July 31, 2013 Stock Listed on : the First Section of the Tokyo Stock Exchange URL http : //www.senko.co.jp/en/ Name : Yasuhisa Fukuda Tel. (06) 6440-5155 Name : Noburoh Sasaki Scheduled Date of Dividend Paid : 一1. Consolidated Operating Results for the First Quarter Ending March 2014 (From April 1, 2013 to June 30, 2013)
First quarter ending March 31, 2014    1,933 million yen (79.3%) First quarter ended March 31, 2013    1,078 million yen (3.4%)
First quarter ending March 31, 2014    66,193 million yen Fiscal year ended March 31, 2013    65,139 million yen
3. Forecast of Consolidated Operating Results for the Year Ending March 2014 (From April 1, 2013 to March 31, 2014)
(Note) Change in the forecast made in this period : None *Notes (1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries associated with change in scope of consolidation) : None (2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements : None (3) Changes in accounting principles and estimates, and retrospective restatement (a) Changes due to revision of accounting standards : Yes (b) Changes other than in (a) : None (c) Changes in accounting estimates : None (d) Retrospective restatement : None (Note) Changes to be stated in the section "Changes in significant matters providing the basis for preparing consolidated financial statements". Please see "Changes in accounting principles and estimates, and retrospective restatement" on page 4 for more detail. (4) Shares outstanding (Common shares) (a) Shares outstanding (including treasury stocks) As of June 30, 2013 (b) Treasury stock
*Information concerning quarterly review procedure This quarterly financial report is not subject to the quarterly review procedure prescribed by the Financial Instruments and Exchange Law. The review procedure prescribed by the Financial Instruments and Exchange Law for the quarterly consolidated financial statements had not been completed when this quarterly financial report was released. *Cautionary statement regarding forecasts of operating results and special notes Forward-looking statements in these materials are based on information available to management at the time this report was prepared and assumptions that management believes are reasonable. Actual results may differ significantly from these statements for a number of reasons. For information about the assumptions used for forecasts and precautions concerning the use of forecasts, please see "Forecast for Fiscal Year Ending March 2014" on page 3.

1.
Results of Operations and Financial Condition
(1)
Results of Operations
In the first quarter of the fiscal year ending in March 2014 (April 1, 2013 to June 30, 2013), the Japanese economy recovered, although the recovery started from a low level. One reason was an improvement in consumer sentiment as the yen weakened and stock prices rose in response to economic and monetary initiatives of the Japanese government and Bank of Japan. The Japanese economy also benefited from a rebound in exports due to healthy overseas economies and an increase in housing investments. In the logistics industry, there were signs of an increase in cargo volumes for imports and exports and for shipments within Japan because of a slow upturn in manufacturing activity and an upturn in consumer spending. However, the outlook is still uncertain due to the rising cost of fuel caused by the weaker yen and other factors. In this environment, the Senko Group established a new four-year medium-term business plan that started in the current fiscal year and is based on the slogan "Moving Global." The plan has three goals: go beyond logistics, make the world go round, and revolutionize business. The Group is working on achieving growth in the distribution business and commerce and trade business as well as on fostering a greater degree of trust among our customers by building a structure for services with high quality and outstanding performance in relation to the cost. In the first quarter, operations started in April at the Sapporo PD Center No. 2 Warehouse in order to strengthen our operations in Hokkaido. In Shiga prefecture, we started operations at two warehouses at the Daimon Distribution Center, which is in the city of Moriyama. One warehouse is for dangerous goods in order to meet the demand in this prefecture for storing these items. In May, construction of the asphalt tanker Great Crane was completed. A joint investment by Senko and a shipper, the new vessel serves primarily routes between South Korea and Japan. In addition, Senko has completed a nationwide network for the transport of heavy goods by combining the heavy cargo transport and installation capabilities of Chugoku Piano Transport Co., Ltd., which was acquired by Senko in 2012, with Senko's own logistics expertise that has been developed over many years. With this new business model in place, the provision of services has started. Overseas, a company established jointly by Senko and a Korean company has started construction of a distribution center at Busan New Port in South Korea, which is a hub port of global importance. The Group will continue to take actions aimed at strengthening and enlarging its international distribution business, chiefly in Eastern Asia, Southeast Asia and Central Asia.
First quarter consolidated operating revenues increased 4.1% from one year earlier to ¥74,710 million as revenues increased in both the distribution and the commerce and trade business segments. Earnings benefited from the growth in sales, cost-cutting measures and activities to raise productivity. The consolidation of special-purpose companies associated with a revision to an accounting standard also affected earnings. As a result, operating income increased 23.1% to ¥2,727 million, ordinary income increased 12.5% to ¥2,571 million and net income increased 25.9% to ¥1,619 million.
Distribution
In retail product logistics, an increase in the volume of cargo for general merchandise stores and discount stores contributed to growth in operating revenues and there was progress in developing relationships with new customers in the electrical machinery and other machinery sector. In the housing logistics business, the cargo volume was higher along with the increasing in housing starts in Japan. In the chemicals logistics business, the Group conducted aggressive activities to increase sales as production, exports and imports were sluggish in the chemical industry. The result was operating revenues of ¥57,879 million, 3.2% higher than one year earlier.
Commerce and Trade
In this segment, there was an increase in exports of electronic components to China, progress with activities to increase sales in the petroleum marketing business and a contribution to revenues from Obata Co., Ltd., which joined the Senko Group in October 2012. The result was operating revenues of ¥16,124 million, 7.8% higher than one year earlier.
Others
In this segment, operating revenues decreased 2.0% from one year earlier to ¥706 million partly because of a decline in orders received for outsourced data processing services.
(2)
Financial Condition
Total assets
Total assets at the end of the first quarter were ¥210,591 million, ¥2,496 million higher than at the end of the previous fiscal year. Property, plant and equipment increased ¥15,342 million and there were decreases of ¥2,250 million in current assets and ¥10,559 million in investments and other assets. The consolidation of special-purpose companies caused increases of ¥1,985 million in current assets and ¥13,728 million in property, plant and equipment and a decrease of ¥10,484 million in investments and other assets.
Liabilities
Liabilities increased ¥1,454 million from the end of the previous fiscal year to ¥142,222 million. Noncurrent liabilities increased ¥3,813 million and current liabilities decreased ¥2,358 million. The consolidation of special-purpose companies caused increases of ¥1,593 million in current liabilities and ¥3,643 million in noncurrent liabilities.
Net assets
Net assets increased ¥1,042 million from the end of the previous fiscal year to ¥68,369 million. Retained earnings increased ¥738 million and valuation differences on available-for-sale securities increased ¥160 million. The equity ratio increased by 0.1 percentage point to 31.4%.
(3)
Forecast for Fiscal Year Ending March 2014
Going forward, the Japanese economy is seen recovering gradually, due to higher exports due to the weaker yen and the impact of government economic stimulatory measures and anticipatory demand ahead of the hike in the consumption tax rate. Since operating revenues and earnings thus far in the fiscal year are generally as planned, there are no revisions to the first half and fiscal year forecasts that were announced on April 25, 2013.
2.
Other Information
(1) Changes in significant subsidiaries None Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements (2) None (3) Changes in accounting principles and estimates, and retrospective restatement Change in accounting principle (Application of accounting standard for consolidated financial statements) Starting with the first quarter of the current fiscal year, Senko is applying the Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, March 25, 2011), Guidance on Disclosure about Certain Special Purpose Entities (ASBJ Guidance No. 15, March 25, 2011), Guidance on Determining a Subsidiary and an Affiliate (ASBJ Guidance No. 22, March 25, 2011), and Practical Solution on Application of the Control Criteria and Influence Criteria to Investment Associations (ASBJ Practical Issues Task Force No. 20, March 25, 2011). As a result, Y.K. SK Urawa and five other companies have become consolidated subsidiaries. For the application of the above accounting standards and other items to the six newly consolidated subsidiaries, in accordance with the transitional handling prescribed in Section 44-4 (3) of the Accounting Standard for Consolidated Financial Statements, at the beginning of the first fiscal year of applying this standard the assets and liabilities of the six newly consolidated subsidiaries were valued at a suitable book value for inclusion in the consolidated balance sheet. The consolidation of these six companies did not have a material effect on retained earnings at the beginning of the first quarter of the current fiscal year.
3.
Consolidated financial statements

Consolidated Statements of (Comprehensive) Income
(Consolidated Statements of Income)

(Consolidated Statements of Comprehensive Income)
(For the three months ended June 30, 2012 and 2013)