Creating peace of mind through honest and committed management.

[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

Summary of Financial and Business Results for the Third Quarterof the Fiscal Year Ending February 2014
January 10, 2014
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Kenji Iwasaki, President and Representative Statutory Executive Officer
Inquiries:Takashi Minamikawa, Executive Managing Director and Statutory Executive Officer
Telephone: +81-3-3502-4818 www.ichigo-holdings.co.jp/english
Filing of the Shihanki Hokokusho (Quarterly Report): January 14, 2014
Dividend Payment: N/A
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Consolidated Financial Results (March 1, 2013 – November 30, 2013)(1) Consolidated Financial Results (Cumulative)
Revenues(% change is year-on-year)

Operating Profit

Recurring Profit

Net Profit(million yen)(%)(million yen)(%)(million yen)(%)(million yen)(%)

Feb 14 Q3

28,685

147.6

3,199

172.6

3,051

184.1

3,695291.3

Feb 13 Q3

11,585-29.1

1,173

103.1

1,074

100.7

944-35.5

Comprehensive income: Feb 14 Q3: 3,596 million yen (+147.2%) Feb 13 Q3: 1,454 million yen (+110.5%)

Feb 14 Q3

8.22

Net Profit per
Share(diluted, yen)
8.10

Feb 13 Q3

2.11-Net Profit per
Share (basic, yen)

Note: On September 1, 2013, Ichigo split each of its shares into 200 shares. For ease of comparison, thenet profit per share figures for both 2013 and 2014 reflect the stock split.

(2) Consolidated Financial Condition

Feb 14 Q3

96,65034,32033.2

Net Assets perShare(yen)71.21

Feb 13 FY

80,42831,066

35.4

63.52

Total Assets(million yen)

Net Assets(million yen)

Equity Ratio(%)

Shareholders’ equity: Feb 14 Q3: 32,105 million yen Feb 13 FY: 28,457 million yen
Note: On September 1, 2013, Ichigo split each of its shares into 200 shares. For ease of comparison, thenet assets per share figures for both 2013 and 2014 reflect the stock split.2. Dividends
FirstQuarter

Dividend per Share (yen)SecondThird
FourthQuarter
Quarter
Quarter

Feb 13-0-

Feb 14-0-

Feb 14(Expected)

FiscalYear

200.00200.001.10

1.10Note 1: Changes since the previously announced forecast: None
Note 2: On September 1, 2013, Ichigo split each of its shares into 200 shares. The actual dividend for Feb 13
does not reflect the share price before the split while the forecast for Feb 14 reflects the split.

3. Consolidated Forecast for the Full Fiscal Year (March 1, 2013 – February 28, 2014)(% change is year-on-year)
Revenues
Feb 14 FY

Operating Profit(million yen)(%)

35,000113.4(million yen)

3,900

Net Profit(million yen)Feb 14 FY

4,000(%)

Recurring Profit(million yen)

111.5

3,500(%)

101.8

Net Profit per Share
(%)

(Yen)

144.3

8.69

Note 1: Changes since the previously released forecast: None
Note 2: Net profit per share for FY14 is based on the average number of shares outstanding for FY14
reflecting the new shares issued through the public offering as announced in the release “Issue Pricefor New Share Issuance and Over-Allotment” on November 27, 2013 and the third-party allotment asannounced in the release “Determination of Number of New Shares Issued through Underwriter
Third-Party Allotment” on December 27, 2013.
Note 3: On September 1, 2013, Ichigo split each of its shares into 200 shares. The forecast net profit per
share for FY14 reflects the stock split.

4. Other(1) Changes in significant consolidated subsidiaries (material changes in scope ofconsolidation): Yes – one new subsidiary: GK Minami Ikebukuro Jisho Tokumei Kumiai(2) Application of accounting treatment specific to interim consolidated financial statements:
None(3) Changes in accounting standards/principles, changes in accounting estimates, and revisions
to previous financial statements: None
(4) Number of common shares outstanding(i) Number of outstanding shares including treasury sharesFeb 14 Q3:
453,414,000
Feb 13:451,986,800(ii) Number of treasury sharesFeb 14 Q3:
2,568,400
Feb 13:4,000,000(iii) Average number of outstanding shares excluding treasury sharesFeb 14 Q3:
449,568,023
Feb 13 Q3:
447,263,800
Note: On September 1, 2013, Ichigo split each of its shares into 200 shares. For ease of comparison, theabove share amounts for both 2013 and 2014 reflect the stock split.

2

Explanation: Appropriate Use of These Earnings Projections
Forward-looking statements contained in these materials are based on judgments regarding
information that was available to the Company and the Group as of the announcement date.
However, these statements involve risk and uncertainties. Therefore, please note that actual earnings
may differ significantly from the indicated earnings projection as a result of various factors.

3

Consolidated Balance SheetFeb 13 Full Year
(Feb 28, 2013)
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational investments in loans
Operational investments in securities
Real estate for sale
Deferred tax assets
OthersLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant and Equipment
Land
Others (net)Total Tangible Assets
Intangible Assets
Goodwill
Leasehold rights
OthersTotal Intangible Assets
Investments and Other Assets
Investments in securities
Long-term loans receivable
OthersLess: allowance for doubtful accounts
Total Investments and Other AssetsTotal Fixed Assets
Total Assets

4(Million Yen)Feb 14 Q3(Nov 30, 2013)

9,713
548
3,636
4,271
46,176369
2,042(3,177)
63,581

9,813
722
1,100
3,853
51,666373
2,651(969)69,2107,082
2,965
10,047

12,6707,085
19,756

2,203
20
2,223

2,256
391
18
2,666

4,117
13545
(101)
4,575
16,84680,428

4,313
13791
(100)
5,017
27,43996,650Feb 13 Full Year
(Feb 28, 2013)
Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term borrowings
Long-term borrowings (due within one year)
Long-term non-recourse loans (due withinone year)
Income taxes payable
Deferred tax liabilities
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long Term Liabilities
Long-term borrowings
Long-term non-recourse loans
Deferred tax liabilities
Long-term security deposits received
Negative goodwill
Other long-term liabilities
Total Long Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Cumulative Other Comprehensive
IncomeUnrealized gain on other securities, net
Foreign currency translation adjustment
Total Cumulative Other Comprehensive
IncomeStock Acquisition Rights
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

5(Million Yen)Feb 14 Q3(Nov 30, 2013)

64
484
966

153
1,946
2,809

2,263

987

65
15
25
3,419
7,304

77
24
171
2,565
8,736

5,456
32,776
277
3,230
270
46
42,05649,361

22,464
24,639
1,387
4,853
203
44
53,59362,32918,113
2,429
7,923
(187)
28,27918,182
2,533
11,112(120)
31,709

160
16

411
(15)

177

395

143
2,46631,066
80,428128
2,087
34,32096,650Consolidated Income Statement(Million Yen)Feb 14 Q3

Feb 13 Q3(From Mar 1, 2012
To Nov 30, 2012)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest income
Dividend income
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Stock issuance cost
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of investment securities
Receipt of share trading proceeds
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
Loss on valuation of investment securities
Valuation loss on investments
Office move expenses
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit before Gain on Minority Interests
Gain (Loss)on Minority Interests
Net Profit6(From Mar 1, 2013
To Nov 30, 2013)

11,585
8,108
3,476
2,302
1,173

28,68522,888
5,796
2,596
3,199

2
22
67
25
118

3110
67
20
201

198
20
218
1,074

232
81
35
349
3,051

72
982

204
434
40
680

0
62
13
986
1,070
484531,017
72944072432
3,69956(7)493,650(45)3,695Consolidated Income Statement(Million Yen)Feb 14 Q3

Feb 13 Q3(From Sep 1, 2012
To Nov 30, 2012)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest income
Dividend income
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Stock issuance cost
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of investment securities
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
Loss on valuation of investment securities
Loss on valuation of investments in capital
Office move expenses
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit before Gain on Minority Interests
Gain (Loss) on Minority Interests
Net Profit

7(From Sep 1, 2013
To Nov 30, 2013)

3,948
2,689
1,258
780
478

8,098
6,243
1,855
899
956

2
922
3
37

198
22
9132

54
459
457

96
81
17195
893

72
881

7
70
62
972
467
19423443
34408

72432
868
10(6)
3865(74)939

Consolidated Statements of Comprehensive Income(Million Yen)Feb 14 Q3

Feb 13 Q3(From Mar 1, 2012
To Nov 30, 2012)

Profit before Gain on Minority Interests
Other Comprehensive Income
Unrealized gain on other securities, net
Foreign currency translation adjustment
Total Other Comprehensive Income
Comprehensive Income(Breakdown)Comprehensive income for shareholders of theparent company
Comprehensive income for minority interests

8(From Mar 1, 2013
To Nov 30, 2013)

1,017

3,650

486(48)437
1,45470(124)(54)
3,596

1,198

3,874

256(278)

Consolidated Statements of Comprehensive Income(Million Yen)Feb 14 Q3

Feb 13 Q3(From Sep 1, 2012
To Nov 30, 2012)

Profit before Gain on Minority Interests
Other Comprehensive Income
Unrealized gain on other securities, net
Foreign currency translation adjustment
Total Other Comprehensive Income
Comprehensive Income(Breakdown)Comprehensive income for shareholders of theparent company
Comprehensive income for minority interests

9(From Sep 1, 2013
To Nov 30, 2013)

443865

348
54403
846

178
0179
1,045804

1,14641(101)Consolidated Cash Flow Statement(Million Yen)Feb 14 Q3

Feb 13 Q3Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Share-based compensation expenses
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest on debt
Loss (gain) on sales of investment securities
Loss (gain) on sales/retirement of fixed assets
Loss on valuation of investment securities
Decrease (increase) in trading notes and receivables
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Loss on valuation of investment securities
Decrease (increase) in real estate for sale
Loss on valuation of real estate for sale
Decrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in security deposits received
OthersSub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash from (Used for) Operating Activities

10(From Mar 1, 2012
To Nov 30, 2012)(From Mar 1, 2013
To Nov 30, 2013)

1,070
170
30
83(67)
126

3,699
212
50
104(67)145

215

39(25)
198
(72)
(8)
62
396
-

(113)
232
(204)
(7)
(173)
218

804

1,214

25
707
119
(225)
(11)
199
(136)
(404)
3,256
25
(186)
(105)
2,990

14(3,303)
(189)
(163)
(124)
1,123
695
3,404
113
(233)
(62)
3,221

(Million Yen)Feb 14 Q3

Feb 13 Q3Cash Flows from Investing Activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales of investment securities
Proceeds from redemption of investment securities
Acquisition of property and equipment
Proceeds from sale of property and equipment
Acquisition of intangible assets
Payments for investments in capital
Proceeds from sales of investments in capital
Payments for acquisitions of subsidiaries resulting
in the change of consolidation scopeCollection of loans receivable
OthersNet Cash from (Used for) Investing Activities
Cash Flows from Financing Activities:
Increase (decrease) in short-term bank loans, net
Proceeds from long-term loans
Repayment of long-term loans
Proceeds from non-recourse loans
Repayment of non-recourse loans
Proceeds from exercise of stock options
Cash dividends paid
Share issuance to minority shareholders
Repayments to minority shareholders forredemption of common stock
Cash dividends paid to minority shareholders
Net Cash from (Used for) Financing Activities
Effect of Exchange Rate Changes
on Cash and Cash Equivalents
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents Excluded fromConsolidation
Cash and Cash Equivalents at End of Period

11(From Mar 1, 2012
To Nov 30, 2012)(From Mar 1, 2013
To Nov 30, 2013)

(0)
151
76
30
(66)
16(0)
(1)
-(0)
282
2(5,949)
72(333)(3)
5(218)(1,389)

0
39
26

0(10)
(7,323)819
5,440(7,227)4,500(5,581)20

1,461
21,583(4,170)4,950(17,853)
174
(445)
-(19)

-(0)
(2,048)

5,699

13

34

981
9,438

1,632
9,512

(122)

(1,741)

10,297

9,403