Summary of Consolidated Business Results for the Second Quarter of FY 2012012(January 1 to June 30,30, 2012012) (Japanese GAAP)
Date: August 6, 2012
CompanyAoyama Zaisan Networks Co., Ltd.

Registered on the TSE Mothers

Stock code8929
URL http://www.azn.co.jp/
Representative Masazumi Hasumi, President
ContactYoshikazu Mizushima, Deputy Director, Administration DivisionTEL
03-6439-5800
Planned release date of quarterly financial report: August 6, 2012
Planned date of Dividend payout: Not yet fixed
Supplemental explanatory material prepared: NoneResults briefing held: Yes （for analysts）

1. Consolidated Business Results for the first six months of FY 201
2012 (January 1 to June 30,30, 201
2012)(Note: Rounded down to million yen)
(1) Consolidated Results of operations (cumulative)(The percentages shown for Revenue, Operating Income etc. represent changes from the same period in the previousfiscal year.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％Six months ended¥ Million
June 30, 2012
4,090
31.7
31-40.035-5.333―June 30, 2011
3,105
53.9
51-75.6
38-79.8-11―
Note: Comprehensive Income Q2 2012: 31 million yen [－%]
Q2 2011: -173 million yen[－%]Net income Per share
Six months ended
June 30, 2012
June 30, 2011

¥321.03-107.51

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets¥ Million¥ Million
June 30, 2012
4,133
1,187
December 31, 2011
3,698
1,224(Reference) Shareholders' Equity
Q2 2012: 1,187 million yen

Net assets per share
Equity capital ratio％¥28.7
11,235.14
33.1
11,584.90
Full Year 2011: 1,224 million yen

2. Dividend Results
Date of issue

End of Q1¥

Dividend per Share
End of Interim
End of Q3
¥¥
0.00
―0.00

Year-end

FY ended Dec.2011―
FY ending Dec.2012―
FY ending Dec.2012―(projected)
Note: Revision of the forecast from recently announced figures: None

Annual

¥650.00¥650.00

650.00650.003. Forecast of Consolidated Financial Performance for FY Ending
Ending December 201
2012(January 1 to December 31, 2012)(Percentage figures for the full fiscal year represent the change from the previous fiscal year, while percentage
figures for the six months period represent the change from the same period of the previous year.)
Net income
Revenue
Operating income
Ordinary income
Net income
per share％％％ ¥ Million％¥ Million¥ Million¥ Million¥
Full year
8,400
10.1
300
60.8
290
74.6
280
28.4
2,648.88
Note: Revision of the forecast from recently announced figures: None4. Other(1) Changes in major subsidiaries during the period: None
(Changes in specified subsidiaries accompanying change in scope of consolidation.)
Newly Included: －Excluded: －(2) Application of specific accounting for preparing the quarterly consolidated financial statements: None
(3) Changes in accounting principles, changes in accounting estimates, and restatements
i. Changes in accounting policies due to amendment of accounting standards: Yes
ii. Changes in accounting policies due to other reasons: Noneiii. Changes in accounting estimates: None
iv. Restatements: None
(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
Q2 2012: 105,705
Full Year 2011: 105,705
ii. Treasury stock issued at end of period
Q2 2012: None
Full Year 2011: Noneiii. Average number of outstanding shares during the period
Q2 2012: 105,705
Q2 2011: 105,705*Indication regarding the status of quarterly review proceduresThis summary of quarterly consolidated financial results is not subject to a quarterly review in accordance with theFinancial Instruments and Exchange Law of Japan. At the time of disclosure of this summary of quarterly
consolidated financial results, the quarterly review procedures in accordance with the Financial Instruments andExchange Law of Japan are complete.

*Appropriate use of these results forecasts and other items
The above forecasts are based on judgments made in accordance with information available at the time thesematerials were prepared, and contain numerous uncertainties. Changing conditions and other factors may cause
actual results to differ from the results in these forecasts.

5. Quarterly Consolidated financial statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
As of December 31, 2011

As of June 30, 2012

Cash and deposits

1,474,995

978,141

Accounts receivable

215,206

279,271

AssetsCurrent assets

Real estate for sale

065,000

Bonds bought

52,52749,527

Other current assets

100,121238,185

Allowance for doubtful accounts-51,929-49,046

1,790,921

1,561,079

Buildings and structures (Book Value)

47,053660,093

Others (Book Value)

16,364

154,177

Total tangible fixed assets

63,417814,271

Total current assets
Fixed assets
Tangible fixed assets

Intangible fixed assets
Software34,162

27,459Goodwill

286,447

204,601

OthersTotal intangible fixed assets

2,374

2,316

322,984

234,377

1,382,765

1,383,602

3,260

3,260

Investments and other assets
Investment Securities
Stocks of affiliated companies
Other assets

134,951

137,256

1,520,977

1,524,120

1,907,380

2,572,769

3,698,302

4,133,848

Accounts payable

63,682

41,980

Short-term debt

600,000

600,000

Current portion of long-term loans payable

33,60058,488Current portion of bonds

395,000

250,000

Accrued corporate tax, etc.

17,799－16,628

Total Investment and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities

Allowance for bonus payable

13,299Other reserves
Other current liabilities

22,15925,598354,484

241,153

Total current liabilities

1,486,724

1,247,148

Fixed liabilities
Bonds

92,500－Long-term loans payable

58,000784,257

Long-term deposits payable

70,216

66,406（Thousands of yen）
As of December 31, 2011

As of June 30, 2012

Allowance for employee retirement benefits

48,061

52,576Long-term security deposits payable

718,216

795,849

Total fixed liabilities

986,995

1,699,089

2,473,719

2,946,238

Common stock

1,030,817

1,030,817

Capital surplus

334,224

334,224

Retained earnings

235,059

200,284

1,600,100

1,565,326- 375,518-377,715

Total liabilities
Net Assets
Shareholders’ equity

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets- 375,518-377,715

1,224,582

1,187,610

3,698,302

4,133,848

(2) Quarterly Consolidated income statements (2nd Quarter YTD)
（Thousands of yen）
Previous 2nd quarter ended
June 30, 2011

Current 2nd quarter ended
June 30, 2012

Consulting Revenue

1,608,440

1,499,368

Sales of real estate
Revenue

1,497,125
3,105,565

2,591,423
4,090,792

Revenue

Operating cost
Operating cost
Cost of sales of real estate
Operating cost
Gross operating profit
SG&A
Operating income*1928,354

1,015,163

1,431,217

2,461,626

2,359,571

3,476,789

745,993

614,003

694,024*1

582,799

51,96931,20390

119

5,125－

8,702

Insurance premium refunded cancellation
Other non-operating income

1,488

3,553

Non-operating income

6,704

15,289Interest paid

10,153

7,524

Investment loss on equity method

6,452

－

Other non-operating expenses

4,0642,990

Non-operating expenses

20,66910,51438,00435,978－

1,214

Gain on sale of investment securities－203

Extraordinary profit

－

1,417

6－

Non-operating income
Interest received
Dividends received

2,914

Non-operating expenses

Ordinary income
Extraordinary profit
Gain on sales of fixed assets

Extraordinary loss
Loss on retirement of fixed assets
Loss on sales of investment securities

4,660

Loss on sales of stocks of affiliates

32,927347－

Loss on disaster

10,880－Loss on valuation of investment securities
Extraordinary loss

1,496
49,971

347

Income (loss) before dividends distribution fromanonymous association, income taxes-11,966

37,047

Dividends distribution from anonymous association-2,105-159

Current net income (loss) before taxes-9,861

37,206

Income taxes-current

1,502

3,272

Current income taxes

1,502

3,272

Income (loss) before minority interests-11,364

33,934

Net income (loss)-11,364

33,934－

(Consolidated statements of comprehensive income)(2nd Quarter YTD)
（Thousands of yen）
Previous 2nd quarter ended
June 30, 2011-11,364

Current 2nd quarter ended
June 30, 2012
33,934

Net unrealized gains on securities-162,384-2,197

Total other comprehensive income-162,384-2,197-173,748

31,737-173,748

31,737－－

Income (loss) before minority interests
Other comprehensive income

Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 2nd quarter
ended March 31, 2011

Current 2nd quarter
ending March 31, 2012

Income before income taxes and minority interests-9,861

37,206

Depreciation

16,194

16,251

Amortization of goodwill

81,846

81,84632,100-2,88250,727

13,299

1,605

4,514

5,940

－

Cash flow from operating activities

Change in provisions for doubtful accounts (negative indicatesdecrease)
Increase in reserve for bonuses (negative indicates decrease)
Increase in reserve for retirement benefits (negative indicatesdecrease)
Increase in reserve for directors' retirement benefits (negativeindicates decrease)
Increase (decrease) in other reserves (negative indicates decrease)

6,458

3,439

Income from interest and dividends-5,215-8,822

Interest paid

10,153Equity in losses of affiliates (negative indicates earnings)
Loss on revaluation of investments in securities (negativeindicates earnings)

6,452

7,524
－

1,496

－

4,660

144

－

-1,214

Loss on sales of stocks of affiliates (negative indicates earnings)

32,927－

Loss on disaster

10,880－

6－

57,255-59,022－-65,000-8,082-142,146

126,766

3,000

13,570-21,701

33,46977,632-66,317-1,550

Others-181,009-148,044

Subtotal

222,024-205,526

5,215

8,822

Interest paid

-10,409

Payments for loss on disaster-10,880-8,459－

Prior consumption tax refund

3,467

10,655

Loss on sales of investment securities(negative indicates earnings)
Gain on sales of property, plant and equipment(negative indicates earnings)

Loss on retirement of fixed assets
Decrease (increase) in notes and accounts receivable - trade(negative indicates increase)
Increase in real estate for sale (negative indicates increase)
Increase in advances paid (negative indicates increase)
Increase (decrease) in bonds bought(negative indicates increase)
Increase in accounts payable (negative indicates decrease)Increase (decrease) in lease and guarantee deposits received(negative indicates decrease)
Decrease in long-term deposits received(negative indicates decrease)

Interest and dividends received

Income tax (paid) refund （negative indicates payment）
Cash flow from operating activities-9,934

5,712

199,482-188,796

（Thousand of yen）
Previous 2nd quarter
ended March 31, 2011

Cash flow from investing activities
Payment for purchase of intangible fixed assets
Payment for purchase of tangible fixed assets
Proceeds from purchase of tangible fixed assets
Payment for purchase of investment securities

Current 2nd quarter
ending March 31, 2012

-1,422－-749,601

－

1,934

－

-10,000-367

Proceeds from purchase of investment securities

31,016

Proceeds from sales of stocks of affiliates

15,000

5,251－

Payment for purchase of stocks of affiliates-3,260－

Others7,176

609

Cash flow from investing activities

48,509-752,173-72,400－

Proceeds from long-term debt－

770,000

Repayment of long-term debt－-18,854

Payment for redemption of corporate bonds-297,500-237,500

Payments for distribution of investment in anonymous-14,132-2,100Cash flow from financing activities
Increase (decrease) in short-term loans payable(negative indicates decrease)association
Dividends paid

-52,549-67,429

Cash flow from financing activities-436,582

444,116-188,590-496,853

Decrease in cash and cash equivalents (negative indicatesdecrease)
Cash and cash equivalents at beginning of term
Cash and cash equivalents at end of term

1,374,698*1

1,186,108

1,474,995*1

978,141