Consolidated Financial Results for the Fiscal Year Ended March 31, 2012
Asahi Holdings, Inc.
May 11, 2012
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:

Tomoya Higashiura, Director

The Ordinary General Meeting of Shareholders:June 14, 2012

Filing date of financial statement:

June 15, 2012

Start of dividend payment:

May 29, 2012

(Phone) +81-3-6270-1833

Supplementary materials for the financial results: No
Investor conference for the financial results: Yes (for institutional investors, analysts)(Rounded down to the nearest million yen)
１．Results of the fiscal year ended March 31, 2012 (From April 1, 2011 to March 31, 2012)（１）Results of operations(Percentage changes relative to previous corresponding period)
Net sales

Operating income

The fiscal year ended
Millions of yen％
Millions of yen％
March 31, 2012
151,094 36.7
11,217
5.2
March 31, 2011
110,504 33.8
10,661
35.2(Note) Comprehensive income:The fiscal year ended March 31, 2012
The fiscal year ended March 31, 2011

Ordinary income
Millions of yen％

Net income
Millions of yen

11,1305.9
5,926
10,508 32.6
6,144
6,147 million yen ;4.4%
5,886 million yen ;32.6%

％

(3.5)
40.3

DilutedOrdinary
Operating
Return on
net income
income toincomeequityper share
total assets
to net sales
Yen
％
％
％
－
16.2
19.0
7.4
－
19.1
19.2
9.6
March 31, 2012: －million yen
March 31, 2011: － million yen

Net income per
share
The fiscal year ended
Yen
March 31, 2012183.20March 31, 2011190.46(Note) Equity in earnings of affiliates:（２）Financial Position

Shareholders’equity ratio
As ofMillions of yen
Millions of yen％
March 31, 2012
58,31538,902
66.6
March 31, 2011
59,14334,341
58.0(Reference) Shareholders’ equity:
As of March 31, 2012
38,835 million yen
As of March 31, 2011
34,313 million yen
Total assets

Net assets

Net assets per share
Yen
1,198.77
1,062.30（３）Cash flows

The fiscal year ended
March 31, 2012
March 31, 2011

Cash flows fromoperatingactivities
Millions of yen
11,297
5,457

Cash flows frominvestingactivities
Millions of yen(2,278)(3,743)

Cash flows fromfinancing activities
Millions of yen(7,705)(1,129)Cash and cash
equivalents at endof the fiscal year
Millions of yen
3,527
2,250

２．Dividend payments
Total
Dividend
Payment(Annual)Millionsof yen1,614
1,942

Dividends per share
1st
Quarter

2nd
Quarter

3rd
QuarterYear-end

AnnualThe fiscal Year ended

Yen

Yen

Yen

Yen

Yen

March 31, 2011
March 31, 2012
Year ending
March 31, 2013 (Forecast)

－
－

25.00
30.00

－
－

25.00
30.00

50.00
60.00

－

30.00

－

30.00

60.00

Payout
Ratio

Dividend
to Net Assets(Consolidated) (Consolidated)

%
26.3
32.8

%
5.0
5.3

38.9

３．Forecast (From April 1, 2012 to March 31,2013)(Percentage changes relative to previous corresponding period)
Net income
Operating
Ordinary income
Net income
per share
incomeNet sales
Millions of Yen ％Six months ending
September 30, 2012
Year ending March 31, 2013

Millions of Yen％

Millions of Yen％

Millions of Yen ％Yen

48,000 (34.0)

4,000 (33.1)

4,000 (33.7)

2,200 (36.9)

67.86

105,000 (30.5)

9,000 (19.8)

9,000 (19.1)

5,000 (15.6)

154.11

４．Other（１）Changes in important subsidiaries during the current fiscal year : No
（２）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（３）Number of issued shares (common stock)(i) Number of issued shares at the end of year (including treasury shares)
36,254,344 shares
As of March 31, 2012
As of March 31, 2011
36,254,344 shares(ii) Number of treasury shares at the end of year
3,858,589 shares
As of March 31, 2012
As of March 31, 2011
3,953,239 shares(iii) Averaged number of shares during the period
32,349,224 sharesYear ended March 31, 2012
Year ended March 31, 2011
32,260,511 shares(Reference) Summary of Nonconsolidated Results
1. Nonconsolidated Results of the Year ended March 31, 2012(From April 1, 2011 to March 31, 2012)（１）Results of operations(Percentage changes relative to previous corresponding period)
Net sales
The fiscal year ended
March 31, 2012
March 31, 2011

The fiscal year ended
March 31, 2012
March 31, 2011

Millions of yen

6,057
4,453

％

Operating income

Ordinary income

Millions of yen

Millions of yen

36.0(46.9)

5,005
3,530

％

41.8
(55.5)

5,006
3,519

Net income per share

Diluted net income per shareYen
151.83109.42

Yen
－
－

％

42.3
(55.5)Net income
Millions of yen

4,911
3,530

％

39.1
(55.4)

（２）Financial Position

As ofMarch 31, 2012
March 31, 2011
(Reference)
Shareholders’ equity

Total assets

Net assets

Millions of yen
41,17340,901Millions of yen
34,00930,684As of March 31, 2012 : 33,942 million yen

Shareholders’equity ratio
％
82.4
75.0

Net assets per
share
Yen
1,047.75
949.09As of March 31, 2011 : 30,656 million yen*Indication regarding the situation of audit procedures
These financial results are not subject to the audit procedures pursuant to the Financial Instruments andExchange Act. As of the disclosure of the financial results, the procedures for auditing 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. Information Regarding Consolidated Performance ......................................................................................2(1) Consolidated Operating Results for the Year ended March 31, 2012 .......................................................2(2) Consolidated Financial Position and Cash Flows for the Year ended March 31, 2012 ..............................2(3) Forecast of Consolidated Performance for the Year ending March 31, 2013.............................................2(4) Dividends ..............................................................................................................................................2
2. Consolidated Financial Statements........................................................................................................3(1) Consolidated Balance Sheets .............................................................................................................3(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income....5
Consolidated Statements of Income for the fiscal year ended March 31, 2012 and 2011................................ 5
Consolidated Statements of Comprehensive Income for the fiscal year ended March 31, 2012 and 2011 ...... 5(3) Consolidated Statements of Changes in Net Assets ................................................................................6(4) Consolidated Statements of Cash Flows ...........................................................................................8(5) Notes on Assumptions for Going Concern.........................................................................................9(6) Segment Information..........................................................................................................................9(7) Significant Subsequent Event ...........................................................................................................91

1. Information Regarding Consolidated Performance(1) Consolidated Operating Results for the Year ended March 31, 2012
During the fiscal year ended March 31, 2012, the Japanese economy remained in a severe situation, due tothe influence of Great East Japan Earthquake, European Sovereign Debt Crisis and the appreciation ofJapanese yen.
Under these circumstances, regarding precious metal recycling business, the volume of collected gold, silver
and palladium was higher than the previous corresponding period, though the volume of collected platinum
and indium was lower than the previous corresponding period. Also, the average sales prices of gold, silver,
palladium and indium were higher than the previous corresponding period, though the average sales price of
platinum was lower than the previous period.
Regarding environmental protection business, the transaction volume of waste oil, waste liquid andmedical-related wastes etc. was higher than the previous corresponding period.
As a result of the above, as consolidated results for the fiscal year, we recorded net sales of 151,094 million
yen, up 40,590 million yen (+36.7%) year-on-year; operating income of 11,217 million yen, up 556 million yen(+5.2%) year-on-year; ordinary income of 11,130 million yen, up 621 million yen (+5.9%) year-on-year; and net
income of 5,926 million yen, down 217 million yen (-3.5%) year-on-year.
Looked at by segment, sales in the precious metal recycling business were 136,571 million yen, up 40,173
million yen (+41.7%) year-on-year; and sales in the environmental protection business were 14,522 million
yen, up 416 million yen (+3.0%) year-on-year.

(2) Consolidated Financial Position and Cash Flows for the Year ended March 31, 2012
As of March 31, 2012, total assets amounted to 58,315 million yen, down 827 million yen from the previous
fiscal year end. This was due mainly to an increase of 4,726 million yen in notes and accounts
receivable-trade, a decrease of 5,484 million yen in inventories.
Total liabilities amounted to 19,413 million yen, down 5,388 million yen from the previous fiscal year end.
This was due mainly to a decrease of 5,902 million yen in loan payable.
Net assets totaled 38,902 million yen up 4,560 million yen from the previous fiscal year end.
Net cash provided in operating activities amounted to 11,297 million yen due mainly to 10,810 million yen
of income before income taxes, 2,345 million yen of depreciation and amortization.
Net cash used in investing activities amounted to 2,278 million yen due mainly to 1,674 million yen in
payments for purchase of fixed assets.
Net cash used in financial activities amounted to 7,705 million yen due mainly to 6,026 million yen
decrease of loans payable and expenditure of 1,777 million yen for the payment of dividends.
As a result, Cash and cash equivalents as of March 31, 2012, increased 1,277 million yen from March 31,
2011, to 3,527 million yen.

(3) Forecast of Consolidated Performance for the Year ending March 31, 2013
Regarding the forecast of consolidated performance for the year ending March 31, 2013, because thedomestic production of flat panel displays and IT equipments is in a severe situation, the volume of collected
metals in the precious metal recycling business is expected to decrease. Therefore the Company’s consolidated
net sales during the fiscal year ending March 2013 will be 105,000 million yen, 30.5% decrease year on year,
operating income will be 9,000 million yen, 19.8% decrease year on year, ordinary income will be 9,000 million
yen, 19.1% decrease year on year, and net income will be 5,000 million yen, 15.6% decrease year on year.
The consolidated net sales during the fiscal year ending March 2013 will be lower than the previous fiscal
year, because we will change a part of precious metal recycling business transactions from purchase and sale
contracts to fee-based processing contracts.

(4) Dividends
The Company’s basic policy is to improve the corporate value continuously by maintaining of stableprofitability and further growth and to meet the shareholders’ expectations by continuous dividends. The
Company also considers the fulfillment of internal reserves for strategic investment to enhance existing
business and develop new business.
Under the policy, the fiscal year’s end dividend will be 30 yen per share, consequently, the annual dividend
per share for the fiscal year ended March 31, 2012 will be totaled 60 yen including the interim dividend of 30 yen
per share.
Further, for the year ending March 31, 2013, The Company plans to pay out 30 yen per share for bothinterim and year end dividend, making the full year amount 60 yen per share.

22. Consolidated Financial Statements(1) Consolidated Balance Sheets

ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Total noncurrent assets
Total assets

As of March 31,
2011
Millions of yen

As of March 31,
2012
Millions of yen

As of March 31,
2012
Thousands of
U.S.dollars

2,321
4,754
5,914
12,509
530
929
2,383
(10)
29,332

3,527
9,480
2,123
10,727
618
676
2,157
(11)
29,301

42,923
115,352
25,835130,523
7,527
8,229
26,248(134)356,504

9,349
2,811
12,563
1,380
452
26,557

9,495
2,721
12,910263
372
25,763

115,535
33,108157,081
3,202
4,534
313,460

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

1,970
519
2,490
760
29,01458,31523,974
6,326
30,301
9,258
353,019
709,523

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2012 of
Yen82.19=US$1, and are included solely for the convenience of readers.

3LIABILITIESCurrent liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Accounts payable-other
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
Deferred tax liabilities
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

As of March 31,
2011
Millions of yen

As of March 31,
2012
Millions of yen

As of March 31,
2012
Thousands of
U.S.dollars

3,405
9,448
1,000
1,295
2,512
741
28
100
59
1,885
20,475

3,253
4,545
1,000
1,412
3,267
659
30
100
－
1,862
16,13039,58055,30012,167
17,18439,755
8,019
377
1,218
－
22,665
196,265

2,500
1,535
205
85
4,325
24,801

1,500
1,646
65
70
3,282
19,413

18,25020,031794
859
39,934
236,199

4,480
6,074
29,976(5,795)34,7364,480
6,087
34,124(5,656)39,03654,51874,072415,196(68,827)474,959

33
(374)
(81)
(422)
28
34,34159,143

18
(111)
(108)
(201)
67
38,90258,315228(1,362)(1,320)(2,454)
818
473,324
709,523

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2012 of
Yen82.19=US$1, and are included solely for the convenience of readers.

4(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income for the fiscal year ended March 31, 2012 and 2011

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 fiscal year
ended March 31,
2011
Millions of yen

The fiscal year
ended March 31,
2012
Millions of yen

The fiscal year
ended March 31,
2012
Thousands of
U.S.dollars

110,504
95,07915,425
4,763
10,661
63
216
10,508154
122
10,539
3,080
1,315
4,395
6,144
6,144

151,094
135,003
16,091
4,873
11,217117
204
11,130170
489
10,810
4,706
178
4,884
5,926
5,926

1,838,360
1,642,581
195,779
59,297
136,482
1,424
2,486
135,421
2,072
5,959
131,534
57,2602,167
59,426
72,108
72,108

Consolidated Statements of Comprehensive Income for the fiscal year ended March 31, 2012 and 2011
The fiscal year
ended March 31,
2011
Millions of yen

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 of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

The fiscal year
ended March 31,
2012
Millions of yen

The fiscal year
ended March 31,
2012
Thousands of
U.S.dollars

6,144

5,926

72,108

19
(222)
(48)

(15)
262
(20)

(183)
3,196
(247)

(6)

(6)

(79)

(257)
5,886

220
6,147

2,686
74,794

5,886
－

6,147
－

74,794－

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2012 of
Yen82.19=US$1, and are included solely for the convenience of readers.

5(3) Consolidated Statements of Changes in Net Assets
For the year ended March 31, 2011
(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at April 1,2010
Changes of items during
the period
Dividends from surplus

4,480

Retainedearnings

6,054

Treasury stock

Total
shareholders’equity(5,917)30,061

25,444

Net income(1,611)(1,611)

6,144

6,144

Purchase of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total Changes of items
during the period
Balance at March 31, 2011

20

(0)

(0)

122

142

－

20

4,532

121

4,674

4,480

6,074

29,976(5,795)34,736(Millions of yen)

Accumulated other comprehensive income

Balance at April 1,2010
Changes of items during
the period
Dividends from surplus

Valuationdifference on
available-for-sale
securities
14

Total
Subscription
Foreignaccumulated
rights tocurrency
othersharestranslation comprehensive
adjustment
incomeDeferred
gains orlosses onhedges
(152)

(26)

(164)

－

Total net
assets29,897(1,611)

Net income

6,144

Purchase of treasury stock(0)

Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total Changes of items
during the period
Balance at March 31, 2011

142
19

(222)

(55)

(257)

28

(229)

19

(222)

(55)

(257)

28

4,444

33

(374)

(81)

(422)

28

34,341

6

For the year ended March 31, 2012

(Millions of yen)
Shareholders’ equity

Capital stock Capital surplus
Balance at April 1,2011
Changes of items during
the period
Dividends from surplus

4,480

Retainedearnings

6,074

Treasury stock

Total
shareholders’equity(5,795)34,73629,976

Net income(1,777)(1,777)

5,926

5,926

Purchase of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total Changes of items
during the period
Balance at March 31, 2012

13

(0)

(0)

139

152

－

13

4,148

138

4,300

4,480

6,087

34,124(5,656)39,036(Millions of yen)

Accumulated other comprehensive income

Balance at April 1,2011
Changes of items during
the period
Dividends from surplus

Valuationdifference on
available-for-sale
securities
33

Total
Subscription
Foreignaccumulated
rights tocurrency
othersharestranslation comprehensive
adjustment
incomeDeferred
gains orlosses onhedges
(374)

(81)

(422)

28

Total net
assets34,341(1,777)

Net income

5,926

Purchase of treasury stock(0)

Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total Changes of items
during the period
Balance at March 31, 2012

152
(15)

262

(26)

220

38

259

(15)

262

(26)

220

38

4,560

18

(111)

(108)

(201)

67

38,902

7

(4) Consolidated Statements of Cash Flows
For the year ended March 31, 2012 and 2011

Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in provision for retirement benefits
Interest and dividends income
Interest expenses
Loss (gain) on valuation of investment securities
Loss (gain) on sales and retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accounts payable-other
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from collection of guarantee deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of stocks of subsidiaries and affiliates
Proceeds from sales of stocks of subsidiaries and affiliates
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of finance lease obligations
Purchase of treasury stock
Proceeds from sales of treasury stock
Cash dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

The fiscal
year ended
March 31, 2011
Millions of yen

The fiscal
year ended
March 31, 2012
Millions of yen

The fiscal
year ended
March 31, 2012
Thousands of
U.S.dollars

10,539
2,069
－
276
26
(22)
36
－
14
(660)
(5,758)1,319
158(1,262)
6,736
24
(33)
(2,891)
1,621
5,457

10,810
2,345
171
306
(151)
(20)
37
251
64
(4,574)
5,503
(202)
(37)
131
14,63521(37)(4,097)776
11,297

131,534
28,535
2,088
3,726(1,849)
(249)
457
3,055
785
(55,653)
66,955(2,461)(460)
1,601
178,064257(459)(49,855)
9,453
137,460

(858)
1,288
38
(3,198)
25
(101)
(933)
45
(47)
(3,743)－90
31(1,504)
4
(169)
(471)
－
(259)
(2,278)

－
1,099
383
(18,308)
61(2,064)(5,731)－(3,158)(27,719)(3,132)
4,000
(500)
(25)
(0)
142
(1,613)(1,129)
(46)
539
1,711
2,250

(4,949)－(1,076)
(53)
(0)
152
(1,777)(7,705)
(36)
1,277
2,250
3,527

(60,219)－(13,103)
(646)
(7)
1,860
(21,632)(93,747)(448)
15,54527,37842,923

U.S. dollar amounts represent translations using the approximate exchange rate on March 31, 2012 of
Yen82.19=US$1, and are included solely for the convenience of readers.

8(5) Notes on Assumptions for Going Concern
Not applicable(6) Segment Information
Information on sales and income (loss), identifiable assets, and other items by reporting segment
For the fiscal year ended March 31, 2011(From April 1, 2010 to March 31, 2011)(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

96,397

14,106

110,504－－－

96,397

14,106

110,504

Operating income by business segment

9,060

1,600

10,661

Identifiable asset by business segment

41,13118,01159,143

1,229

839

2,069

Amortization of goodwill

11

264

276

Investment to equity-method affiliates
Increase of property, plant andequipment and intangible assets

80

－

80

2,285

1,081

3,366

Total

Net sales
1) Customers
2) Intersegment
Total

Other items
Depreciation and amortization(Note) 1. Total segment income matches operating income recorded on the consolidated statements of income.
2. Increase in depreciation, property and equipment, and intangible assets includes long-term prepaid
expenses and amortization of that related to these expenses.
For the fiscal year ended March 31, 2012(From April 1, 2011 to March 31, 2012)(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

136,571

14,522

151,094－－－

136,571

14,522

151,094

Operating income by business segment

9,364

1,852

11,217

Identifiable asset by business segment

38,833

19,48258,315

1,397

948

2,345

Amortization of goodwill

11

294

306

Investment to equity-method affiliates
Increase in property, plant andequipment and intangible assets

73

－

73

778

842

1,620

Total

Net sales
1) Customers
2) Intersegment
Total

Other items
Depreciation and amortization(Note) 1. Total segment income matches operating income recorded on the consolidated statements of income.
2. Increase in depreciation, property and equipment, and intangible assets includes long-term prepaid
expenses and amortization of that related to these expenses.

(7) Significant Subsequent Event
Not applicable9