Japan Transcity Corporation
Consolidated Financial Statements
March 31, 2009 and 2008

Independent Auditors’ Report

To the Board of Directors of Japan Transcity Corporation:

We have audited the accompanying consolidated balance sheets of Japan Transcity Corporationand consolidated subsidiaries as of March 31, 2009 and 2008, and the related consolidated
statements of income, changes in net assets and cash flows for the years then ended expressed inJapanese yen. These consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to independently express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Japan Transcity Corporation and subsidiaries as of March 31,
2009 and 2008, and the results of their operations and their cash flows for the years then ended, inconformity with accounting principles generally accepted in Japan.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to theyear ended March 31, 2009 are presented solely for convenience. Our audit also included thetranslation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been
made on the basis described in Note 1 to the consolidated financial statements.

KPMG AZSA & Co.
Nagoya, Japan
June 26, 2009

Japan Transcity Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2009 and 2008

Millions of yen
2009
2008
Current assets:
Cash and cash equivalents
Short-term investments (Notes 3 and 4)
Trade receivables:
Notes
Accounts
Allowance for doubtful accounts¥

Inventories
Deferred tax assets (Note 10)
Other current assets
Total current assets

Property and equipment (Note 4):Land
Buildings and structures
Machinery and equipment
Vehicles and vessels
Construction in progress
Total property and equipment
Less accumulated depreciation
Net property and equipment

Investments and other assets:
Investment securities (Note 3)
Investments in unconsolidated subsidiaries andaffiliates
Deferred tax assets (Note 10)
Lease deposits
Other assets
Allowance for doubtful accounts
Total investments and other assets

Total assets¥

10,702
251

11,143429$

109,204
2,561

611
10,352(16)
10,947
117
472
1,449
23,938814
13,080(18)
13,87681
500
1,639
27,6686,235
105,632(163)
111,704
1,194
4,816
14,786244,265

29,02847,149
11,2047,118
194,500(44,177)
50,32329,00344,292
10,4307,252
505
91,482(42,905)
48,577296,204
481,112114,327
72,633
10964,286(450,786)
513,500

5,337

7,415

54,459

3,442
701
978
1,731
(35)
12,154

3,231
609
991
1,760
(23)
13,98335,123
7,153
9,980
17,663(357)
124,02186,415

See accompanying Notes to Consolidated Financial Statements.

-2-¥

Thousands of
U.S. dollars
2009¥

90,228$881,786

Millions of yen
2009
2008
Current liabilities:
Short-term borrowings (Note 4)
Current maturities of long-term debt (Note 4)
Trade payables:
Notes
Accounts¥

Accrued expenses
Income taxes payable
Other current liabilities
Total current liabilities
Long-term debt (Note 4)
Employee retirement benefit liability (Note 5)
Guarantee deposits received
Deferred tax liabilities for revaluation
Deferred tax liabilities (Note 10)
Accrued severance indemnities for directors andcorporate auditors
Other long-term liabilities
Total liabilities
Commitments and contingent liabilities (Notes 7 and 8)
Net assets (Note 6):
Shareholders’ equity:
Common stock: 240,000,000 shares authorized
and 67,142,417 shares issued
Capital surplus
Retained earnings
Less treasury stock, at cost: 2,169,742 shares in2009 and 1,319,830 shares in 2008
Total shareholders' equity
Accumulated losses from valuation and translation
adjustment
Minority interests
Total net assets
Total liabilities and net assets

¥

-3-

3,661
3,495

¥

2,675
10,235

Thousands of
U.S. dollars
2009$

37,35735,663

1,232
5,027
6,259
1,605
123
1,289
16,432

1,473
6,695
8,168
1,707
355
2,116
25,256

12,571
51,29663,867
16,3781,255
13,153
167,673

22,884
2,015
4,115
5,281
528

15,578
2,746
4,247
5,281
1,035

233,510
20,561
41,99053,888
5,388

52
663
51,970394
169
54,706531
6,765
530,306

8,428
6,735
20,933

8,428
6,738
19,97886,00068,724
213,602(941)
35,155(645)
34,499(9,602)358,724(1,731)
1,021
34,445(95)
1,118
35,522(17,663)
10,419351,480

86,415¥90,228$881,786

Japan Transcity Corporation and Consolidated Subsidiaries
Consolidated Statements of Income
For the Years Ended March 31, 2009 and 2008

Operating revenue (Note 11)¥

Operating costs and expenses(Notes 5, 8 and 11)
Operating income

Millions of yen
2009
2008

Thousands of
U.S. dollars
2009

82,496$¥86,461

841,796

80,1782,318

82,454
4,007

818,143
23,653

230
(391)

241
(438)

2,347
(3,990)

349

271

3,561

(61)
(47)
2
82

(65)
(31)
(66)
(88)

(622)
(480)
21
837

2,400

3,919

24,490

Income taxes:
Current
Deferred
Total income taxes

514
382
896

1,005
540
1,545

5,245
3,898
9,143

Less minority interests in net income of
consolidated subsidiaries

51

69

520

Other income (expenses):
Interest and dividend income
Interest expenses
Equity in net earnings of unconsolidated
subsidiaries and affiliates
Loss on sale or disposal of property andequipment
Impairment loss on fixed assets (Note 2(i))
Other, net
Income before income taxes andminority interests

Net income

¥

1,453

¥

2,305

$

Yen
Per share:
Net income:-Basic-Diluted
Cash dividends

¥

22.21
21.03
8.50

See accompanying Notes to Consolidated Financial Statements.

-4-¥

14,827

U.S. dollars

34.68
32.87
8.50

$

0.23
0.21
0.09

Japan Transcity Corporation and Consolidated Subsidiaries
Consolidated Statements of Changes in Net Assets
For the Years Ended March 31, 2009 and 2008
Accumulated (losses) gains from valuationand translation adjustment

Shareholders' equity
Number ofshares ofcommonstock issued

Balance at March 31, 2007
Net income for the year
Cash dividends
Decrease in retained earnings upon changes inscope of consolidation
Purchase of treasury stock and fractional shares, net
Net changes other than shareholders’ equity
Balance at March 31, 2008
Net income for the year
Cash dividends
Increase in retained earnings upon changes inscope of consolidation
Purchase of treasury stock and fractional shares, net
Reversal of land revaluation decrement
Net changes other than shareholders’ equity
Balance at March 31, 2009

67,142,417-

Total
gains onTreasury shareholders’ available-forstock
equitysale securities
Millions of yen

Landrevaluation
decrement

Foreigncurrencytranslation
adjustment

¥

¥

¥

Net unrealized

Common
stock

¥

8,428
-

Retainedearnings

Capitalsurplus

¥

6,738
-

¥

18,253
2,305
(566)

(138)
-

¥

33,281
2,305
(566)

¥

3,589
-

(2,018)
-

57
-

Total
accumulated
losses fromvaluation andtranslation
adjustment

¥

1,628
-

Minority
interests

¥

1,350
-

Total net
assets¥36,2592,305(566)

67,142,417
-

8,428
-

6,738
-

(14)
19,978
1,453
(558)

(507)
(645)
-

(14)
(507)
34,4991,453(558)(1,750)1,839-(2,018)-27
84-(1,723)
(95)
-

(232)
1,118
-

(14)
(507)
(1,955)35,522
1,453
(558)

-

8,428

(3)
6,735

59
1
20,933

(296)
(941)

59
(299)
1
35,155(1,395)444¥(1)(2,019)

(240)
(156)

(1,636)(1,731)

(97)
1,021

¥

59
(299)
1
(1,733)34,445

11,408-$ 362,469
14,827(5,694)(989)
10,419602(3,051)
10(17,683)$ 351,480

67,142,417

¥

¥

¥

¥

¥

¥

¥

¥

¥

Thousands of U.S. dollars
Balance at March 31, 2008
Net income for the year
Cash dividends
Increase in retained earnings upon changes inscope of consolidation
Purchase of treasury stock and fractional shares, net
Reversal of land revaluation decrement
Net changes other than shareholders’ equity
Balance at March 31, 2009$$

86,00086,000$$68,755-$ 203,857
14,827(5,694)(31)
68,724602
10$ 213,602$$

See accompanying Notes to Consolidated Financial Statements.

-5-(6,582)-$ 352,030
14,827(5,694)$

18,766-$ (20,592)-(3,020)(9,602)602(3,051)10$ 358,724(14,235)
$
4,531

(10)
$ (20,602)

$

857
-

$

(2,449)(1,592)

$

(969)
-

(16,694)$ (17,663)$$

Japan Transcity Corporation and Consolidated Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended March 31, 2009 and 2008

Millions of yen
2009
2008
Cash flows from operating activities:
Income before income taxes and minority interests
Adjustments for:
Depreciation
Net reversal of employee retirement benefit liability
Loss on sale or disposal of property and equipment
Impairment loss on fixed assets
Decrease in trade receivables(Increase) decrease in inventories(Decrease) increase in trade payables
Increase in prepaid pension cost
Other, net
Sub-totalInterest and dividend received
Interest paid
Income taxes paid
Net cash provided by operating activities

¥

2,400

¥

3,919

Thousands of
U.S. dollars
2009$

24,490

3,137
(728)
61
47
2,861
(37)
(1,968)
(79)
(578)
5,116
358
(401)
(755)
4,318

2,981
(1,124)
65
31
707
5
279
(315)
(510)
6,038
281
(435)
(1,119)4,765

32,010(7,429)622
480
29,194(377)(20,082)(806)(5,898)52,204
3,653(4,092)(7,704)44,061

Cash flows from investing activities:
Increase in property and equipment and intangible assets
Decrease in property and equipment and intangible assets
Increase in investments in subsidiaries
Decrease in short-term investments
Other, net
Net cash used in investing activities(5,444)
95
(23)
128
(214)
(5,458)(4,465)
238
(261)
285
(257)
(4,460)(55,551)
970
(235)
1,306
(2,184)(55,694)

Cash flows from financing activities:
Increase in long-term debt
Repayment of long-term debt
Redemption of bonds
Increase (decrease) in short-term borrowings
Purchase of treasury stock and fractional shares, net
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents upon inclusion of additional subsidiary on consolidation
Cash and cash equivalents at end of year

11,050(2,364)(8,000)
986
(299)
(558)
(46)
769
(139)
(510)
11,14369
10,70212(1,017)
(35)
(507)
(566)
(6)
(2,119)11(1,803)
12,946
11,143112,755(24,122)(81,633)
10,061(3,051)(5,694)(469)
7,847(1,418)(5,204)
113,704704
109,204¥

See accompanying Notes to Consolidated Financial Statements.
-6-

¥

$

Japan Transcity Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements

1. Basis of Consolidated Financial Statements
The accompanying consolidated financial statements of Japan Transcity Corporation (the"Company") and its consolidated subsidiaries (together with the Company, the “Japan Transcity
Group”) have been prepared in accordance with the provisions set forth in the Financial Instrumentand Exchange Law of Japan and its related accounting regulations and in conformity withaccounting principles generally accepted in Japan (“Japanese GAAP”), which are different incertain respects as to application and disclosure requirements from International Financial
Reporting Standards.
The accounts of the Company’s overseas subsidiaries are based on their accounting records
maintained in conformity with generally accepted accounting principles prevailing in therespective countries of domicile. The accompanying consolidated financial statements have been
restructured and translated into English from the consolidated financial statements of the Company
prepared in accordance with Japanese GAAP and filed with the appropriate Local Finance Bureauof the Ministry of Finance as required by the Financial Instrument and Exchange Law of Japan.
Certain supplementary information included in the statutory Japanese language consolidated
financial statements, but not required for fair presentation, is not presented in the accompanying
consolidated financial statements.
Comparative figures have been reclassified to conform to the current year’s presentation.
The translation of the Japanese yen amounts into U.S. dollar amounts is included solely for theconvenience of readers outside Japan, using the prevailing exchange rate at March 31, 2009, which
was approximately ¥98 to U.S. $1.00. The translation should not be construed as a representationthat the Japanese yen amounts have been, could have been or could in the future be converted into
U.S. dollars at this or any other rate of exchange.
2. Summary of Significant Accounting Policies(a) Principles of consolidation
The accompanying consolidated financial statements include the accounts of the Company and its
significant subsidiaries. Investments in significant unconsolidated subsidiaries and affiliates areaccounted for by the equity method. Investments in unconsolidated subsidiaries and affiliates notaccounted for by the equity method are stated at cost. Differences between the acquisition cost ofinvestments in subsidiaries and the underlying equity in their net assets, adjusted based on the fairvalue at the time of acquisition, are principally deferred as goodwill or negative goodwill andamortized over five years.
The number of consolidated subsidiaries, unconsolidated subsidiaries and affiliates for the years
ended March 31, 2009 and 2008 was as follows:
2009
2008
Consolidated subsidiaries:
Domestic
24
23
Overseas33
Unconsolidated subsidiaries and affiliates accounted forby the equity method
55Unconsolidated subsidiaries stated at cost
13
14
Affiliates stated at cost
5
5

-7-

All intercompany accounts and transactions have been eliminated on consolidation.
The accompanying consolidated financial statements include the accounts of overseas consolidated
subsidiaries (three subsidiaries in 2009 and 2008). These overseas consolidated subsidiaries close
their books at December 31, three months earlier than the Company and the domestic consolidated
subsidiaries. The Company consolidated the overseas subsidiaries’ financial statements as of
their year-end. Significant transactions for the period between the subsidiaries’ year-end and theCompany’s year-end are adjusted for on consolidation.
(Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial
Statements)
On March 17, 2006, the Accounting Standards Board of Japan issued Practical Issues Task Force
No. 18 “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries
for Consolidated Financial Statements” (“PITF No. 18”). PITF No. 18 requires that accounting
policies and procedures applied by a parent company and its subsidiaries to similar transactions
and events under similar circumstances should, in principle, be unified for the preparation of theconsolidated financial statements. PITF No. 18, however, as a tentative measure, allows a parent
company to prepare consolidated financial statements using foreign subsidiaries’ financial
statements prepared in accordance with either International Financial Reporting Standards or U.S.
generally accepted accounting principles. In this case, adjustments for the following six items are
required in the consolidation process so that their impact on net income is accounted for inaccordance with Japanese GAAP unless the impact is immaterial.
(a) Goodwill not subject to amortization(b) Actuarial gains and losses of defined-benefit retirement plans recognized outside profit or loss(c) Capitalized expenditures for research and development activities(d) Fair value measurement of investment properties and revaluation of property, plant andequipment and intangible assets(e) Retrospective treatment of changes in accounting policies(f) Accounting for net income attributable to minority interests
The adoption of PITF No. 18 had no effect on the consolidated financial statements for the year
ended March 31, 2009.
(b) Cash equivalents
The Japan Transcity Group considers cash equivalents to be highly liquid debt instrumentspurchased with an original maturity of three months or less.
(c) Investments and marketable securities
The Japan Transcity Group classifies certain investments in debt and equity securities as“held-to-maturity,” “trading” or “available-for-sale,” the classification of which determines therespective accounting method as stipulated by the accounting standard for financial instruments.
Marketable securities with available market quotations for available-for-sale securities are stated atfair value and net unrealized gains or losses on these securities are reported as a component of net
assets, net of applicable income taxes. Gains and losses on the disposition of available-for-salesecurities are computed based on the moving-average method. Non-marketable securities
without available market quotations for available-for-sale securities are carried at cost determinedby the moving-average method. Adjustments in carrying values of individual securities arecharged to income through write-downs, when a decline in value is deemed other than temporary.
(d) Accounting for derivatives
Derivatives are valued at fair value, if hedge accounting is not appropriate or where there is no
hedging designation, and the gains or losses on the derivatives are recognized in current earnings.

-8-

According to the special treatment permitted by the accounting standard for financial instruments,
hedging interest rate swaps are accounted for on an accrual basis and recorded net of interest
expenses generated from the hedged borrowings if certain conditions are met.
(e) Inventories
Inventories consisted of supplies and other.
method.

Supplies are stated at cost, using the moving-average(New accounting standard for inventories)
On July 5, 2006, the Accounting Standards Board of Japan issued ASBJ Statement No. 9,“Accounting Standard for Measurement of Inventories.” As permitted under the superseded
accounting standard, the Company and domestic consolidated subsidiaries previously statedinventories at cost. The new accounting standard requires that inventories held for sale in theordinary course of business be measured at the lower of cost or net realizable value. Replacement
cost may be used in lieu of the net realizable value, if appropriate.
The adoption of the new standard had no effect on the consolidated financial statements for theyear ended March 31, 2009.
(f) Allowance for doubtful accounts
An allowance for doubtful accounts is provided at the aggregate amount of estimated credit loss
based on an individual financial review of certain doubtful or troubled receivables and a generalreserve for other receivables calculated based on historical loss experience for a certain past
period.
(g) Property and equipment, and depreciation (except for leases)
Property and equipment, including significant renewals and additions, are stated at cost, anddepreciated principally by the declining-balance method at rates based on the estimated useful lifeof the asset. Buildings acquired on and after April 1, 1998 are depreciated by the straight-line
method. Property with the cost of not less than ¥100,000 but below ¥200,000 each is capitalized
and depreciated over three years on a straight-line basis.
Expenditures on maintenance and repairs are charged to operating income as incurred.
The capital gains directly offset against the acquisition costs of tangible fixed assets to obtain tax
benefits were ¥100 million ($1,020) for the year ended March 31, 2009.
(Change in depreciation method)
In accordance with the amendment of the Corporation Tax Law of Japan, effective April 1, 2007,
the Company and its domestic consolidated subsidiaries changed the depreciation method forproperty and equipment acquired on and after April 1, 2007 to the method pursuant to theamended Corporation Tax Law of Japan. As a result, operating income decreased by ¥105
million and income before income taxes and minority interests decreased by ¥106 million for theyear ended March 31, 2008, respectively, as compared with the previous accounting method. The
effects on segment information are described in Note 11.
(Additional information)
As for property and equipment acquired before April 1, 2007, from the year ended March 31,
2008, the residual value is depreciated over five years using the straight-line method from thefiscal year following the year in which the depreciable limit (5% of the acquisition cost) isreached. As a result, this change resulted in decreases in operating income by ¥107 million andincome before income taxes and minority interests by ¥116 million, respectively, for the year-9-

ended March 31, 2008. The effect on segment information is described in Note 11.
In accordance with the amendment of the Corporation Tax Law of Japan, the Company and its
domestic consolidated subsidiaries changed the useful life of machinery from a range of 5 to 7
years to 10 to 12 years based on the reassessment of the useful lives in light of the change in the
Corporation Tax Law of Japan. As a result, operating income and income before income tax andminority interests increased by ¥71 million ($724 thousand) for the year ended March 31, 2009 ascompared with the previous accounting method. The effect on segment information are describedin Note 11.
(h) Accounting for leases
Prior to April 1, 2008, the Company and its domestic consolidated subsidiaries accounted forfinance leases which do not transfer ownership of the leased property to the lessee as operatingleases with disclosure of certain “as if capitalized” information in the notes to the consolidated
financial statements.
On March 31, 2007, the Accounting Standards Board of Japan issued Statement No. 13,“Accounting Standard for Lease Transactions” and Guidance No. 16, “Guidance on AccountingStandard for Lease Transactions.” The new accounting standards require that all finance leasetransactions be treated as capital leases.
Effective April 1, 2008, the Company and its domestic consolidated subsidiaries adopted the new
accounting standards for finance leases commencing after March 31, 2008 and capitalized assets
used under such leases, except for certain immaterial or short-term finance leases, which areaccounted for as operating leases. As permitted, finance leases which commenced prior to April
1, 2008 and have been accounted for as operating leases, continue to be accounted for as
operating leases with disclosure of certain “as if capitalized” information.
The adoption of the new standards had no effect on income or loss for the year ended March 31,
2009.
(i) Accounting standard for impairment of fixed assets
The Company and its domestic consolidated subsidiaries adopted the "Accounting Standard for
Impairment of Fixed Assets" issued by the Business Accounting Council of Japan and the related
practical guidance issued by ASBJ. The standard requires that fixed assets be reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of anasset may not be recoverable. Impairment loss is to be recognized in the income statement by
reducing the carrying amount of the impaired asset or group of assets to the recoverable amount,measured as the higher of the asset’s net selling price or value in use. Fixed assets include land,buildings and other forms of property, as well as intangible assets, and are to be grouped at thelowest level for which there are identifiable cash flows. For the purpose of recognition andmeasurement of impairment loss, fixed assets are principally grouped into cash-generating units,
such as regional business divisions, other than idle or unused property. For the year ended March
31, 2009 and 2008, the Japan Transcity Group recognized impairment loss as follows:

Millions of yen
2009
2008
Buildings and structures to be disposed
Machinery and equipment to be disposed¥¥- 10 -

47
47¥¥

Thousands of
U.S. dollars
2009
- $
31
31 $

480
480

(j) Revaluation of land
In accordance with the Law Concerning Revaluation of Land (“Law”), the Company elected the
one-time revaluation to restate the cost of land used for the Company’s business at values
rationally reassessed effective on March 31, 2002, reflecting adjustments for land shape and otherfactors and based on municipal property tax bases. According to the Law, an amount equivalent
to the tax effect on the difference between the original book value and the reassessed value isrecorded as deferred tax liability for revaluation account. The rest of the difference, net of the tax
effect and minority interests portion, is recorded as a component of the net assets section in theland revaluation decrement account in the accompanying consolidated balance sheets. At March
31, 2009 and 2008, the difference between the carrying value of land used for the Company’sbusiness after reassessment and the current market value at the fiscal year-end amounted to ¥7,223
million ($73,704 thousand) and ¥7,412 million, respectively.
(k) Employee retirement benefits
Employees who terminate their service with the Japan Transcity Group are entitled to retirement
benefits generally determined by current basic rates of pay, length of service and conditions underwhich the termination occurs.
In accordance with the accounting standard for employee retirement benefits, the Japan Transcity
Group recognizes retirement benefits for employees, including pension cost and related liability,
based on actuarial present value of projected benefit obligation using actuarial appraisal approachand the value of pension plan assets available for benefits at the fiscal year-ends. Unrecognizedactuarial differences as changes in the projected benefit obligation or pension plan assets resulting
from the experience different from that assumed and from changes in the assumptions areamortized on a straight-line basis over ten years, a period within the remaining service years of theemployees, from the year after which they arise. Unrecognized prior service cost is amortizedusing the straight-line method over ten years from the year in which it occurs.
(l) Accrued severance indemnities for directors and corporate auditors
The Japan Transcity Group may pay severance indemnities to directors and corporate auditors,
which are subject to the approval of the shareholders. The Japan Transcity Group has provided
for the full amount of the liabilities for directors' and corporate auditors' severance indemnities at
the respective balance sheet dates.
(Additional information)
The Company has abolished the system of retirement benefits for directors and corporate auditors
and was approved to pay the liabilities which were recognized prior to the abolishment by the
resolution of shareholder’s meeting at June 27, 2008. With this change, the liabilities in “Accrued
severance indemnities for directors and corporate auditors” were reclassified to “Other long-term
liabilities.”(m) Translation of foreign currency accounts
Receivables, payables and securities, other than stocks of subsidiaries and certain other securities,
are translated into Japanese yen at year-end exchange rates. Transactions in foreign currencies
are recorded at the prevailing exchange rates on the transaction dates. Resulting translation gains
or losses are included in current earnings.
For financial statement items of overseas consolidated subsidiaries, all asset and liability accounts
are translated into Japanese yen by applying the exchange rates in effect at the fiscal year-end.
All income and expense accounts are translated at the average rates of exchange prevailing during
the fiscal year. Translation differences are reported as foreign currency translation adjustment in a

- 11 -

component of net assets in the accompanying consolidated balance sheets.
(n) Income taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets andliabilities are recognized for the future tax consequences attributable to differences between the
carrying amounts of existing assets and liabilities and their respective tax bases and operating loss
carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the period that includes the enactment date.
(o) Enterprise taxes
The Japan Transcity Group records enterprise taxes based on the “added value” and “capital”
amounts when levied as size-based corporate taxes for local government enterprise taxes, which
are included in selling, general and administrative expenses.
(p) Appropriations of retained earnings
Cash dividends are recorded in the fiscal year when a proposed appropriation of retained earnings
is approved by the Board of Directors and/or shareholders.
(q) Per share data
Basic net income per share is computed by dividing income available to common shareholders by
the weighted-average number of shares of common stock outstanding during the fiscal year.
Diluted net income per share is computed assuming convertible bonds were converted at the timeof issue unless having anti-dilutive effects. Cash dividends per share for each fiscal year in theaccompanying consolidated statements of income represent dividends declared by the Company asapplicable to the respective years.
3.

Investments
At March 31, 2009 and 2008, short-term investments consisted of time deposits with an original
maturity of more than three months.
At March 31, 2009 and 2008, investment securities consisted of the following:

Millions of yen
2009
2008
Marketable securities:
Equity securities
Other

¥

Other non-marketable securities
¥

4,393
7
4,400
937
5,337

¥

¥

Thousands of
U.S. dollars
2009

6,579 $
9
6,588
827
7,415 $

44,82771
44,8989,561
54,459Marketable investment securities classified as available-for-sale are stated at fair value withunrealized gains and losses excluded from the current earnings and reported as a net amount within
the net assets account until realized. At March 31, 2009 and 2008, gross unrealized gains andlosses for marketable securities classified as available-for-sale were as follows:- 12 -

Cost

Available-for-sale securities at March 31, 2009:
Equity securities
¥
3,572
Other
10
¥
3,582
Available-for-sale securities at March 31, 2008:
Equity securities
¥
3,398
Other
10
¥
3,408

Gross
Gross
unrealized
unrealized
gains
lossesMillions of yen

Fair andcarrying
value

¥

(317)
(3)
(320)

¥

(98)
(1)
(99)

¥

¥

¥
¥

1,138
1,138

3,279
3,279

¥
¥

¥
¥

¥

¥

4,393
7
4,400

6,579
9
6,588

Thousands of U.S. dollars
Available-for-sale securities at March 31, 2009:
Equity securities$
36,449Other
102$
36,551
4.

$$

11,612
11,612$ (3,234)(31)$ (3,265)$ 44,82771$ 44,898

Short-term Borrowings and Long-term Debt
At March 31, 2009 and 2008, short-term borrowings consisted of the following:

Millions of yen
2009
2008
Short-term bank loans and bank overdrafts withinterest rates ranging from 0.75% to 1.30%
per annum at March 31, 2009:
Collateralized¥
Unsecured¥- 13 -- ¥3,661
3,661 ¥

Thousands of
U.S. dollars
2009

10 $
2,665
2,675 $

37,35737,357

At March 31, 2009 and 2008, long-term debt consisted of the following:Thousands of
U.S. dollars
2009

Millions of yen
2009
2008
1.47% unsecured bonds due July 2008
1.41% unsecured bonds due July 2008
1.76% unsecured bonds due September 2008
Zero coupon unsecured convertible bonds due
September 2009
Long-term loans from banks and other financial
institutions due through 2022 with interest rates
ranging from 0.65% to 6.97% per annum at
March 31, 2009:
Collateralized
UnsecuredLess current maturities
¥

-

2,500
1,500
4,000

-

1,500

1,500

15,306409
24,47026,379(3,495)22,884439
15,87425,813(10,235)
15,578

4,173
249,694
269,173(35,663)
233,510¥$At March 31, 2009, the current conversion price of zero coupon convertible bonds due September
2009 was ¥410 per share, all of which are subject to adjustment under certain circumstances,including stock splits. At March 31, 2009, the number of shares of common stock necessary forconversion of all convertible bonds outstanding was approximately 4 million.
The aggregate annual maturities of long-term debt at March 31, 2009 were as follows:
Millions ofyenYear ending March 31,
2010
2011
2012
2013
2014
2015 and thereafter¥Thousands of
U.S. dollars

3,495
3,445
733
7,588
3,922
7,196
26,379 $35,66335,153
7,480
77,42940,02073,428269,173

The aggregate annual maturities of long-term lease obligations at March 31, 2009 were as follows:
Millions ofyenYear ending March 31,
2010
2011
2012
2013
2014
2015 and thereafter¥- 14 -

Thousands of
U.S. dollars

69
71
70
57
28
16
311 $

704
724
714
582
286
163
3,173

At March 31, 2009 and 2008, the following assets were pledged as collateral for short-termborrowings and long-term liabilities:
Thousands of
U.S. dollars
2009

Millions of yen
2009
2008
Time deposits included in short-term
investments
Buildings and structures

¥

32
743

¥

32 $
802

326
7,582

As is customary in Japan, substantially all loans from banks (including short-term loans) are madeunder general agreements which provide that, at the request of the relevant bank, the Japan
Transcity Group is required to provide collateral or guarantors (or additional collateral or
guarantors, as appropriate) with respect to the loans and that all assets pledged as collateral undersuch agreements will be applicable to all present and future indebtedness to the bank concerned.
The Japan Transcity Group has not received such requests. The general agreements further
provide that the banks have the right, as indebtedness matures or becomes due prematurely byreason of default thereon, to offset deposits at the banks against indebtedness due to the banks.
5.

Employee Retirement Benefits
The Company has defined benefit retirement plans that cover 100% of the retirement benefits forthe employees of the Company who terminate at the compulsory retirement age and 70% of otherretirement benefits of the Company. Some of the consolidated subsidiaries have similar retirement
benefit plans. In addition, two consolidated subsidiaries have a defined contribution pension planin certain pension funds organized by others.
The following table reconciles the benefit liability and net periodic retirement benefit expense asat or for the years ended March 31, 2009 and 2008:

Reconciliation of benefit liability:
Projected benefit obligation
Less fair value of pension plan assets at endof yearUnrecognized actuarial differences (loss)
Unrecognized prior service cost of
retroactive benefits granted by the pension
plan amendment
Accrued retirement and severance benefits
Prepaid pension cost
Net amount of employee retirement
benefit liability recognized on the
consolidated balance sheets
Note:

¥

¥

Millions of yen
2009
2008

Thousands of
U.S dollars
2009

12,969$¥13,622

132,337(8,468)4,501(3,341)(10,857)
2,765
(661)

(86,408)
45,929(34,092)

418
1,578
437

284
2,388
358

4,265
16,102
4,459

2,015

¥

2,746

$

20,561

Projected benefit obligation of the consolidated subsidiaries was calculated using thesimplified calculation method as permitted by the accounting standard for employee
retirement benefits.

- 15 -

Thousands of
U.S dollars
2009

Millions of yen
2009
2008
Components of net periodic retirement benefit expense:¥
Service cost
Interest cost
Expected return on pension plan assets
Amortization of actuarial differences
Amortization of prior service cost
Net periodic retirement benefit expense
¥

575 ¥
234
(201)
153
(46)
715 ¥

603
256
(245)
(88)
(42)
484

$

5,867
2,388
(2,051)
1,561
(469)
7,296

$

Major assumptions used in the calculation of the above information for the years ended March 31,
2009 and 2008 were as follows:

Method to attribute the projected benefits tothe periods of service
Discount rate
Expected rate of return on pension plan assets
Amortization of actuarial differences
Amortization of prior service cost
6.

2009

2008

Straight-line method
2.0%
2.0%
10 years
10 years

Straight-line method
2.0%
2.0%
10 years
10 years

Net Assets
The Japanese Corporate Law (“the Law”) became effective on May 1, 2006, replacing the former
Japanese Commercial Code. The Law is generally applicable to events and transactions occurring
after April 30, 2006 and for fiscal years ending after that date.
Under Japanese laws and regulations, the entire amount paid for new shares is required to be
designated as common stock. However, a company may, by a resolution of the Board of
Directors, designate an amount not exceeding one-half of the price of the new shares as additional
paid-in capital, which is included in capital surplus.
Under the Law, in cases where a dividend distribution of surplus is made, the smaller of an amountequal to 10% of the dividend or the excess, if any, of 25% of common stock over the total of
additional paid-in capital and legal earnings reserve must be set aside as additional paid-in capitalor legal earnings reserve. Legal earnings reserve is included in retained earnings in theaccompanying consolidated balance sheets.
Under the Law, legal earnings reserve and additional paid-in capital can be used to eliminate or
reduce a deficit by a resolution of the shareholders' meeting. Additional paid-in capital and legal
earnings reserve may not be distributed as dividends. All additional paid-in-capital and all legal
earnings reserve may be transferred to other capital surplus and retained earnings, respectively,
which are potentially available for dividends.
At March 31, 2009 and 2008, respectively, capital surplus principally consisted of additional
paid-in capital. In addition, retained earnings included legal earnings reserve of the Company inthe amount of ¥1,200 million ($12,245 thousand) at March 31, 2009 and 2008, respectively.
The maximum amount that the Company can distribute as dividends is calculated based on the
non-consolidated financial statements of the Company in accordance with Japanese laws andregulations.
- 16 -

During the year ended March 31, 2009, the Company paid interim dividends of ¥4.00 per share.
In addition, at the annual shareholders’ meeting held on June 26, 2009, the shareholders approved
cash dividends of ¥4.50 per share, amounting to ¥292 million ($2,980 thousand). These
appropriations have not been accrued in the consolidated financial statements as of March 31, 2009as such appropriations are recognized in the period in which they are approved by the shareholders.
7.

Contingent Liabilities
At March 31, 2009 and 2008, the Japan Transcity Group was contingently liable for guarantees ofindebtedness of others in the amounts of ¥934 million ($9,531 thousand) and ¥1,072 million,
respectively. Such amounts included the guarantees of indebtedness of 50%-ownded affiliates in
the amount of ¥911 million ($9,296 thousand) and ¥1,046 million at March 31, 2009 and 2008,
respectively.

8.

Lease Commitments (Contracted before March 31, 2008)
The Japan Transcity Group leases, as lessee, land and buildings to be used for office spaces andwarehouses principally under long-term cancelable or non-cancelable operating lease agreements.
The Japan Transcity Group also leases computer equipment, other equipment and vehicles underleases which are not generally cancelable.
Total rental and lease expenses, including cancelable and non-cancelable leases, for the years
ended March 31, 2009 and 2008 were ¥4,641 million ($47,357 thousand) and ¥6,541 million,
respectively. For the years ended March 31, 2009 and 2008, the lease expenses for non-cancelable
lease agreements which were categorized as financing leases amounted to ¥516 million ($5,265
thousand) and ¥473 million, respectively.
The aggregate future minimum payments for non-cancelable operating leases and financing leases,
including the imputed interest, at March 31, 2009 and 2008 were as follows:

Millions of yen
2009
2008
Operating leases:
Due within one year
Due after one year¥¥

Financing leases:
Due within one year
Due after one year

¥
¥

757
3,343
4,100
494
1,956
2,450

¥
¥
¥
¥

580
3,362
3,942
504
2,352
2,856

Thousands of
U.S. dollars
2009
$
$
$
$

7,725
34,112
41,837
5,041
19,95925,0009. Derivative Instruments
For hedging purposes, the Japan Transcity Group is a party to derivative instruments such as
interest rate swap contracts in the normal course of business to reduce its own exposure tofluctuations in interest rates. In addition, during the year ended March 31, 2007, the Company
entered into a derivative contract relating to earthquakes for hedging purposes. The outstanding
contract amount was ¥300 million ($3,061 thousand) at March 31, 2009 and 2008, respectively.
As the fair value for such a contract is not considered determinable, that derivative contract has
not been accounted for at fair value. All other derivative instrument contracts qualify for hedge
accounting. The Japan Transcity Group is exposed to credit loss in the event of nonperformanceby other parties. However, the Japan Transcity Group does not expect nonperformance by the- 17 -

counterparties, as the counterparties of the derivative transactions are limited to major banks withrelatively high credit ratings.
10. Income Taxes
The tax effects of temporary differences that gave rise to a significant portion of the deferred tax
assets and liabilities at March 31, 2009 and 2008 were as follows:

Millions of yen
2009
2008
Deferred tax assets:
Enterprise tax accruals¥
Accrued bonuses to employees
Employee retirement benefit liability
Accrued severance indemnities for directors andcorporate auditors
Long-term accounts payable
Intercompany capital gains
Net operating loss carryforwards
Impairment loss on fixed assets
Other
Less valuation allowance
Deferred tax assets
Deferred tax liabilities:
Deferred capital gain
Unrealized gains on available-for-salesecurities
Other
Deferred tax liabilities
Net deferred tax assets

¥

11
446
1,526

¥

38
459
1,950

Thousands of
U.S. dollars
2009
$

112
4,551
15,572

21
148
322
175
1,187
381
4,217
(1,556)
2,661

159
333
168
1,200
357
4,664
(1,568)
3,096

214
1,510
3,286
1,786
12,112
3,888
43,031(15,878)
27,153

1,263

1,314

12,888

333
420
2,016
645

1,280
428
3,022
74

3,398
4,286
20,5726,581¥$

At March 31, 2009 and 2008, deferred tax assets and liabilities were as follows:

Millions of yen
2009
2008
Deferred tax assets:
Current
Non-current
Deferred tax liabilities:
Non-current

¥

472
701
528

¥

500
609
1,035

Thousands of
U.S. dollars
2009
$

4,816
7,153
5,388

In assessing the realizability of deferred tax assets, management of the Japan Transcity Groupconsiders whether some portion or all of the deferred tax assets will not be realized. The ultimate
realization of deferred tax assets is dependent upon the generation of the future taxable income
during the periods in which those temporary differences become deductible. At March 31, 2009
and 2008, a valuation allowance was provided to reduce the deferred tax assets to the extent thatmanagement believes that the deferred tax assets were realizable.
A reconciliation of the difference between the Japanese statutory effective tax rate and the actual
effective income tax rate on pre-tax income reflected in the accompanying consolidated statements- 18 -

of income for the year ended March 31, 2009 was as follows:
Percentage ofpre-tax income
40.1%Japanese statutory effective tax rate
Increase (decrease) due to:Permanently non-deductible expenses
Tax exempt income
Local minimum taxes per capita levy
Equity in net earnings of unconsolidated
subsidiaries and affiliates
Change in valuation allowance
Other
Actual effective income tax rate

2.3
(4.9)
1.6
(5.8)
0.5
3.5
37.3%

A reconciliation for the year ended March 31, 2008 was not disclosed because the difference was
immaterial.
11. Related Party Transaction
Information on related party transactions for the years ended March 31, 2009 and 2008 and therelated amounts as of those dates is summarized as follows.

Millions of yen
2009
2008

At the year-end:
Guarantees of indebtedness

¥

761

¥

Thousands of
U.S. dollars
2009

1,046 $

7,765

(Additional information)
ASBJ Statement No. 11, “Accounting Standard for Related Party Disclosures” and ASBJ
Guidance No. 13, “Guidance on Accounting Standard for Related Party Disclosures” issued by
the Accounting Standards Board of Japan on October 17, 2006, require certain additional related
party disclosures effective for years beginning on or after April 1, 2008. Pursuant to the new
accounting standards, information on Chubu Coal Center Co., Ltd. is disclosed for the year ended
March 31, 2009.
Millions ofyen

Thousands of
U.S. dollars

Total current assets
Total fixed assets

537
9,633

5,480
98,296

Total current liabilities
Total fixed liabilities

2,363
3,199

24,11232,643

Total net assets

4,608

47,020Operating revenue
Income before income taxes
Net income

3,350
1,003
599

34,184
10,235
6,112- 19 -

12.

Segment Information
The Japan Transcity Group's operations are classified into two major segments: “Integrated logistics services” and “Other services.” The “Other
services” segment includes the real estate trading operations, golf club operations and other services. Information by industry segment for theyears ended March 31, 2009 and 2008 is summarized as follows:Integrated logistics
services
For the year ended March 31, 2009:
Operating revenue:
External customers
Intersegment sales
Total operating revenue
Operating costs and expenses
Operating income
Identifiable assets
Depreciation
Impairment loss on fixed assets
Capital expenditures
For the year ended March 31, 2008:
Operating revenue:
External customers
Intersegment sales
Total operating revenue
Operating costs and expenses
Operating income
Identifiable assets
Depreciation
Impairment loss on fixed assets
Capital expenditures¥

Others81,38426
81,41079,2602,150¥¥

87,474
3,085
47
5,272

¥

¥

¥
¥

Total
Millions of yen

1,112
1,077
2,189
2,066
123

¥

¥

1,760
52
11

85,03728
85,065
81,2503,815¥

91,843
2,813
4,198

¥

¥

¥

Elimination

82,496
1,103
83,59981,326
2,273¥¥

89,234
3,137
47
5,283

1,424
1,285
2,709
2,551
158

¥

1,901
168
31
20

¥

¥

¥

Consolidated(1,103)(1,103)(1,148)45¥¥(2,819)-¥86,415
3,137
47
5,283

86,461
1,313
87,77483,801
3,973¥(1,313)(1,313)(1,347)34¥

86,461
86,46182,454
4,007

93,744
2,981
31
4,218

¥

(3,516)-¥90,228
2,981
31
4,218

(11,255)(11,255)(11,714)459$

841,796
841,796
818,143
23,653¥¥¥¥82,49682,49680,1782,318

Thousands of U.S. dollars
For the year ended March 31, 2009:
Operating revenue:
External customers
Intersegment sales
Total operating revenue
Operating costs and expenses
Operating income
Identifiable assets
Depreciation
Impairment loss on fixed assets
Capital expenditures$$$

830,449265
830,714808,775
21,939892,592
31,479480
53,796$$$

11,347
10,99022,33721,082
1,255
17,959
531
112

$

$
$

841,796
11,255853,051
829,857
23,194
910,551
32,010480
53,908$$$(28,765)-$$

881,786
32,010480
53,908(Change in depreciation method)
As disclosed in Note 2(g), the Company and its domestic consolidated subsidiaries changed the depreciation method for property andequipment acquired on and after April 1, 2007 to the method pursuant to the amended Corporation Tax Law of Japan. As a result, forthe year ended March 31, 2008, the depreciation expenses increased, and operating income for the "Integrated logistics services" segment
and for the "Others" segment decreased by ¥103 million and ¥2 million , respectively, as compared with the previous accounting method.

- 20 -

(Additional information)
As also described in Note 2(g), as for the property and equipment acquired before April 1, 2007, from the current year ended March 31,
2008, the residual value is depreciated over five years using the straight-line method from the fiscal year following the year in which thedepreciable limit is reached. As a result, for the year ended March 31, 2008, operating income for the "Integrated logistics services"segment and for the "Others" segment decreased by ¥93 million and ¥14 million, respectively, as compared with previous accounting
method.
In accordance with the amendment of the Corporation Tax Law of Japan, the Company and its domestic consolidated subsidiaries change
the useful life of machinery from in a range of 5 to 7 years to in the range of 10 to 12 years based on the reassessment of the useful lives inlight of the change in the Corporation Tax Law of Japan. As a result, operating income for the “Integrated logistics services” segment andfor the “Other” segment increased by ¥69 million ($704 thousand) and ¥2 million ($20 thousand), respectively, for the year ended March
31, 2009 as compared with the previous accounting method.
Geographic segment information is not shown, as operating revenue of the overseas subsidiaries was immaterial. Information for overseas sales
is not disclosed, as such sales were also immaterial.

- 21 -

13. Condensed Financial Statements of Japan Transcity Corporation (Parent)
Presented below are the condensed non-consolidated balance sheets, non-consolidated statements
of income and changes in net assets of Japan Transcity Corporation, the parent company.
Non-Consolidated Balance Sheets
Japan Transcity Corporation (Parent)

Millions of yen
2009
2008
Current assets:
Cash and cash equivalents
Short-term investments¥

Trade receivables, net of allowance for
doubtful accounts
Inventories
Deferred tax assets
Other current assets
Total current assets
Property and equipment, at costLess accumulated depreciation
Net property and equipment
Investments and other assets:
Investment securities
Investments in and long-term loans to
subsidiaries and affiliates
Lease deposits
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total assets

¥

22

8,542
38

¥

8,918
34

Thousands of
U.S. dollars
2009$

87,163388

10,39016
262
1,879
21,127
71,962(30,513)41,44913,10118
277
1,484
23,832
68,884(29,611)
39,273106,020163
2,674
19,174
215,582
734,306(311,357)
422,949

4,934

6,919

50,347

3,081
938
1,689
(35)
10,60773,183

3,728
949
1,727
(22)
13,301
76,406

31,4399,571
17,234(357)
108,234
746,765¥$

Millions of yen
2009
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Trade payables
Accrued expenses
Income taxes payable
Other current liabilities
Total current liabilities
Long-term debt
Employee retirement benefit liability
Deferred tax liabilities for revaluation
Deferred tax liabilities
Accrued severance indemnities for directors
and corporate auditors
Other long-term liabilities
Total liabilities¥

Net assets:
Common stock
Capital surplus
Retained earnings
Less treasury stock, at cost
Total shareholders' equity
Accumulated losses from valuation
adjustment
Total net assets
Total liabilities and net assets

¥

23

5,885
3,165
6,623
836
18
1,050
17,577
19,018
913
5,281
465

Thousands of
U.S. dollars

2008

¥

4,793
9,873
8,566
878
177
1,961
26,248
11,180
1,625
5,281
964

2009

$

60,05132,296
67,582
8,530
184
10,714
179,357
194,061
9,316
53,8884,745

629
43,883340
246
45,884

6,419
447,786

8,428
6,735
16,663(941)
30,885

8,428
6,738
16,293(645)
30,81486,00068,724
170,031(9,602)
315,153(1,585)29,30073,183(292)
30,522
76,406(16,174)
298,979
746,765¥$

Non-Consolidated Statements of Income (Unaudited)Japan Transcity Corporation (Parent)
For the Year Ended March 31, 2009 and 2008¥

Operating revenue
Operating costs and expenses
Operating income
Other income (expenses):
Interest and dividend income
Interest expenses
Miscellaneous, net
Income before income taxes
Income taxes:
Current
Deferred
Total income taxes
Net income¥

Millions of yen
2009
2008

Thousands of
U.S. dollars
2009

76,507$¥80,431

74,974
1,533

77,6732,758

765,041
15,643

394
(314)
(79)
1
1,534

329
(335)
(160)
(166)
2,592

4,020
(3,204)(806)
1015,653

227
380
607

570
518
1,088

2,316
3,878
6,194

927

¥

1,504

Yen
Per share:
Net income:-Basic-Diluted
Cash dividends¥

24

780,684

14.17
13.42
8.50

¥

$

9,459

U.S. dollars

22.61
21.43
8.50

$

0.14
0.14
0.09

Non-Consolidated Statements of Changes in Net Assets
Japan Transcity Corporation (Parent)
For the Years Ended March 31, 2009 and 2008

Shareholders’ equity

Common stock

Balance at March 31, 2007
Net income for the year
Cash dividends
Purchase of treasury stock and fractional shares, net
Net changes other than shareholders’ equity
Balance at March 31, 2008
Net income for the year
Cash dividends
Purchase of treasury stock and fractional shares, net
Reversal of land revaluation
Net changes other than shareholders’ equity
Balance at March 31, 2009

¥

¥

¥

8,428
8,428
8,428

¥

¥

¥

6,738
6,738
(3)
6,735

Total
shareholder’
Treasury stock
equityMillions of yen

Retained
Earnings

Capital surplus

¥

¥

¥

15,355
1,504(566)
16,293927(558)
116,663

Accumulated (losses) gains from valuation adjustment
Total
Net unrealized
accumulated
losses fromgains onLand
available-forvaluation
revaluation
sale securities
decrement
adjustment

¥

¥

¥

(138)
(507)
(645)
(296)
(941)

¥

¥

¥

30,383
1,504
(566)
(507)
30,814
927
(558)
(299)
1
30,885

¥

¥

¥

3,387
(1,661)
1,726(1,292)
434

¥

¥

¥

(2,018)(2,018)(1)(2,019)

¥

¥

¥

1,369
(1,661)(292)(1,293)(1,585)Total
net assets

¥

¥

¥

31,752
1,504
(566)
(507)
(1,661)
30,522
927
(558)
(299)
1
(1,293)29,300Thousands of U.S. dollars
Balance at March 31, 2008
Net income for the year
Cash dividends
Purchase of treasury stock and fractional shares, net
Reversal of land revaluation
Net changes other than shareholders’ equity
Balance at March 31, 2009$$

86,00086,000$$68,755(31)
68,724$$

166,256
9,459(5,694)10
170,031$$25(6,582)(3,020)(9,602)$$

314,429
9,459(5,694)(3,051)
10
315,153$$

17,612(13,184)
4,428

$

$

(20,592)(10)(20,602)$$(2,980)(13,194)(16,174)$$

311,449
9,459(5,694)(3,051)
10(13,194)
298,979