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[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 First Quarterof the Fiscal Year Ending February 2013
July 13, 2012
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Kenji Iwasaki, President and Representative Statutory Executive OfficerInquiries:
Takashi Minamikawa, Executive Managing Director and Statutory Executive
Officer
Telephone: +81-3-3502-4818
www.ichigo-holdings.co.jp/english
Date of Submission of Shihanki Hokokusho (Quarterly Report): July 17, 2012 (expected)
Date of Dividend Payment: N/A
Supplemental Material to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Consolidated Financial Results (from March 1, 2012 to May 31, 2012)(1) Consolidated Financial Results (Accumulated)(% change is year-on-year)
Revenues

Operating Profit

Recurring Profit

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

Feb 13 Q1

2,362-69.9

335

84.9

307

45.5

264

150.9

Feb 12 Q1

7,837

90.9

181-63.9

211-50.4

105-94.8

Net Profit per
Share (basic, yen)

Net Profit per
Share(diluted, yen)Feb 13 Q1

118.48-

Feb 12 Q1

45.29-(2) Consolidated Financial Condition
Feb 13 Q1

Total Assets(million yen)
84,010Net Assets(million yen)
28,548Equity Ratio
(%)
31.2

Feb 12 Q482,17028,187

31.6

Reference: Shareholders’ equity

Feb 13 Q1: 26,202 million yen

Feb 12 Q4: 25,972 million yen

2. Dividends
Dividend per Share (yen)SecondThird
FourthQuarter
Quarter
QuarterFirstQuarterFeb 12-

Feb 13-

Feb 13 (Expected)

FiscalYear0-000-

200200Note 1: Changes in the dividend forecast during the period: None

3. Consolidated Forecast for the Fiscal Year Ending February 2013 (from March 1, 2012 to February
28, 2013)(% change is year-on-year)
Revenues
FY 13 Full Year

Operating Profit(million yen)(%)

17,000-10.3

Net Profit(million yen)(million yen)

1,500(%)

42.9Recurring Profit(million yen)

1,200(%)

22.5

Net Profit per Share(%)(Yen)

FY 13 Full Year
1,000-43.5
447.16Note 1: Changes in the forecast during the period: None
Note 2: The Company has no official earnings forecast for the first half of the fiscal year.
Note 3: The forecast for Net Profit per Share has been estimated under the assumption that the number ofoutstanding shares as of the First Quarter-end is unchanged through the end of the full fiscal year.

4. Other(1) Changes in significant consolidated subsidiaries (material changes in scope of consolidation):None(2) Application of accounting treatment specific to interim consolidated financial statements: None
(3) Changes in accounting principles and accounting estimates and revisions of previous financialstatements(i) Changes in accounting principles due to the amendments of accounting standards: None(ii) Changes in other accounting principles other than the above: None(iii) Changes in accounting estimates: None(iv) Revisions of previous financial statements: None
(4) Number of outstanding shares (common shares)(i) Number of outstanding shares including treasury stock
Feb 13 Q1:
2,256,319
Feb 12 Q4:
2,256,319(ii) Number of shares of treasury stock
Feb 13 Q1:
20,000Feb 12 Q4:
20,000(iii) Average number of outstanding sharesFeb 13 Q1:
2,236,319
Feb 12 Q1:
2,332,024*Implementation Status of the Quarterly Review Procedures
As of the time of release, this quarterly summary of financial and business results has undergone the review
procedures for the quarterly consolidated financial statement under the Financial Instruments and ExchangeAct, although technically it is not subject to the quarterly review procedures under the Act.
*Explanation on the Appropriate Use of the Earnings Projection
Forward-looking statements contained in this material are based on judgments obtained from information that
was available to the Company and the Group as of the announcement date. However, these statements involverisks and uncertainties. Therefore, please note that actual earnings may differ significantly from the describedearnings projection as a result of various factors.

2

Consolidated Balance Sheet
Feb 12 Full Year
(Feb 29, 2012)
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational investments in loans
Operational investments in securities
Real estate for sale
OthersLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
GoodwillOthers
Total Intangible Assets
Investments and Other Assets
Investments in securities
Long-term loans receivable
Other investments
Less: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets
Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term borrowings
Long-term borrowings (due within one year)
Long-term non-recourse loans (due within oneyear)Income taxes payable
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long Term Liabilities
Long-term borrowings
Long-term non-recourse loans
Long-term security deposits received
Negative goodwill
Other long-term liabilities
Total Long Term Liabilities
Total Liabilities

3(Million Yen)Feb 13 Q1(May 31, 2012)

9,791
1,069
2,527
4,226
49,674
1,465(2,930)65,824

9,944
683
2,533
4,281
51,838
1,543(2,953)67,871

10,10910,073

2,077
27
2,105

2,049
25
2,075

3,589
14623
(96)
4,131
16,34682,170

3,478
13593
(95)
3,990
16,13984,010

57
170
1,768

57
455
1,809

8,793

8,705

115
22
2,974
13,902

30
112
2,761
13,932

7,413
28,8993,362
360
4340,08053,982

8,923
28,6863,516
338
64
41,52955,462

Feb 12 Full Year
(Feb 29, 2012)
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury stock
Total Shareholders’ Equity
Other Comprehensive Income
Unrealized gain (loss) on other securities, net
Foreign currency translation adjustment
Total Other Comprehensive Income (loss)
Stock Acquisition Rights
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

4(Million Yen)Feb 13 Q1(May 31, 2012)

18,0782,395
6,298(187)26,584

18,0782,395
6,563(187)26,849

(604)
(7)
(612)
116
2,099
28,187
82,170(683)
37(646)
123
2,221
28,54884,010Consolidated Income Statement(Million Yen)Feb 13 Q1

Feb 12 Q1(From Mar 1, 2011
To May 31, 2011)

Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest income
Dividend income
Equity in earnings of affiliates
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Issuance cost of corporate bonds
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Reversal of allowance for doubtful accounts
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes
Profit before Gain on Minority Interests
Gain on minority interests
Net Profit

5(From Mar 1, 2012
To May 31, 2012)

7,837
6,959877695
181

2,362
1,260
1,102766
3350142
22111760922104297435146
211

70070307

6280031638181
27154
48
10500308
1629126264

Consolidated Statements of Comprehensive Income
Profit before Gain on Minority Interests
Other Comprehensive Income
Valuation gain (loss) on other securities
Deferred gain (loss) on hedges
Foreign currency translation adjustment
Share of other comprehensive income associates
accounted for using equity method
Total Other Comprehensive Income
Comprehensive Income(Breakdown)Comprehensive income for shareholders of theparent company
Comprehensive income for minority interests

6154(Million Yen)
291(218)
10(55)(77)
40

112-(151)
3(37)
253

28230(25)23Consolidated Cash Flow Statement(Million Yen)Feb 13 Q1

Feb 12 Q1(From Mar 1, 2011
To May 31, 2011)

Cash 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
Issuance cost of corporate bonds
Equity in earnings of affiliates (gain)
Loss (gain) on sales/retirement of fixed assets
Decrease (increase) in trading notes and receivable
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Evaluation loss on operational investments
in securities
Decrease (increase) in real estate for sale
Evaluation loss in real estate for sale
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in security deposits received
Other, net
Sub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash from (Used for) Operating Activities

7(From Mar 1, 2012
To May 31, 2012)181
40
1225(22)59308
56727(22)89(2,534)(1)(0)
9743(142)
31
70
350

(9)
70
0
385-

2,599

054-

71
(100)
254
(171)
(383)
538
145
(94)
(84)
505

(2,189)1859(113)
41(123)(1,394)9(71)(88)(1,544)

(Million Yen)Feb 13 Q1

Feb 12 Q1(From Mar 1, 2011
To May 31, 2011)

Cash Flows from Investing Activities:
Increase (decrease) in time deposits
Redemption of investment securities
Acquisition of property and equipment
Sale of property and equipment
Acquisition of intangible assets
Fund equity investmentsCollection of loans receivable
Other, net
Net Cash from (Used for) Investing Activities
Cash Flows from Financing Activities:
Increase (decrease) in short-term bank loans, net
Issuance of bonds
Redemption of corporate bonds
Issuance of non-recourse bonds
Redemption of non-recourse bonds
New long-term debt
Repayment of long-term debt
New non-recourse loans
Repayment of non-recourse loans
Share issuance to minority shareholders
Share repurchaseCash dividends paidCash 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

8(From Mar 1, 2012
To May 31, 2012)

(352)
(13)
9(1)
0(10)
(368)

(0)
30
(14)
(0)
(1)
0(0)
14

(24)
6,056
(6,200)2,100(2,115)300(1,024)5,610(5,533)
(143)
(0)
(0)
(973)

285
2,100(548)
(209)
20
1,647

4435(791)
12,343152
9,438(234)-

11,317

9,591