Consolidated Financial Results for the Fiscal Year ended March 31, 2009
(April 1, 2008 through March 31, 2009)
All financial information has been prepared in accordance with accounting principles generally accepted in Japan. This is apartial English translation of the original Japanese-language document. All information pertains to consolidated results unlessotherwise noted. Information on the basis of presentation of consolidated financial statements does not appear in thistranslation.
May 12, 2009
Company name:
Stock exchange listings:
Stock code:
URL:
Representative:
Contact:
Phone:

IT Holdings Corporation
The First Section of the Tokyo Stock Exchange3626
http://www.itholdings.co.jp
Susumu Okamoto, President
Yukio Urata, Vice President+81 3-6738-7557

Scheduled dates
Annual general shareholders’ meeting:Commencement of dividend payments:
Submission of financial statements:

June 25, 2009
June 26, 2009
June 26, 2009

Figures in millions of yen are rounded down to the nearest million
1. Consolidated results for FY 2009 (Apr. 1, 2008 – May 31, 2009)(1) Consolidated Financial Results

Percentages indicate year-over-year changes
Net sales

Operating income

Recurring profit

Net income

millions of yen%

millions of yen%

millions of yen%

millions of yen%

338,302--23,787--

23,604
-

-

9,406
-

-

FY 2009
FY 2008

Net income
per share-basic

Net income
per share-diluted

yen

yen

Return ofshareholders’equityRatio of recurring
profit to total
assets%

FY 2009110.74110.72
FY 2008
For reference:
Equity in earnings of affiliated companies: FY 2009: (72) million yen

Ratio of operating
income to net sales

%

7.4
-

8.0
-

%

7.0
-

FY 2008: – million yen.

(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net assets per share

millions of yen

millions of yen%

yen

End FY 2009
295,327
End FY 2008
For reference:
Shareholders’ equity: FY 2009: 131,054 million yen

146,216-44.4-

1,541.17-

Cash flows fromfinancing activities

Cash and cash equipments
at the end of the period

FY 2008: – million yen.

(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

millions of yen

millions of yen

millions of yen

millions of yen

FY 200934,311(20,079)(6,877)35,104
FY 2008
Note: IT Holdings Corporation was established on April 1, 2008, as a jointly held company through the merger of TIS Inc. and Intec Holdings,
Ltd. FY 2008 results are therefore not shown.

12. Cash dividends for shareholders of common stock
Cash dividends per share
Record date

End Q1End Q2yen

End Q3yen

Year-end

yen

yen

Total
millions of yen

Total dividends Payout ratio
paid(full year) (consolidated)
millions of yen

FY 2008
FY 2009
32.00
32.00
FY 2010
12.00
20.00
32.00
(forecast)
Note: The FY2008 year-end dividend included a ¥5.00 commemorative dividend.

2,763

Dividends paid
to net assets(consolidated)

%

%

28.9

2.1

24.7

3. Forecast of consolidated results for FY 2010 (Apr. 1, 2009 – Mar. 31, 2010)
Net salesFirst half of FY 2010
(six months
ending Sep. 30, 2009)
Full FY 2010
(year ending Mar. 31, 2010)

Percentages indicate year-over-year changes
Net income per
Recurring profit
Net income
share-basic

Operating income

millions of yen%

millions of yen%

millions of yen%

millions of yen%

yen

155,000

(5.2)

9,500

1.1

9,300

(1.9)

4,500

0.2

52.92

328,000(3.0)

24,5003.0

24,0001.7

11,00016.9

129.36

4. Other(1) Material reclassifications of subsidiaries (scope of consolidation) during the period: No(2) Changes in accounting principles, procedures, presentation methods, etc., used in the preparation of consolidated financial
statements (information reported in "Changes in Basis of Presentation of Consolidated Financial Statements")
1) Changes associated with changes to accounting standards: No
2) Changes other than the above: No(3) Issued shares of common stock
1) Period-end issued shares (including treasury stock):
End-FY 2009 (March 31, 2009): 86,372,339 shares
End-FY 2008 (March 31, 2008): – shares
2) Period-end treasury stock:
End-FY 2009 (March 31, 2009): 1,337,013 shares
End-FY 2008 (March 31, 2008): – shares

For reference:
1. Non-consolidated results for FY 2009 (Apr. 1, 2008 – May 31, 2009)(1) Non-consolidated financial results
Net sales
FY 2009
FY 2008

Percentages indicate year-over-year changes
Recurring profit
Net income

Operating income

millions of yen%

millions of yen%

millions of yen%

millions of yen

%

4,647

-

3,167

-

3,014

-

3,263

-

-

-

-

-

-

-

-

-

Net income
per share — undiluted

Net income
per share — diluted

yen

FY 2009
FY 2008

yen

37.78
-

37.78
-

(2) Non-consolidated financial position
Total assets

Net assets

millions of yen

millions of yen

Equity ratio

Net assets per share%yen

FY 2009
139,417
139,19099.8
1,611.69
FY 2008
For reference:
Shareholders’ equity: FY 2009: 139,190 million yen
FY 2008: – million yen.
Note: IT Holdings Corporation was established on April 1, 2008, as a jointly held company through the merger of TIS Inc. and Intec Holdings,
Ltd. FY 2008 results are therefore not shown.

Cautionary Statement on Forward-Looking Statements
This report contains forward-looking statements that reflect IT Holdings Corporation (ITHD)’s plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause ITHD’s actual results, performance, achievements or financial position to bematerially different from any future results, performance, achievements or financial position expressed or implied by theseforward-looking statements.
Please refer to "(1) Analysis of Results of Operations" in "Results of Operations" beginning on page 3, for assumptions
underlying earnings forecasts and cautionary statements on the use of earnings forecasts.
2

1. Results of Operations(1) Analysis of Results of Operations
Results for fiscal 2009 (year ended March 31, 2009)
Fiscal 2009 was an extremely challenging year, with the Japanese economy falling into deep recession as theworsening financial crisis triggered by the US subprime mortgage shakeout escalated into a severe global economic
slowdown, producing wild swings in stock prices and exchange rates and dealing a major blow to corporate earnings
that created considerable pressure in the employment market.
It was also a difficult year for the information services industry, with the Bank of Japan's December 2008 Shortterm Economic Survey of Enterprises in Japan pointing to a year-on-year decline in software investment and a further
downturn in the year ending March 2009, thereby signaling that firms are paring back their investment in the face ofdeteriorating economic conditions and shrinking profits.
Despite these strong headwinds, however, our subsidiaries delivered solid performance based on various strategies
for better meeting our customers' IT investment needs, with a number of large-scale projects that were brought to themerger by TIS Inc. moving out of the development stage and enabling a successful system launch from November
2008.
On a consolidated basis, we achieved net sales of ¥338,302 million, operating income of ¥23,787 million, andrecurring profit of ¥23,604 million, with our net income coming in at ¥9,406 million as ¥2,228 million in valuation
losses on securities investments subtracted from the bottom line.
The breakdown of net sales by segment was as follows.
1) Outsourcing and network segment
This segment uses data centers to offer outsourcing and a variety of other services relating to system operation andnetwork construction. Consolidated sales totaled ¥125,721 million on the back of increased sales to major clients anda solid contribution from Nexway Co., Ltd., which became a group subsidiary in July 2008.
2) Software development segment
This segment offers comprehensive system integration services covering all stages from information system
planning through to construction. Consolidated sales totaled ¥175,847 million on the back existing large projects andcontributions from new projects.
3) Solution services segment
This segment is engaged primarily in sales of software and equipment. Consolidated sales totaled ¥29,409 million
as growth was hindered by diminished replacement demand from major clients and a decline in demand for hardware
attributable to the economic downturn.
4) Other businesses segment
This segment offers leasing services and other auxiliary services associated with the provision of information
systems. Consolidated sales totaled ¥7,325 million.
IT Holdings Corporation was established on April 1, 2008, as a jointly held company through the merger of TIS Inc.
and Intec Holdings, Ltd. We have worked to establish vital group infrastructure throughout fiscal 2009, formulating a
growth-oriented medium-term management plan while implementing various strategies aimed at exploiting intragroup synergies and sharing back-office operations. Our success in sharing various information within the IT
Holdings group and thereby finding new opportunities to launch business discussions is evident from the number andsize of joint orders that we have already received.
On October 1, 2008, IT Holdings Corporation acquired all of TIS Inc.'s equity stakes in nine companies—UFIT
Co., Ltd., AGREX INC., QUALICA Inc., AJS Inc., Systems Engineering Laboratory Co., Ltd., TIS Total Service Co.,
Ltd., TIS LEASING Co., Ltd., BM Consultants Inc., and TIS Solution Business Co., Ltd.—and converted thesecompanies into direct subsidiaries with a view to bolstering group management and efficiency.
In line with our medium- to long-term business strategy, we are currently planning to make Systems Engineering
Laboratory a wholly owned subsidiary and then merge this company with TIS Solution Business on July 1, 2009.
With this goal in mind, we have already boosted our stake in Systems Engineering Laboratory to 94.0% of all voting
rights through a tender offer conducted from February 3 through March 17, 2009, and we are currently continuing ourefforts to acquire all remaining stock.
On April 1, 2009 we established IT Service Force Inc. as a subsidiary that will provide shared back-office services
for each of our group companies with a view to achieving group-wide efficiency gains, cost savings, and quality
improvements.
3Forecasts for fiscal 2010 (year ending March 31, 2010)
The Bank of Japan's March 2009 Short-term Economic Survey of Enterprises in Japan points to a year-on-year
decline in software investment for the year ending March 2010. With various economic indicators remaining bleakand declining corporate earnings pointing to further cuts in capital investment, we expect to face a somewhat
challenging climate throughout fiscal 2010. Against this backdrop, we will continue our efforts to boost earnings
performance by focusing on strategies for better meeting our customers' various IT investment needs.
Our consolidated earnings forecasts for fiscal 2010 are as follows.
Net sales¥338,000 million (–3.0% year-on-year)
Operating income¥24,500 million (+3.0% year-on-year)
Recurring profit¥24,000 million (+1.7% year-on-year)
Net income¥11,000 million (+16.9% year-on-year)
Note that performance forecasts are based on currently available information and certain reasonable assumptions,and that various factors may cause actual results to differ from these forecasts.

(2) Analysis of Financial Condition
1) Assets, liabilities, and net assets
As of March 31, 2009, assets totaled ¥295,327 million on a consolidated basis, consisting of ¥140,799 million incurrent assets and ¥154,527 million in fixed assets. Consolidated liabilities totaling ¥149,110 million meant that net
assets totaled ¥146,216 million, of which minority interests accounted for ¥15,154 million.
2) Cash flow
Cash and cash equivalents as of March 31, 2009, were up ¥7,110 million versus April 1, 2008, totaling ¥35,104
million. Contributions to cash flow were as follows.
Cash flows from operating activities
Operating activities generated net cash of ¥34,311 million, with the biggest positive contributions coming from
¥19,284 million in income before adjustment for income taxes and minority interests, ¥10,996 million in depreciation,¥2,228 million in gains on sales of investment securities, and ¥2,294 million attributable to a decrease in notes andaccounts receivable, and the biggest negative contribution coming from ¥7,226 million in tax payments.
Cash flows from investing activities
Investing activities used net cash of ¥20,079 million, with the biggest positive contribution coming from ¥1,191
million in income stemming from sales of investment securities and the biggest negative contributions coming from¥9,974 million in acquisitions of property and equipment, ¥3,488 million in acquisitions of intangible assets, and¥3,147 million in expenditures attributable to acquisitions of subsidiary stock stemming from changes in the scope of
consolidation.
Cash flows from financing activities
Financing activities generated net cash of ¥6,877 million, with the biggest positive contribution coming from
¥21,788 million in long-term borrowings and the biggest negative contributions coming from ¥17,017 million in
repayments on long-term borrowings, ¥7,050 million in corporate bond redemptions, and ¥3,989 million attributable
to a net decrease in short-term borrowings.
For reference: Cash flow indicators
FY 2009
Equity ratio (%)
44.4
Equity ratio based on market capitalization (%)
32.6
Ratio of interest-bearing debt to cash flow (years needed to repay)
2.3
Interest-coverage ratio (times)
31.1
Equity ratio: Shareholders' equity / Total assets
Equity ratio based on market capitalization: Market capitalization / Total assets
Ratio of interest-bearing debt to cash flow: Interest-bearing debt / Cash flow
Interest-coverage ratio: Cash flow / Interest paid
Notes:
1. All indicators are calculated using consolidated financial figures.
2. Market capitalization is based on the number of shares issued and outstanding excluding treasury stock.
3. Cash flow from operating activities is used as the cash flow variable.
4. Interest-bearing debt refers to all debts on the consolidated balance sheet that incur interest payments.
4(3) Basic policy on profit distribution and dividends for fiscal 2009 and fiscal 2010
IT Holdings aims to maintain a stable dividend while striking a balance between our key objective of rewarding
shareholders for their long-term investments and the need to secure sufficient internal reserves to fund continued
growth and maintain a sound financial base. In view of recent earnings performance and our current financial position,
we intend to pay a year-end dividend of ¥32 per share for fiscal 2009, which includes a commemorative dividend of¥5 per share to mark the new company's first year (note that no interim dividend was paid for fiscal 2009).
For fiscal 2010 we plan to pay a total annual dividend of ¥32 per share including an interim dividend of ¥12 pershare.

5

2. Status of the GroupThe group consists of IT Holdings Corporation, the parent company, as well as 43 consolidated subsidiaries andeight affiliated companies accounted for under equity method. The group’s core operating segments are outsourcing
and network, software development, solution services, and businesses, including leasing and consulting, connectedwith core activities. The group also provides other services, such as real estate rental and management services.
As a pure holding company, IT Holdings handles business administration issues for the group and supports
companies under the group umbrella in executing respective business activities, which center on information andcommunication services.

Customers

Information and telecommunication businesses
Outsourcing network
Software development
Solution services◎ TIS Inc.

◎ INTEC Inc.

◎ UFIT Co., Ltd.

◎ AGREX INC.

◎ QUALICA Inc.

◎ AJS Inc.

◎

INTEC Holdings, Ltd.

IT Holdings Corporation◎ IUK Inc.
◎ Registration Network, Ltd.
◎ AGREX FINE TECHNO INC.
◎ Nexway Co., Ltd◎ UPSHE Co.,Ltd.
◎ BM Consultants Inc.
◎ ALMEC Co.,Ltd.
◎ Bit Cruise, Inc◎ INTEC Systems Institute, Inc.
◎ HOKKOKU INTEC SERVICE Inc.
◎ INTEC Solution Power Inc.
◎ Medical Toukei Co.,Ltd.
◎ WITH INTEC Inc.
◎ LANSA Japan Ltd.
◎ AJS SOFTWARE Co., Ltd.
◎ QUALICA (SHANGHAI) INC.
◎ Systems Engineering Laboratory Co., Ltd. ◎ TIS R&D Center, Inc.
◎ esCrew, Inc.
◎ TISI (Shanghai) Co., Ltd.
◎ Oartech, Inc.
◎ TKSOFT SINGAPORE PTE. Ltd.
◎ Keyport Solutions, Inc.
◎ Tianjin TIS Hi-tech Information System
Service Co., Ltd.
◎ CRONOVA CO.LTD.
◎ KOUSHI INTEC Inc.
○ e-solutions, inc.
◎ CST Co., Ltd.
○ eLab,CO., LTD◎ System Support Co., Ltd.
○ ENCODEX Japan Ltd.
◎ Chuo System Corporation○ PLANET, INC.
◎ TIS System Service Inc.
○ FLEX Inc.
◎ TIS Solution Business Co., Ltd.
○ Hontsuna Co, Ltd.
○ Hong Tu Financial Software (Shanghai) Co., Ltd.

Other business◎ INTEC Amenity Inc.
◎ SKY INTEC Inc.
◎ TIS Total Service Co., Ltd.
◎Consolidated subsidiaries ○Affiliates under the equity method

6◎ TIS LEASING Co., Ltd.
◎ Huma(n) Corporation○ MITEC Inc.

3. Management Policy(1) Basic Management Policy of the Company
The Company has established, and discloses, the following management philosophy, the corporate cornerstone of
the IT Holdings group.
(Management Philosophy)
The IT Holdings group seeks to be a corporate citizen, whose activities, namely, the provision of various
services maximizing the power of information technology, match its status as a leading corporate group, and as agroup, we will raise corporate value, supported in this effort by the high regard of all stakeholders, not only
shareholders but also clients as well as employees and their families.
We will cultivate a vibrant corporate culture that encourages companies and individuals under the groupumbrella to work together, embracing new challenges and striving to reach higher goals, and thereby ensure
continued growth as a corporate entity.
We will always provide our clients with the very best, through excellent quality and technology built on thecomposite strengths of the group.
We will uphold high corporate morals and fulfill our social obligations.

(2) Key Business Indicators
Utilizing its vanguard presence in the IT services industry, the IT Holdings group aims to be an organization
capable of playing an integral role in realizing the comfortable lifestyles of tomorrow.
Being recognized as a leading corporate group is dependent upon several factors, the most essential of which arecorporate scale, customer satisfaction, the high regard of stakeholders and society as a whole, and access to the best
technologies available.
We have set consolidated net sales, operating income and return-on-equity (ROE) as the key indicators of thegroup’s business success. Our targets for fiscal 2012 are, on a consolidated basis, net sales of ¥400 billion, operating
income of ¥35 billion, and an ROE exceeding 10%.
(3) Medium- to Long-term Management Strategies
Management has defined the corporate image—the vision—that the group should strive to achieve.
Everyone under the group umbrella shares this vision. It guides each person in the execution of daily activities, which
in turn underpins attainment of the ideals to which the group aspires and further enhances corporate value.
(Group Vision)
1. Play an integral role in realizing the comfortable lifestyles of tomorrow through IT
As the leading IT services group, we will design the template and develop the businesses that support several
facets of tomorrow’s society—where IT is the driving force of brisk activity in all industries as well as thecreation of pleasant living environments where people feel safe and secure.
2. Act with initiative and a sense of enterprising spirit
We will be a group with a corporate culture that makes work enjoyable for employees. This atmosphere willencourage people to quickly pinpoint currents of change rippling across various realms, including society andtechnology, and resourcefully tackle emerging issues from a fresh perspective.
3. Secure the highest level of technological expertise
We will be a group that is constantly evolving, with an emphasis on new-technology R&D, production
techniques and quality control, to achieve the highest level of quality and sharpen cost competitiveness.
4. Contribute to social and industry advances
As part of the IT services industry, we will be a group that plays a pioneering role in the overall developmentof our industry, and as a member of society, we will be a group that faithfully carries out our social
responsibility and contributes to the communities in which we share a presence. This two-fold commitment
will earn us a solid reputation from all directions.

(4) Issues Requiring a Response
A key strength of the group is its extensive client base, which includes members of the finance, manufacturing anddistribution and service industries as well as the public sector. Like so many companies, many of our clients have been
impacted by major economic changes, which in turn pose challenges for us. Right now, the situation prevents us frommaking predictions about our own operating environment.
Faced with tough business conditions but eager to realize our corporate vision, we embarked on our first medium7

term management plan—IT Evolution 2011—in April 2009. This three-year blueprint of strategies for reachingtargets describes the corporate image that will define the group by March 2012 and outlines seven medium-term
management policies that will cement the group’s position at the forefront of the IT services industry.
(Desired Group Image)
A constantly evolving IT business group that promotes the unique qualities of each company under the groupumbrella while demonstrating the composite strength that the group structure provides to maintain a sharply
competitive edge in terms of quality, reliability, technologies and pricing.
(Medium-term Management Policies)
1. Foster individuality of group companies while demonstrating the comprehensive strengths afforded by a groupstructure, and expand the scope of business activities
Together, the companies under the group umbrella will enhance corporate characteristics and capabilities,
generating synergies that exceed the simple sum of the contributing elements.
2. Pursue business activities underpinned by client trust.
We will seek to become a partner in value creation, one that contributes directly to the success of our clients’business pursuits and plays an integral role in expanding the scope of their business activities.
3. Actively restructure production platform and create new businesses
We will revamp production and system operation platforms. We will also link R&D activities with businessactivities to develop new businesses and carve out new markets.
4. Promote management efficiency as a group
We will press ahead with broad optimization of service-related processes throughout the group, promoteshared services for back-office operations, centralized administrative functions, such as purchasing, higher
operating efficiency through joint use of group assets, and integration of information systems, and curb costs.
5. Reinforce financial standing of the group
We will strengthen our fund-procurement capability and financing competitiveness with a solid assessment
from the market and achieve a financial footing that can stand firm against mega-investment and concentrated
investment efforts.
6. Promote human resources policy designed to foster corporate growth and motivate employees
We will promote measures designed to foster corporate growth and motivate employees while ensuringconsistency among group companies in the content of respective personnel systems.
7. Foster a corporate culture that permeates the whole group.
We will always consider things from a client’s perspective, and when a request or an issue requires the
response of more than one group company, we will work together to address the challenge with a “One for all.
All for one.” spirit.

(5) Other Important Management Issues
None8

4. Financial Results for the fiscal year ended March 31, 2009
(1) Consolidated Balance Sheet
As of Mar. 31, 2009

Items

millions of yen

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Lease receivables and lease investment assets
Marketable securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
OthersAllowance for doubtful accounts
Total current assets
Fixed assets
Property and equipment
Buildings and structures, net
Machinery and equipment, net
Land
Leased assets, net
Others, net
Total property and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

37,52462,862
7,274
1,501
2,799
11,579234
11,0756,203(255)
140,799

53,278
5,799
21,925
1,235
6,809
89,048
4,839
10,162
15,001
26,904
6,762
19,489(2,678)50,477
154,527
295,327

9As of Mar. 31, 2009

Items

millions of yen

Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings
Corporate bonds (redeemed within one year)
Income taxes payable
Accrued bonuses to directors and employees
Other allowances
OthersTotal current liabilities
Non-current liabilities
Corporate bonds
Long-tern debt
Lease obligations
Deferred tax liabilities
Accrued retirement benefits to employees
Accrued retirement benefits to directors
OthersTotal non-current liabilities
Total liabilities

18,626
22,919
5,100
3,390
9,830
71
22,112
82,051
11,50041,013
2,549
1,675
8,113
248
1,958
67,058149,110

Net assets
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Less treasury stock, at cost
Total shareholders’ equity
Valuation and translation adjustments
Net unrealized gains on other securities
Revaluation of land
Foreign currency translation adjustments
Total valuation and translation adjustments
Stock acquisition rights
Minority interests
Total net assets
Total liabilities and net assets

10,00086,32140,186(2,354)
134,153(1,118)(1,841)(139)(3,098)815,154
146,216
295,32710

(2) Consolidated Statement of Income
FY2009Items

millions of yen

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Amortization of negative goodwill
Rental income from real estate
OthersTotal non-operating income
Non-operating expenses
Interest expenses
Equity in losses of non-consolidated subsidiaries andaffiliates
OthersTotal non-operating expenses
Recurring profit
Extraordinary income
Gain on liquidation of subsidiaries
Reversal of allowance for doubtful accounts
OthersTotal extraordinary income
Extraordinary loss
Loss on sale of fixed assets
Loss on disposal of fixed assets
Impairment loss
Valuation loss on investments in securities
OthersTotal extraordinary loss
Income before income taxes and minority interests
Income taxes: current
Income taxes: deferred
Total income taxes
Minority interests in earnings of consolidated subsidiaries
Net income

338,302272,944
65,357
41,56923,787
66
541
958
297
326
2,189
1,130
72
1,169
2,372
23,604
20
54
88
162
421
433
896
2,228
502
4,483
19,284
4,911
3,380
8,291
1,586
9,406

11

(3) Consolidated Statements of Changes in Net Assets
FY2009Items

millions of yen

Shareholders’ equity
Common stock
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Additional paid-in capital
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Disposal of treasury stock
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Retained earnings
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Dividends from surplus
Net income
Effect of change in scope of application of the equity
methodReclassification due to revaluation of land
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Treasury stock
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Acquisition of treasury stock
Disposal of treasury stock
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Total shareholders’ equity
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Dividends from surplus
Net income
Acquisition of treasury stock
Disposal of treasury stock
Effect of change in scope of application of the equity
methodReclassification due to revaluation of land
Net changes during the fiscal year
Balance as of Mar. 31, 200912

10,00010,00010,00086,331(10)
86,321
86,321
33,082(1,219)9,406(1)(1,080)40,18640,186(2,827)(20)492(2,354)(2,354)

126,586(1,219)
9,406
(20)
482
(1)
(1,080)134,153
134,153

FY2009

Items

millions of yen

Valuation and translation adjustments
Net unrealized gains on other securities
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Revaluation of land
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Foreign currency translation adjustments
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Total valuation and translation adjustments
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Stock acquisition rights
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Minority interests
Balance as of Mar. 31, 2008
Changes during the fiscal year
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009
Total net assets
Balance as of Mar. 31, 2008
Changes during the fiscal year
Increase due to equity transfer
Dividends from surplus
Net income
Acquisition of treasury stock
Disposal of treasury stock
Effect of change in scope of application of the equity
methodReclassification due to revaluation of land
Items other than changes in shareholders’ equity, net
Net changes during the fiscal year
Balance as of Mar. 31, 2009

(1,118)(1,118)(1,118)(1,841)(1,841)(1,841)
(139)
(139)
(139)
(3,098)(3,098)(3,098)8
8
815,15415,15415,154
126,586(1,219)
9,406
(20)
482
(1)
(1,080)12,063
146,216
146,21613

(4) Consolidated Statement of Cash FlowsFY2009Items

millions of yen

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Impairment loss
Loss on disposal of fixed assets(Gain) loss on sale of investment securities
Amortization of goodwill
Increase (decrease) in accrued bonuses to directors andemployees
Increase(decrease) in allowance for doubtful accounts
Increase (decrease) in accrued retirement benefits toemployees
Interest and dividend income
Interest expenses(Increase) decrease in notes and accounts receivable(Increase) decrease in inventories
Increase (decrease) in notes and accounts payable
Others, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities

(607)
1,130
2,294
1,221
(3,070)2,369
42,054615(1,131)(7,226)34,311

Cash flows from investing activities
Payments for deposit of time deposits
Acquisitions of property and equipment
Acquisitions of intangible assets
Acquisitions of investment securities
Proceeds from sale of investment securities
Acquisitions of newly consolidated subsidiaries
Other, net
Net cash provided by (used in) investing activities(2,432)(9,974)(3,488)(1,193)
1,191(3,147)(1,034)(20,079)

Cash flows from financing activities
Increase (decrease) in short-term bank loan, net
Proceeds from long-term bank loan
Repayments of long-term bank loan
Redemption of bonds
Acquisition of treasury stock, net
Disposal of treasury stock, net
Dividends paid
Dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

(3,989)21,788(17,017)(7,050)(20)
482(1,220)(335)
484(6,877)(243)
7,110
27,99435,10414

19,284
10,996
896
433
2,228
1,149
2,642
448
636