First Half Business Summary for Fiscal Year 2015 (25th period)
January 1 to June 30, 2015

Aoyama Zaisan Networks Provides
the Most Comprehensive Asset Management Solutions
We at Aoyama Zaisan Networks Co., Ltd. have set the management objective of “contributingto the happiness of our customers through the management, administration, and succession ofproperty” and, in accordance with the objective, we are offering one-stop and comprehensive
property consulting primarily to individuals and business owners from the three perspectives ofproperty succession, business succession, and property management.
Note also that on May 1, 2015, the shares of Aoyama Zaisan Networks were changed from theMothers section of the Tokyo Stock Exchange to the Second Section of that exchange. This isentirely due to the support of our many stakeholders, in particular all of our shareholders andour customers, and we are extremely grateful.
Now, in 2015, the inheritance tax has been raised, and the roadside land prices announced inJuly rose primarily in the major urban areas, but in regions where the population is continuing
to decline, the situation is that the fall in land prices is not stopping. The yen is also continuing
to depreciate. As a result, many people feel more concerns about inheritance, concerns that theirland might cease to be “an asset”, concerns that the value of their yen assets might erode, etc.
and so interest in inheritance strategies and protection of property has become higher than everbefore. We believe that we can achieve smooth property and business succession and accurate
property management by offering comprehensive property consulting consisting of “accurateanalyses of the present state,” “a clear direction,” “specific planning and reliable execution” and“review on a regular basis” and everyone at our company is working together to provide a highquality property consulting service.

President

Masazumi Hasumi

Business Results for the First Half of Fiscal Year 2015
Highlights of Consolidated Business Results (unit: million yen, rounded down to the nearest million)

Revenue

Ordinary income

12,000500

470

Revenue by Segments (unit: million yen, rounded down to the nearest million)

Net income
500

100%
90%

9,850

10,000

400

400

300

300

400

4863622

640

2,541

3,4031,000

1,156First half of
Fiscal Year 2014
(24th period)First half of
Fiscal Year 2015
(25th period)

80%
70%

8,000

6,000

60%
50%

5,263
4,212200

181

201

200

166

4,000119100100

2,000

40%
30%
20%
10%00
First half ofFirst half of
Forecast for
Fiscal Year 2014 Fiscal Year 2015 Fiscal Year 2015
(24th period)(25th period)(25th period)

0%0First half ofFirst half of
Forecast for
Fiscal Year 2014 Fiscal Year 2015 Fiscal Year 2015
(24th period)(25th period)(25th period)First half ofFirst half of
Forecast for
Fiscal Year 2014 Fiscal Year 2015 Fiscal Year 2015
(24th period)(25th period)(25th period)

The above forecasts are based on the information available as of the preparation of this document, involving some uncertainty. Actual business results
might prove different from these forecasts, depending on the changes in business conditions.

Other revenue
Revenue from sublease
Revenue from real estate transactions
Revenue from asset consulting

01-02

Operating Report
Regarding the Japanese economy in the first half of the fiscal year underreview, a correction to the appreciation of the yen and rising stock prices
have been seen and expectations of an economic recovery have been risingagainst the background of the simultaneous implementation of boldmonetary policies, flexible fiscal policies, and a growth strategy tostimulate private sector investment. Looking at the real estate industry,
which has a big impact on Aoyama Zaisan Networks Group, in the officebuilding rental market within the 5 central wards of Tokyo, theimprovement in the occupancy rate and trend toward higher average rents
continued, and in the income property market, purchase demand has beenrising.
Aoyama Zaisan Networks Group strongly believes that in order for people
to be happy, it is necessary for them to enhance their financial, physical,
and emotional well-being and achieve a balance among these threeelements. In order to support the “financial” element, or in other words,
the economic foundation part of people’s lives, and to contribute to making
many people happy, the Group has been engaged in the consulting on thesuccession, management and administration of personal properties,business succession consulting for companies, and real estate solutions forthe effective utilization, purchase, sale, etc. of real estate, which accounts
for two-thirds of the property of citizens. In a turbulent economicenvironment, in order to survive in an “era in which no promises can bemade about the future” it is essential to forecast the future economic
environment, ascertain the current state of the property, sort out theproblem areas, and formulate and execute robust administration plans formanagement and succession of the property or optimal business succession
plans.
Based on the Aoyama Zaisan Networks Group management principle of“We will remain your best partner over 100 years,” everyone in our group
works together so that we can master specialized knowledge, develop ourhuman capabilities, master the ability to act so that we can meet theexpectations of our customers at all times, and become a group thatsatisfies its customers as an independent and comprehensive property
consulting company.
In the first half of the fiscal year under review, operating revenue was 5,263
million yen (a 25.0% increase compared to the same quarter in theprevious year), operating income was 188 million yen (a 30.9% increase
compared to the same quarter in the previous year), ordinary income was
201 million yen (a 11.2% increase compared to the same quarter in theprevious year), and net income was 166 million yen (a 38.8% increase
compared to the same quarter in the previous year).

Consolidated Financial Data in the Second Quarter
Million yen, rounded down to the nearest million

Consolidated Balance Sheet
Term
Item
AssetsCurrent assets

Fiscal Year 2014

First half of Fiscal Year 2015

Dec. 31, 2014

Jun. 30, 2015

4,180

3,714

Cash and deposits

3,069

3,201

Accounts receivable

200200Real estate held for sale772

208

Other inventories

1112Others

158

118

Allowance for doubtful accounts

(32)

(27)

1,750

1,881

Fixed assets
Tangible fixed assets

7783

Intangible fixed assets

355

330

1,317

1,467

5,930

5,595

Investments and other assets
Total assets

Term
Item
Liabilities
Current liabilities
Fix liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Valuation difference on available-for-sale securities
Unrealized gain on securities
Foreign currency translation adjustment
Subscription rights to shares
Total net assets
Total liabilities and net assets

Fiscal Year 2014

First half of Fiscal Year 2015

Dec. 31, 2014

Jun. 30, 2015

1,804
1,679
3,483

1,096
1,865
2,962

2,326
1,030
736
559
99
103
(3)
20
2,447
5,930

2,383
1,035
742
605
226
228
(1)
22
2,632
5,595
03-04

Consolidated Financial Data in the Second Quarter
Million yen, rounded down to the nearest million

Consolidated Income Statements
Term
Item
Revenue
Operating cost
Gross operating income
SG & A
Operating income
Non-operating revenue
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Net income before income taxes and minority interests
before loss distribution to anonymous association
Loss distribution to anonymous association
Net income before income taxes
and minority interests
Total income taxes
Income before minority interests
Net income

Consolidated Cash Flows
Term

First half of Fiscal Year 2014 First half of Fiscal Year 2015
from Jan. 1, 2014
to Jun. 30, 2014

from Jan. 1, 2015
to Jun. 30, 2015

4,212
3,397
815
670
144
61
24
181
10
1

5,263
4,327
936
748
188
33
20
201
0−

191

201

28−

16242119
119First half of Fiscal Year 2014 First half of Fiscal Year 2015
from Jan. 1, 2014
to Jun. 30, 2014

from Jan. 1, 2015
to Jun. 30, 2015

Cash flow from operating activities

195642

Cash flow from investing activities

85(19)Cash flow from financing activities

58(504)

Change in cash and cash equivalents

338

118

Cash and cash equivalents at start of year

2,577

3,069

201

Increase in cash and cash equivalents resulting
from change of scope of consolidation−1335166
166

Cash and cash equivalents at end of the year

2,915

3,201

Item

TOPICSTOPIC

1

Change of market to the Second Section of the Tokyo Stock Exchange
Based on the fact that a listed company for which ten years has passed since the first listing on the Mothers section of the Tokyo StockExchange can choose its listing market (the choice of listing market based on the Securities Listing Regulations, Rule 316), Aoyama
Zaisan Networks changed its listing market to the Second Section of the Tokyo Stock Exchange as of May 1, 2015.
TO

PIC

2

Acquisition of a permit based on the Real Estate Specified Joint Enterprise ActAoyama Zaisan Networks acquired a permit for the “acts carried out in the course of business listed in the Real Estate Specified JointEnterprise Act, Article 2, Paragraph 4, Item 1, Item 2, Item 3 and Item 4” from the Commissioner of the Financial Services Agency andthe Minister of Land, Infrastructure, Transport and Tourism on June 23, 2015. Due to this, the Group intends to utilize the new schemesof a real estate specified joint enterprise to work on a real estate regeneration business, including rebuilding and refurbishing decrepit
real estate and structures with poor earthquake protection, and to develop a business that will contribute to the creation of regions
together with ADVANTAGE CLUB.

05-06

TOPIC3“ADVANTAGE CLUB” Formation
In the first half of fiscal year, Aoyama Zaisan Networks
opened three new locations of the real estate jointownership scheme called ADVANTAGE CLUB, which wehave been operating as part of our property consulting
business in order to meet the asset management needs ofour customers.
February 2015: ADVANTAGE CLUB Minato-ku Mita
March 2015: ADVANTAGE CLUB Kanda Chuo-doriJune 2015: ADVANTAGE CLUB Minami Aoyama

Minato-ku Mita

TOPICKanda Chuo-dori

Minami Aoyama

4Shareholder Special Benefit Plan
Aoyama Zaisan Networks has established aShareholder Special Benefit Plan for thepurposes of expressing our gratitude to all of
our shareholders for their daily support, and toencourage an increase in the number ofshareholders that hold shares of Aoyama
Zaisan Networks in the medium to long termby increasing the attractiveness of investing inthe shares of Aoyama Zaisan Networks.
In the current fiscal year, just like last year, wewill give all of our shareholders benefits thatthey will appreciate.

Select 1 from 10 products worth 3,000 yen
Shareholders whohold 1,000 sharesor moreShareholders who
hold 10,000 sharesor more continuously
for over 1 year

A meal certificate from UKAI CO., LTD. (20,000 yen)or Ukai special select beef (worth 20,000 yen)

07-08

Stock Information / Corporate Data
Stock Overview(as of June 30, 2015)

Number of shares in issue

11,732,100

Number of shareholders

Total
5,001

Incorporated
Capital stockBusiness line
Number of employees(Group)Consolidated
subsidiaries(as of June 30, 2015)

Aoyama Zaisan Networks Company, Limited
3F Aoyama Tower Place, 8-4-14 Akasaka, Minato-ku, Tokyo 107-0052
Tel. +81-6439-5800
September 17, 1991
1,035.92 million yen
Individual property consulting, business succession
consulting and real estate solutions consulting
139 (as of June 30, 2015)
8 companies including Nihon Shisan Soken Co., Ltd.,
Aoyama Estate Co., Ltd. and Project Holdings Co., Ltd.

Executives
President
Director, Managing Executive Officer
Director, Executive Officer
Director, Executive Officer
Director, Executive Officer
Director
Outside Director
Outside Director
Outside Director
Standing Auditor
Outside Auditor
Outside Auditor

Other companies/71 (1.42%)
Overseas companies and others/22 (0.44%)
Securities firms/21 (0.42%)

Name
MID Investment Co., Ltd.
Masazumi Hasumi
Yasuo Takano
kabu.com Securities Co., Ltd.
Hiroko Iwase
Mutsumi Shimada
Eiichiro Iwase
Nihon M&A Center Inc.
Tomio Sugimura
Trust & Custody Services Bank, Ltd. (trust account)

Name of Company
Head Office

Individuals and others/4,880 (97.58%)

5,001

Major Shareholders (Top 10)

Corporate Data

Number of Shareholders by Category(from March 27, 2015)

Masazumi Hasumi
Masayuki Yagi
Takeshi Matsuura
Yoshikazu Mizushima
Seido Nakatani
Yasuo Takano
Haruo Shimada
Keiji WatanabeMichihiro Nagasaka
Yoichiro Shimada
Keizo SugitaHiroaki Rokugawa

Shares held
1,100,300
758,600
621,700
399,600
269,000
161,400
153,600
150,000
133,300
123,000

Shareholding ratio
9.38
6.47
5.30
3.41
2.29
1.38
1.31
1.28
1.14
1.05

Financial institutions/7 (0.14%)

Number of shares held by Category
Individuals and others/8,726,971 (74.39%)

Total
11,732,100

Other companies/1,581,900 (13.48%)
Overseas companies and others/233,100 (1.99%)
Securities firms/788,329 (6.72%)
Financial institutions/401,800 (3.42%)

Notes for Shareholder
Fiscal year
Base date for the determination of shareholders
with year-end dividend entitlements
Base date for the determination of shareholders
with interim dividend entitlements
General meeting of shareholders
Administrator of the shareholder registry/Accountmanagement institution for special accountContact
Account management institution
for special accounts
Contact
Stock exchange listings
Public announcements

January 1 to December 31
December 31
June 30in March
Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation, Stock Transfer Agency Department
7-10-11, Higashisuna, Koto-ku, Tokyo, 137-8081
Tel. 0120-232-711(toll-free, Japan only)
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Trust Bank, Limited, Stock Transfer Agency Department
2-8-4, Izumi, Suginami-ku, Tokyo 168-8507
Tel. 0120-782-031(toll free, Japan only)
TSE Second Section
To be announced on the Company’s website(For reference)
1. Due to the dematerialization share certificates, shareholders’ address changes, repurchase requests, and such other procedures, as arule, are filled with the account-administrating institutions where shareholders have their accounts (securities companies, etc).
Shareholders are requested to contact their account holding securities companies, etc., for information. Shareholders are remindedthat application filings cannot be made with the administrator of shareholder registry (Mitsubishi UFJ Trust and Banking Corporation).
2. For information on procedures concerning shares recorded in special accounts, shareholders are requested to contact The Sumitomo
Mitsui Trust Bank, Limited, the account administration institution for special accounts. Shareholders are reminded that procedures
cannot be processed by Mitsubishi UFJ Trust and Banking Corporation, which serves as the administrator of the shareholder registry.
3. Dividends hitherto uncollected by shareholders are paid by Mitsubishi UFJ Trust and Banking Corporation, Head Office Branch.

09-10

Nationwide Network (34 bases as of June 30, 2015)
Chugoku, Shikoku

Kinki

Hokkaido, Tohoku

Midori Zaisan Consultants Co., Ltd.

Zaisan Networks Kyoto Co., Ltd.

Zaisan Networks Sendai Co., Ltd.

Zaisan Consultants Tokushima Co., Ltd.

Zaisan Networks Osaka Co., Ltd.

Zaisan Networks Fukushima Co., Ltd.

Aoyama Zaisan Networks Shimane Support

Zaisan Networks Hyogo Co., Ltd.

Aoyama Zaisan Networks Hokkaido Support

Seki Soken Zaisan Partners Co., Ltd

Aoyama Zaisan Networks Aomori Support

Aoyama Zaisan Networks Kyoto Nijo Support

Aoyama Zaisan Networks Yamagata Support

Aoyama Zaisan Networks Mie Support

Kanto, Koshinetsu

Aoyama Zaisan Networks Wakayama Support

Aoyama Zaisan Networks Saitama Co., Ltd.

Kyushu, Okinawa
Zaisan Networks Fukuoka Co., Ltd.
Zaisan Networks Nagasaki Co., Ltd.

Zaisan Networks Tochigi Co., Ltd.

Aoyama Zaisan Networks
Company, Limited

Zaisan Networks Okinawa Co., Ltd.

Zaisan Networks Motegi Co., Ltd.
Nihon Shisan Soken Works Co., Ltd.
Zaisan Networks Kawasaki Co., Ltd.

Aoyama Zaisan Networks Saga Support

Zaisan Networks Nagano Co., Ltd.

Aoyama Zaisan Networks Miyazaki Support

Aoyama Zaisan Networks Ibaraki Support

Tokai, Hokuriku

Aoyama Zaisan Networks Kanto Chuo Support
Aoyama Zaisan Networks Denenchofu Support

Zaisan Networks Shizuoka Co., Ltd.
Zaisan Consultants Kanazawa Co., Ltd.
Zaisan Networks Meinan Co., Ltd.
Aoyama Zaisan Networks Fukui Support

Aoyama Zaisan Networks Yokohama Support