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September 1, 2011

ITO EN, LTD. (Securities number: 2593)


(URL http://www.itoen.co.jp)
47-10, Honmachi 3 chome, Shibuya-ku, Tokyo
Representative: Daisuke Honjo (President)

ITO EN, LTD.

For Immediate Release

Consolidated Financial Results


under Japanese standers for the first quarter of the fiscal year ending April 30, 2012
Scheduled Filing Date of Quarterly Report: September 14, 2011
Scheduled Date of Commencement of Dividend Payment:
Supplementary Documents for Quarterly Results: Yes
Quarterly Results Presentation: None
(Figures are rounded down to million yen.)

1. Consolidated performance for the first quarter of the fiscal year ending April 30, 2012
(May 1, 2011 - July 31, 2011)
(% changes as compared with the corresponding period of the previous fiscal year)

(1) Consolidated results of operations cumulative

7/31/2011

Net sales
Million yen
102,788

Operating income
Million yen
6,735
13.2%

5,9%
7/31/2010
97,077
8.2%
5,950
Note: Comprehensive income
7/31/2011: 3,052 million yen (54.6%)

7/31/2011

Yen
27.40

Net income per share


(diluted)
Yen
27.32

7/31/2010

21.41

21.34

Net income per share

Ordinary income
Million yen
6,334
15.1%

46.4%
5,504
41.6%
7/31/2010: 1,974million yen (%)

Net income
Million yen
3,380
2,648

27.6%
35.6%

(2) Consolidated financial position

7/31/2011

Total assets

Net assets

Million yen
215,370

Million yen
102,164

Shareholders equity
ratio

47.4%
4/30/2011
192,462
101,630
52.7%
Reference: Equity
7/31/2011: 102,135million yen
4/30/2011: 101,517 million yen
Note: The above Net income per share pertains to common stock. For Net income per share for Class-A Preferred Stock, refer to Reference
below.

2. Dividends
Dividend per share
(Record date)

First quarter end

Second quarter end

Yen

Yen
19.00

Third quarter end


Yen

Year end

Full year

Yen
19.00

Yen
4/30/2011
38.00
4/30/2012
4/30/2012
19.00
19.00
38.00

(Forecast)
Note: Revision of dividends forecast during the current quarterly period: None
Note: The above Net income per share pertains to common stock. For Net income per share for Class-A Preferred Stock, refer to Reference
below.

3. Forecasted consolidated operation results for the fiscal year ending April 30, 2012 (May 1, 2011 - April 30, 2012)
Net sales
10/31/2011

Million yen
191,300

-1.7%

(% changes as compared with the corresponding period of the previous fiscal year)
Net income
Operating income
Ordinary income
Net income
per share
Million yen
Million yen
Million yen
Yen
-4.6%
-12.3%
40.68
11,100
-8.7%
10,700
5,200

4/30/2012
2.4%
1.8%
2.9%
4.2%
61.95
360,000
18,000
17,000
8,000
Note: Revision of operation results forecast during the current quarterly period: None
Note: The above Net income per share pertains to common stock. For Net income per share for Class-A Preferred Stock, refer to Reference
below.

4. Others
(1) Changes in important subsidiaries during the period
(changes in specific subsidiaries accompanied by a change in the scope of consolidation): None
(2) Application of special accounting methods in preparation for quarterly consolidated financial statements: Yes
Note: Application of simplified accounting and specific for preparing the quarterly consolidated financial statements.
(3) Changes in accounting policies, changes accounting estimate, and restatement
. Changes in accounting policies associated with in accounting standards: None
. Changes in accounting policies other than: None
. Changes in accounting estimates: None
. Restatement: None
(4) Shares outstanding (common stock)
. Numbers of shares outstanding (including treasury stock) 7/31/2011 91,212,380 shares
4/30/2011 91,212,380 shares
. Numbers of treasury stock
7/31/2011 1,986,983 shares
4/30/2011
1,999,983 shares
. Average number of shares during the period (consolidated, cumulative from the beginning of the fiscal year)
7/31/2011 89,216,964 shares
7/31/2010 89,205,154 shares
* Indication of quarterly review procedure implementation status
- These quarterly financial results fall outside the quarterly review requirements as provided in the Financial Instruments and
Exchange Law. The review of quarterly consolidated financial statements as provided in the Financial Instruments and Exchange
Law had not been completed as of the date of this Consolidated Financial Results for the Three-Month Period Ended July 31, 2011.
* Request for appropriate use of the business outlook and other special remarks
- The forecasts are based on information available to the management at the time of an announcement. Due to variable factors,
actual results may be different from the forecast figures. For the basis of presumption of the forecasted operation results and the
notes on its use, refer to (3) Qualitative Information Regarding Forecasts for Consolidated Operating Results, on page 3 in the
Attachment.

Reference
(1) Information per share of Class-A Preferred Stock (May 1, 2011- July 31, 2011)
Net income per share
(diluted)
Yen
27.32
21.34

Net income per share


7/31/2011
7/31/2010

Yen
27.40
21.41

(2) Dividends Class-A Preferred Stock


Dividend per share
(Record date)
4/30/2011
4/30/2012
4/30/2012
(Forecast)

First quarter end


Yen

Second quarter end

Third quarter end

Yen
24.00

Yen

24.00

Year end

Full year

Yen
24.00

Yen
48.00

24.00

48.00

(3) Information per share of Class-A Preferred Stock in forecasted consolidated operation results

10/31/2011
4/30/2012

Net income per share


(Consolidated)
Yen
45.64

Net income per share


(Non-Consolidated)
Yen
48.07

71.88

69.45

(4) Shares outstanding Class-A Preferred Stock


. Numbers of shares outstanding (including treasury stock)
7/31/2011
34,246,962 shares
4/30/2011
34,246,962 shares
. Numbers of treasury stock
7/31/2011
71,298 shares
4/30/2011
69,647 shares
. Numbers of average shares outstanding (cumulative, consolidated at the end of the first quarter)
7/31/2011
34,176,724 shares
7/31/2010
34,521,830 shares

Contents of Attachments
1. Qualitative Information Regarding Consolidated Financial Results for This Quarter .................................2
(1) Qualitative Information Regarding Consolidated Business Results................................................................................... 2
(2) Qualitative Information Regarding Consolidated Financial Position................................................................................. 3
(3) Qualitative Information Regarding Forecasts for Consolidated Operating Results ........................................................... 3

2. Information Regarding 4. Other in Consolidated Summary Report...........................................................4


(1) Changes in Important Subsidiaries during the Period ........................................................................................................ 4
(2) Application of Special Accounting Methods in Preparation for Quarterly Consolidated Financial Statements ................ 4
(3) Changes in Accounting Policies, Changes Accounting Estimate, and Restatement. ......................................................... 4
(4) Additional Information ...................................................................................................................................................... 4

3. Quarterly Consolidated Financial Statements...................................................................................................5


(1) Quarterly Consolidated Balance Sheets (Unaudited) ......................................................................................................... 5
(2) Quarterly Consolidated Statement of Income and Comprehensive Income (Unaudited)................................................... 7
Quarterly Consolidated Statement of Income .................................................................................................................... 7
Quarterly Consolidated Statement of Comprehensive Income .......................................................................................... 8
(3) Note Regarding the Companys Position as a Going Concern........................................................................................... 9
(4) Segment Information, etc ................................................................................................................................................... 9
(5) Notes to Significant Changes in Shareholders Equity ...................................................................................................... 9

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1. Qualitative Information Regarding Consolidated Financial Results, Etc. For This Quarter
(1) Qualitative Information Regarding Consolidated Business Results
The first quarter of the fiscal year ending April 30, 2012 (May 1July 31, 2011) saw a gradual recovery in corporate production,
which had declined in the wake of the Great East Japan Earthquake. However, economic conditions in Japan remained severe due to
factors such as power supply problems and concerns over economic deceleration overseas, principally in Europe and North America.
In the beverage market as well, overall business conditions remained challenging because of constraints on the supply of products
to the market and to retailers, due to damage incurred at production facilities and difficulties in procuring materials caused by the
earthquake disaster.
Under these business conditions, the ITO EN Group maintained its STILL NOW strategy of seeking to discover what
customers are not satisfied with and actively conducted business operation based on its management philosophy of Always Putting
the Customer First.
As a result, ITO EN recorded consolidated net sales of 102,788 million yen, up 5.9% from the previous year. On the earnings
front, resulted in operating income of 6,735 million yen, up 13.2% year on year, ordinary income of 6,334 million yen, up 15.1% and
net income of 3,380 million yen, up 27.6%.
<Tea Leaves and Beverages Business>
In the Tea Leaves and Beverages Business, in the face of supply concerns affecting beverage products, such as the procurement of
PET bottle cap material immediately following the earthquake, ITO EN has worked to ensure a stable supply to customers by
implementing production adjustments that prioritized mainstay products. The rainy season ended earlier than usual, and the average
summer temperature was high, albeit lower than the torrid average of last year. The hot weather during the quarter contributed to
favorable growth in sales of mainstay green tea beverages. New product introductions resulted in solid sales of black tea and coffee
beverages.
Chichiyasu Company, which became a consolidated subsidiary in the quarter under review, also contributed to the increase in
sales. As a result, sales in the Tea Leaves and Beverages Business rose 5.7 % from the first quarter of the previous fiscal year, to
97,997 million yen.
<Others>
Tullys Coffee Japan Co., Ltd. continued to perform well, with net sales rising 8.8% year on year, to 4,790 million yen.

ITO EN is committed to provide financial support for areas affected by the Great East Japan Earthquake by donating through the
Japanese Red Cross Society an amount calculated based on sales volumes.*
To reduce the power consumption of its vending machines to cope with power shortages, ITO EN has implemented measures in
areas serviced by Tokyo Electric Power Company and Tohoku Electric Power Company in response to the governments maximum
power consumption reduction policy. The Company has completed work in its efforts to exceed the reduction target by switching
off the vending machines cooling function on a rotating basis or suspending machine operation altogether.
*A donation of one yen per unit for all beverages in PET bottles and cans the Company sells from May 1 to August 31, 2011, including Oi Ocha
green tea beverages, TEAS TEA black tea beverages, TULLYS COFFEE beverages, and Jujitsu Yasai, Ichinichibun no Yasai, and other
vegetable beverages

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(2) Qualitative Information Regarding Consolidated Financial Position


The following is as consolidated financial position for the first quarter of the fiscal year ending April 30, 2012:
<Assets>
Total assets at the end of July 31, 2011 stood at 215,370 million yen, increasing 22,907 million yen from the previous fiscal year.
The increase in total assets mainly reflected increases of 13,783 million yen in notes and accounts receivable trade, and 10,247
million yen in merchandise and finished goods.
<Liabilities>
Total liabilities at the end of July 31, 2011 amounted to 113,205 million yen, increasing 22,373 million yen from the previous
fiscal year. The increase in total liabilities mainly reflected increases of 8,516 million yen in notes and accounts payable-trade,
and 10,000 million yen for issuing commercial paper.
<Net assets>
Total net assets of at the end of July 31, 2011 stood at 102,164 million yen, increasing 534 million yen from the previous fiscal
year. The increase in total net assets mainly changes reflected net income of 3,380 million yen while decreased by 2,515 million
yen for dividends paid.

(3) Qualitative Information Regarding Forecasts for Consolidated Operating Results


We expect to see during the first quarter of the current fiscal year for the consolidated operating result relatively well although
there is a concern as to recoil in the reaction against the extreme summer heat effects in the last year. As for the consolidated
business outlook for the first half year and full fiscal year, no change has been made without reviewing.

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2. Information Regarding 4. Other in Consolidated Summary Report


(1) Changes in Important Subsidiaries during the Period
Not applicable.
Changes in important subsidiaries except specific subsidiaries
The consolidated subsidiary (newly): Chichiyasu Campany

(2) Application of Special Accounting Methods in Preparation for Quarterly Consolidated Financial Statements
Calculation of income taxes
The effective tax rate after the application of deferred tax accounting to the net income before income taxes for the
consolidated fiscal year including the first quarter under review is reasonably estimated, and the tax expenses are calculated by
multiplying net income before income taxes by this estimated effective tax rate. Also, the account of income taxes includes
both of income taxes - current and income taxes - deferred.

(3) Changes in Accounting Policies, Changes Accounting Estimate, and Restatement


Not applicable.

(4) Additional Information


For accounting changes and error corrections made after the beginning of the first quarter, the Accounting Standard for
Accounting Changes and Error Corrections (Accounting Standards Board of Japan (ASBJ) Statement No. 24, December 4, 2009)
and the Guidance on the Accounting Standard for Accounting Changes and Error Corrections (ASBJ Guidance No. 24, December
4, 2009) have been applied.

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3. Quarterly Consolidated Financial Statements


(1) Quarterly Consolidated Balance Sheets (Unaudited)
as of July 31, 2011 and April 30, 2011
Million yen
4/30/2011
7/31/2011

Current assets:
Cash and deposits
Notes and accounts receivable trade
Merchandise and finished products
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets:
Property, plant and equipment;
Buildings and structures
Land
Lease assets
Other
Subtotal
Intangible fixed assets;
Goodwill
Lease assets
Other
Subtotal
Investments and other assets;
Subtotal
Total fixed assets
Total assets

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23,986

14,416

39,538

53,321

15,709

25,957

6,607

7,525

13,548

15,157

(86)

(100)

99,302

116,276

14,761

15,165

13,968

15,931

24,746

25,509

4,215

4,703

57,692

61,310

12,824

15,263

100

88

8,853

8,577

21,778

23,930

13,689

13,852

93,159

99,093

192,462

215,370

Consolidated Balance Sheets Continued (Unaudited)


Million yen
4/30/2011
7/31/2011

Current liabilities:
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Lease obligations
Accrued expenses
Income taxes payable
Accrued bonuses
Other
Total current liabilities
Non-current liabilities:
Long-term loans payable
Lease obligations
Allowance for retirement and severance benefits for employees
Other
Total non-current liabilities
Total liabilities
Shareholders' equity:
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Valuation, translation adjustments and others:
Unrealized holding gains on securities, net of tax
Deferred gains (losses) on hedges
Land revaluation difference, net of tax
Foreign currency translation adjustments
Total accumulated gains (losses) from valuation, translation adjustments and others
Stock acquisition rights
Minority interests
Total net assets
Total liabilities and net assets

-6-

27,027

35,544

310

310

10,000

7,428

7,970

15,587

18,354

5,063

3,521

2,610

1,666

2,384

2,369

60,413

79,737

3,147

5,170

19,234

19,345

4,892

5,675

3,143

3,276

30,418

33,467

90,831

113,205

19,912

19,912

20,259

20,259

74,735

75,573

(4,865)

(4,836)

110,041

110,908

68

82

(10)

(6,260)

(6,260)

(2,333)

(2,583)

(8,523)

(8,772)

105

25

101,630

102,164

192,462

215,370

(2) Quarterly Consolidated Statement of Income and Comprehensive Income (Unaudited)


for the first quarter of the fiscal year ending April 30, 2011 and 2012 (May 1, 2011 - July 31, 2011)

Quarterly Consolidated Statement of Income


[First three-month period]
7/31/2010

Operating income and expenses:


Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income and expenses:
Non-operating income;
Interest income
Dividend income from securities
Equity in earnings of affiliates
Other
Non-operating expenses;
Interest expense
Loss on foreign currency exchange
Equity in losses of affiliates
Other
Ordinary income
Extraordinary gains and losses:
Extraordinary gains;
Gain on donation of fixed assets
Extraordinary losses;
Loss on sales of noncurrent assets.
Loss on abandonment of noncurrent assets
Disaster loss
Loss on valuation of investment securities
Provision of allowance for doubtful accounts of golf club memberships
Loss on valuation of golf club memberships
Loss on withdrawal of golf club memberships
Loss on adjustment for changes of accounting standard for asset retirement
obligations
Other
Income before income taxes
Income taxes
Income before minority interests
Minority interests in income (loss)
Net income

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Million yen
7/31/2011

97,077

102,788

50,370

52,206

46,707

50,581

40,756

43,845

5,950

6,735

120

139

26

28

26

64

108

566

541

228

261

302

234

35

43

5,504

6,334

53

53

386

108

10

29

35

51

10

13

335

5,170

6,233

2,518

2,932

2,652

3,301

(79)

2,648

3,380

Quarterly Consolidated Statement of Comprehensive Income

7/31/2010

Million yen
7/31/2011

Income before Minority Interests


Other Comprehensive Income:
Valuation difference on available-for-sale securities
Net deferred losses on derivatives under hedge
Foreign currency translation adjustment
Share of other comprehensive income of associates accounted for using equity method
Other Comprehensive Income

2,652

3,301

(209)

13

(3)

(677)

(248)

Quarterly Consolidated Comprehensive Income


(Breakdown)
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

1,974

3,052

1,970

3,131

(79)

-8-

(45)

(13)

(419)

(259)

(3) Note Regarding the Companys Position as a Going Concern


Not applicable.

(4) Segment Information, etc


Information regarding amounts of sales and profits or losses by reporting segment
For the first quarter of the previous fiscal year ended April 30, 2011 (May 1, 2010 - July 31, 2010)
Tea leaves
/Beverages
Business

Net sales:
(1) Outside
(2) Intersegment
Total net sales
Segment earnings (loss)

(Figures are rounded down to million yen.)


Amount on
Consolidated
Adjustment
Statements of
Operations

Others

92,673

4,404
685

(732)

97,077

47
92,720

5,089

(732)

97,077

5,832

334

(216)

5,950

Notes: 1. The segment earnings (loss) adjustment includes (223) million in amortization of goodwill and 6 million in intersegment transactions.
2. Segment earnings are adjusted to the operating income figure on the Consolidated Statements of Operations.

For the first quarter of the fiscal year ending April 30, 2012 (May 1, 2011 - July 31, 2011)
Tea leaves
/Beverages
Business

Net sales:
(1) Outside
(2) Intersegment
Total net sales
Segment earnings (loss)

(Figures are rounded down to million yen.)


Amount on
Consolidated
Adjustment
Statements of
Operations

Others

97,997

4,790
726

(781)

102,788

55
98,053

5,517

(781)

102,788

6,390

596

(251)

6,735

Notes: 1. The segment earnings (loss) adjustment includes (260) million in amortization of goodwill and 8 million in intersegment transactions.
2. Segment earnings are adjusted to the operating income figure on the Consolidated Statements of Operations.

(5) Notes to Significant Changes in Shareholders Equity


Not applicable.

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