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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 2013
April 19, 2013
Ichigo Group Holdings Co., Ltd. (JASDAQ, 2337)
Representative: Kenji Iwasaki, President and Representative Statutory Executive OfficerInquiries:
Takashi Minamikawa, Executive Managing Director and Statutory Executive OfficerTelephone: +81-3-3502-4818
www.ichigo-holdings.co.jp/english
Annual General Shareholders Meeting: May 25, 2013 (expected)
Submission of the Yuka Shoken Hokokusho (Financial Report): May 27, 2013 (expected)
Dividend Payment: May 27, 2013 (expected)
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 February 28, 2013)(% change is year-on-year)(1) Consolidated Financial Results (Full Year)
Revenues

Operating Profit

Recurring ProfitNet Profit(million yen)(%)(million yen)(%)(million yen)(%)(million yen)(%)

Feb 13 FY

16,397-13.5

1,84475.6

1,73477.1

1,637-7.5

Feb 12 FY

18,952

48.5

1,050

-22.3

979-39.4

1,770

185.3

Note: Comprehensive income for Feb 13 FY: 2,729 million yen (113.6%); for Feb 12 FY: 1,277 millionyen (-36.0%)

Feb 13 FY

731.98Net Profit per
Share(diluted, yen)731.32

Feb 12 FY

775.14-Net Profit per
Share (basic, yen)

Return on
Equity (%)

Return onAssets (%)

Operating Profit
Margin (%)

6.0

2.1

11.2

6.9

1.1

5.5

Note: Equity in net income of affiliates for Feb 13 FY: N/A; for Feb 12 FY: 141 million yen(2) Consolidated Financial Condition

Feb 13 FY

80,42831,066

35.4

Net Assets per
Share(yen)12,704.44

Feb 12 FY

82,17028,187

31.6

11,613.85

Total Assets(million yen)

Net Assets(million yen)

Equity Ratio(%)

Reference: Shareholders’ equity for Feb 13 FY: 28,457 million yen; for Feb 12 FY: 25,972 million yen(3) Consolidated Cash FlowFeb 13 FY

Cash Flow fromOperations(million yen)
4,609

Cash Flow from
Investing(million yen)
-27

Cash Flow from
Financing(million yen)
-3,935

Cash and Cash
Equivalents(million yen)
9,512

Feb 12 FY

2,127

2,808

-5,4809,438

2. Dividends
Dividend per Share (yen)

Total
Dividend(millionyen)

Payout Ratio(consolidated)

Dividend on
Equity Ratio

First
Quarter

SecondQuarter

Third
Quarter

FourthQuarter

FiscalYear

Feb 12-0-00-

0.0

0.0

Feb 13-0-200200

447

27.3

1.6

Feb 14(Expected)-0-220

220(%)(consolidated)(%)

16.4(Note) The above-mentioned dividend forecast for Feb 14 does not reflect the stock split
announced on April 19, 2013. The forecast for Feb 14 reflecting the stock split is 1.10 yen.
3. Consolidated Forecast for the Fiscal Year Ending February 2014 (from March 1, 2013 toFebruary 28, 2014)(% change is year-on-year)
Revenues(million yen)Feb 14 FY

26,000Operating Profit(%)(million yen)

58.6

3,000

Net Profit(million yen)Feb 14 FY

3,000(%)

62.7

Recurring Profit(million yen)

2,700(%)

55.7

Net Profit per Share
(%)

(Yen)

83.2

1,339.26(Note)
1. The Company has included a full-year earnings forecast only – there is no half-year
earnings forecast..
2. Net Profit per Share for FY14 is based on the average number of outstanding shares for FY
14 assuming the number of outstanding shares as of March 31, 2013 remains unchanged
throughout FY14.
3. Net Profit per Share for FY14 does not reflect the stock split announced on April 19, 2013.
Net Profit per Share for Feb 14 reflecting the stock split is 6.70 yen.
4. Other(1) Changes in significant consolidated subsidiaries (material changes in scope ofconsolidation): None
(2) Changes in accounting standards/principles, changes in accounting estimates, and revisions
to previous financial statements(i) Changes in accounting standards/principles: 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) This qualifies as “a case which cannot be classified as either a change in accounting
principles or a change in accounting estimates” pursuant to Article 14 Paragraph 7 of theOrdinance on Terminology, Forms, and Preparation Methods of Consolidated Financial
Statements.
(3) Number of outstanding shares (common shares)(i) Number of outstanding shares including treasury stock
Feb 13:
2,259,934
Feb 12:
2,256,319

2

(ii) Number of shares of treasury stock
Feb 13:20,000Feb 12:20,000(iii) Average number of outstanding sharesFeb 13:
2,236,653
Feb 12:
2,283,590
5. Parent Financial Results (from March 1, 2012 to February 28, 2013)(1) Parent Financial Results (Full Year)
Revenues(% change is year-on-year)

Operating Profit

Recurring Profit(million yen)(%)(million yen)(%)(million yen)Feb 13 FY

3,143-22.2

1,126423.7891

Feb 12 FY

4,043-12.9

215-87.6

54

Net Profit per Share(basic, yen)Feb 13 FY
Feb 12 FY

669.42732.60

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

1,497-10.5-96.5

1,672-28.6

Net Profit perShare(diluted, yen)
668.81-(2) Parent Financial Condition

Feb 13 FY

33,40425,34175.4

Net Assets perShare(yen)11,249.60

Feb 12 FY

33,99523,02767.4

10,245.12

Total Assets(million yen)

Net Assets(million yen)

Equity Ratio(%)

Reference: Shareholders’ equity for Feb 13 FY: 25,198 million yen; for Feb 12 FY: 22,911 million yen(Note)
1. Explanation: Appropriate Use of this Earnings Projection:
Forward-looking statements contained in this announcement are based on judgments
obtained from information that was available to the Company and the Group as of theannouncement date and are not guarantees of future results. 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.
2. The Company decided to conduct a 1:200 stock split and set the minimum trading lot at 100
shares.
Please see the financials below for respective dividend and earnings forecasts.
For details, please refer to the release “Stock Split, Adoption of Minimum Trading Lot, andPartial Amendment to Articles of Incorporation” announced April 19, 2013.

3

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
Deferred tax assets
OthersLess: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant and Equipment
Buildings and structures
Accumulated depreciation
Buildings and structures (net)Land
Others
Accumulated Depreciation
Other (net)Total Tangible Assets
Intangible Assets
Goodwill
OthersTotal Intangible Assets
Investments and Other Assets
Investments in securities
Long-term loans receivable
OthersLess: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets

4(Million Yen)Feb 13 Full Year
(Feb 28, 2013)

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

9,713
548
3,636
4,271
46,176369
2,042(3,177)
63,581

4,724(1,821)
2,903
7,114
368
(276)
91
10,1094,842(1,979)
2,863
7,082
389
(287)
101
10,047

2,077
27
2,105

2,203
20
2,223

3,589
14623
(96)
4,131
16,34682,170

4,117
13545
(101)
4,575
16,84680,428

Feb 12 Full Year
(Feb 29, 2012)
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
Deferred tax liabilities
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long Term Liabilities
Long-term borrowings
Long-term non-recourse loans
Deferred tax liabilities
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
Accumulated Other Comprehensive Income
Unrealized gain (loss) on other securities, net
Foreign currency translation adjustment
Total Accumulated Other Comprehensive Income(loss)
Stock Acquisition Rights
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

5(Million Yen)Feb 13 Full Year
(Feb 28, 2013)

57
170
1,768

64
484
966

8,793

2,263

115
－
22
2,974
13,902

65
15
25
3,419
7,304

7,413
28,899
6
3,362
360
36
40,08053,982

5,456
32,776
277
3,230
270
46
42,05649,361

18,0782,395
6,298(187)26,584

18,1132,429
7,923(187)28,279(604)(7)

160
16(612)

177

116
2,099
28,187
82,170143
2,466
31,06680,428

Consolidated Income Statement(Million Yen)Feb 13

Feb 12(From Mar 1, 2011
To Feb 29, 2012)

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
OthersTotal Non-Operating Profit
Non-Operating Expenses
Interest on debt
Issuance cost of corporate bonds
OthersTotal Non-Operating Expenses
Recurring ProfitExtraordinary Gain
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on sales of equity holdings in affiliates
OthersTotal Extraordinary Gain
Extraordinary Loss
Loss on sale and retirement of fixed assets
Loss on valuation of investment securities
Loss on sales of investment securities
Office move
Impairment loss
Loss on business liquidation
OthersTotal Extraordinary Loss
Profit before Income Taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Profit before Gain on Minority Interests
Gain on Minority Interests
Net Profit6(From Mar 1, 2012
To Feb 28, 2013)

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

16,397
11,422
4,974
3,130
1,844

5
20
141
90
33
291

3
2490
36
155

284
48
29
361
979

238
26
265
1,734

1,173
75
1,248

9
72
0
83

38
62
14
26
109
251
1,976
159
159
1,817
47
1,770

1
62
19
33
8
124
1,693
54(106)
(51)
1,745
108
1,637

Consolidated Statements of Comprehensive Income(Million Yen)Feb 13

Feb 12(From Mar 1, 2011
To Feb 29, 2012)

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 interests

7(From Mar 1, 2012
To Feb 28, 2013)

1,817

1,745(420)(63)

1,014(30)(56)-(540)
1,277

984
2,729

1,289

2,426

(11)

303

Consolidated Cash Flow Statement(Million Yen)Feb 13

Feb 12(From Mar 1, 2011
To Feb 29, 2012)

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 on debt
Issuance cost of corporate bonds
Equity in earnings of affiliates (gain)
Gain on sales of equity holdings in affiliates
Loss (gain) on sales of investment securities
Loss (gain) on sales/retirement of fixed assets
Impairment loss
Loss on valuation of investment securitiesDecrease (increase) in trading notes and receivable
Decrease (increase) in operating loans receivable
Decrease (increase) in operational investments
in securities
Loss on valuation of operational investments
in securities
Decrease (increase) in real estate for sale
Loss on valuation of real estate for sale
Loss on valuation of investments
Decrease (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
OthersSub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash from (Used for) Operating Activities

8(From Mar 1, 2012
To Feb 28, 2013)

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

1,693
230
49
114
(90)
3(3,529)

195

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

(11)
(28)
238
(72)
(8)
33
62
515
(1,100)

3,068

723

139

63

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

2,556
119
1(380)(39)
519
11(253)
(239)
4,908
28
(220)
(106)
4,609

(Million Yen)Feb 13

Feb 12(From Mar 1, 2011
To Feb 29, 2012)

Cash Flows from Investing Activities:
Decrease in time deposits
Proceeds from withdrawal of time deposits
Acquisition of investment securities
Proceeds from sales of investment securities
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
Payments for investments in capital
Proceeds from sales of investments in capital
Payments for acquisitions of subsidiaries resulting
in the change of consolidation scope
OthersNet 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 repurchase
Proceeds from exercise of stock option
Cash 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

9(From Mar 1, 2012
To Feb 28, 2013)

(352)
137
40
3,327
(63)
9(7)
4(0)
151
(15)
76
30(124)17(0)(4)
0(271)

(218)

(14)
2,808

60
(27)

(1,123)
6,059(6,500)2,100(2,455)2,900(2,807)
11,610(14,231)
(935)
(0)
-314
5,440
(8,199)12,346(13,885)48
20(30)(19)(65)(5,480)(0)(3,935)(62)

18(606)
12,343664
9,438(2,298)

(591)

9,438

9,512