Translation
Notice:This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended December 31, 2012
(Based on Japanese GAAP)
February 13, 2013
Company name
Aoyama Zaisan Networks Co., Ltd.
Stock exchange listing Tokyo
Stock Code8929
URL http://www.azn.co.jp/
Representative
President
Inquiries
General Manager, Administration Division
Scheduled date of ordinary general meeting of shareholders
Scheduled date to file Securities Report
Scheduled date to commence dividend payments
Preparation of supplementary material on earnings

Masazumi Hasumi
Yoshikazu Mizushima
March 28, 2013
March 28, 2013
March 29, 2013
yesyes(for analysts)

Holding of earnings performance review

TEL 03-6439-5800(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended December 31, 2012 (from January 1, 2012 to December 31, 2012)(1) Consolidated operating results

Year ended December 31, 2012
Year ended December 31, 2011Percentages indicate year-on-year changes
Operating income
Ordinary income
Net income% Millions of yen% Millions of yen% Millions of yen%
(23.4)
98(47.2)
91(44.8)
92(57.8)
45.9
186
(6.7)
166
3.7
218 164.5

Net sales
Millions of yen
5,839
7,627

Diluted net income
Ordinary
Net income/equity
per share
income/total assets
Yen
Yen%
%
871.257.4
2.2
2,063.14
17.8
4.1

Net income per share
Year ended December 31, 2012
Year ended December 31, 2011

Operatingincome/net sales%1.7
2.4(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen
4,769
3,698

Millions of yen
1,941
1,224

%
26.5
33.1

Yen
11,947.42
11,584.90

Cash flows fromoperating activities
Millions of yen
227
579

Cash flows frominvesting activities
Millions of yen(1,203)122

Cash flows fromfinancing activities
Millions of yen
247
(602)

Period-end cash andcash equivalents
Millions of yen
746
1,474

As of December 31, 2012
As of December 31, 2011
(3) Consolidated cash flows

As of December 31, 2012
As of December 31, 2011
2. Cash dividends

Annual dividends
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Total cash
dividends (Total)

Total

YenYenYen

Yen

Year ended December 31, 2011
Year ended December 31, 2012

-0.00
0.00

-

650.00750.00650.00750.00Year ending December 31, 2013 (Forecast)

-

0.00

-

750.00750.003

Yen Millions of yen

68
79

Ratio ofDividend
topayout ratio dividends
net assets(Consolidated) (Consolidated)

%%

31.5
86.1

5.6
6.4

61.0

3. Forecast of consolidated financial results for the year ending December 31, 2013 (from January 1, 2013 to December 31, 2013)
Percentages indicate year-on-year changes
Net income
Net sales
Operating income
Ordinary income
Net income
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
2,850 (30.3)
10 (68.0)
10 (72.2)
10 (70.5)
94.60
June 30, 2013
Full year
6,190
6.0
140
42.1
140
52.6
130
41.2
1,229.84
4. Notes(1) Changes in significant subsidiaries during the year ended December 31, 2012(changes in specified subsidiaries resulting in the change in scope of consolidation):yes(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error
corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements after error corrections:

yes
noyes
no(3) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of December 31, 2012

105,705 shares

As of December 31, 2011

105,705 shares

As of December 31, 2011

- shares

Number of shares of treasury stock at the end of the period
As of December 31, 2012

- sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Year ended December 31, 2012

105,705 shares

4Year ended December 31, 2011

105,705 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of December 31, 2011
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade
Real estate for sale
Other inventories
Purchased receivablesOther
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures

As of December 31, 2012

1,474,995
215,206
0
11,779746,749
247,161
90,284
16,11152,527
88,341(51,929)

16,72760,669(22,829)

1,790,921

1,154,874

89,371910,038

Accumulated depreciation(42,317)(54,432)

Buildings and structures, net

47,053855,606

5,131(4,220)-Vehicles
Accumulated depreciation
Vehicles, net
Land
Other
Accumulated depreciation

910

-

1,406
61,503

1,012,806
102,569(47,456)(48,287)

14,04754,281

63,417

1,922,693

34,162
286,447
2,374

30,228
122,755
2,980

322,984

155,963

Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Other

1,382,765
3,260
134,951

1,395,623
3,260
136,906

Total investments and other assets

1,520,977

1,535,790

1,907,380

3,614,447

3,698,302

4,769,322

Other, net
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets

Total noncurrent assets
Total assets5

(Thousands of yen)
As of December 31, 2011
Liabilities
Current liabilities
Accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Current portion of bonds
Income taxes payable
Other provision
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Long-term deposits received
Provision for retirement benefits

As of December 31, 2012

63,682600,000
33,600395,000
17,79922,15967,078600,000
58,70392,5008,766
24,577354,484

297,237

1,486,724

1,148,862

92,50058,00070,216
48,061

754,851
60,53950,590Long-term lease and guarantee deposited

718,216

812,753

Total noncurrent liabilities

986,995

1,678,735

Total liabilities

2,473,719

2,827,597

Net assets
Shareholders' equity
Capital stock
Capital surplus

1,030,817
334,224

1,030,817
334,224

Retained earnings

235,059

258,446

1,600,100

1,623,487

Accumulated other comprehensive income
Valuation difference on available-for-sale securities(375,518)(360,586)

Total accumulated other comprehensive income(375,518)(360,586)-678,822

1,224,582

1,941,724

3,698,302

4,769,322

Total shareholders' equity

Minority interests
Total net assets
Total liabilities and net assets

6Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
December 31, 2011
Operating revenue
Operating revenue
Real estate sales
Total operating revenue
Operating cost
Cost For Sales
Cost of sales-real estate
Total operating cost
Operating gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends incomeInsurance premiums refunded cancellation
GainOnForfeitureOfUnclaimedDividends
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Guarantee commission
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Reversal of allowance for doubtful accounts
Reversal of provision for directors' retirement benefits
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Loss on sales of stocks of subsidiaries and affiliates
Loss on disaster
Total extraordinary losses
Income before dividends distribution from silent partnership,income taxes
Dividends distribution from silent partnership
Income before income taxes and minority interests
Income taxes-current
Refund of income taxes
Total income taxes
Income before minority interests
Minority interests in income
Net income

7

Fiscal year ended
December 31, 2012

3,010,725
4,616,845
7,627,571

3,216,389
2,623,277
5,839,666

1,914,260
4,305,658
6,219,918
1,407,652
1,221,055
186,596

2,055,453
2,546,477
4,601,931
1,237,735
1,139,205
98,529

199
6,855
2,673
1,545
11,273

224
9,382
2,914
1,898
3,351
17,771

18,536
6,452
4,319
2,505
31,814
166,055

20,9571,475
2,136
24,56991,731

6,439
21,00090,589118,029

203
1,214
1,417

4,660
1,496
23,555
6
32,927
12,79375,440347
347

208,644

92,800(12,934)
221,579
3,495
3,495
218,083
218,083(3,095)95,895
7,861(10,119)(2,257)
98,153
6,057
92,095

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)
Fiscal year ended
December 31, 2011
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

Fiscal year ended
December 31, 2012

218,083

98,153(163,148)

14,932(163,148)

14,932Comprehensive income

54,935

113,085

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

54,935-

107,027
6,057

8

Consolidated statements of changes in net assets(Thousands of yen)
Fiscal year ended
December 31, 2011

Fiscal year ended
December 31, 2012

Shareholders' equity
Capital stock
Balance at the beginning of current period

1,030,817

1,030,817

Balance at the end of current period

1,030,817

1,030,817

605,035

334,224(52,852)(217,958)-(270,811)-

334,224

334,224(200,983)

235,059

218,083
217,958(68,708)
92,095-

Capital surplus
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Transfer to retained earnings from capital surplus
Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Transfer to retained earnings from capital surplus
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Transfer to retained earnings from capital surplus
Total changes of items during the period
Balance at the end of current period

436,042

23,387

235,059

258,446

1,434,868

1,600,100(52,852)
218,083-(68,708)
92,095-

165,231

23,3871,600,100

1,623,487

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity(212,370)(375,518)(163,148)

14,932

Total changes of items during the period(163,148)

14,932(375,518)(360,586)(212,370)(375,518)(163,148)

14,932

Balance at the end of current period
Total accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period9(163,148)

14,932(375,518)(360,586)---

678,822-678,822-678,822(Thousands of yen)

Total net assets
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period

10

Fiscal year ended

Fiscal year ended

December 31, 2011

December 31, 2012

1,222,498

1,224,582(52,852)
218,083(163,148)(68,708)
92,095
693,754

2,083717,142

1,224,582

1,941,724

Consolidated statements of cash flows(Thousands of yen)
Fiscal year ended
December 31, 2011
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors' retirement
benefits
Increase (decrease) in other provisionInterest and dividends income
Interest expensesEquity in (earnings) losses of affiliates
Loss (gain) on valuation of investment securities

Fiscal year ended
December 31, 2012

221,579
31,356
163,692
13,967(6,307)

95,89550,830163,692(29,099)
-

4,201

2,529

(90,589)-

10,964(7,054)
18,536
6,452
1,496

2,417
(9,606)
20,957-

Loss (gain) on sales of short-term and long term investment
securities
Loss (gain) on sales of stocks of subsidiaries and affiliates
additional loss on an earthquake
Loss (gain) on sales of noncurrent assets
Loss on retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
The amount of increase and decrease of purchased receivables

4,660

144

32,927
12,793
17,115
6
178,417
185,625(1,214)(20,348)
35,800Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accounts payable-other
Increase (decrease) in lease and guarantee deposits received
Increase (decrease) in long-term deposits received
Other, net(8,786)(14,360)(16,780)
41,539(98,252)(88,872)(94,616)
3,396(52,585)
94,536(2,321)(42,170)

Subtotal

614,329

218,237

Interest and dividends income received
Interest expenses paid
Payments for loss on disaster
Refunded consumption taxes for prior periods
Income taxes (paid) refund

7,054(19,160)(12,793)
3,467(13,049)

9,606(21,407)
10,655
10,907

Net cash provided by (used in) operating activities

579,846

227,99811

(Thousands of yen)

Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments of investment securities and investments in capital
Proceeds from sales of investment securities and investments
in capital

Fiscal year ended

Fiscal year ended

December 31, 2011

December 31, 2012

79,730(13,213)-(752,643)
1,934(11,485)(10,000)

34,016

11,001

Proceeds from sales of stocks of subsidiaries and affiliates
Purchase of stocks of subsidiaries and affiliates
Stocks of investments in subsidiaries resulting in change inscope of consolidation
Other, net

15,000(3,260)15,000--(458,190)

10,187959

Net cash provided by (used in) investing activities

122,459(1,203,423)

Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Payments for share profits on deposits received frominvestments in silent partnership
Cash dividends paid
Cash dividends paid to minority shareholders(72,400)
100,000(8,400)(535,000)

770,000(48,045)(395,000)(33,268)(4,260)(52,941)-(67,903)(7,611)

Net cash provided by (used in) financing activities(602,009)

247,179

Net cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

100,296(728,245)

Cash and cash equivalents at beginning of period

1,374,698

1,474,995

Cash and cash equivalents at end of period

1,474,995

746,749

12