Consolidated Financial Results for the First Quarter Ended June 30, 2011
Asahi Holdings, Inc.
July 29, 2011
Stock code:

5857

Shares listed:Tokyo Stock Exchange (First Section)

U R L:

http://www.asahiholdings.com

Representative

Mitsuharu Terayama, Chairman, President and CEO

For further information please contact:

Hirohisa Yamaguchi, Department Manager, Planning(Phone) +81-3-6270-1833

Filing date of Quarterly Report:

August 12, 2011

Scheduled date of start of divided payment:－Supplementary materials for the quarterly financial results: No
Investor conference for the quarterly financial results: No(Rounded down to the nearest million yen)
１．Results of the three months ended June 30, 2011 (From April 1, 2011 to June 30, 2011)（１）Results of operations (cumulative)(Percentage changes relative to previous corresponding period)
Net sales
The three months ended
June 30, 2011
June 30, 2010
(Note) Comprehensive income

Millions of yen％

Operating income

Ordinary income

Millions of yen

Millions of yen％

35,036 31.8
3,232 (2.3)
26,587 43.2
3,307 214.2
The three months ended June 30, 2011
The three months ended June 30, 2010
Net income per share

The three months ended
June 30, 2011
June 30, 2010％

Net income
Millions of yen

3,326 (1.1)
3,364 236.9
2,504 million yen (4.0%)
2,408 million yen (－%)％

1,940 (4.5)
2,032 243.3

Diluted net income per share

Yen
60.04
63.06

Yen－－

（２）Financial Position
Total assets
As ofJune 30, 2011
March 31, 2011
(Reference) Shareholders’ equity

Net assets

Millions of yen
Millions of yen
63,11936,09959,14334,341
As of June 30, 2011 : 36,061 million yen

Shareholders’equity ratio％
57.1
58.0
As of March 31, 2011 : 34,313 million yen

２．Dividend payments

Year ended March 31, 2011
Year ending March 31, 2012
Year ending March 31, 2012
(Forecast)

Dividends per share
Second quarter
Third quarter
Yen
Yen
25.00
－First quarter
Yen－－

30.00

－

Year-end
Yen
25.00

Annual
Yen
50.00

30.00

60.00

(Note) Revisions in dividend forecast in the current quarter : No
３．Forecast (From April 1, 2011 to March 31,2012)(Percentage changes relative to previous corresponding period)
Net income
Operating income
Ordinary income
Net income
per share

Net sales
Millions of Yen

1st half
Year ending March 31, 201263,500
130,000％

21.0
17.6

Millions of Yen

5,00011,000(Note) Revisions in forecast in the current quarter : No％(10.7)
3.2

Millions of Yen

5,00011,000％(8.7)
4.7

Millions of Yen ％3,000
6,500(6.3)
5.8

Yen

92.81
200.97

４．Other（１）Changes in important subsidiaries during the current quarter : No
（２）Application of special accounting methods for quarterly consolidated financial statements : No
（３）Changes in accounting policies, accounting estimates and restatement(i) Changes in accounting policies resulting from the revision of the accounting standards and otherregulations: No(ii) Changes other than (i) above: No(iii) Changes in accounting estimates: No(iv) Restatement: No（４）Number of issued shares (common stock)(i) Number of issued shares at the quarter end (including treasury shares)Three months ended June 30, 2011:
36,254,344 sharesYear ended March 31, 2011:
36,254,344 shares(ii) Number of treasury shares at the quarter end
Three months ended June 30, 2011:
3,921,689 sharesYear ended March 31, 2011:
3,953,239 shares(iii) Averaged number of shares during the period (quarterly cumulative period)
Three months ended June 30, 2011:
32,312,630 shares
Three months ended June 30, 2010:
32,228,098 shares*Indication regarding the situation of quarterly review procedures
These financial results are not subject to the quarterly review procedures pursuant to the Financial
Instruments and Exchange Act. As of the disclosure of the financial results, the procedures for reviewing
quarterly financial statements pursuant to the Financial Instruments and Exchange Act are in progress.
*Statement regarding the proper use of financial forecasts and other special remarks
These forecast performance figures are based on the information currently available to the Company’s
management and certain assumptions judged rational. Accordingly, these might be cases in which actual
results materially differ from forecasts of this report.

【Appendix】

Table of contents of the appendix

1. Qualitative Information Regarding Consolidated Performance for the Current Quarter ...................2(1) Qualitative Information on Consolidated Business Performance ................................................2(2) Qualitative Information on Consolidated Financial Position.......................................................2(3) Qualitative Information on Consolidated Performance Forecasts................................................2
2. Consolidated Financial Statements..........................................................................................3(1) Consolidated Balance Sheets ...............................................................................................3(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive
Income.......................................................................................................................................4Consolidated Statements of Income for the three months ended June 30, 2011..................4
Consolidated Statements of Comprehensive Income for the three months ended June 30,
2011 .......................................................................................................................................4(3) Notes on Assumptions for Going Concern............................................................................5(4) Segment Information, Etc....................................................................................................5(5) Notes in case significant changes were made to the amount of shareholders’ equity .........51

1. Qualitative Information Regarding Consolidated Performance for the Current Quarter(1) Qualitative Information on Consolidated Business Performance

During the three months of the fiscal year under review (three months ending June 30, 2011), theJapanese economy remained in a severe situation, due to the Great East Japan Earthquake and theinsufficiency of electric power supply caused by the nuclear power plants accident.
The Japanese economy is expected to recover due to restoration of the supply chains and production
activities and also demand for reconstruction of the stricken area. However, the outlook of the economy
is still unpredictable, due to insecure electric power supply and the continuous strong Japanese yen.
Under these circumstances, regarding precious metal recycling business, the volume and averagesales price of collected metals (gold, silver and palladium) were higher than those of the previous
corresponding period, due to the market price of metals staying at high level and the efforts inacquiring new customers. Amagasaki plant and Chungju plant of Asahi Pretec Korea corporation
started operation.
Regarding environmental protection business, though there were influences from the earthquake
disaster, the transaction volume of sludge, waste liquid, waste plastic, medical-related wastes andsheet glass scraps were stable and the treatment volume of them were higher than the previous
corresponding period.
As a result of the above, consolidated net sales for the period totaled ¥35,036 million. Looked at bysegment, sales in the precious metal recycling business were ¥31,754 million and sales in theenvironmental protection business were ¥3,281 million. Operating income amounted ¥3,232 million,ordinary income was ¥3,326 million, and net income totaled ¥1,940 million.
Compared with the previous corresponding period, Net sales increased ¥8,449 million, operating
income decreased ¥74 million, ordinary income decreased ¥38 million, and net income decreased ¥92
million.

(2) Qualitative Information on Consolidated Financial Position

As of June 30, 2011, total assets mounted ¥63,119 million, up ¥3,976 million from the previous fiscalyear end. This was due mainly to an increase of ¥1,533 million in notes and accounts receivable-trade,an increase of ¥1,706 million in inventories.
Net assets totaled ¥36,099 million and shareholders’ equity ratio is 57.1%.

(3) Qualitative Information on Consolidated Performance Forecasts

Forecasts for full-year performance in the fiscal year 2011 (ending March 2012) remain unchanged
from forecasts announced in the Consolidated Financial Results for The Year Ended March 31, 2011
released May 13, 2011.

2

2. Consolidated Financial Statements(1) Consolidated Balance Sheets
As of March 31,
2011
Millions of yen

As of June 30,
2011
Millions of yen

As of June 30,
2011
Thousands ofU.S.dollars

2,321
4,754
5,914
12,509
530
3,312
(10)
29,332

3,420
6,288
7,380
12,564
714
2,764
(9)
33,12242,364
77,891
91,428
155,636
8,850
34,240(116)
410,292

9,349
12,563
4,644
26,557

9,939
12,7494,002
26,690123,117
157,926
49,574
330,617

2,036
519
2,556
697
29,81159,143

2,045
487
2,533
772
29,99663,119

25,3386,043
31,381
9,573
371,571
781,864

3,405
9,448
1,000
2,512
741
28
100
59
3,180
20,475

4,704
13,548
1,000
1,128
343
7114
58
1,945
22,85058,281
167,819
12,387
13,979
4,255
96
1,416
721
24,100283,054

2,500
205
1,620
4,325
24,801

2,250
245
1,673
4,169
27,02027,871
3,039
20,73351,643334,696

4,480
6,074
29,976(5,795)34,7364,480
6,079
31,109(5,749)35,91955,50475,304385,346(71,217)444,93733(374)
(81)
(422)
28
34,34159,143

19182(59)142
37
36,09963,119237
2,261(738)
1,759
471
447,167
781,864

ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Total noncurrent assets
Total assets
LIABILITIESCurrent liabilities
Notes and accounts payable-trade
Short-term loans payable
Curre nt por tio n of lo ng-ter m lo ans payable

Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for repairs
Provision for loss on disaster
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision for retirement benefits
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

U.S. dollar amounts represent translations using the approximate exchange rate on June 30, 2011 ofyen80.73=US$1, and are included solely for the convenience of readers.

3(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income for the three months ended June 30, 2011
The three months
ended June 30, 2010
Millions of yen

The three months
ended June 30, 2011
Millions of yen

26,587
22,128
4,458
1,151
3,307
72
15
3,364
1
0
3,366
1,017
316
1,333
2,032
2,032

35,03630,570
4,465
1,232
3,232
105
11
3,326
－
24
3,301
1,105
255
1,361
1,940
1,940

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Income before income taxes and minority interests

Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

The three months
ended June 30, 2011
Thousands ofU.S.dollars
433,994378,681
55,313
15,26740,0471,301
145
41,202－305
40,898
13,697
3,169
16,86624,032
24,032

Consolidated Statements of Comprehensive Income for the three months ended June 30, 2011
The three months
ended June 30, 2010
Millions of yen

The three months
ended June 30, 2011
Millions of yen

2,032

1,940

3(14)

(182)

346
25

557
26

6,901
328

－

(4)

(55)

375
2,408564
2,504

6,993
31,024

2,408－

2,504－

31,024－

Income before minority interests
Other comprehensive income
Valuation difference on
available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

The three months
ended June 30, 2011
Thousands ofU.S.dollars
24,032

U.S. dollar amounts represent translations using the approximate exchange rate on June 30, 2011 ofyen80.73=US$1, and are included solely for the convenience of readers.

4(3) Notes on Assumptions for Going Concern
Not applicable(4) Segment Information, Etc.
[Segment information]
Ⅰ For the three months ended June 30, 2010(From April 1, 2010 to June 30, 2010)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Preciousmetal
recycling business

Environmental
protectionbusiness

1) Customers
2) Intersegment

23,337－3,250－26,587－

Total

23,3373,250

26,587Total

Net sales

Segment income
2,960
346
3,307
(Note) Total segment income matches operating income recorded on the consolidated statements of income.
2. Impairment losses on noncurrent assets, goodwill, etc. by reporting segment
Not applicable
Ⅱ For the three months ended June 30, 2011(From April 1, 2011 to June 30, 2011)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Preciousmetal
recycling business

Environmental
protectionbusiness

31,754

3,281

35,036－－－31,754

3,281

35,036

2,944288

3,232

TotalNet sales
1) Customers
2) Intersegment
TotalSegment income(Note) Total segment income matches operating income recorded on the consolidated statements of income.
2. Impairment losses on noncurrent assets, goodwill, etc. by reporting segment
Not applicable(5) Notes in case significant changes were made to the amount of shareholders’ equity
Not applicable5