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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 Halfof the Fiscal Year Ending February 2013
October 12, 2012
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
Date of Submission of Shihanki Hokokusho (Quarterly Report): October 15, 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 August 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 H1

7,637-40.0

694

120.5

617

94.6

535-58.5

Feb 12 H1

12,72979.0

315-54.0

317-70.1

1,292-44.8

Note: Comprehensive income

Feb 13 H1: 608 million yen (-15.6%) Feb 12 H1: 720 million yen (-%)

Net Profit per
Share (basic, yen)

Net Profit per
Share(diluted, yen)Feb 13 H1

239.63-

Feb 12 H1557.89-(2) Consolidated Financial Condition
Feb 13 H1
Feb 12Total Assets(million yen)
81,629Net Assets(million yen)
28,903Equity Ratio
(%)
32.3

82,17028,187

31.6

Reference: Shareholders’ equity

Feb 13 H1: 26,365 million yen

Feb 12: 25,972 million yen

2. Dividends
Dividend per Share (yen)SecondThird
FourthQuarter
Quarter
QuarterFirstQuarterFeb 12-0Feb 13-0Feb 13 (Expected)
Note: Changes in the dividend forecast during the period: None

FiscalYear-00-200200

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(%)

42.9

Recurring 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 forecast for Net Profit per Share has been estimated under the assumption that the number ofoutstanding shares as of the first half-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 to previous financial
statements(i) Changes in accounting principles due to the amendment of accounting standards: Yes(ii) Changes in accounting principles other than the above: None(iii) Changes in accounting estimates: Yes(iv) Revisions of previous financial statements: None
Note: The depreciation method was amended after FY13 Q1, which qualifies as “a case which cannot beclassified as either a change in accounting principles or a change in accounting estimates.”(4) Number of outstanding shares (common shares)(i) Number of outstanding shares including treasury stock
Feb 13 H1:
2,256,319
Feb 12:
2,256,319(ii) Number of shares of treasury stock
Feb 13 H1:
20,000Feb 12:20,000(iii) Average number of outstanding sharesFeb 13 H1:
2,236,319
Feb 12 H1:
2,317,116*Implementation Status of Quarterly Review Procedures
At the time of this release, the quarterly summary of financial and business results was reviewed pursuant to
the procedures for quarterly consolidated financial statements under the Financial Instruments and ExchangeAct, although technically it is not subject to the quarterly review procedures under the Act.
*Explanation on Appropriate Use of Earnings Projection
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 involverisk and uncertainties. Therefore, please note that actual earnings may differ significantly from the indicatedearnings 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
Goodwill
OthersTotal 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 H1(August 31, 2012)

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

10,076
641
2,530
4,445
49,205
1,732(3,108)65,523

10,10910,059

2,077
27
2,105

2,021
23
2,045

3,589
14
623
(96)
4,131
16,34682,170

3,514
13
567
(95)
4,000
16,106
81,629

57
170
1,768

63
540
3,390

8,793

8,604

115
22
2,974
13,90250
67
3,137
15,854

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

5,028
28,0643,395
315
67
36,871
52,725

Feb 12 Full Year
(Feb 29, 2012)
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earningsTreasury 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 Q2(August 31, 2012)

18,078
2,395
6,298
(187)
26,584

18,078
2,395
6,834
(187)
27,120

(604)
(7)
(612)
116
2,099
28,187
82,170

(690)
(63)
(754)
131
2,406
28,90381,629

Consolidated Income Statement(Million Yen)Feb 13 H1

Feb 12 H1Revenues
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
Gain on sales of equity holdings in affiliates
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
Valuation loss on investments
Office move
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, 2011
To August 31, 2011)(From Mar 1, 2012
To August 31, 2012)

12,72910,908
1,821
1,506
315

7,637
5,419
2,217
1,522
694

0
11141
45
25
224

01345
21
81

164
44
13222
317

143
15159
617

1,173
10
1,183

1132
40
49
121
1,378
47
1,331
39
1,292

0
13
14603
29573
37535

Consolidated Income Statement(Million Yen)Feb 13 Q2

Feb 12 Q2Revenues
Cost of Revenues
Gross Profit
SG&A
Operating Profit
Non-Operating Profit
Interest incomeDividend income
Amortization of negative goodwill
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
OthersTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of equity holdings in affiliates
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
Valuation loss on investments
Office move
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income Taxes
Profit before Gain on Minority Interests
Gain on Minority Interests
Net Profit6(From June 1, 2011
To August 31, 2011)(From June 1, 2012
To August 31, 2012)4,892
3,948
943
810
133

5,274
4,158
1,115
756
359

0
11221348

0
422
1138

66
976
105

73
1588
309

1,173
1
1,174

0040
4283
1,197
19
1,177(9)
1,187

0
13
14295
12282
11270

Consolidated Statements of Comprehensive Income(Million Yen)

Profit before Gain on Minority Interests
Other Comprehensive Income
Valuation gain (loss) on other securities
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 interests7

Feb 12 H1(From Mar 1, 2011
To August 31, 2011)

Feb 13 H1(From Mar 1, 2012
To August 31, 2012)

1,331

573

(492)
(62)

137
(103)

(56)

-(610)
720

34
608

756

393

(35)

214

Consolidated Statements of Comprehensive Income(Million Yen)

Profit before Gain on Minority Interests
Other Comprehensive IncomeValuation 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 interests8

Feb 12 Q2(From June 1, 2011
To August 31, 2011)

Feb 13 Q2(From June 1, 2012
To August 31, 2012)

1,177

282

(273)
(10)
(6)

215
(143)

(168)

-(459)
717

72
354

727

162

(9)

191

Consolidated Cash Flow Statement(Million Yen)Feb 13 H1

Feb 12 H1Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Share-based compensation expenses
Amortization of goodwillAmortization 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 of equity holdings in affiliates
Loss (gain) on sales/retirement of fixed assets
Valuation loss on investments
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
Decrease (increase) in accounts receivable
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

9(From Mar 1, 2011
To August 31, 2011)(From Mar 1, 2012
To August 31, 2012)

1,378
76
2051
(45)
86603
112
1555(45)45(2,550)

165

(12)
164
44(141)(1,173)
32
40
153
350

(14)
143
0428
-

2,137

57

88

25

1,958
58
93(212)
(31)
(308)
217
2,480
157(176)
(84)
2,377

334
119(103)
59
169
(83)
(243)
1,847
14(137)(88)
1,635

(Million Yen)Feb 13 H1

Feb 12 H1Cash Flows from Investing Activities:
Decrease in time deposits
Proceeds from redemption of investment securities
Proceeds from sale of securities in affiliates
Acquisition of property and equipment
Proceeds from sale of property and equipment
Acquisition of intangible assets
Fund equity investments
Payments for acquisitions of subsidiaries resulting
in the change of consolidation scopeCollection 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 repurchaseCash dividends paid
Share issuance to minority shareholders
Payments to minority shareholders for redemptionof 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

10(From Mar 1, 2011
To August 31, 2011)(From Mar 1, 2012
To August 31, 2012)

(352)
3,327
(30)
9(3)
-(0)
30(51)
0(0)
(1)

(282)

-0(15)
2,651

0
10(12)(48)
6,059(6,300)2,100(2,115)700(1,423)5,610(7,340)
(460)
(0)
-

370
2,150
(2,913)
(847)
20-

(19)

(1)
(3,219)(0)(1,240)

8

19

1,817
12,343401
9,438(2,174)(117)

11,986

9,723