Consolidated Financial Results for the Third Quarter Ended December 31, 2012
Asahi Holdings, Inc.
February 1,2013
Stock code:

5857

Shares listed:Tokyo Stock Exchange (First Section)

U R L:

http://www.asahiholdings.com

Representative

Mitsuharu Terayama, Chairman, CEO

For further information please contact:

Tomoya Higashiura, Director(Phone) +81-3-6270-1833

Filing date of Quarterly Report:

February 13, 2013

Scheduled date of start of dividend payment:－Supplementary materials for the quarterly financial results: NoInvestor conference for the quarterly financial results: No(Rounded down to the nearest million yen)
１．Results of the nine months ended December 31, 2012 (From April 1, 2012 to December 31, 2012)（１）Results of operations (cumulative)(Percentage changes relative to previous corresponding period)
Net sales
The nine months ended
December 31, 2012
December 31, 2011
(Note) Comprehensive income

Millions of yen％

Operating income

Ordinary income

Millions of yen

Millions of yen

Net income per share
The nine months ended
December 31, 2012
December 31, 2011
（２）Financial Position％

72,203 (36.2)
5,000 (39.9)
113,116 41.5
8,321
5.7
The nine months ended December 31, 2012
The nine months ended December 31, 2011％

Net income
Millions of yen％

5,087 (36.8)
2,854 (35.7)
8,053
3.5
4,438 (2.0)
2,667 million yen (48.1%)
5,136 million yen 21.6%

Diluted net income per shareYen
87.99
137.27

Yen－－

Shareholders’ equity
ratio
As of
Millions of yen
Millions of yen％
December 31, 2012
59,99139,756
66.1
March 31, 2012
58,31538,902
66.6(Reference) Shareholders’ equity
As of December 31, 2012
39,678 million yen
As of March 31, 2012
38,835 million yenTotal assets

Net assets

２．Dividend payments

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

Dividends per share
Second quarter
Third quarter
Yen
Yen
30.00
－
30.00
－

First quarter
Yen－－

Year-end
Yen
30.00

Annual
Yen
60.00

30.00

60.00

(Note) Revisions in dividend forecast in the current quarter : No
３．Forecast (From April 1, 2012 to March 31,2013)(Percentage changes relative to previous corresponding period)
Net income
Operating income
Ordinary income
Net income
per share

Net sales
Millions of Yen

Year ending March 31, 2013％96,000 (36.5)

Millions of Yen

7,400％(34.0)

Millions of Yen

7,700％(30.8)

Yen

Millions of Yen ％4,500(24.1)

138.67(Note) Revisions in forecast in the current quarter : Yes
For details, please refer to “Notice of Revision of Financial Results Forecast” made public on February 1, 2013.

４．Notes（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: Yes(ii) Changes other than (i) above: No(iii) Changes in accounting estimates: Yes(iv) Restatement: NoChanges subject to Article 10(5) of the Ordinance on Terminology, Forms and Preparation Methods ofQuarterly Consolidated Financial Statements. For details, please refer to “(3) Changes in Accounting Policies,accounting estimates and restatement” under “2. Notes Regarding Summary Information” on page 3.

（４）Number of issued shares (common stock)(i) Number of issued shares at the quarter end (including treasury shares)
36,254,344 shares
As of December 31, 2012
As of March 31, 2012
36,254,344 shares(ii) Number of treasury shares at the quarter end
3,773,239 shares
As of December 31, 2012
As of March 31, 2012
3,858,589 shares(iii) Averaged number of shares during the period (quarterly cumulative period)
32,435,410 shares
Nine months ended December 31, 2012
Nine months ended December 31, 2011
32,337,065 shares*Indication regarding the situation of quarterly review procedures
These financial results are not subject to the quarterly review procedures pursuant to the FinancialInstruments 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. Please refer to page 2 “(3) Qualitative Information on
Consolidated Performance Forecasts”.

【Appendix】

Table of contents of the appendix

1. Qualitative Information ..........................................................................................................................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. Notes Regarding Summary Information ................................................................................................3(1) Changes in important subsidiaries during the current quarter......................................................3(2) Application of special accounting methods for quarterly consolidated financial statements ........3(3) Changes in accounting policies, accounting estimates and restatement ........................................3
3. Consolidated Financial Statements........................................................................................................4(1) Consolidated Balance Sheets .............................................................................................................4(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income....5
Consolidated Statements of Income for the nine months ended December 31, 2012....................................... 5
Consolidated Statements of Comprehensive Income for the nine months ended December 31, 2012............. 5(3) Notes on Assumptions for Going Concern.........................................................................................6(4) Notes in case of Significant Changes to Shareholders’ Equity ........................................................6(5) Segment Information, etc...................................................................................................................61

1. Qualitative Information(1) Qualitative Information on Consolidated Business Performance
During the nine months of the fiscal year under review (nine months ending December 31, 2012), theJapanese economy had been in a severe situation as a whole, due to the stagnation of domestic production
activities.
Under these circumstances, regarding precious metal recycling business, the volumes of collected gold,silver, platinum, palladium and others were lower than the previous corresponding period. Also, theaverage sales prices of silver, platinum palladium were lower than the previous period, though the averagesales price of gold was higher than the previous corresponding period. In part of our transactions, net sales
amount declined compared to the previous period due to switching contracts to the “fee-based processing”
model.
Regarding environmental protection business, the transaction volumes of waste oil, sludge, andmedical-related wastes were higher than the previous corresponding period. The performance of INTER
CENTRAL, INC. which became a wholly owned subsidiary on July 2012 continued strong through theperiod.
As a result of the above, as consolidated results for the nine-month period, we recorded net sales of 72,203
million yen, down 40,912 million yen (-36.2%) year-on-year; operating income of 5,000 million yen, down
3,320 million yen (-39.9%) year-on-year; ordinary income of 5,087 million yen, down 2,966 million yen(-36.8%) year-on-year; and net income of 2,854 million yen, down 1,584 million yen (-35.7%) year-on-year.
Looked at by segment, sales in the precious metal recycling business were 60,342 million yen, down
42,055 million yen (-41.1%) year-on-year; and sales in the environmental protection business were 11,861
million yen, up 1,143 million yen (+10.7%) year-on-year.

(2) Qualitative Information on Consolidated Financial Position
As of December 31, 2012, total assets amounted to 59,991 million yen, up 1,676 million yen from theprevious fiscal year end. This was due mainly to increase of 2,686 million yen in notes and accounts ofreceivable trade and decrease of 1,236 million yen in inventories.
Total liabilities amounted to 20,235 million yen, up 822 million yen from the previous fiscal year end. Thiswas due mainly to increase of 4,800 million yen in loans payable and decrease of 3,154 million yen inincome taxes payable.
Net assets totaled 39,756 million yen up 853 million yen from the previous fiscal year end. This was due
mainly to the 2,854 million yen in net income.
As a result, the shareholders’ equity ratio changed to 66.1%, from 66.6% at the end of the previous fiscalyear.

(3) Qualitative Information on Consolidated Performance Forecasts
The metal collection volume in the precious metal recycling business is still under difficult circumstances.
However, market prices of all metals have maintained its high level, and the average sales prices of all
metals are estimated to continue to be higher than projections. The Company has also made further efforts
to improve profit generating power and to focus on profitability. Consequently, operating income, ordinary
income, and net income are expected to be higher than previously forecasted.
Revision of consolidated results forecast for the fiscal year ending March 2013
（April 1, 2012 to March 31, 2013）（Millions of Yen, ％）OperatingOrdinary
Net Income Net Income per
Net Sales
IncomeIncomeFY2012
Share FY2012
Previous Forecast (A)(Announced on July 30, 2012）

96,000

5,100

5,100

2,800

86.30

Revised Forecast (B)96,000

7,400

7,700

4,500

138.6702,300

2,600

1,700

―

Change (%)

0.0%

45.1%

51.0%

60.7%―（Ref.）the fiscal year ended
March 31, 2012

151,094

11,217

11,1305,926

183.20Change (B－A）

2

2. Notes Regarding Summary Information(1) Changes in important subsidiaries during the current quarter
Not applicable(2) Application of special accounting methods for quarterly consolidated financial statements
Not applicable(3) Changes in accounting policies, accounting estimates and restatement(Changes in the depreciation method)
In accordance with the amendment of the Corporation Tax Law, effective from the first quarter of fiscal
year ending March 31, 2013, the company and its domestic consolidated subsidiaries have changed theirdepreciation method for those property and equipment acquired on or after April 1, 2012. The effect of thischange on operating income, ordinary income and income before income taxes and minority interests forthe current quarter is minimal.

33. Consolidated Financial Statements(1) Consolidated Balance Sheets
As ofDecember 31,
2012
Millions of yen

As ofDecember 31,
2012
Thousands ofU.S.dollars

3,527
9,480
2,123
10,727
618
2,833
(11)
29,301

3,281
12,167
2,452
8,768
1,012
3,072
(9)
30,74537,906
140,530
28,330101,271
11,69335,489(112)355,107

9,495
12,9103,356
25,763

9,352
13,001
2,711
25,066108,024
150,172
31,322289,518

1,970
519
2,490
760
29,01458,315

2,477
759
3,236
943
29,24659,991

28,6108,771
37,38010,900337,798
692,905

As ofMarch 31,2012
Millions of yen
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, netLand
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
3,253
3,116
35,990
Short-term loans payable
4,545
10,095116,599
Current portion of long-term loans payable
1,000
1,750
20,213
Income taxes payable
3,267
113
1,309
Provision for bonuses
659
309
3,571
30
Provision for directors’ bonuses
10117
100
Provision for repairs61716
Provision for product warranties
30349
－
Other
3,275
2,992
34,567
Total current liabilities
16,13018,478
213,430
Noncurrent liabilities
1,500
Long-term loans payable－－
Provision for retirement benefits
65
100
1,162
226
Provision for directors’ retirement benefits
－
19
Other
1,716
1,636
18,901
Total noncurrent liabilities
3,282
1,756
20,288
Total liabilities
19,413
20,235
233,718
NET ASSETS
Shareholders’ equity
Capital stock
51,7534,480
4,480
Capital surplus
70,2686,087
6,083
Retained earnings
34,12435,033404,640
Treasury stock(5,656)(5,531)(63,892)
Total shareholders’ equity
39,036
40,066
462,770
Accumulated other comprehensive income
18
Valuation difference on available-for-sale securities
15183
Deferred gains or losses on hedges
(111)
(322)
(3,721)
Foreign currency translation adjustment
(108)
(81)
(945)
Total accumulated other comprehensive income
(201)
(388)
(4,482)
Subscription rights to shares
67
77
900
TOTAL NET ASSETS
38,90239,756459,187
TOTAL LIABILITIES AND NET ASSETS
58,31559,991
692,905
U.S. dollar amounts represent translations using the approximate exchange rate on December 28, 2012 ofYen86.58=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 nine months ended December 31, 2012

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 nine months
ended December 31,
2011
Millions of yen

The nine months
ended December 31,
2012
Millions of yen

The nine months
ended December 31,
2012
Thousands of
U.S.dollars

113,116
101,169
11,947
3,625
8,321
47
315
8,053
160
264
7,949
3,226
283
3,510
4,438
4,438

72,203
63,258
8,945
3,944
5,000
123
37
5,087
6
362
4,731
1,340
537
1,877
2,854
2,854

833,952
730,636
103,316
45,55657,7591,432
432
58,75977
4,182
54,654
15,4866,203
21,68932,96432,964

Consolidated Statements of Comprehensive Income for the nine months ended December 31, 2012
The nine months
ended December 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 parentComprehensive income attributable to minority interests

The nine months
ended December 31,
2012
Millions of yen

The nine months
ended December 31,
2012
Thousands of
U.S.dollars

4,438

2,854

32,964

(14)
756
(36)

(2)
(210)
27

(34)
(2,428)
315

(8)

(0)

(6)

697
5,136

(186)
2,667

(2,153)30,811

5,136－

2,667－

30,811－

U.S. dollar amounts represent translations using the approximate exchange rate on December 28, 2012 ofYen86.58=US$1, and are included solely for the convenience of readers.

5(3) Notes on Assumptions for Going Concern
Not applicable(4) Notes in case of Significant Changes to Shareholders’ Equity
Not applicable(5) Segment Information, etc.
[Segment information]
Ⅰ For the nine months ended December 31, 2011(From April 1, 2011 to December 31, 2011)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

1) Customers
2) Intersegment

102,398－

10,717－113,116－

Total

102,398

10,717113,116

7,013

1,308

8,321

Total

Net sales

Segment 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
Resulting from the decision of disposing a part of equipments, impairment losses were recognized in theamount of 171 million yen in precious metal recycling segment.
Ⅱ For the nine months ended December 31, 2012(From April 1, 2012 to December 31, 2012)
1. Information on sales and income (loss) by reporting segment(Millions of Yen)
Precious metal
recycling business

Environmental
protectionbusiness

60,342

11,861Total

Net sales1) Customers
2) Intersegment
TotalSegment income

72,203－－－60,342

11,861

72,203

3,464

1,535

5,000(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 applicable6