2010

Semiannual Report
For the six-month period ended September 30, 2009

TONAMI HOLDINGS CO., LTD.

Contents
1
4
6
7
8
12
13
13

A Message from the President
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Statements of Operations
Unaudited Consolidated Statements of Cash Flows
Notes to the Unaudited Consolidated Financial Statements
Consolidated Subsidiaries
Board of Directors and Statutory Auditors
Corporate Data

Forward-Looking Statements
This report includes forward-looking statements that represent Tonami Group’s assumptions and expectations in light of currently available information.
These statements reflect industry trends, clients’ situations and other factors, and involve risks and uncertainties which may cause actual performance
results to differ from those discussed in the forward-looking statements in accordance with changes in the business environment.

A

M e s s a g e

f r o mt h e

P r e s i d e n t
In these circumstances, the Tonami Group strove toincrease operating revenues through reshaping andreinforcement of sales structures and improvement ofoperational efficiency of business operations. However,operating revenues decreased 15.5% or ¥10,129
million compared with the same period of theprevious year to ¥55,162 million, reflecting decreases
in the volumes of freight handled by the truck
transport business and the freight forwarding businessand the volumes of export/import freight handled.

Performance
I welcome this opportunity to report to ourshareholders on the operating environment andbusiness results for the six-month period ended
September 30, 2009.
During the first six-month period, the Japanese
economy remained a source of concern as theworldwide economic recession and sharp yen
appreciation led to deterioration of corporate earnings
and a lackluster labor market.

With regard to profit, a decrease in fuel costs owing tolower diesel oil prices and the Group’s effort to reduce
fixed costs could not offset a decrease in operating
revenues. Operating income decreased 69.4% or ¥387
million compared with the same period of theprevious year to ¥171 million.

In the distribution industry, a challenging businessenvironment continued. Domestic and international
freight volumes decreased owing to weak personal
consumption and decreases in capital investment,
leading to intensified competition among companies.

Unaudited Consolidated Financial Highlights
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES
Thousands of
U.S. dollars

Millions of yen
Six months
ended
September 30,
2009

Six months
ended
September 30,
2009

For the period:
Operating revenues . .......................................................................
Logistics .....................................................................................
Information processing ...............................................................
Other .........................................................................................
Operating income ..........................................................................
Net income (loss) ...........................................................................

Six months
ended
September 30,
2008¥ 55,162
50,817
1,379
2,966
171
(110)

¥ 65,291
59,739
1,244
4,308
558
142

$ 611,484
563,319
15,28632,8791,896(1,219)Per share (yen and U.S. dollars):
Net income (loss), basic ..................................................................
Net income, diluted . ......................................................................
Cash dividends ...............................................................................

¥ (1.21)
—
2.00

¥

1.57
1.44
3.00

$ (0.0134)—
0.0222

At period-end:
Total assets .....................................................................................
Total net assets . ..............................................................................

¥110,159
44,545¥113,206
45,495$1,221,139
493,792

Notes: 1. U.S. dollar amounts presented herein are included solely for convenience. The rate of ¥90.21 = U.S.$1, prevailing on September 30, 2009,has been used for the translation into U.S. dollar amounts.
2. The computation of net income (loss) per share of common stock is based on the weighted average number of shares outstanding (which
represents the number of issued shares less treasury stock.) during each period.

1

As a result of recording of income taxes-deferredthrough the application of deferred tax accounting,
the Company recorded a net loss of ¥110 million, adecrease of ¥252 million compared with the net profit
recorded for the same period of the previous year.

circumstances, the Group will endeavor to increase
operating revenues by vigorously implementing
comprehensive sales & marketing. While recognizingthat the extent of the recovery of the economy will
have a great bearing on the Group’s business results,
we will strive to improve profit through effective
utilization of resources, improvement of productivity
and operational efficiency, and review of poorly
performing businesses.

By business segment, operating revenues from thelogistics-related business decreased 14.9% or ¥8,922
million compared with the same period of theprevious year to ¥50,817 million. This decrease wasattributable to a large decline in transportation
demand experienced by the road haulage operations
and sluggish logistics demand in the third-party
logistics (3PL) business, which is our high-priority
business, and harbor transport operations.

For the full year ending March 31, 2010, we forecast
operating revenues of ¥112,100 million, a decrease of
11.6% year on year, operating income of ¥690
million, an increase of 3.1%, and net income of ¥40
million, a decrease of 83.6%.

Operating revenues from the information processing
business increased 10.9% or ¥135 million comparedwith the same period of the previous year to ¥1,379
million.

Issues to Be Addressed
The Company is promoting initiatives in the second
year of its 18th three-year medium-term business plan
launched in April 2008 under the slogan “Running
start to jump to the new stage––Challenging issues toreform––Growing into a genuine integrated logistics
provider.” Our key objectives under the plan are as
follows:(1) Develop into a highly profitable company, andraise our value within society(2) Extend 3PL business and develop overseas business(3) Realize quality that is highly valued and trusted byour customers(4) Take steps to increase our activities in regard to theenvironment(5) Improve the workplace to ensure that ouremployees can find their job rewarding, take pride andexperience satisfaction through their work.

Operating revenues from other businesses, which
include automobile repair and merchandising,decreased 31.2% or ¥1,342 million compared with thesame period of the previous year to ¥2,966 million.
With regard to capital expenditures, no facilities arescheduled for completion during the current fiscal
year. Future capital expenditure projects underconsideration include use of land at Shobu-machi,
Saitama prefecture, where reclamation is expected tobe completed during the current fiscal year.

Full-Year Outlook
Turning to the outlook for the full year, although there
are signs that the Japanese economy has bottomed out,
prospects are still unclear and we expect the Group’sbusiness environment to remain challenging. In these

By working to achieve these objectives, we will
facilitate business reorganization and strengthen groupmanagement capabilities and cost competitiveness in2

order to create greater value in our logistics businesses
and fulfill our corporate social responsibility.
Eyeing possibilities of M&A and business
partnerships, we are endeavoring to become a highly
profitable concern that delivers high added value
through expansion of the third-party logistics (3PL)
business, so as to increase the Group’s enterprise value.
In these endeavors, we adhere to our fundamental
policy of providing our customers with high-quality
services that are highly valued and inspire their trust in
the Tonami Group.
The Tonami Holdings Group’s quantitative targets forthe final year (the year ending March 31, 2011) of themedium-term business plan are: consolidated
operating revenues of ¥113.3 billion, operating
income of ¥1.3 billion (operating income ratio of
1.1%), and net income of ¥0.6 billion.
We plan to pay annual dividends of ¥4.0 per share forthe fiscal year ending March 31, 2010, including aninterim dividend of ¥2.0 per share.
We request your continued support for our endeavors.

December 2009

Katsusuke Watanuki
President and Representative Director

3Unaudited Consolidated Balance Sheets

TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES

Millions of yen
September 30,
March 31,
2009
2009

Thousands of
U.S. dollars(Note 1)
September 30,
2009¥ 10,608¥ 11,498$ 117,592

18,10919,654

200,743ASSETS
Current assets:
Cash and time deposits ........................................................................
Trade receivables:
Notes and accounts .........................................................................
Less: allowance for doubtful accounts . ...........................................

(34)

(39)

(377)

Inventories (Note 5) . ...........................................................................

909

673

10,076

Deferred tax assets . ..............................................................................

512

645

5,676

Other current assets .............................................................................

2,398

2,271

26,582

Total current assets . ...............................................................

32,502

34,702360,292

Property and equipment (Note 3):
Land ....................................................................................................

37,70237,744

417,936

Buildings and structures .......................................................................

20,841

22,142231,028

Machinery and vehicles ........................................................................

2,349

2,447

26,039Other ...................................................................................................

4,685

4,300

51,934

Total property and equipment ...............................................

65,577

66,633726,937

Investments and other assets:
Investments in securities (Note 2) ........................................................

5,462

4,964

60,548Deferred tax assets . ..............................................................................

1,085

1,301

12,027

Goodwill ..............................................................................................

358

361

3,969

Other ...................................................................................................

5,175

5,180

57,366

Total investments and other assets . ........................................

12,08011,806

133,910

Total assets . ...........................................................................

¥110,159¥113,141$1,221,139

The accompanying Notes are an integral part of these statements.

4

LIABILITIESCurrent liabilities:
Short-term bank loans (Note 3) ...........................................................
Current portion of long-term debt (Note 3) . .......................................
Current portion of bonds with stock acquisition rights (Note 3) ..........
Trade notes and accounts payable ........................................................
Income taxes payable . ..........................................................................
Other current liabilities ........................................................................
Total current liabilities ...........................................................
Long-term liabilities:
Long-term debt, less current portion (Note 3) .....................................
Deferred tax liabilities from revaluation reserve for land .......................
Employees’ severance and retirement benefits ......................................
Retirement benefits for directors and statutory auditors .......................
Negative goodwill ................................................................................
Other long-term liabilities . ..................................................................
Total long-term liabilities .......................................................
Total liabilities .......................................................................

Millions of yen
September 30,
March 31,
2009
2009

Thousands of
U.S. dollars(Note 1)
September 30,
2009¥ 13,615
838
—
8,861
426
6,759
30,499¥ 12,941
1,216
2,500
10,001
399
7,191
34,248$ 150,926
9,290—
98,226
4,722
74,925
338,089

9,706
5,455
15,322177
3
4,452
35,11565,614

8,404
5,455
15,643211
44,294
34,011
68,259107,593
60,470169,848
1,962
33
49,352389,258
727,347

NET ASSETS
Shareholders’ equity:
Common stock:
Authorised: 299,200,000 shares at September 30, 2009
299,200,000 shares at March 31, 2009
Issued:97,610,118 shares at September 30, 2009
97,610,118 shares at March 31, 2009 .........................
Capital surplus .....................................................................................
Retained earnings . ...............................................................................
Treasury stock, at cost: 6,814,114 shares at September 30, 2009 and
6,803,610 shares at March 31, 2009 . ..............
Total shareholders’ equity ......................................................

14,183
11,682
14,09614,183
11,682
14,392

157,222
129,498
156,257(2,011)
37,950(2,008)38,249(22,292)
420,685

Valuation and translation adjustments:
Unrealized gain on securities ................................................................
Revaluation reserve for land .................................................................
Total valuation and translation adjustments ...........................

459
5,787
6,246

233
5,787
6,020

5,088
64,15069,238

Minority interest:
Minority interest ..................................................................................
Total net assets .......................................................................
Total liabilities and net assets .................................................

349
44,545¥110,159

613
44,882¥113,141

3,869
493,792$1,221,139

5

Unaudited Consolidated Statements of Operations
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2009 and 2008

2008

Thousands of
U.S. dollars(Note 1)
2009

¥55,162¥65,291$611,484

55,162

65,291

611,484

Operating cost .....................................................................................

51,771

61,564

573,894

Selling, general and administrative expenses .........................................

3,220

3,169

35,69454,99164,733

609,588

171

558

1,896

Interest and dividend income ...............................................................

136

195

1,507

Equity in earnings of affiliates ..............................................................

18

61

199

Loss on sells of property and equipment, net . ......................................

(62)

(39)

(687)

Interest expenses ..................................................................................

(166)

(182)

(1,840)

Impairment losses ................................................................................

—

(11)

—

Other, net ...........................................................................................

294

104

3,259

220

128

2,438

391

686

4,334

Current ................................................................................................

266

324

2,948

Deferred . .............................................................................................

233

212

2,583

499

536

5,531

Minority interests ....................................................................................

2

8

22

Net income (loss) . ...................................................................................

¥ (110)¥ 142$ (1,219)

Millions of yen
2009

Operating revenues:
Operating revenues ..............................................................................
Operating costs and selling, general and administrative expenses:

Operating income
Other income and expenses:

Income before income taxes and minority interests ...............................
Income taxes:

The accompanying Notes are an integral part of these statements.

6

Unaudited Consolidated Statements of Cash FlowsTONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIESFor the six months ended September 30, 2009 and 2008

Cash flows from operating activities:
Income before income taxes and minority interests . ...........................................
Depreciation and amortization ...........................................................................
Impairment losses ...............................................................................................
Loss on disposal of property and equipment .......................................................
Loss on sales of investments in securities . ...........................................................
Loss on devaluation of investments in securities . ................................................
Loss on devaluation of golf club memberships ....................................................
Amortization of goodwill . ..................................................................................
Equity in earnings of affiliates . ...........................................................................
(Decrease) increase in allowance for doubtful accounts .......................................
Decrease in employees’ severance and retirement benefits ...................................
Decrease in retirement benefits for directors and statutory auditors .........................
(Decrease) increase in accrued bonuses to employees ..........................................
Interest and dividend income .............................................................................
Interest expenses .................................................................................................
Decrease (increase) in trade receivables ...............................................................
Increase in inventories ........................................................................................
Decrease in accounts payable ..............................................................................
Increase (decrease) in accrued consumption taxes ...............................................
Other, net . .........................................................................................................
Subtotal ........................................................................................................
Interest and dividends received ...........................................................................
Interest paid .......................................................................................................
Income taxes paid ...............................................................................................
Net cash provided by (used in) operating activities ....................................
Cash flows from investing activities:
Purchase of time deposits . ..................................................................................
Proceeds from redemption of time deposits ........................................................
Proceeds from sales of marketable securities.........................................................
Purchase of property and equipment ..................................................................
Proceeds from sales of property and equipment ..................................................
Purchase of investments in securities . .................................................................
Proceeds from sales of investments in securities ..................................................
Proceeds from redemption of investments in securities .......................................
Payments for sales of investments in subsidiaries resulting in changes in scope of consolidation ....
Investments in loans receivable ...........................................................................
Proceeds from collection of loans receivable . ......................................................
Other, net . .........................................................................................................
Net cash used in investing activities ...........................................................
Cash flows from financing activities:
Net increase in short-term loans .........................................................................
Proceeds from long-term debt . ...........................................................................
Repayment of long-term debt .............................................................................
Proceeds from issuance of bonds . .......................................................................
Redemption of bonds .........................................................................................
Purchase of treasury stock ...................................................................................
Dividends paid ...................................................................................................
Dividends paid to minority interests . .................................................................
Other, net . .........................................................................................................
Net cash (used in) provided by financing activities . ...................................
Net decrease in cash and cash equivalents .............................................................
Cash and cash equivalents at beginning of period ................................................
Cash and cash equivalents at end of period (Note 6) ...........................................
The accompanying Notes are an integral part of these statements.

7

Millions of yen
2009
¥

391
1,531
—

62
11
—
—

67
(18)
(33)
(321)
(31)
(37)
(136)
166
1,517
(241)
(1,108)
344
(242)
1,922
137
(208)
(184)
1,667
(19)
12
—

(1,301)
34
(9)
0
50
(35)
(216)
246
(95)
(1,333)

2008

Thousands of
U.S. dollars(Note 1)2009¥ 686
1,282
11
39
4
41
14
56
(61)
23
(509)
(18)
43
(195)
182
(836)
(464)
(700)
(94)
(689)
(1,185)
195
(124)
(662)
(1,776)$ 4,334
16,972(21)
25
20(1,304)
56
(43)
1
500

(211)
133

—

(3)
12
320
(437)

—

687
122
—
—

743
(199)
(366)
(3,558)(344)(410)(1,507)
1,840
16,816(2,672)(12,282)3,813(2,683)
21,3061,519(2,306)(2,040)18,479—(14,422)
377
(100)
0
554
(388)
(2,394)
2,727(1,053)(14,777)(2,500)
(3)
(182)
(1)
(519)
(1,230)

3,447
2,458
(901)
3,000
(7,000)
(7)
(273)
(7)
(123)
594

(27,713)(33)(2,018)(11)(5,753)(13,634)(896)
11,476¥10,580(1,619)
11,638¥10,019(9,932)
127,214$117,282675
2,500(1,200)—7,483
27,713(13,302)—

Notes to the Unaudited Consolidated Financial Statements
TONAMI HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES

1.

Basis of presenting financial statements

The accompanying unaudited consolidated financial statements have been prepared based on the accounts maintained by Tonami Holdings Co.,
Ltd. (the “Company”) and consolidated subsidiaries in accordance with accounting principles generally accepted in Japan, which differ in certain
respects as to the application and disclosure requirements of International Financial Reporting Standards. In preparing these unaudited
consolidated financial statements, certain reclassifications and rearrangements have been made to the Company’s consolidated financial statements
issued domestically in order to present them in a format which is more familiar to readers outside Japan.
U.S. dollar amounts presented in the unaudited financial statements are included solely for convenience and should not be construed as
representations that Japanese yen amounts have been or could in the future be converted into U.S. dollars. The rate of ¥90.21 = U.S.$1, prevailingon September 30, 2009, has been used for the translation into U.S. dollar amounts in the unaudited financial statements.
Change in important items that form the basis for preparation of quarterly consolidated financial statements(a) Changes in matters concerning the scope of consolidation
Shogawa Kanko Co., Ltd. has been excluded from the scope of consolidation and has become an affiliate accounted for by the equity method since
the first quarter of the fiscal year ending March 31, 2010, because the Company transferred shares of Shogawa Kanko. Consequently, Shogawa
Kanko’s subsidiary Shogawa Pleasure Boat Co., Ltd. has been excluded from the scope of consolidation since the first quarter of the fiscal year
ending March 31, 2010.
As a result, the number of consolidated subsidiaries as of September 30, 2009, was 29.
(b) Changes in matters concerning the application of the equity method
Shogawa Kanko Co., Ltd. has been excluded from the scope of consolidation and has become an affiliate accounted for by the equity method since
the first quarter of the fiscal year ending March 31, 2010, because the Company transferred shares of Shogawa Kanko.
As a result, the number of affiliates accounted for by the equity method as of September 30, 2009, was 6.
Simplified accounting treatment(Method of calculating depreciation of fixed assets)
For assets depreciated using the declining-balance method, depreciation expenses for the fiscal year are calculated on a pro-rata basis.

2.

Fair value of securities

There is no significant change in the amount of marketable securities on the consolidated balance sheet or other amounts compared with those on
the final day of the previous fiscal year.

3.	Short-term bank loans and long-term debt(a) Short-term bank loans

0.84%-2.45% bank loans:
Secured .........................................................................................................................
Unsecured .....................................................................................................................
Total ...............................................................................................................................

8

Millions of yen
September 30,
March 31,
2009
2009

Thousands of
U.S. dollars
September 30,
2009¥ 3,010
9,931¥12,941$ 37,357
113,569$150,926¥ 3,370
10,245¥13,615(b) Long-term debt

0.00% ¥2.5 billion unsecured convertible bond type–bonds
with stock acquisition rights due 2009 ..........................................................................
2.11% ¥3.0 billion unsecured straight bonds due 2013 . .................................................
1.25%–3.45% loans from financial institutions due 2010 to 2014 and thereafter
Secured .....................................................................................................................
Unsecured . ...............................................................................................................
Total . .................................................................................................................
Less: amount due within one year ...................................................................................

Millions of yen
September 30,
March 31,
2009
2009

Thousands of
U.S. dollars
September 30,
2009

—
3,000

¥ 2,500
3,000

$

621
6,923
10,544838¥ 9,706

989
5,631
12,1203,716¥ 8,404

6,884
76,743116,8839,290$107,593¥—33,256The maturity of the ¥3.0 billion 2.11% unsecured straight bonds, issued in June 2008, is June 5, 2013.

(c)

Pledged assets

4.

Overdraft facility and credit line commitment agreements

Property and equipment having a net value of ¥14,681 million ($162,742 thousand) was pledged as collateral for short-term bank loans and longterm debt as at September 30, 2009.

The Company has entered into overdraft facility and credit line commitment agreements with ten banks for the purpose of efficient procurementof working capital.
Outstanding balance of unused credit concerning overdraft facility and credit line commitment agreements at September 30, 2009, was asfollows:
Maximum credit line of overdraft facility and commitment agreement ...........................
Used credit ......................................................................................................................
Total . ............................................................................................................................

5.

Inventories

6.

Cash flow statements

Thousands of
U.S. dollars$44,341—$44,341

Millions of yen¥4,000—¥4,000Inventories as at September 30, 2009 consisted of merchandise of ¥603 million ($6,684 thousand), raw materials and supplies of ¥152 million($1,685 thousand), and work in process of 154 million ($1,707 thousand).

Reconciliation of cash and time deposits shown in the unaudited consolidated balance sheets and cash and cash equivalents shown in theunaudited consolidated statements of cash flows as at September 30, 2009 and 2008 is as follows:—
Millions of yen

Cash and time deposits ...................................................................................................
Time deposits with maturities exceeding three months . ..................................................
Cash and cash equivalents ...............................................................................................

92009¥10,608(28)¥10,5802008¥10,047(28)¥10,019

Thousands of
U.S. dollars
2009$117,592(310)$117,282

7.

Amounts per share

Amounts per share of common stock were as follows:—
Yen

Year ended
March 31,2009

September 30,
2009¥ (1.21)—
2.00¥486.77¥ 2.692.47
5.00¥487.51$(0.0134)—
0.0222$ 5.3960

September 30,
2009
Net income (loss) per share:
Basic .............................................................................................................................
Diluted .........................................................................................................................
Cash dividends . ..............................................................................................................
Net assets per share .........................................................................................................

U.S. dollars

Six months
ended

Six months
ended

Although dilutive securities were outstanding, diluted net income per share for the year ended March 31, 2009 was not disclosed because of the
net loss in this period.
Basis for the calculation of net assets per share was as follows:—

Total net assets as reported on the unaudited consolidated balance sheets . ......................
Deduction:
Adjusted net assets allocated in common stock ................................................................
Minority interests . .......................................................................................................
Number of shares of common stock issued . ....................................................................
Number of shares of common stock in treasury . .............................................................
Number of shares of common stock outstanding at the end ofyear on which net assets per share is calculated .............................................................

Millions of yen
September 30,
March 31,2009
2009
¥44,545¥44,882

Thousands of
U.S. dollars
September 30,
2009$493,792

44,269613

489,923
3,869

44,196
349
Shares97,610,118
6,814,114

97,610,118
6,803,610

90,796,004

90,806,508

Basis for the calculation of basic and diluted net income (loss) per share for the six months ended September 30, 2009 and 2008 was as follows:—

Net income (loss) available to shareholders of common stock:
Net income (loss) ..........................................................................................................
Net income (loss) not available to shareholders of common stock .................................
Net income (loss) available to shareholders of common stock . ......................................
Weighted-average number of shares of common stock outstanding (shares) . .................
Diluted net income available to shareholders of common stock:
Adjustments to net income ...........................................................................................
Incremental number of shares of common stock ...........................................................
(of which stock acquisition rights) . ............................................................................

Common stock equivalents not included in calculation of diluted net
income per share due to their non-dilutive effect8.

Millions of yen
2009

2008

Thousands of
U.S. dollars
2009¥(110)—(110)
90,801,001

¥142
—
142
90,837,221$(1,219)—(1,219)

¥—
—
(—)
—

¥—
8,012,820(8,012,820)$—(Stock option)
Stock options (stock acquisitionrights) approved at the annual
shareholders’ meeting of theCompany held on June 29, 2005
(The number of stock acquisitionrights was 1,100.)Subsequent event

At a meeting held on November 10, 2009, the board of directors of the Company resolved the following interim cash dividends:—
Dividends (¥2.00 per share) ............................................................................................

10

Millions of yen¥182

Thousands of
U.S. dollars$2,018

9.

Segment information

The Company’s business segments consist of logistics related services classified as Logistics, information processing operations classified as
Information processing, and other services classified as Others.
A summary of segment information by business segment for the six months ended September 30, 2009 and 2008 was as follows:—

Logistics
Net Sales:
Outside customers ................................................................
Inter segment sales ................................................................
Total ..............................................................................
Costs and expenses ......................................................................
Operating income (loss) ..............................................................

¥50,81753
50,87051,070¥ (200)

Logistics
Net Sales:
Outside customers ................................................................
Inter segment sales ................................................................
Total ..............................................................................
Costs and expenses ......................................................................
Operating income .......................................................................

¥59,739959,74859,462¥ 286

Logistics
Net Sales:
Outside customers ................................................................
Inter segment sales ................................................................
Total ..............................................................................
Costs and expenses ......................................................................
Operating income (loss) ..............................................................

$563,319
587
563,906
566,123$ (2,217)

For the six months ended September 30, 2009
Millions of yen
Information
OthersTotal
Eliminations Consolidated
processing¥1,379
125
1,504
1,307
¥ 197¥2,966
2,791
5,757
5,911
¥ (154)¥55,162
2,969
58,13158,288¥ (157)¥ —(2,969)(2,969)(3,297)¥ 328¥55,162—
55,162
54,991¥ 171For the six months ended September 30, 2008
Millions of yen
Information
OthersTotal
Eliminations Consolidated
processing¥1,244
182
1,426
1,238
¥ 188¥4,308
4,328
8,636
8,481
¥ 155¥65,291
4,519
69,81069,181¥ 629¥ —(4,519)(4,519)(4,448)¥ (71)¥65,291—
65,29164,733¥ 558For the six months ended September 30, 2009
Thousands of U.S. dollars
Information
OthersTotal
Eliminations Consolidated
processing$15,286
1,386
16,672
14,488$ 2,184$32,879
30,93963,81865,525$(1,707)$611,484
32,912644,396646,136$ (1,740)$

—(32,912)(32,912)(36,548)$ 3,636$611,484—
611,484
609,588$ 1,896

The business segments mainly consist of the following services:
Logistics ................................. Road haulage, freight forwarding, warehousing, and harbor transport and customs services
Information processing . ....... Information processing
Others .................................... Vehicle maintenance, casualty insurance, leasing, merchandising and commissioned sales and purchases, travel
services, mail order services, and other businesses
Neither geographical segment information nor overseas sales have been presented because none of the Company’s consolidated subsidiaries are
domiciled outside Japan, and the Company and its consolidated subsidiaries had no overseas sales for the six months ended September 30, 2009
and 2008.

11

Consolidated Subsidiaries

Logistics
Company NameBusiness Line

Tonami Transportation Co., Ltd.

Road haulage

Keishin Warehouse Co., Ltd.

Warehousing

Zento Transportation Co., Ltd.

Road haulage

Osaka Tonami Transportation Co., Ltd.

Road haulage

Fukui Tonami Transportation Co., Ltd.

Road haulage

Ishikawa Tonami Transportation Co., Ltd.

Road haulage

Gosei Tonami Transportation Co., Ltd.

Road haulage

Kansai Tonami Transportation Co., Ltd.

Road haulage

Kanto Tonami Transportation Co., Ltd.

Road haulage

Kanagawa Tonami Transportation Co., Ltd.

Road haulage

Ibaraki Tonami Transportation Co., Ltd.

Road haulage

Chukyo Tonami Transportation Co., Ltd.

Road haulage

Shonan Tonami Transportation Co., Ltd.

Road haulage

Kawai Transportation Co., Ltd.

Road haulage

ATS Co., Ltd.

Road haulage

Takefu Transportation Co., Ltd.

Road haulage

Saitama Tonami Transportation Co., Ltd.

Road haulage

Niigata Tonami Transportation Co., Ltd.

Road haulage

Anan Transportation Co., Ltd.

Road haulage

Nationwide Shirobo JSE Courier Co., Ltd.

Road haulage

Tonami Global Logistics Co., Ltd.

Harbor transport service

Information Processing and Others
Company NameBusiness Line

Tonami Trading Co., Ltd.

Trading Company

Toyo Gomu Hokuriku Hanbai Co., Ltd.

Sale of tires

Toyama Jizake Hanbai Co., Ltd.

Sale of liquor

Keishin System Research Co., Ltd.

Development and sale of software

Tonami Staff Support Co., Ltd.

Detached service

Tonami Business Service Co., Ltd.

Financial service

Toyo Tire Toyama shop Co., Ltd.

Sale of tires

Tonami Automobile Technology Research Institute Co., Ltd.

Automobile technology R&D

12

Board of Directors and Corporate
Auditors

Corporate Data

Chairman and Representative Director

Head Office

Yoshihiro Minami

2-12, Showa-machi 3-chome, Takaoka,
Toyama Prefecture 933-8788, Japan
Phone: (0766) 32-1073
Fax: (0766) 32-1077

President and Representative Director
Katsusuke Watanuki

Tokyo Headquarters

Senior Managing Director

3-8, Higashinihonbashi 3-chome, Chuo-ku,
Tokyo 103-0004, Japan
Phone: (03) 3664-5403
Fax: (03) 3664-5405

Kohichi Kishida

Directors
Shigeki Sakamoto
Yasuo Terabayashi
Yoshinobu Watanabe
Shigeyuki Okada
Yoshimi Nagahara
Kazuo Takata

Date of Establishment
June 1943

Common Stock¥14,183 million

Issued and Outstanding SharesStanding Statutory Auditors

97,610,118 shares

Mitsuo Matsuda
Masafumi Takebe

Shareholders

Statutory Auditors

Employees

Shinichiro Inushima
Toshio Yaeda
Yohji Ishiguro

63

7,238

(As of September 30, 2009)(As of September 30, 2009)13

TONAMI HOLDINGS CO., LTD.
URL:http://www.tonamiholdings.co.jp/