Summary of Consolidated Financial Statements
for the First Quarter of the Fiscal Year Ending March 2014 (J-GAAP)
August 9, 2013
Company name: Tamagawa Holdings Co., Ltd.
Stock Code:
6838
Representative:
Toru Masuzawa, President
Contact:
Akihiro Ushiroda, Administration Department
Scheduled date of filing Quarterly Securities Report:
Scheduled Commencement Date of Dividend Payout:
Quarterly earnings supplementary explanatory documents:
Quarterly earnings presentation:

Listing: JASDAQ (Tokyo Stock Exchange)
URL:
http://www.tmex.co.jp/Tel: +81-3-6435-6933
August 12, 2013
—NoneNone(All amounts are rounded down to the nearest million yen)

1. Consolidated Results for the 1st Quarter 2014 (from April 1, 2013 to June 30, 2013)(1) Consolidated financial results (for three months)(Percentages indicate year-on-year changes)
Net Sales
Operating Income
Ordinary Income
Net Income¥ Million%¥ Million%¥ Million

1Q FY 2014
914
23.9
89371.9
1Q FY 2013
738
49.0
18
—
Note: Comprehensive Income: 1Q FY 2014: ¥90 million (811.0%)

¥¥

8.22
1.32

6.91
—

(2) Consolidated Financial Position
Total Assets

Net Assets¥ Million

1Q FY 2014FY 2013
Note: Shareholders’ Equity:¥ Million%

Net income per share afterdilution

Net income per share
1Q FY 2014
1Q FY 2013%

95847.7
89939.0
10—8—
1Q FY 2013: ¥9 million (—%)

Equity Ratio¥ Million

2,959
2,709
1Q FY 2014: ¥1,932 million

%

1,958
1,750
FY 2013: ¥1,718 million

65.3
63.4

2. Cash Dividends
End of 1Q

Annual Dividends
End of 3Q

End of 2Q¥¥FY 2013—0.00
FY 2014—FY 2014—(forecast)
Note: Revision of the latest released dividend forecast: None

End of 4Q

Total¥¥¥

—0.00

0.00

———

3. Forecast for the Year Ending March 31, 2014 (from April 1, 2013 to March 31, 2014)(Percentages indicate year-on-year changes)

Net Sales¥ Million

Operating Income%¥ Million%

Ordinary Income¥ Million

Six months to1,688
6.1
129
38.0
124
September 30,2013
Year to4,504
22.7
493
32.2
488
March 31, 2014
Note: Revision of the latest released financial results forecast: None

Net income
per share

Net Income%¥ Million%

¥49.6

114

25.3

10.65

30.4

449

32.3

41.80

Tamagawa Holdings Co., Ltd. (6838) / Summary of Financial Statements for the 1st Quarter for Fiscal Year Ending March 31, 2014

1. Qualitative Information on Quarterly Financial Results(1) Explanation of business results
The Japanese economy in the period under review displayed first signs of trending toward recovery, including arebound in share prices, as a correction of the strong yen connected to an improved export environment and due to theeffects of the economic stimulus and monetary policy measures introduced by the Abe administration. Concerns overglobal economic deceleration persist, however, calling for continued vigilance.
In this environment, the Group's main operations in Electronics and Telecommunications Equipment Business kept
engaged in sales of products centered on markets related to 3.9G mobile telecommunications equipment, defense, andwireless technology applications for public infrastructure and disaster prevention. Demand has been rising also fromnew customer strata due to measures to create high added-value products and to expand and develop the Group'sbusiness expanse. Additionally, efforts were made to strengthen the business platforms of the Group centered on
improving profitability through cost control activities.
The Group's Solar Business Division operations (comprised of Solar System Sales Business operations and Solar
Power Plant Business operations) experienced rising user interest in renewable energy, especially regarding
solar-energy power generation, prompted by the enactment of “The Act on Special Measures concerning theProcurement of Renewable Electric Energy by Operators of Electric Utilities” (hereinafter, “Renewable Energy
Special Measures Act”).
Against this background, results for the period under review posted new order receipts of ¥938 million (-12.8%
compared with the year-earlier period) with sales of ¥914 million (+23.9% compared with the year-earlier period).
Earnings improved compared with the year-earlier period, marking operating income of ¥89 million (+371.9%compared with the year-earlier period), ordinary income of ¥95 million (+847.7% compared with the year-earlierperiod), and net income for the period of ¥89 million (+939% compared with the year-earlier period).
In Electronics and Telecommunications Equipment Business operations, despite expectations for intense pricecompetition in markets to continue from last year, mobile telecommunications systems saw higher investments to dealwith increased traffic from the smartphone proliferation and incidence of weak or no reception. Moreover, due mainly
to the government's supplementary budget, public works demand has been on the rise, raising expectations of sustainedrobust conditions in the wireless market for public infrastructure. With this demand expansion in the wireless market,
the Company will continue to extend its business expanse and strengthen its efforts to increase earnings.
In Solar Business Division operations, company internal framework adjustments will be made along with further
strengthening of sales and marketing efforts in order to expand nationwide sales routes for Solar System Sales
Business operations.
Moreover, in Solar Power Plant Business operations, the Group overall seeks to contribute to regions and communities
through stable power supply, and to this end will work to expand earnings by creating integrated frameworks spanning
the width from acquiring power plant sites to the launch of electric power sales.
Results by business segment are described below.
Notably, beginning with the period under review, the business segments stated as reportable segments have beenchanged. Comparisons and analyses for the period under review are presented based on the changed categories.
1. Electronics and Telecommunications Equipment Business operations
In accordance with a recovery in base station facility investment by mobile telecommunications carriers as well as
public investment in defense related facilities and public wireless related facilities resuming at moderate levels, neworder receipts posted ¥758 million (-3.6% compared with the year-earlier period) with sales of ¥692 million (-0.1%compared with the year-earlier period) and segment operating income of ¥81 million (+88.6% compared with theyear-earlier period).
2. Solar System Sales Business operations
After the enforcement of the Renewable Energy Special Measures Act, thanks to a gradual increase in new Solar
System Sales Business orders and the carrying out of activities to improve the sales efficiency, new order receipts
posted ¥179 million (+598.4% compared with the year-earlier period) with sales of ¥221 million (compared with ¥19
million in the year-earlier period) and segment operating income of ¥25 million (compared with an operating loss of¥14 million in the year-earlier period).
3. Solar Power Plant Business operations
In the period under review, Solar Power Plant Business operations were newly added as a reportable segment
following the completion of a large-scale solar-energy power plant that had been under construction in Shimonoseki
city, Yamaguchi prefecture. Revenue recognition for the power plant commenced in July 2013. Given preceding-2-

Tamagawa Holdings Co., Ltd. (6838) / Summary of Financial Statements for the 1st Quarter for Fiscal Year Ending March 31, 2014

expenditure including start-up costs, the segment posted a loss of ¥7 million. Future earnings are expected to develop
favorably from stable electric power sales.
Although the uncertain economic environment points to unchanged adverse operating environment, the Company will
nonetheless continue to promote earnings growth at each business segment combined with efforts at businessrestructuring.
(2) Explanation of financial position
Total assets
Consolidated total assets at the end of the period under review amounted to ¥2,959 million, which was ¥250 million
higher than at the end of the previous fiscal year.
This was mainly due increases in cash and deposits and property, plant, and equipment.
Total liabilitiesConsolidated total liabilities at the end of the period under review amounted to ¥1,001 million, which was ¥42 million
higher than at the end of the previous fiscal year.
This was mainly due to increased long-term borrowings.
Net assets
Consolidated net assets at the end of the period under review amounted to ¥1,958 million, which was ¥207 million
higher than at the end of the previous fiscal year. This was mainly due to increases in capital, capital surplus, and net
income for the period.
(3) Explanation of consolidated earnings estimates and forward-looking information
The earnings estimates released May 13, 2013, remain intact.

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2. Summary (Notes) Information(1) Changes in important subsidiaries during the consolidated quarter (three months) under review
No relevant category.
(2) Application of accounting procedures specific to creation of quarterly consolidated financial statements
No relevant category.
(3) Change of accounting policies; change and/or restatement of accounting estimates
No relevant category.

3. Material Matters Concerning the Going-concern Assumption
No relevant category.

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