Interim Business Report for FY2013
From April 1, 2013 to September 30, 2013

To Our Shareholders
I would like to express my cordial appreciation for yourcontinuous support and loyal patronage.
＿＿＿＿＿＿
During the first half fiscal year ended September 30, 2013,
against the backdrop of the new Government’s economic
policies and monetary easing, the Japanese economy
showed some signs of recovery including correction of theyen and a favorable turn in share prices. However, the future
including impact on real economy remains opaque..------------.
Under such economic situations, in the precious metal
recycling business, the collection volumes of gold, palladium,and so on surpassed those of the corresponding term theyear before. The average sales unit price of gold, silver,platinum and palladium were higher than they were in thecorresponding term the year before. In the environmental
preservation business, the transaction volume of medicalrelated wastes, recycling glass, and so on surpassed thoseof the same term one year earlier. ---------------------------- ------As a result of the above, the results of operations for thecurrent fiscal year recorded consolidated net sales 47,884
million yen, operating profit 5,259 million yen, ordinary
profit 5,394 million yen, and net income 3,276 million yen.
The company maintained an interim dividend of 30 yen
per share.
We would appreciate your continued understanding andsupport for the business activities of our groupcompanies.------

Our Group have focused on execution of our growthstrategies that we have outlined in the 6th mid-term business
plan; “Business expansion in the Asian markets”,“ B roadening business domain through M&A”, and“Streamlining group management”. As part of the strategies,
operations of our subsidiary in Taiwan and representative
office in Vietnam started in April 2013. -----------------------------.
CEO

Consolidated Financial Highlights
Net Sales (Millions of Yen)

InterimOrdinary Income (Millions of Yen)

Full-term

151,094

160,000

12,000Interim

Full-term

11,13010,50810,000120,000

110,504

72,74880,000

7,794

8,000

96,368

6,034

6,000

52,48649,32447,884

5,394

5,475

4,000

2,955

40,0002,00000
2011/3

2012/3

2013/3

2011/3

2013/9Net Income (Millions of Yen)

Interim

Full-term

7,000
6,144

5,926

3,488

Full-term

183.20139.24

120

3,276

99.32

3,000

107.93100.76

90

2,000

1,555

60

1,000

47.97

300
2011/3

2012/3

2013/30

2013/92011/3

Net Assets/Total Assets/Equity Ratio (Millions of Yen, %)2012/3

2013/3

2013/9Net Assets per Share (Yen)
1,600

80,000Net Assets

Total Assets

Equity Ratio

70,00059,14360,00050,00034,341

62,26058,315
66.6%

40,000Interim

150

4,518
3,202

190.46

2013/9

180

5,000
4,000

2013/3Net Income per Share (Yen)
210

6,000

2012/338,902

73.1%
60,920

1,400

70%

1,200

67.3%
42,012

1,288.56

1,368.81

1,198.77
1,062.30

1,000

44,681

800

60%

30,000600

58.0%
20,000400

10,000200

50%

02011/3

2012/3

2013/3

2013/90
2011/3

2012/3

2013/3

2013/9

Consolidated Financial Statements（Millions of yen）

Consolidated Balance Sheet
As of March 31,
2013

ASSETS
Current assets
Cash and deposits

As of September 30,
2013

33,2984,141

32,674
7,701

Notes and accounts receivable-trade

12,5399,221

Merchandise and finished goods

5,067

6,177

Work in process
Other
Noncurrent assets
Property, plant and equipment
Buildings and structures
Land
Other

8,114
3,435
28,962
24,9599,281
13,031
2,647
3,177
2,380
797
824

7,617
1,956
28,24524,4239,040
13,027
2,356
2,932
2,186
746
889

Intangible assets
Goodwill
Other
Investments and other assets（Millions of yen）

As of March 31,2013

LIABILITIESCurrent liabilities
Notes and accounts payable-trade18,533
2,463

9,413
3,129

Short-term loans payable

10,245445

Current portion of long-term loans payable

1,500

1,020

Income taxes payable
Other
Noncurrent liabilities
Long-term loans payable
Other
Total liabilities
NET ASSETS

349
3,995
1,694
1,694
20,248

2,074
2,742
6,826
5,080
1,745
16,239

Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Accumulated other comprehensive
incomeSubscription rights to shares

41,7584,480
6,087
36,697(5,507)

44,132
4,480
6,097
38,999(5,445)

116

408

77

77

59

62

42,01262,26044,61860,920Minority Interests
Total assets
Notes: Amounts above are rounded down to unit of display.

62,26060,920

As of September 30,
2013

Total net assets
Total liabilities and net assets

Consolidated Financial Statements（Millions of yen）

Consolidated Statements of Income

The six months
The six months
ended September 30, ended September 30,
2012
2013

Net sales

49,32447,884

Cost of sales

43,81839,981Gross profit（Millions of yen）

Consolidated Statements of Cash FlowsThe six months
The six months
ended September 30, ended September 30,
2012
2013

Net cash provided by (used in)operating activities

1,007

9,990

Net cash provided by (used in)investing activities(1,551)(477)

Net cash provided by (used in)financing activities

235(6,127)

Effect of exchange rate change
on cash and cash equivalents

49

174

Net increase in cash andcash equivalents

(258)

3,560

5,506

7,902

Selling, general andadministrative expenses

2,610

2,643

Operating income

2,896

5,259

Non-operating income

84

161

Non-operating expenses

24

26

2,955

5,394

439

338

113

2,621

5,320

Cash and cash equivalents at
beginning of period

3,527

4,141

Income taxes-current

799

2,069

3,269

7,701

Income taxes-deferred266(25)

Cash and cash equivalents at
the end of period

Income before minority interests

1,555

3,276

Net income

1,555

3,276

Ordinary income
Extraordinary income
Extraordinary loss
Income before income taxes andminority interests

Notes: Amounts above are rounded down to unit of display.

Stock Information/Corporate Profile■ Total number of authorized shares■ Total number of shares outstanding

129,000,000 shares
36,254,344 shares■ Number of shares per trading unit
■ Number of shareholders■ Principal shareholders
Name of Shareholders(As of September 30, 2013)

100 shares9,849 persons

Number ofShares-Held(Thousand Shares)

Ratio of ShareHolding(%)

TERA ENTERPRISES Co., Ltd.

1,350

3.72

Japan Trustee Services Bank, Ltd.
(trust account)

1,191

3.29

Mitsuharu Terayama

1,082

2.99

The Master Trust Bank of Japan Ltd.
(trust acount)

1,019

2.81

K&M Co., Ltd.

900

2.48

Masamichi Terayama

802

2.21

The Bank of New York,
Treaty JASDEC Account

660

1.82

Asahi Employee Stock Ownership Plan

629

1.74

Terra Corporation Co., Ltd.

600

1.65

MS Planning Co., Ltd.

570

1.57

※Total Number of Treasury Shares (3.518,172 shares) are excluding from the above.

■ Corporate Profile
Corporate name
Establishment
Foundation
Capital
Number of employees
Business lines

Asahi Holdings, Inc.
April 2009
July 1952 (as Asahi Pretec Corp.)¥4,480 million
1,332 (Consolidated)
Recycling of precious & rare metals
Industrial waste treatment(Industrial waste treatment and otherenvironmental preservation business)

Subsidiaries

Asahi Pretec Corp.
Japan Waste Corporation
JW Logistics Co., Ltd.
Nihon Chemitec Co., Ltd.
Taiyo Chemical Co., Ltd.
Iyotec Co., Ltd.
Fuji Rozai Co., Ltd.
JW Glass Recycling Co., Ltd.
Ecomax Incorporated
Usuda Manufacturing Co., Ltd.
Kyodo Chemical Co., Ltd.
INTER CENTRAL, INC.

Overseas subsidiaries

Asahi G&S SDN. BHD. (Malaysia)
Shanghai Asahi Pretec Co., Ltd. (China)
Asahi Pretec Korea Co., Ltd. (Korea)
Asahi Pretec Taiwan Co., Ltd. (Taiwan)
Asahi Shih Her Technologies Co., Ltd.
(Taiwan)■ Board of Directors and Corporate Auditors
Mitsuharu Terayama
CEO:President: Tsutomu Sakurai
Directors: Yoshikatsu Takeuchi
Tomoya Higashiura
Masayuki Hirano
Keitaro Shigemasa
Shoji Morii*

Standing
Statutory Auditor: Yukio Tanabe
Statutory Auditor: Kazuhiko Tokumine*
Junzo Kojima**Outside officers pursuant to Article 2, paragraph (3) item (v) of Ordinancefor Enforcement of the Companies Act.

Business Network■ Head Offices

KOBE

Nissei Sannomiya Bldg., 4-4-17 Kano-cho, Chuo-ku, Kobe, 650-0001, Japan
Tel. +81-78-333-5633 (Pilot number) Facsimile +81-78-333-5681

TOKYO

Sapia Tower, 1-7-12 Marunouchi, Chiyoda-ku, Tokyo, 100-0005, Japan
Tel. +81-3-6270-1833 (Pilot number) Facsimile +81-3-6270-1859
http://www.asahiholdings.com■ Research Laboratory-------Technical Research Center (Kobe)■ Plants■ Recycling Centers■ Offices■ Bases withISO 14001

Saitama, Amagasaki, Kobe, Ehime,Kitakyushu, Kitakyushu Hibiki, Fukuoka(7 locations at Asahi Pretec Corp.)
Yokohama, Ohgicho (Kawasaki),Aikawa (Kanagawa)(3 locations at Japan Waste Corporation)
Saitama, Chiba, Amagasaki
Sapporo, Aomori, Sendai, Niigata,
Kitakanto, Kanto, Yokohama,Kofu, Shizuoka, Nagoya, Hokuriku,Hanshin, Kobe, Okayama, Hiroshima,Shikoku, Kitakyushu, Fukuoka,
Kagoshima, Okinawa (Total: 20 locations)■ Bases withISO 9001

■ Bases withISO 27001■ License forCollection andTransportation■ License forDisposal

Head office (Kobe), Technical Research Center,Sapporo, Aomori, Sendai, Kitakanto,
Chiba Recycling Center, Saitama Recycling Center,Yokohama, Kofu, Shizuoka, Nayoya, Hokuriku,Hanshin, Kobe, Okayama, Hiroshima, Shikoku,
Kitakyushu, Fukuoka, Okinawa
Technical Research Center, Saitama,Ehime, Fukuoka
Hanshin Office, Amagasaki Recycling Center,Saitama Recycling CenterAll prefectures andgovernment ordinance cities
15 prefectures and9 government ordinance cities

General Information● Business Term
● Record Date
● Fixed Date of Dividend PaidApril 1 - March 31
March 31
March 31

● Fixed date of Interim Dividend Paid

September 30● Shareholder Registry Administrator

Mitsubishi UFJ Trust and Banking Corporation● Transfer Agent

Mitsubishi UFJ Trust and Banking Corporation● Contact of the Agent

3-6-3 Fushimi-cho, Chuo-ku, Osaka City, Osaka 541-8502 JAPANMitsubishi UFJ Trust and Banking Corporation Osaka Stock Transfer Agent Dept.
TEL (0120) 094 -777

● Public NoticeElectronic public notice http://www.asahiholdings.com/