.3%, an increase by 0.7 percentage points
compared with last year. Consolidated ordinary income was 17,732 million yen, 187.0% of thefigure for fiscal 2011. The ratio of ordinary income to net sales was 1.6%, an improvement by 0.7
percentage points compared to the preceding year. Consolidated net income for fiscal 2012 was
10,766 million yen, 147.8% of that for the last year, and the ratio of net income to net sales was1.0%, achieving an improvement of 0.3 percentage points from the previous year. As describedabove, the Company was able to achieve a record-setting performance in all the indicators of net
sales, operating income, ordinary income and net income.
1. Financial Results for Fiscal 2012（Consolidated）(1) Comparison with the same period in the previous fiscal year
Consolidated
Fiscal 2012
Fiscal 2011
YoY Change
YoY Change Ratio

Net Sales

1,108,089
1,059,612
48,476
104.6

Operating Income

14,073
5,839
8,234
241.0

1

Unit: million yen, %Ordinary Income

17,732
9,481
8,250
187.0

Net Income

10,766
7,283
3,483
147.8

(2) Comparison with the forecast for full fiscal 2012 (Comparison with the revised forecast dated
January 24, 2012)Unit: million yen, %Consolidated
Fiscal 2012
Forecast for the Fiscal
2012 (Revised on January24, 2012)
Percentage against the
Full-year Earnings
Forecasts

Net Sales

1,108,089
1,094,000

Operating Income

Ordinary Income

130.3

126.7

14,073
10,800101.3

Net Income

17,732
14,00010,7668,500
126.7(3) Gross profit rates, SGA expenses rate, Operating income ratio and Ordinary income ratio(Year-on-year change Ratio)

Unit: %

Gross profit to netsales

SG&A expenses tonet sales

Operating income
to net sales

Ordinary income
to net Sales

Fiscal 2011

8.1

7.60.60.9

YoY Change Ratio

0.7

Consolidated

8.8

Fiscal 2012

7.5

1.3

-0.1

0.7

2. Forecast for fiscal 2013 (Full-year)
Consolidated

Net Sales

Fiscal 2013

1,140,000
1,108,089
31,910Fiscal 2012
Increase/Decrease
Increase/Decrease
Ratio

2.9

1.6
0.7

Unit: million yen, %Operating
Income15,70014,073
1,626
11.6

2Ordinary
IncomeNet Income

18,40017,732667

10,40010,766- 366

3.8- 3.4

Net Income
per Share

141.20 yen
142.24 yen-1.04 yen-0.7