Consolidated Financial Results for the Fiscal Year Ended March 31, 2013 (Based on J-GAAP)May 13, 2013
Company name: Tamagawa Holdings Co., Ltd.
Listing:
JASDAQ
Stock Code:
6838
URL:
http://www.tmex.co.jp/
Representative:
Setsuya Fukunaga, President
Contact:
Isao Takahashi, Director
Tel: +81-3-6435-6933
Scheduled date of Annual General Meeting of Shareholders:June 27, 2013
Scheduled Commencement Date of Dividend Payout:—
Scheduled date of filling Annual Securities Report:
June 27, 2012
Explanatory Documents Supplemental to the Abridged Financial Statements: None
Result Briefing: None
(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2013 (April 1, 2012 – March 31, 2013)(1) Consolidated results of operations (full-year)(Percentages represent year-over-year changes)
Net sales
Million yen%
FY 20133,671
18.2
FY 20123,106
17.7(Note) Comprehensive income (million yen):

Operating income
Ordinary income
Net income
Million yen% Million yen% Million yen
373—374—339
(29)
—(23)
—(37)
FY 2013: 345 (—%)
FY 2012: (38) (—%)

Diluted net income
per shareYenYen
47.1744.29(5.63)—
Equity in earnings of affiliates (million yen):

Ratio of ordinary income
to total assets%%
27.4
18.0(4.7)(1.5)
FY 2013: —FY 2012: —Net income per share

FY 2013
FY 2012(Reference)

Return on equity%——

Ratio of operating
income to net sales
%
10.2
(1.0)

(2) Consolidated financial position
Total assets
Million yen
FY 20132,709
FY 2012
1,444(Reference) Shareholders’ equity (million yen):

Net assets
Million yen
1,750761
FY 2013: 1,718

Equity ratio

Net assets per share%
63.4
52.7
FY 2012: 761

Yen
162.85115.83(3) Consolidated cash flow position

FY 2013
FY 2012

Cash flows fromoperating activities
Million yen
35(332)

Cash flows frominvesting activities
Million yen(454)77Cash flows fromfinancing activities
Million yen
783
(167)

Cash and cash equivalents
at end of period
Million yen
389
55

2. Dividends
Dividends per share

Yen
—
—

Yen
0.00
0.00

Yen—
—

Yen
0.00
0.00

Yen
0.00
0.00

Dividend payout
ratio(consolidated)
Million yen%
00.000.0——————

1Q-endFY 2012FY 2013
FY 2014(forecasts)

Interim

3Q-endYearendAnnualTotal dividends(annual)Dividend onequity(consolidated)%
0.00.03. Consolidated Forecasts for the Fiscal Year Ending March 31, 2014 (April 1, 2013 – March 31, 2014)(Percentages represent year-over-year changes)

Net sales
1H (six months)
Full year

Million yen
1,688
4,504%
6.1
22.7

Operating income

Ordinary income

Million yen
129493

Million yen
124
488%
38.0
32.2%
49.6
33.9

Net income
Million yen
114
449

Net income pershare%
Yen25.3
10.65
32.2
41.80

*Notes(1) Changes in significant subsidiaries during the fiscal year under review(changes in subsidiaries accompanying change in the scope of consolidation): Yes
New:Four companies (Company names: GP Energy Co.,Ltd, GP Energy 2 Co,Ltd, GP Energy
3 Co,Ltd.,Tamagawa Solar Systems Co.,Ltd.)
Excluded: Two companies (Company names: BioEnergy Resources Co., Ltd., PT. Indonesia Biomass
Resources)(2) Changes in accounting principles, estimates and restatement
1) Changes in accounting principles caused by revision of accounting standards: Yes
2) Changes in accounting principles other than those mentioned above: None
3) Changes in accounting estimates: Yes
4) Restatement: None
(3) Number of shares issued and outstanding (shares of common stock)1) Number of shares outstanding (includingtreasury stock) at end of period
2) Number of treasury stock at end of period
3) Average number of shares outstanding
during the period

FY 2013

10,753,000 shares

FY 2012

6,774,000 shares

FY 2013203,493 shares

FY 2012202,468 shares

FY 20137,202,647 shares

FY 2012

6,571,532 shares(Reference) Non-Consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2013 (April 1, 2012 – March 31, 2013)(1) Non-consolidated results of operations (full-year)
Net sales
Operating income
Million yen% Million yen
FY 2013
819
303.6
65
FY 2012202(22.1)(32)
Net income per share(Percentages represent year-over-year changes)%——(2) Non-consolidated financial position
Total assets
Million yen
FY 20132,421
FY 2012
1,645(Reference) Shareholders’ equity (million yen):%——Net income
Million yen
76(37)%——

Diluted net income per share
Yen
10.64
(5.70)FY 2013
FY 2012

Ordinary income
Million yen
79(32)
Yen
9.99—Net assets
Million yen
2,147
1,464
FY 2013: 2,115

Equity ratio

Net assets per share

%
87.3
89.0
FY 2012: 1,464

Yen
200.49222.91

2. Non-consolidated Forecasts for the Fiscal Year Ending March 31, 2014 (April 1, 2013 – March 31, 2014)(Percentages represent year-over-year changes)

1H (six months)
Full year

Net sales
Million yen
436
1,734%
127.6
111.8

Ordinary income
Net income
Million yen% Million yen%78—72—
221
178.8
204
166.3

Net income per shareYen
6.73
18.99

* Implementation of audit proceduresThis summary of financial statements is not subject to audit procedures pursuant to the Financial Instruments and Exchange Act. At thetime of disclosure of this summary of financial statements, the audit procedures of financial statements pursuant to the FIEA are notcompleted.
* Cautionary statement with respect to forward-looking statements
The forward-looking statements such as the forecasts for the business performance described in this document are based on thejudgments made by the Company in accordance with information currently available that is rational. For this reason, actual results may
differ from these forecasts due to a number of factors, including but not limited to the operating environment. For the underlying
assumptions and usage of earnings projections refer to “(1) Analysis regarding results of operations” under “1. Results of Operations”
on page 2 of the Attachment.

Tamagawa Holdings Co., Ltd. (6838) / Consolidated Financial Results for the Fiscal Year Ended March 31, 2013
(Based on J-GAAP)

1. Results of Operations(1) Analysis regarding results of operations
The Japanese economy in the period under review saw domestic business activity and personal consumption affectedby uncertainty amid fiscal problems in Europe and the U.S. and concerns over a spreading of global financial malaise.
Subsequently, however, signs of economic recovery started to emerge, which included an improving export
environment thanks to a correction of the strong yen as well as economic and monetary policy measures attended byrising share prices in the wake of the economic policy program of the Abe administration. Even so, concerns remain
about a slowing of the global economy, raising the need for continued vigilance.
In this economic environment, the Group's core operations in electronics and telecommunications equipment worked
to promote business development in markets related to defense applications and public wireless telecommunications,centered on sales activities surrounding mobile telecommunications facilities. At the same time, the division pushedahead with activities at the operating level centered on improving earnings. Specifically this was done throughmeasures to impart high added-value on products, expand and develop new business territory, and enhance the cost ofsales.
The Group's Solar Business Division, launched on July 1, 2011, have been benefiting from the heightened publicawareness of renewable energy, especially solar energy, after the enactment of The Act on Special Measuresconcerning the Procurement of Renewable Electric Energy by Operators of Electric Utilities (hereinafter, "Renewable
Energy Special Measures Act") on July 1, 2012.
The Company has been aiming to further expand its sales network for solar power systems and has been making
all-out efforts to that effect.
As a result, order receipts exceeded the original plan. At the same time, earnings significantly outpaced initialexpectations, partly also due to improvement activities aimed at reducing the cost of sales.
In biomass power supply operations, exports of palm kernel shells (PKS) have been stepped up since the launch ofoperations centered on Asia but also to European destinations. However, following last year's bankruptcy filing with
the Yokohama District Court on September 5, 2012, these operations have been discontinued.
As a result of the developments described in the foregoing, consolidated order receipts reached ¥3,995 million (+2.5%compared with the year-earlier period). Sales revenue totaled ¥3,671 million (+18.2% compared with the year-earlierperiod). Earnings reflect the strong growth in Group-level sales as well as activities to enhance the efficiency of sales
and marketing. Thus, operating income posted ¥373 million (compared with a loss of ¥29 million in the year-earlierperiod), with ordinary income of ¥374 million (compared with a loss of ¥23 million in the year-earlier period) and net
income of ¥339 million (compared with a loss of ¥37 million in the year-earlier period).
The outlook, given the uncertain economic surroundings, is for continued intense pressure on the business environment.
Nonetheless, the Group will work to both increase earnings at each business segment and implement structural reform.
Electronics and telecommunications equipment operations are expected to see further intensified price competitions in
the market continue from the previous fiscal year. By contrast, mobile telecommunications systems are seen to benefit
from swelling investment in order to resolve congested telecommunication lines in the wake of smartphoneproliferation as well as to serve areas where reception is unavailable. Moreover, the market for wireless public
infrastructures is expected to remain firm, including rising demand in the public works realm mainly funded by thegovernment's supplementary budget. Against the backdrop of this demand growth in the wireless market, the Groupwill further promote the expansion of its business reach and continue in its activities to strengthen earnings growth.
In the Solar Business Division, in order to expand sales routes nationwide in Japan for the Group's Solar System SalesBusiness operations, internal frameworks will be put into place and sales and marketing activities will be further
strengthened.
Moreover, Solar Power Plant Business operations will aim to provide at the Group-level stable power supply so as tocontribute to local communities and society at large. To this end, the Group will endeavor to create integrated
frameworks spanning the width from securing land for power plants to the initiation of electric power sales and in thisway promote earnings growth.

-1-Tamagawa Holdings Co., Ltd. (6838) / Consolidated Financial Results for the Fiscal Year Ended March 31, 2013
(Based on J-GAAP)

Results by business segment are described below.
1. Electronics and telecommunications equipment operations
Order receipts posted ¥3,257 million (+25.3% compared with the year-earlier period). Sales revenue reached ¥3,155
million (+31.1% compared with the year-earlier period) with segment income of ¥374 million (+497.4% comparedwith the year-earlier period). These results were due to rebounding investment in base station facilities by mobile
telecommunications carriers as well as defense related facilities and public wireless related facilities reflecting
resumed public investment.
2. Solar Business Division operations
Following an initial period of stagnation, orders for solar power generation system sales increased gradually after theenactment of the Renewable Energy Special Measures Act on July 1, 2012, concurrent with improvement activities toraise the efficiency of sales and marketing. As a result, earnings exceeded the initial plan by a wide margin. Orderreceipts posted ¥664 million (compared with ¥19 million in the year-earlier period). Sales revenue reached ¥486
million (compared with ¥19 million in the year-earlier period) with segment income of ¥41 million (compared with asegment loss of 24 million in the year-earlier period).
3. Biomass energy supply operations
Order receipt posted ¥74 million (down 94.2% compared with the year-earlier period). Sales revenue marked ¥74million (down 89.0% compared with the year-earlier period) with a segment low of ¥30 million (compared with asegment loss of ¥47 million in the year-earlier period).
Notably, following the bankruptcy filing of Bioenergy Resources Co., Ltd., a former consolidated subsidiary, theGroup discontinued biomass energy supply operations beginning with the period under review.
(2) Analysis regarding financial position
1. Analysis of financial position
Current assets
Consolidated current assets at the end of the period under review totaled ¥2,114 million (+63.5% compared with theyear earlier). Main constituents were ¥389 million in cash and deposits, ¥1,344 million in sales accounts receivable,and ¥327 million in inventories. Sales accounts receivable are mainly due from major telecommunications equipment
manufacturers.
Non-current assets
Consolidated non-current assets at the end of the period under review totaled ¥592 million (+294.1%). Main
constituents were ¥564 million in property, plant, and equipment and ¥27 million in investments and othernon-current assets.
Current liabilities
Consolidated current liabilities at the end of the period under review totaled ¥707 million (+18.2% compared with theyear earlier). Main constituents were ¥385 million in trade accounts payable and ¥107 million in other accounts
payable.
Non-current liabilities
Consolidated non-current liabilities at the end of the period under review totaled ¥251 million (+195.7% comparedwith the year earlier). Main constituents were ¥99 million in retirement benefit provisions, ¥80 million in corporate
bonds, and ¥71 million in long-term bank borrowings.
Net assets
Consolidated net assets at the end of the period under review totaled ¥1,750 million (+130.0% compared with theyear earlier). Main constituents were ¥1,386 million in share capital, ¥1,381 million in capital surplus, and -¥991
million in retained losses.
2. Cash flowsConsolidated cash and cash equivalents (hereinafter, "Cash") at the end of the period under review totaled ¥389
million, which was ¥333 million more than at the end of the year-earlier period. Main factors included higher sales
accounts receivable and expenditure for the acquisition of property, plant, and equipment, as well as income fromshare issuance, bank borrowings, and corporate bond issuance.
Cash flows and relevant factors in the period under review are as follows:[Cash flows from operating activities]
Net cash provided by operating activities was ¥35 million (compared with ¥332 million used in operating activities inthe year-earlier period). This was mainly due to income before income tax, etc., and higher sales accounts receivable.
[Cash flows from investing activities]-2-

Tamagawa Holdings Co., Ltd. (6838) / Consolidated Financial Results for the Fiscal Year Ended March 31, 2013
(Based on J-GAAP)Net cash used in investing activities was ¥454 million (compared with ¥77 million provided by investing activities inthe year-earlier period). This was mainly due to expenditure for the acquisition of property, plant, and equipment.
[Cash flows from financing activities]
Net cash provided by financing activities was ¥783 million (compared with ¥167 million used in financing activities
in the year-earlier period). This was mainly due to income from the issuance of shares.

-3-