Summary of Consolidated Financial Statements
for the Third Quarter of the Fiscal Year Ending March 2014 (J-GAAP)
February 12, 2014
Company Name: Tamagawa Holdings Co., Ltd.
Stock Code:
6838
Representative:
Toru Masuzawa, President
Contact:
Akihiro Ushiroda, Manager
Scheduled Date of Filing Quarterly Securities Report:
Scheduled Commencement Date of Dividend Payout:
Quarterly Earnings Supplementary Explanatory Documents:
Quarterly Earnings Presentation:

Listing: JASDAQ (Tokyo Stock Exchange)
URL:
http://www.tmex.co.jp/Tel: +81-3-6435-6933
February 13, 2014
—NoneNone(All amounts are rounded down to the nearest million yen)

1. Consolidated Results for the Third Quarter of Fiscal Year Ending March 31, 2014
(from April 1, 2013 to December 31, 2013)(1) Consolidated Financial Results (cumulative)(Percentages indicate changes from the year-earlier period)
Net Sales
Operating Income
Ordinary Income
Net Income¥ Million%

3Q FY 2014
2,738
3Q FY 2013
2,540
Note: Comprehensive Income:¥ Million%¥ Million

7.8
316
25.6
21.3
252
—
3Q FY 2014: ¥307 million (22.2%)

¥¥

25.14
37.70

23.03
—

(2) Consolidated Financial Position
Total Assets¥ Million

Net Assets¥ Million

3Q FY 2014
FY 2013
Reference: Shareholders’ Equity:%%

32.3
305
23.2—247—
3Q FY 2013: ¥251 million (—%)

Net income per shareafter dilution

Net income per share
3Q FY 2014
3Q FY 2013

318
240

Equity Ratio¥ Million

3,644
2,709
3Q FY 2014: ¥2,501 million

%

2,507
1,750
FY 2013: ¥1,718 million

68.6
63.4

2. Cash Dividends
End of 1Q

Annual Dividends
End of 3Q

End of 2Q¥¥

End of 4Q¥FY 2013—0.00—FY 2014—0.00—FY 2014(forecast)
Note: Revision of the latest released dividend forecast: None
Note: Year-end dividend projections for the fiscal year to March 2013 are indeterminate.

Total¥¥

0.00

0.00

——3. Forecast for the Fiscal Year Ending March 31, 2014 (from April 1, 2013 to March 31, 2014)(Percentages indicate year-on-year changes)

Net Sales¥ Million

Operating Income%¥ Million%

Ordinary Income¥ Million

Year to4,504
22.749332.2
March 31, 2014
Note: Revision of the latest released financial results forecast: None-1-488

Net incomeper share

Net Income%¥ Million%

¥30.4

449

32.3

41.80*Notes(1) Changes in important subsidiaries during the period under review (nine months): None
(Changes in subsidiaries accompanying change in the scope of consolidation)
New:(Company names:Excluded:(Company names:))(2) Application of special accounting treatment in the preparation of quarterly consolidated financial statements: None
(3) Change of accounting policies; change and/or restatement of accounting estimates
1) Changes in accounting principles caused by revision of accounting standards: None
2) Changes in accounting principles other than those mentioned above: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of shares issued and outstanding (shares of common stock)1) Number of shares outstanding (including treasurystock) at end of period
2) Number of treasury stock at end of period
3) Average number of shares outstanding during theperiod under review (consolidated quarter results)

3Q FY 2014

13,753,000 shares

FY 2013

10,753,000 shares

3Q FY 2014

204,374 shares

FY 2013203,493 shares

3Q FY 201412,142,853 shares

3Q FY 2013

6,750,643 shares* Statement concerning the status of implementation of quarterly review proceduresThis summary of quarterly financial statements is not the subject of audit procedures pursuant to the Financial Instruments andExchange Act. At the time of disclosure of this summary of quarterly financial statements, the review procedures of quarterly
consolidated financial statements pursuant to the Financial Instruments and Exchange Act have not concluded.
* 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 theunderlying assumptions and usage of earnings projections refer to "Explanation of consolidated earnings estimates andforward-looking information" on page 4 of the Attachment.

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1. Qualitative Information on Quarterly Financial Results(1) Explanation of business results
The Japanese economy in the period under review, although overshadowed by weakness in Europe and concerns
over stagnating emerging economies, displayed strengthening signs of improving domestic business amid growth
expectations inspired by a range of policy measures instituted by the new government, specifically accommodative
monetary policy steps, and attended by progressive weakening of the yen and rising share prices. However,conclusive ripple effects in the real economy have yet to materialize, leaving the further outlook uncertain.
In this operating environment, the Group worked on strengthening business development in its main business lines
in Electronics and Telecommunications Equipment Business operations, centered on markets related to 3.9G
mobile telecommunications equipment, defense, and wireless technology applications for public infrastructure anddisaster prevention. Moreover, demand from newly developed customers and new market fields increased as aresult of efforts to impart high added-value on products and expand and develop the Company's business fields,and aided by maximum usage of synergy effects from operating alliances. Furthermore, measures have been
continuing to strengthen business platforms centered on enhancing earnings through improvement activities
surrounding operations.
The Group's Solar Business Division operations (collectively meaning the Solar System Sales Business operations
and Solar Power Plant Business operations; the same applies in the following.) experienced rising user interest in
renewable energy, especially regarding solar energy power generation, prompted by the enactment of the "Act on
Special Measures concerning the Procurement of Renewable Electric Energy by Operators of Electric Utilities"(hereinafter, "Renewable Energy Special Measures Act").
As a result of the developments described in the foregoing, consolidated order receipts reached ¥3,550 million(+21.7% compared with the year-earlier period). Sales revenue totaled ¥2,738 million (+7.8% compared with theyear-earlier period). Earnings increased compared with the year-earlier period, marking operating income of ¥316
million (+25.6% compared with the year-earlier period), ordinary income of ¥318 million (+32.3% compared withthe year-earlier period), and net income for the period of ¥305 million (+23.2% compared with the year-earlierperiod).
Electronics and Telecommunications Equipment Business operations, despite continued harsh conditions amid
intensifying price competition in the market for telecommunications infrastructure, have been seeing increased
facility investment in the field of mobile telecommunications due to measures of telecommunications carriers to
improve service quality and resolve incidence of weak or no signal reception. At the same time, demand has been
rising in the public works sector driven by factors such as the government's supplemental budget, withexpectations that in social infrastructure the wireless market will remain solid. Backed by this demand growth in
the market for telecommunications infrastructure, the Company will continue to expand its business terrain andstrengthen its operations improvement activities with a view to increase earnings.
In order to expand sales routes nationwide in Japan for the Group's Solar System Sales Business 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
to contribute 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
this way promote earnings growth.
Results by business segment are described below.
1. Electronics and Telecommunications Equipment Business operations
Investment in base station equipment by mobile telecommunications carriers has been on the rise, and also public
works investment in public wireless related equipment has been continuing, albeit at a moderate pace. As a result,new orders marked ¥2,810 million (+6.4% compared with the year-earlier period), with sales revenues of ¥2,235
million (-2.7% compared with the year-earlier period). Segment income rose to ¥327 million (+3.9% comparedwith the year-earlier period) thanks to operations improvement measures.
2. Solar System Sales Business operations
New order receipts posted ¥739 million (+271.4% compared with the year-earlier period) with sales of ¥466
million (+179.1% compared with the year-earlier period) and segment income of ¥32 million (compared with asegment loss of ¥29 million in the year-earlier period). Main factors were gradually rising orders at Solar System
Sales operations since the taking of effect of the Renewable Energy Special Measures Act.

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Tamagawa Holdings Co., Ltd. (6838)/Summary of Financial Statements for the Third Quarter for Fiscal Year Ending March 31, 2014

3. Solar Power Plant Business operations
Following the completion of the large-scale solar energy power plant under construction in Shimonoseki city,
Yamaguchi prefecture, power sales commenced in the third quarter. Revenue recognition for power sales
generated by the plant started in July 2013, but due to prior initial expenditures for other solar energy power plant
projects currently under way, a segment loss of ¥21 million (compared with a segment loss of ¥3 million in theyear-earlier period) resulted on sales of ¥36 million (no sales revenues were recorded in the year-earlier period).
Power sales at the Shimonoseki solar energy power plant are developing to plan and earnings performance isexpected to be favorable.
Although the uncertain economic environment points to unchanged adverse operating environment, the Company
will nonetheless continue to promote earnings growth at each business segment combined with efforts at businessrestructuring.
(2) Explanation of financial position
Total assets
Total consolidated assets at the end of the period under review amounted to ¥3,644 million, up ¥935 million fromthe end of the previous fiscal year.
This was mainly due to an increase in cash and deposits.
Total liabilities
Total consolidated liabilities at the end of the period under review amounted to ¥1,137 million, up ¥178 million
from the end of the previous fiscal year.
This was mainly due to an increase in short-term borrowings.
Net assets
Consolidated net assets at the end of the period under review amounted to ¥2,507 million, up ¥756 million fromthe end of the previous fiscal year.
This was mainly due to net income for the period and proceeds from the exercise of stock warrants.
(3) Explanation of consolidated earnings estimates and forward-looking information
The earnings estimates released on May 13, 2013, remain intact.

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