Consolidated Financial Results for the Year Ended March 31, 2011
Asahi Holdings, Inc.
May 13, 2011
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 & Communications(Phone) +81-3-6270-1833

Scheduled date of the Ordinary General Meeting of Shareholders:June 16, 2011

Scheduled date of filing of financial statement:

June 17, 2011

Scheduled date of start of dividend payment:

May 30, 2011
(Rounded down to the nearest million yen)
１．Results of the year ended March 31, 2011 (From April 1, 2010 to March 31, 2011)（１）Results of operations(Percentage changes relative to previous corresponding period)
Net salesYear ended
March 31, 2011
March 31, 2010
(Note)Comprehensive income:Millions of yen％

Operating income

Ordinary income

Millions of yen

Millions of yen％

110,504 33.8
10,661 35.2
82,603 －7,888－
March 31, 2011: 5,886million yen; 32.6％

Diluted
net income
per share
Year ended
Yen
Yen
March 31, 2011190.46－
March 31, 2010
135.90－(Note) Equity in earnings of affiliates: March 31, 2011: －Net income per
share

％

Net income
Millions of yen％

10,508 32.6
6,144 40.3
7,922
－
4,377
－
March 31, 2010: 4,437million yen; －％Return on
equity19.1
15.4

Ordinary
income tototal assets
％
％
19.2
16.5
March 31, 2010: －Operatingincometo net sales
％
9.6
9.5

（２）Financial Position

As ofMarch 31, 2011
March 31, 2010
(Reference)
Shareholders’ equity:

Total assets

Net assets

Millions of yen
59,14350,139Millions of yen
34,341
29,897

As of March 31, 2011 : 34,313 million yen

Shareholders’equity ratio
％
58.0
59.6

Net assets per
share
Yen
1,062.30
927.97

As of March 31, 2010 : 29,897 million yen（3）Cash flows

Year ended
March 31, 2011
March 31, 2010

Cash flows fromoperatingactivities
Millions of yen
5,457
6,219

Cash flows frominvestingactivities
Millions of yen(3,743)(3,880)Cash flows fromfinancing activities
Millions of yen(1,129)(2,478)Cash and cash
equivalents at endof the fiscal year
Millions of yen
2,250
1,711

２．Dividend payments
Total
Dividend
Payment(Annual)Millionsof yen1,711
1,614

Dividends per share
1st
Quarter

2nd
Quarter

3rd
QuarterYear-end

AnnualYear ended

Yen

Yen

Yen

Yen

Yen

March 31, 2010
March 31, 2011
Year ending
March 31, 2012 (Forecast)

－
－

25.00
25.00

－
－

25.00
25.00

50.00
50.00

－

30.00

－

30.00

60.00

Payout
Ratio

Dividend
to Net Assets(Consolidated) (Consolidated)

%
36.8
26.3

%
5.7
5.0

29.9

３．Forecast (From April 1, 2011 to March 31,2012)(Percentage changes relative to previous corresponding period)
Net income
Operating
Ordinary income
Net income
per share
incomeNet sales
Millions of Yen

Six months ending
September. 30, 2011
Year ending March 31, 2012％

Millions of Yen％

Millions of Yen％

Millions of Yen ％Yen63,50021.0

5,000 (10.7)

5,000

(8.7)

3,000

(6.3)

92.81

130,000

17.6

11,00011,000

4.7

6,500

5.8

200.97

3.2

４．Other (For details, please see “Other information” on page 3 of “Appendix.”)（１）Changes in significant subsidiaries during the year ended March 31,2011: No(Note) This refers to changes in designated subsidiaries resulting from changes in the scope of consolidation during the
fiscal year ended March 31, 2011.
（２）Changes in accounting policies, procedures, and presentation methods.
(i) Changes pursuant to revision of accounting policies: Yes(ii) Other changes: No（３）Number of issued shares (common stock)(i) Number of issued shares at end of year (including treasury shares)
Year ended March 31, 2011:
36,254,344 sharesYear ended March 31, 2010:
36,254,344 shares(ii) Number of treasury shares at end of year
Year ended March 31, 2011:
3,953,239 sharesYear ended March 31, 2010:
4,036,267 shares(iii) Averaged number of shares during the period
Year ended March 31, 2011:
32,260,511 sharesYear ended March 31, 2010:
32,215,642 shares(Reference) Summary of Nonconsolidated Results
1. Nonconsolidated Results of the Year ended March 31, 2011(From April 1, 2010 to March 31, 2011)（１）Results of operations(Percentage changes relative to previous corresponding period)
Net salesYear ended
March 31, 2011
March 31, 2010

Year ended
March 31, 2011
March 31, 2010

Millions of yen

4,453
8,378

％

Operating income

Ordinary income

Millions of yen

Millions of yen(46.9)
－

3,530
7,942

％

(55.5)
－

3,519
7,910

Net income per share

Diluted net income per shareYen
109.42227.99Yen－－％(55.5)－Net income
Millions of yen

3,530
7,911

％

(55.4)－

（２）Financial Position

As ofMarch 31, 2011
March 31, 2010
(Reference)
Shareholders’ equity

Total assets

Net assets

Millions of yen
40,901
29,405

Millions of yen
30,68428,596

As of March 31, 2011 : 30,656 million yen

Shareholders’equity ratio
％
75.0
97.3

Net assets per
share
Yen
949.09887.60

As of March 31, 2010 : 28,596 million yen*Indication of audit procedure implementation status
This earnings report is exempt from audit procedure based upon the Financial Instruments and Exchange Act.
It is under the audit procedure process at the time of disclosure of this report.
*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 resultsmaterially differ from forecasts of this report.

【Appendix】

Table of contents of the appendix

1. Information Regarding Consolidated Performance......................................................................................2(1) Consolidated Operating Results for the Year ended March 31, 2011.......................................................................... 2(2) Consolidated Financial Position and Cash Flows for the Year ended March 31, 2011................................................. 2(3) Forecast of Consolidated Performance for the Year ending March 31, 2012 ............................................................... 2(4) Dividends .............................................................................................................................................................. 2

2. Other Information ......................................................................................................................................3(1) Outline of changes in significant subsidiaries during the year ended March 31, 2011. ............................................... 3(2) Changes in Significant Accounting Policies on Preparation of Consolidated Financial Statements ............................. 3(3) Additional Information........................................................................................................................................... 3

3. Consolidated Financial Statements.............................................................................................................4(1) Consolidated Balance Sheets .................................................................................................................................. 4(2) Consolidated Statements of Income ........................................................................................................................ 5(3) Consolidated Statements of Comprehensive Income................................................................................................ 5(4) Consolidated Statements of Changes in Net Assets.................................................................................................. 6(5) Consolidated Statements of Cash Flows.................................................................................................................. 8(6) Notes on Assumptions for Going Concern................................................................................................................ 9(7) Segment Information ............................................................................................................................................. 9(8) Significant Subsequent Event............................................................................................................................... 10

1

1. Information Regarding Consolidated Performance(1) Consolidated Operating Results for the Year ended March 31, 2011
During the fiscal year ended March 31, 2011, the Japanese economy made a moderate recovery in general,
as corporate profits had been improving owing to the recovery of global economy and the effects of various
policy measures. However, due to the influence of the Great East Japan Earthquake and the continuation ofstrong yen, the outlook of the Japanese economy has been still unpredictable.
Under these circumstances, regarding precious metal recycling business of the Company, the volume andaverage sales price of collected metals of all kinds were higher than those of the previous corresponding
period, due mainly to the market price of metals kept in high level and the Company’s efforts in acquiring
new customers.
Regarding environmental protection business, the volume of sludge, waste oil, waste reagents andmedical-related wastes handled by the Company remained favorable. In addition, the volume of refractory
disposal resulted in much higher than the previous corresponding period. The business of Ecomax Inc., whichbecame a consolidated subsidiary in August 2010, has been growing steadily.
As a result of the above, consolidated net sales for the period totaled ¥110,504 million. Looked at bysegment, sales in the precious metal recycling business were ¥96,397 million and sales in the environmental
protection business were ¥14,106 million. Operating income amounted ¥10,661 million, ordinary income was¥10,508 million, and net income totaled ¥6,144 million.
Compared with the previous corresponding period, Net sales increased ¥27,900 million, operating income
increased ¥2,773 million, ordinary income increased¥2,585 million, and net income increased ¥1,766 million.

(2) Consolidated Financial Position and Cash Flows for the Year ended March 31, 2011
As of March 31, 2011, total assets mounted ¥59,143 million, up ¥9,004 million from the previous fiscal year
end. This was due mainly to an increase of ¥5,759 million in inventories. Net assets totaled ¥34,341 million,
shareholders’ equity ratio is 58.0%.
Net cash provided by operating activities amounted ¥5,457 million, this was due mainly to income before
income taxes amounted ¥10,539 million and increases in inventories.
Net cash used in investing activities amounted ¥3,743 million, due mainly to expenditure of ¥3,299 million
for the acquisition of fixed assets, including expansion of Amagasaki Plant, relocation of Yokohama Office,and construction of a new plant of Asahipretec Korea Co., Ltd.
Net cash used in financing activities amounted ¥1,129 million, due mainly to a net increase in value of¥367 million in short and long-term borrowings, expenditure of ¥1,613 million for the payment of dividends.
As a result of the above, the term-end balance of cash and cash equivalents was ¥2,250 million.

(3) Forecast of Consolidated Performance for the Year ending March 31, 2012
The severe situation in Japanese economy will continue for a while, due to the influence of the Great East
Japan Earthquake. However, as production activities will be recovering, the economy is expected to resume
improving.
Under these circumstances, the Company’s consolidated net sales during the fiscal year ending March 2012
will be ¥130,000 million, 17.6% increase year on year, operating income will be ¥11,000 million, 3.2%
increase year on year, ordinary income will be ¥11,000 million, 4.7% increase year on year, and net income
will be ¥6,500 million, 5.8% increase year on year.

(4) Dividends
The Company’s basic policy is to improve the corporate value continuously by maintaining of stableprofitability and further growth and to meet the shareholders’ expectations by continuous dividends. The
Company also considers the fulfillment of internal reserves for strategic investment to enhance existing
business and develop new business.
Under the policy, the fiscal year’s end dividend will be ¥25 per share, consequently, the annual dividend
per share for the fiscal year ended March 31, 2011 will be totaled ¥50 including the interim dividend of ¥25 pershare.
Further, for the year ending March 31, 2012, The Company plans to pay out ¥30 per share for both interim
and year end dividend, making the full year amount ¥60 per share.

22. Other Information(1) Outline of changes in significant subsidiaries during the year ended March 31, 2011.
Not applicable(2) Changes in Significant Accounting Policies on Preparation of Consolidated Financial Statements
1) Application of Accounting Standard for Asset Retirement Obligations
Effective from the fiscal year ended March 31, 2011, the company has applied "Accounting Standard for
Asset Retirement Obligations" (ASBJ Statement No.18, March 31, 2008) and "Guidance on AccountingStandard for Asset Retirement Obligations" (ASBJ Guidance No.21, March 31, 2008).
The influence on the operating income, ordinary income and income before income taxes and minority
interests to this revision was negligible.
2) Application of "Accounting Standard for Equity Method of Accounting for Investments" and "Practical
Solution of Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method"
Effective from the fiscal year ended March 31, 2011, the company has applied "Accounting Standard for
Equity Method of Accounting for Investments" (ASBJ Statement No.16, March 10, 2008) and "Practical
Solution of Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method"(PITF No.24, March 10, 2008).
There was no effect on the income and loss due to this.
3) Application of Accounting Standard for Business Combinations, etc.
The company has applied the following standards from the fiscal year ended March 31, 2011: "AccountingStandard for Business Combinations" (ASBJ Statement No.21, December 26, 2008), "Accounting Standard
for Consolidated Financial Statements" (ASBJ Statement No.22, December 26, 2008), "Partial Amendments
to Accounting Standard for R&D Expenses, etc." (ASBJ Statement No.23, December 26, 2008), "AccountingStandard for Business Divestitures" (ASBJ Statement No.7, December 26, 2008), "Accounting Standard forApplication of Equity Method" (ASBJ Statement No.16, announced December 26, 2008), and "Guidance on
Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures"(ASBJ Guidance No.10, December 26, 2008).

(3) Additional Information
The company applies the "Accounting Standards for Presentation of Comprehensive Income" (ASBJ
Statement No.25, June 30, 2010) from this fiscal year. However, the amounts of previous fiscal year’s“Accumulated comprehensive income” and "Total accumulated comprehensive income" show "Valuation andtranslation adjustments” and "Total valuation and translation adjustments ".

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
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Total noncurrent assets
Total assets

As of March 31,
2011
Millions of yen

As of March 31,
2010
Millions of yen

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

2,321
4,754
5,914
12,509
530
929
2,383
(10)
29,332

2,263
4,037
4,250
8,327
616
826
2,041
(8)
22,35427,922
57,17971,130150,4436,376
11,17828,661(126)352,763

9,349
2,811
12,563
1,380
452
26,557

8,751
2,833
12,440778
352
25,156112,438
33,812
151,097
16,5995,442
319,388

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

1,571
567
2,139
489
27,78450,13924,495
6,252
30,748
8,388
358,524
711,287

LIABILITIESCurrent liabilities
Notes and accounts payable-trade
3,405
2,161
40,957
Short-term loans payable
9,448
12,449113,626
Current portion of long-term loans payable
1,000
12,026－
Accounts payable-other
1,295
1,168
15,583
Income taxes payable
2,512
2,304
30,215
Provision for bonuses
741
721
8,913
Provision for directors’ bonuses
28
15
337
Provision for repairs
100
124
1,206
Provision for loss on disaster
59
714
－
Other
1,885
880
22,672
Total current liabilities
20,47519,825
246,250
Noncurrent liabilities
Long-term loans payable
2,500
30,066－
Deferred tax liabilities
1,535
201
18,462
Provision for retirement benefits
205
179
2,473
Other
85
35
1,024
Total noncurrent liabilities
4,325
416
52,025
Total liabilities
24,801
20,241
298,275
NET ASSETS
Shareholders’ equity
Capital stock
4,480
4,480
53,888
Capital surplus
6,074
6,054
73,053Retained earnings
29,97625,444
360,510
Treasury stock(5,795)(5,917)(69,700)
Total shareholders’ equity
34,73630,061
417,752
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
33
14
406
Deferred gains or losses on hedges
(374)
(152)
(4,505)
Foreign currency translation adjustment
(81)
(26)
(982)
Total accumulated other comprehensive income
(422)
(164)
(5,081)
Subscription rights to shares
28
340－
TOTAL NET ASSETS
34,341
29,897413,011TOTAL LIABILITIES AND NET ASSETS
59,14350,139711,287
U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2011 of
yen83.15=US$1, and are included solely for the convenience of readers.
4(2) Consolidated Statements of Income
For the year ended March 31, 2011 and 2010

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

2011
Millions of yen

2010
Millions of yen

110,504
95,07915,425
4,763
10,661
63
216
10,508154
122
10,539
3,080
1,315
4,395
6,144
6,144

82,60370,426
12,177
4,289
7,888
160
126
7,922
8
427
7,503
2,319
805
3,125
－
4,377

2011
Thousands of
U.S.dollars
1,328,976
1,143,465
185,51157,292
128,219765
2,606
126,378
1,853
1,475
126,756
37,047
15,81552,86273,89473,894

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2011 of
yen83.15=US$1, and are included solely for the convenience of readers.

(3) Consolidated Statements of Comprehensive Income
For the year ended March 31, 2011 and 2010

2011
Millions of yen

2010
Millions of yen

Income before minority interests
Other comprehensive income

6,144

－

73,894

Valuation difference on available-for-sale securities

19
(222)
(48)
(6)
(257)
5,886

－
－
－
－
－
－

235
(2,673)(585)(80)(3,102)70,792

5,886
－

－
－

70,792－

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 income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

2011
Thousands of
U.S.dollars

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2011 of
yen83.15=US$1, and are included solely for the convenience of readers.

5(4) Consolidated Statements of Changes in Net Assets
For the year ended March 31, 2010

(Millions of yen)
Shareholders’ equity

Capital stock
Balance at March 31,2009

Capital surplus Retained earnings

Treasury stock

Total
shareholders’equity

4,480

6,802

24,220(8,212)

27,291(0)(748)(1,543)

2,292―

Changes of items during the period
Decrease by share transfers
Dividends from surplus(1,610)(1,610)Net income

4,377

4,377

Purchase of treasury stock
Disposal of treasury stock

(0)

(0)

(0)

4

3

Net changes of items other thanshareholders’ equity
Total increase (decrease) of theabove items during the period
Balance at March 31, 2010

(0)

(748)

1,223

2,295

2,770

4,480

6,054

25,444(5,917)30,061(Millions of yen)

Accumulated other comprehensive income

Balance at March 31,2009

Valuationdifference on
available-forsale
securities

Deferred
gains orlosses onhedges

(3)

(125)

Total
Foreignaccumulated
currency
othertranslation comprehensive
adjustment
income

(96)

(224)

Minority
interests

Total net assets

8

27,075

Changes of items during the period
Decrease by share transfers―

Dividends from surplus(1,610)Net income

4,377

Purchase of treasury stock(0)

Disposal of treasury stock3

Net changes of items other thanshareholders’ equity

17

(27)

70

59

(8)

51

Total increase (decrease) of theabove items during the period

17

(27)

70

59

(8)

2,821

Balance at March 31, 2010

14

(152)

(26)

(164)

―

29,897

6

For the year ended March 31, 2011
(Millions of yen)
Shareholders’ equity
Capital stock
Balance at March 31,2010

Capital surplus Retained earnings

4,480

6,054

25,444

Treasury stock

Total
shareholders’equity(5,917)30,061

Changes of items during the period
Dividends from surplus(1,611)(1,611)

Net income

6,144

6,144

Purchase of treasury stock
Disposal of treasury stock

20

(0)

(0)

122

142

Net changes of items other thanshareholders’ equity
Total increase (decrease) of theabove items during the period
Balance at March 31, 2011

－

20

4,532

121

4,674

4,480

6,074

29,976(5,795)34,736(Millions of yen)
Accumulated other comprehensive income

Balance at March 31,2010

Valuationdifference on
available-forsale
securities

Deferred
gains orlosses onhedges

14

(152)

Total
Subscription
Foreignaccumulated
rights to shares
currency
othertranslation comprehensive
adjustment
income

(26)

(164)

－

Total net assets

29,897

Changes of items during the period
Dividends from surplus(1,611)

Net income

6,144

Purchase of treasury stock(0)

Disposal of treasury stock142

Net changes of items other thanShareholders’ equity

19

(222)

(55)

(257)

28

(229)

Total increase (decrease) of theabove items during the period

19

(222)

(55)

(257)

28

4,444

Balance at March 31, 2011

33

(374)

(81)

(422)

28

34,341

7

(5) Consolidated Statements of Cash Flows
For the year ended March 31, 2011 and 2010

2011
Millions of yen

2010
Millions of yen

2011
Thousands of
U.S.dollars

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in provision for retirement benefits
Interest and dividends income
Interest expenses
Loss (gain) on sales and retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accounts payable-other
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from collection of guarantee deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of stocks of subsidiaries and affiliates
Proceeds from sales of stocks of subsidiaries and affiliates
Payments for transfer of business
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of finance lease obligations
Purchase of treasury stock
Proceeds from sales of treasury stock
Cash dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10,539
2,069
－
276
－
26
(22)
36
14
(660)
(5,758)1,319
158(1,262)
6,736
24
(33)
(2,891)
1,621
5,457

7,503
2,188
292
222
(4)
25
(11)
54
94
374
(4,059)
652
(609)
877
7,602
8
(53)
(1,802)
463
6,219

126,756
24,883
－
3,324
－
314
(273)
441
180
(7,941)(69,260)
15,866
1,907(15,180)
81,019298(405)(34,780)
19,50565,637

(858)
1,288
38
(3,198)
25
(101)
(933)
45
－
(47)
(3,743)

(710)
157
59
(1,375)
13
(474)
(54)
－
(1,363)(133)(3,880)(10,330)
15,495461(38,461)
301(1,226)(11,231)
541
－
(569)
(45,019)(3,132)
4,000
(500)
(25)
(0)
142
(1,613)(1,129)
(46)
539
1,711
2,250

(850)
－
(10)
(11)
(0)
3
(1,608)(2,478)
25
(113)
1,824
1,711

(37,671)
48,106(6,019)
(303)
(8)
1,714
(19,399)(13,580)
(554)
6,484
20,577
27,062

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2011 of
yen83.15=US$1, and are included solely for the convenience of readers.

8(6) Notes on Assumptions for Going Concern
Not applicable(7) Segment Information[Business segment information]
For the year ended March 31, 2010(From April 1, 2009 to March 31, 2010)
Precious metal
recycling business

Environmental
protectionbusiness(Millions of Yen)

Total

Elimination andCorporate

Consolidated

I. Sales and Operating Income (Loss)
Net sales
1) Customers
2) Intersegment
Total

70,10912,49482,603－82,603

－

－

－

－

－

70,10912,49482,603－82,603Operating expense

61,263

10,612

71,876

2,839

74,715

Operating income(loss)

8,845

1,881

10,727(2,839)

7,888

II. Identifiable Assets, Depreciation, Impairment Losses and Capital Expenditures
Identifiable assets

26,682

15,47742,1597,979

50,139Depreciation and amortization

1,140

770

1,910

277

2,188

Impairment losses

60

232

292

－

292

Capital Expenditures

939

177

1,116

687

1,804

(Note) Business segment has been classified in term of products and services. Main products and services are as
follows;(1) Precious Metal Recycling Business: Collection and recycling scraps containing precious and rare metals, etc.
(2) Environmental Protection Business: Detoxification of various types of industrial waste, etc.
[Geographical segment information]
For the fiscal year ended March 31, 2010(From April 1, 2009 to March 31, 2010)
It is omitted to mention geographical segment information, because the ratio of net sales in Japan in total
net sales are more than 90%.
[Overseas sales]
For the fiscal year ended March 31, 2010(From April 1, 2010 to March 31, 2010)
It is omitted to mention overseas sales under review, because the ratio of it in consolidated net sales areless than 10%.
[Segment information]
1. Overview of reporting segment
The Company's reporting segments are composed of those individual business units for which separate
information is available, about which the Board of Directors makes decisions regarding the allocation ofmanagement resources and for which operating performance can be evaluated, allowing them to beevaluated quantitatively.
The Company formulates comprehensive strategies to expand business as a holding company, andaffiliated companies advance their business such as recycling precious and rare metals, appropriate
disposal of various types of industrial waste, and other environmental protection business.
The Company thus comprises product and service segments built around operating divisions, and thefollowing two are the reporting segments; Precious Metal Recycling Business and Environmental
Protection Business.
Precious Metal Recycling Business is to collect and recycle scraps containing precious and rare metals
such as gold, silver, palladium, platinum, indium, etc.
Environmental Protection Business is to collect and transport industrial waste, and to perform theintermediate treatment of it.

92. Information on sales and income (loss), identifiable assets, and other items by business segment reported
For the year ended March 31, 2010(From April 1, 2009 to March 31, 2010)(Millions of Yen)
Precious metal
Environmental
Total
recycling businessprotectionbusiness(Note)Net sales
1) Customers

70,10912,49482,603

－

－

－

Total

70,10912,49482,603

Segment income
Identifiable assets by businesssegment
Other items

6,537

1,350

7,888

32,04018,09850,1392) Intersegment

Depreciation and amortization
1,326
861
2,188
Amortization of goodwill and
12
205
218
negative goodwill
Increase of property, plant and
1,401
402
1,804
equipment and intangible assets(Note) 1. Total segment income matches operating income recorded on the consolidated statements of income.
2. Depreciation and amortization, Increase of property, plant and equipment and intangible assets include
long-term prepaid expenses and amortization related to these expenses.
For the year ended March 31, 2011(From April 1, 2010 to March 31, 2011)(Millions of Yen)
Precious metal
Environmental
Total
recycling businessprotectionbusiness(Note)Net sales
1) Customers

96,397

14,106

110,504

－

－

－

Total

96,397

14,106

110,504

Segment income
Identifiable assets by businesssegment
Other items

9,060

1,600

10,661

41,13118,01159,143

2) Intersegment

Depreciation and amortization
1,229
839
2,069
Amortization of goodwill and
11
264
276
negative goodwill
Investment to equity-method－
80
80
affiliates
Increase of property, plant and
2,285
1,081
3,366
equipment and intangible assets(Note) 1. Total segment income matches operating income recorded on the consolidated statements of income.
2. Depreciation and amortization, Increase of property, plant and equipment and intangible assets include
long-term prepaid expenses and amortization related to these expenses.
(Additional information)
Effective from the fiscal year ended March 31, 2011, the company has applied "Accounting Standard forDisclosure of Segment Information" (ASBJ Statement No.17, March27, 2009) and "Guidance on AccountingStandard for Disclosures of Segment Information" (ASBJ Guidance No.20, March 21, 2008).

(8) Significant Subsequent Event
For the year ended March 31, 2010 and the year ended March 31, 2011None10