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Financial Highlights

Jowa Holdings carried out a reorganization of its subsidiaries on October 1, 2011 in order to raise management efficiency and accelerate Group management decision-making. The reorganization consolidated the three main businesses into three main companies, one for each business, to establish a new Group management structure.
In accordance with the new structure and the Jowa Holding Group's business strategy, from the fiscal year ending March 31, 2012, the Group's business will be reclassified into the three reporting segments of the real-estate business, the hotel business, and the golf course business in order to promote the disclosure of appropriate and useful information.

Group Management Structure

Revenue from Operations

Revenue from Operations (Consolidated)

(Unit : million yen)

Fiscal Years Ended March	2007	2008	2009	2010	2011
Office Building Business	8,974	8,819	8,977	8,847	7,387
Hotel Business	2,437	2,508	2,491	2,870	3,952
Golf Course Business	799	806	785	749	684
Housing Business	661	199	166	1,203	1,184
Equity Investment Business	-	-	-	-	232
Other	18	34	4	0	-
Consolidated	12,891	12,368	12,424	13,670	13,440

Operating Income
Ratio of Operating Income to Revenue from Operations (%)

Operating Income / Ratio of Operating Income to Revenue from Operations (%) (Consolidated)

(Unit : million yen)

Fiscal Years Ended March	2007	2008	2009	2010	2011
Office Building Business	3,823	4,061	4,438	4,869	3,959
Hotel Business	563	618	582	348	688
Golf Course Business	98	96	98	79	42
Housing Business	241	83	10	250	220
Equity Investment Business	-	-	-	-	231
Other	32	21	6	63	22
Adjustments	(328)	(473)	(549)	(695)	(969)
Consolidated	4,430	4,408	4,586	4,916	4,195
Ratio of Operating Income to Revenue from Operations (%)	34.4	35.6	36.9	36.0	31.2

* Operating income figures representing a simple aggregation of the results of the three business segments do not include “elimination and corporate”, and therefore are different from those indicated above the bar charts.

Financial Highlightss for 5 years (Consolidated)

(Unit : million yen)

Fiscal Years Ended March	2007	2008	2009	2010	2011
Revenue from Operations	12,891	12,368	12,424	13,670	13,440
Operating Income	4,430	4,408	4,586	4,916	4,195
Ordinary Income	2,600	2,854	3,173	3,214	2,536
Ratio of Operating Income to Revenue from Operations (%)	34.4	35.6	36.9	36.0	31.2
Ratio of Ordinary Income to Revenue from Operations (%)	20.2	23.1	25.5	23.5	18.9
Net Income	1,403	1,692	1,852	1,314	2,704
Net Assets	9,948	9,590	10,004	15,501	17,632
Total Assets	120,765	114,744	128,293	138,861	136,038
Net Income per Share (Yen)	166.06	199.44	218.37	129.06	252.63
Net Assets per Share (Yen)	1,172.43	1,130.28	1,179.14	1,447.83	1,646.81
Shareholders' Equity Ratio (%)	8.2	8.4	7.8	11.2	13.0
Return on Equity (%)	14.7	17.3	18.9	10.3	16.3
Cash Flows from Operating Activities	4,315	3,054	3,898	2,718	4,550
Cash Flows from Investing Activities (Loss)	(2,823)	(1,419)	(16,663)	(3,483)	(4,677)
Cash Flows from Financing Activities (Loss)	(1,301)	(3,712)	13,727	8,125	(5,106)
Cash and Cash Equivalents as of the End of the Period	3,726	1,649	2,611	9,972	4,739
Dividend per Share (Yen)	10.00	30.00	40.00	50.00	60.00
Payout Ratio (%)	6.0	15.0	18.3	38.7	23.7
Workforce (Average of temporary employees)	172 (51)	173 (54)	181 (58)	197 (65)	210 (66)