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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 Fiscal Year Ending February 2012
April 19, 2012
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Kenji Iwasaki, President and Representative Statutory Executive Officer
Inquiries:
Takashi Minamikawa, Senior Statutory Executive Officer
Telephone: +81-3-3502-4818
www.ichigo-holdings.co.jp/english
Date of Annual General Meeting of Shareholders: May 26, 2012 (expected)
Date of Submission of Yuka Shoken Hokokusho (Financial Report): May 28, 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, 2011 to February 29, 2012)(1) Consolidated Financial Results(% change is year-on-year)
Revenues

Operating Profit

Recurring Profit

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

Feb 12

Q418,952

48.5

1,050-22.3

979-39.4

1,770185.3

Feb 11

Q412,760-39.6

1,351

21.9

1,616

182.0

620-65.7

Net Profit per
Share (basic, yen)

Net Profit per
Share(diluted, yen)

Return on
Equity (%)

Return on
Assets (%)

Operating Profit
Margin (%)

Feb 12

Q4775.14-

6.9

1.1

5.5

Feb 11

Q4317.64

265.56

2.7

1.6

10.6(2) Consolidated Financial Condition

Feb 12

Q482,170

28,187

31.6Net Assets per
Share(yen)11,613.85

Feb 11Q4

98,653

27,771

25.9

10,920.79

Total Assets(million yen)

Reference: Shareholders’ equity

Net Assets(million yen)

Equity Ratio(%)

Feb 12 Q4: 25,972 million yen

Feb 11 Q4: 25,514 million yen(3) Consolidated Cash FlowFeb 12Q4

Cash Flow fromOperations(million yen)
2,127

Feb 11Q4

4,094

Cash Flow from
Investing(million yen)
2,808

Cash Flow from
Financing(million yen)
-5,480Cash and Cash
Equivalents(million yen)
9,438

2,889

-5,07812,343

2. Dividends
Dividend per Share (yen)TotalDividend(millionyen)

Payout Ratio(consolidated)

Dividend on
Equity Ratio

FirstQuarter

SecondQuarter

ThirdQuarter

FourthQuarter

FiscalYear

Feb 11-0-000

0.00.0Feb 12-0-000

0.0

0.0

Feb 13(Expected)

-0-

200

200

(%)

(consolidated)

(%)

44.7

The Company (“Ichigo”) deems generating positive returns for its shareholders one of its mostimportant priorities, and has a basic principle of carrying out shareholder distributions in line with
Ichigo’s financial performance while securing retained earnings necessary for stable growth. During
the fiscal year ending February 2012, Ichigo considered various shareholder distribution measures
based upon Ichigo’s earnings outlook and possible future growth funding needs. As a consequence,
Ichigo twice executed share buybacks with a total acquisition cost of JPY 935million and cancelled
the repurchased shares. Given these share repurchases and cancellations, Ichigo has chosen not to
pay a dividend for the fiscal year ending February 2012.
Meanwhile, Ichigo has successfully built a strong foundation of stable fee income, and SG&A andNon-Operating Expenses in the fiscal year ending February 2013 are expected to be fully covered bythis fee income. Ichigo thus expects to resume dividend payments of 200 yen per share from thefiscal year ending February 2013.
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)

FY 13 Full Year

1,000

(million yen)

1,500(%)

42.9

Recurring Profit(million yen)

1,200(%)

22.5

Net Profit per Share(%)

(Yen)

-43.5

447.16

4. Other(1) Changes in significant consolidated subsidiaries (material changes in scope of consolidation):
None(2) Changes in accounting principles, procedure and presentation(i) Change due to the amendments of accounting principles: Yes(ii) Change due to other than the above: None2(3) Number of outstanding shares (common shares)(i) Number of outstanding shares including treasury stock
Feb 12:
2,256,319
Feb 11:2,336,559(ii) Number of shares of treasury stock
Feb 12:20,000Feb 11:
240(iii) Average number of outstanding sharesFeb 12:
2,283,590
Feb 11:
1,953,238

5. Parent Financial Results (from March 1, 2011 to February 29, 2012)(1) Parent Financial Results
Revenues(million yen)(%)

Operating Profit(million yen)(%)(% change is year on year)
Recurring Profit
Net Profit(million yen)(%) (million yen)(%)

Feb 12 Q4

4,043-12.9

215-87.6

54-96.5

1,672-28.6

Feb 11 Q4

4,639-17.0

1,734-

1,543-

2,3413.5

Net Profit per Share(basic, yen)

Net Profit per Share(diluted, yen)Feb 12 Q4

732.60-Feb 11 Q4

1,198.83

1,002.26(2) Parent Financial Condition Total Assets
Total Assets(million yen)Feb 12 Q4
33,995
Feb 11 Q4
36,560
Reference: Shareholders’ equity

Net Assets
Equity Ratio
Net Assets per Share(million yen)
(%)
(yen)
23,02767.4
10,245.12
22,53561.4
9,611.18
Feb 12 Q4: 22,911million yen
Feb 11 Q4: 22,454 million yen(Note)
Explanation on the Appropriate Use of the Earnings Projection:Forward-looking statements contained in this material are based on judgments obtained frominformation that was available to the Company and the Group as of the announcement date. However,these statements involve risks and uncertainties. Therefore, please note that actual earnings may
differ significantly from the described earnings projection as a result of various factors.

3

Consolidated Balance Sheet(Million Yen)Feb 11 Full Year
(Feb 28, 2011)
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational investments in loans
Operational investments in securities
Real estate for saleOtherLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant and Equipment
Buildings and structures
Accumulated depreciation
Buildings and structures (net)Land
OtherAccumulated Depreciation
Other (net)Total Tangible Assets
Intangible Assets
Goodwill
Other
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

4Feb 12 Full Year
(Feb 29, 2012)

12,343
696
1,135
8,035
68,823780(4,600)87,215

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

3,242(1,737)1,504
1,568
354(248)
105
3,178

4,724
(1,821)
2,903
7,114
368(276)
91
10,109

1,970
39
2,009

2,077
27
2,105

5,682
14
684
(131)
6,249
11,43898,653

3,589
14623
(96)
4,131
16,34682,170(Million Yen)Feb 11 Full Year
(Feb 28, 2011)
Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term borrowings
Corporate bonds (due within one year)
Non-recourse bonds (due within one year)
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
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

5Feb 12 Full Year
(Feb 29, 2012)

47
1,293
400
1,280
2,874

57
170
1,768

25,243

8,793

99
24
4,155
35,417

115
22
2,974
13,902

6,215
25,3903,392
451
1335,46370,881

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

18,078
2,447
5,155
(36)
25,644

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

362
(492)
(130)
80
2,177
27,771
98,653

(604)
(7)
(612)
116
2,099
28,18782,170

Consolidated Income Statement(Million Yen)Feb 12

Feb 11(From Mar 1, 2010
To Feb 28, 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
Valuation gain on foreign currency
Valuation gain on derivatives
Other
Total Non-Operating Profit
Non-Operating Expenses
Interest on debt
Issuance cost of corporate bonds
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Gain
Gain on sales of investment securities
Gain on sales of equity holdings in affiliates
Other
Total Extraordinary Gain
Extraordinary Loss
Loss on sales and retirement of fixed assets
Loss on sale of investment securities
Valuation loss on investments
Loss on business liquidation
OtherTotal Extraordinary Loss
Profit before Income Taxes
Income Taxes
Profit before Gain on Minority Interests
Gain on Minority Interests
Net Profit
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 IncomeComprehensive Income(Breakdown)Comprehensive income for shareholders of theparent company
Comprehensive income for minority interests

6(From Mar 1, 2011
To Feb 29, 2012)

12,760
8,805
3,954
2,603
1,351

18,952
15,030
3,921
2,871
1,050

35
11
466
90
2
28
58
694

5
20
141
90
33
291

340
87
428
1,616

284
48
29
361
979

1,476
2,344
181
4,002

1,173
75
1,248

2,643
86
2,730
2,889
41
2,227
620
-

38
62
41
26
82
251
1,976
159
1,817
47
1,770
1,817

-

(420)
(63)

-

(56)

-

(540)
1,277

-

1,289-(11)Consolidated Cash Flow Statement(Million Yen)Feb 12

Feb 11(From Mar 1, 2010
To Feb 28, 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
Increase (decrease) in other allowancesInterest and dividend income
Interest payable and corporate bond interest
Issuance cost of corporate bonds
Foreign exchange loss (gain)
Equity in earnings of affiliates (gain)
Gain (loss) on sales of equity holdings in affiliates
Loss (gain) on sales of investment securities
Loss (gain) on sales and retirement of fixed assets
Loss (gain) on valuations of investment securities
Decrease (increase) in trading notes and receivable
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Valuation loss on operational investments
in securities
Decrease (increase) in operating investment
Decrease (increase) in real estate for sale
Valuation loss in real estate for sale
Valuation loss on investmentsDecrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
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, 2011
To Feb 29, 2012)

2,889
168
47
45(90)
(20)

1,976
166
37
107
(90)
(2)

216

(3,529)

143
(47)
340
3(466)(2,344)(1,476)27
014(471)

(135)
(26)
284
48(141)(1,173)62
38(269)
454

(250)

3,068

250

139

(5)
1,609
1,463
371
105
726
131
(263)
593
3,713
817
(355)
(81)
4,094

610
471
41(179)
(137)
1,067
(141)
(81)
(240)
2,425
171
(315)
(154)
2,127

(Million Yen)Feb 12

Feb 11(From Mar 1, 2010
To Feb 28, 2011)

Cash Flows from Investing Activities:
Increase in time deposits
Refund from time deposits
Proceeds from sale of investment securities
Proceeds from redemption of investment securities
Proceeds from sale of securities in affiliates
Proceeds from capital decrease in affiliates
Payments for acquisitions of propertyand equipment
Proceeds from sale of property and equipment
Payments for acquisitions of intangible assets
Proceeds from sale of investments
Payments for acquisitions of subsidiaries resulting
in the change of consolidation scope
Payments of loans receivableCollection 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
Proceeds from issuance of corporate bonds
Redemption on corporate bonds
Proceeds from issuance of non-recourse bonds
Redemption of non-recourse bonds
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from non-recourse loans
Repayment of non-recourse loans
Payment on share buyback
Cash dividends paid
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

8(From Mar 1, 2011
To Feb 29, 2012)

40
1,596
2,499
176

(352)
137
40
3,327
-

(72)

(63)

(20)
-

9
(7)
4(2,346)

(271)

(30)
982
62
2,889

0
(15)
2,808

(2,298)7,400(8,750)
300
(878)
4,860
(2,625)3,500(4,810)(0)(1,123)
6,059(6,500)2,100(2,455)
2,900(2,807)
11,610(14,231)(935)(0)(1,161)

(30)

(613)
(5,078)(65)(5,480)

(228)

(62)

1,676
10,728(606)
12,343(60)(2,298)12,3439,438