ANNUAL REPORT

FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2009
(in JPY millions) 2008
Asahi Tec CME HIT Niles
Phoenix
Corporate
Seagaia
Headquarters
Resort
Consolidation
entries
Continuing Discontinued
operations operations
Total
Revenue 315,772 18,569 141,933 59,318 14,478 4,103 (4,107) 550,066 - 550,066
Gross profit (loss) 29,527 7,133 12,874 10,309 1,694 510 (722) 61,325 - 61,325
Profit (loss) from operations (25,277) (2,707) (461) 2,414 (710) (6,401) (964) (34,106) - (34,106)
Net financial expense (10,618) (62) (10,808) (1,548) (403) (1,064) (2,509) (27,012) - (27,012)
Share of profit of equity accounted
investees (net of income tax)
204 - - - - - 654 858 - 858
Income tax benefit (expense) (2,849) (816) 8,317 (558) (3,567) (341) - 186 - 186
Loss from discontinued operations
(net of income tax)
- - - - - - - - (1,177) (1,177)
Minority interest (267) - (56) (90) - - 29,050 28,637 (607) 28,030
Profit (loss) for the period attributable to
equity holders of the Company
(38,807) (3,585) (3,008) 218 (4,680) (7,806) 26,231 (31,437) (1,784) (33,221)
Non-current assets 186,883 12,420 107,775 26,219 27,285 181,880 (136,734) 405,728 - 405,728
Current assets 67,378 9,032 30,896 23,208 1,813 60,645 (6,709) 186,263 81,033 267,296
Total assets 254,261 21,452 138,671 49,427 29,098 242,525 (143,443) 591,991 81,033 673,024
Equity attributable to equity holders of the
Company
48,680 6,969 6,247 1,572 13,870 235,920 (146,360) 166,898 - 166,898
Minority interest 1,291 - 2,053 490 - - 34,494 38,328 - 38,328
Non-current liabilities 138,558 6,519 95,999 9,259 12,120 1,192 - 263,647 - 263,647
Current liabilities 65,732 7,964 34,373 38,106 3,108 5,413 (8,819) 145,877 58,274 204,151
Total equity and liabilities 254,261 21,452 138,672 49,427 29,098 242,525 (120,685) 614,750 58,274 673,024
Cash flow from operating activities 9,772 (1,339) 8,544 3,892 763 (4,343) (3,714) 13,575 2,671 16,246
Cash flow from investing activities (14,814) (1,164) (19,694) (4,056) (330) (21,169) 19,181 (42,046) (10,922) (52,968)
Cash flow from financing activities 3,182 (170) 12,305 (1,672) (823) 1,684 (19,660) (5,154) 5,200 46
Net change in cash and cash equivalents (1,860) (2,673) 1,155 (1,836) (390) (23,828) (4,193) (33,625) (3,051) (36,676)
Cash and cash equivalents at the beginning
of the period
8,721 5,233 4,992 4,869 1,034 81,721 - 106,570 2,981 109,551
Effect of exchange rate fluctuations on cash held (396) (54) 87 (76) - (4,241) 4,193 (487) (111) (598)
Cash and cash equivalents at the end of the
period
6,465 2,506 6,234 2,957 644 53,652 - 72,458 (181) 72,277
Depreciation of property, plant and
equipment
16,005 239 9,103 3,875 1,183 57 - 30,462 - 30,462
Amortization of intangible assets 4,371 1,288 2,824 269 47 1 - 8,800 - 8,800
Impairment
Property, plant and equipment 547 - - 23 437 - - 1,007 - 1,007
Intangible assets 29,249 197 - - (2) - - 29,444 - 29,444
Capital expenditure 13,906 168 8,265 4,519 330 273 - 27,461 - 27,461
Number of employees (Full Time Equivalent) 10,585 528 4,611 4,018 1,575 50 - 21,367 - 21,367
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