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 Three Months Ended March 31, 2013
(Based on Japanese GAAP)May 14, 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 to file Quarterly Securities ReportScheduled date to commence dividend payments
Preparation of supplementary material on quarterly earnings
Holding of quarterly earnings performance review

Masazumi Hasumi
Yoshikazu Mizushima
May 14, 2013
nono-TEL

03-6439-5800(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended March 31, 2013 (from January 1, 2013 to March 31, 2013)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Net sales

Operating income

Millions of yen710
1,514

Three months ended March 31, 2013Three months ended March 31, 2012

% Millions of yen(53.1)
(115)
0.3
(70)

Net income per share

Ordinary income% Millions of yen
(126)
(70)

% Millions of yen
(135)
(71)

%-Diluted net income per share

Yen(1,277.87)(675.42)

Three months ended March 31, 2013
Three months ended March 31, 2012

Net incomeYen-(2) Consolidated financial position
Total assets

Net assets

Millions of yen
5,051
4,769

As of March 31, 2013
As of December 31, 2012

Equity ratio

Millions of yen
1,942
1,941

Net assets per share
%23.3
26.5

Yen
11,154.43
11,947.42

2. Cash dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen-

Yen
0.00

Yen-

Yen
750.00Yen
750.000.00-750.00

750.00Year ended December 31, 2012
Year ending December 31, 2013
Year ending December 31, 2013 (Forecast)Total

3. Forecast for the year ending December 31, 2013 (from January 1, 2013 to December 31, 2013)

Net sales
Millions of yen
Six months ending
June 30, 2013
Full year

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%Yen

2,850(30.3)

10(68.0)10(72.2)

10(70.5)

94.60

6,190

6.0

140

42.1

140

52.6

130

41.2

1,229.84

1

4. Notes(1) Changes in significant subsidiaries during the three months ended March 31, 2013(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting for preparing quarterly consolidated financial statements:

nono(3) 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:no
Changes in accounting policies due to other reasons:noChanges in accounting estimates:
noRestatement of prior period financial statements after error corrections:no(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2013

105,705 shares As of December 31, 2012

105,705 shares

Number of shares of treasury stock at the end of the period
As of March 31, 2013

- shares As of December 31, 2012

- sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2013

105,705 shares Three months ended March 31, 2012

2105,705 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of December 31, 2012

As of March 31, 2013

AssetsCurrent assets
Cash and deposits
Accounts receivable-trade
Real estate for sale
Other inventories
OtherAllowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets

746,749
247,161
90,284
16,111
77,396(22,829)

1,062,175
226,446
16,40010,796
68,140(14,876)

1,154,874

1,369,082

855,606
1,012,806
54,281

847,633
1,012,806
50,207

1,922,693

1,910,647

30,228
122,755
2,980

27,043
81,832
2,932

155,963

111,808

1,395,623
3,260
136,906

1,522,981
137,248

Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Other
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Current portion of bonds
Income taxes payable
Provision for bonuses
Other provision
Other
Total current liabilities

1,535,790

1,660,229

3,614,447

3,682,685

4,769,322

5,051,767

67,078600,000
58,70392,5008,766
24,577297,237

28,407600,000
98,811
72,500773
36,433
13,406
235,103

1,148,8621,085,436

754,851
60,53950,590812,753

240,000
900,10738,71547,984
797,105

Noncurrent liabilities
Bonds payable
Long-term loans payable
Long-term deposits received
Provision for retirement benefits
Long-term lease and guarantee deposited
Total noncurrent liabilities
Total liabilities

3

1,678,735

2,023,914

2,827,597

3,109,350

(Thousands of yen)
As of December 31, 2012

As of March 31, 2013

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity

1,030,817
334,224
258,4461,030,817
334,224
35,855

1,623,487

1,400,896

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment(360,586)-(220,939)(877)

Total accumulated other comprehensive income(360,586)(221,817)

Minority interests

678,822763,338

Total net assets

1,941,724

1,942,417

4,769,322

5,051,767

Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended
March 31, 2012

Three months ended
March 31, 2013

Operating revenue
Operating revenue
Real estate sales

696,649
817,411614,446
96,020Total operating revenue

1,514,060

710,467

Operating cost
Cost for sales
Cost of sales-real estate

525,064
783,693464,636
104,270

Total operating cost

1,308,758

568,907

Operating gross profit

205,302141,560

Selling, general and administrative expenses

275,725

256,730

Operating loss

(70,422)(115,169)

119
502
212
2,914
2,072

86904
685
339

5,821

2,0153,889
1,889

5,833
6,287873

Non-operating income
Interest income
Dividends income
Foreign exchange gains
Insurance premiums refunded cancellation
Other
Total non-operating income
Non-operating expenses
Interest expenses
Bond issuance cost
Other
Total non-operating expenses

5,779

12,994(70,380)(126,149)

Gain on sales of investment securities

203-

Total extraordinary income

203

-347
-

3,199

347

3,199

(70,525)(129,349)

Ordinary loss
Extraordinary income

Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Total extraordinary losses
Loss before dividends distribution from silent partnership, incometaxes
Dividends distribution from silent partnership

(741)

(661)

Loss before income taxes and minority interests(69,784)(128,688)

Income taxes-current

1,610

314

Total income taxes

1,610

314

Loss before minority interests(71,394)(129,002)

Minority interests in income-6,074(71,394)(135,076)

Net loss

5Consolidated statements of comprehensive income (cumulative)(Thousands of yen)Three months ended
March 31, 2012

Three months ended
March 31, 2013

Loss before minority interests(71,394)(129,002)

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment(14,561)-

139,646(877)(14,561)

138,768(85,956)

9,766(85,956)
-

3,691
6,074

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests6