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Summary of Consolidated Financial Statements for the First Quarter of
the Fiscal Year Ending March 31, 2010
July 31, 2009
These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.


Mediceo Paltac Holdings Co., Ltd.



Stock exchange listing: Tokyo
Code number: 7459
http://www.mediceo-paltac.co.jp
Representative: Sadatake Kumakura, President and CEO

Phone: +81-3-3517-5171
Contact: Kunie Yamazaki, Manager of Corporate
Communication Office
Filing of Quarterly Report (scheduled): August 14, 2009 Start of distribution of dividends (scheduled): —


1. Consolidated Results for the First Quarter of the Fiscal Year Ending March 31, 2010
(April 1, 2009 to June 30, 2009)
(1) Sales and Income
(Percentages represent change compared with the corresponding period of the previous fiscal year.)
Net sales
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-
year change
(%)
Ordinary
income
(¥ million)
Year-on-
year change
(%)
Three months ended June 30, 2009 Three months ended June 30, 2008
626,816 617,581
1.5
—
2,447 7,807
(68.7)
—

4,953
11,921
(58.4)
—
Net income
(¥ million)
Year-on-year
change (%)
Earnings
per share (¥)
Earnings
per share
(diluted) (¥)
Three months ended June 30, 2009 Three months ended June 30, 2008
(799)
6,683
— —
(3.35)
28.02
—
27.89
(2) Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Net worth ratio
(%)
Net assets
per share (¥)
As of June 30, 2009 As of March 31, 2009
1,133,338 1,117,287
292,026 294,500
25.8 26.4
1,231.87 1,229.34
(Reference) Net worth: As of June 30, 2009 ¥292,026 million; As of March 31, 2009: ¥294,500 million
2. Cash Dividends
Dividends per share (¥)

1st Quarter
2nd Quarter
3rd Quarter
Year-end
Full year
Year ended March 31, 2009 Year ending March 31, 2010
— —
11.00
—
— —
7.00
—
18.00
—
Year ending March 31, 2010 (est.)
—
9.00
—
9.00
18.00
Note: Revisions to projected dividends during the three months ended June 30, 2009: No

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2010
(April 1, 2009 - March 31, 2010)
(Percentages represent change compared to the previous interim period or fiscal year, as applicable)

Net sales
Operating income
Ordinary income
Net income
Earnings
per share

(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥)
Interim period Full year
1,263,000 2,551,000
2.5
3.5
6,600
20,000
(38.3)
48.6
10,700 27,700
(42.2)
(4.5)
1,800 9,900
(82.9) (20.9)
7.60
42.00
Note: Revisions to projected consolidated results during the three months ended June 30, 2009: Yes



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4. Other
(1) Changes in the state of material subsidiaries during the period (changes in specified subsidiaries attendant with
change in scope of consolidation): No
New: — Eliminated: —
(2) Use of simplified accounting methods or special accounting methods for preparation of the quarterly consolidated

financial statements: Yes
(For details, see “4. Other” of “Qualitative Information and Financial Statements, etc.” on page 5.)

(3) Changes in principles, procedures, and methods of presentation, etc., related to the preparation of the quarterly
consolidated financial statements (changes in material items that form the basis for the preparation and
presentation of the quarterly consolidated financial statements)

(a) Changes related to revisions in accounting principles: No

(b) Other changes aside from those in (a) above: No

(4) Number of shares issued and outstanding (common stock)

(a) Number of shares at the end of the period (including treasury stock)

Three months ended June 30, 2009: 244,524,496 Year ended March 31, 2009: 244,524,496

(b) Number of treasury shares at the end of the period:

Three months ended June 30, 2009: 7,464,335 Year ended March 31, 2008: 4,963,671

(c) Average number of shares outstanding (cumulative with earlier quarters):

Three months ended June 30, 2009: 238,834,008
Three months ended June 30, 2008: 238,538,526
Cautionary Remarks Regarding Proper Use of Projected Results and Other Items
The Company has revised the figures announced on May 15, 2009 in its forecast of consolidated results for the interim period and the fiscal year. Please refer to the “Notice of Revisions to Consolidated Interim and Fiscal Year Results Forecasts” released on July 31, 2009 for details.

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Qualitative Information and Financial Statements, etc. 1.

Qualitative Information on Consolidated Business Results

In the Japanese economy during the first quarter of fiscal 2010, or the three months ended June 30, 2009,
severe economic conditions continued, including a substantial decrease in capital investment and rapid deterioration in employment conditions. However, consumer spending showed signs of picking up.
In these economic conditions, the Mediceo Paltac Group (Mediceo Paltac Holdings Co., Ltd. and its
consolidated subsidiaries) carried out business innovations aimed at establishing a new, customer-oriented business model that is highly responsive to changes in the market environment and customer needs. In addition, the Mediceo Paltac Group is making proactive investments to ensure stable earnings in the future.
For the first quarter, consolidated net sales were ¥626,816 million (a 1.5 percent increase compared with
the first quarter of the previous year), operating income was ¥2,447 million (a 68.7 percent decrease), ordinary income was ¥4,953 million (a 58.4 percent decrease) and net loss was ¥799 million (compared with net income of ¥6,683 million in the first quarter of the previous year).

A summary of results by principal business segments follows below.
Prescription Pharmaceutical Wholesale Business

In sales of prescription pharmaceuticals, the Mediceo Paltac Group proactively conducted sales and
provided information on new products and lifestyle disease treatments, for which demand is growing, while working to maintain rational selling prices and secure reasonable profits.
In addition, with overall optimization of distribution as the primary theme, KURAYA SANSEIDO Inc.
(Chuo-ku, Tokyo), a wholly owned subsidiary of Mediceo Paltac, established an area logistics center in Totsuka-ku, Yokohama (Kanagawa ALC), and completed construction on May 23, 2009. This facility will enable the Mediceo Paltac Group to provide customers with more advanced, lower-cost logistics functions. The Mediceo Paltac Group will continue to raise productivity while contributing to community health care.
On the other hand, tough selling price negotiations with customers and intense competition between
wholesalers has led to a rapid deterioration of the earnings environment of the prescription pharmaceutical wholesale business. Given these conditions, a reduction in compensation was implemented for officers and managers of Mediceo Paltac and its wholly owned subsidiaries in the prescription pharmaceutical wholesale business. In addition, as part of business streamlining measures, voluntary early retirement was offered to employees of Mediceo Paltac’s subsidiaries in the prescription pharmaceutical wholesale business, with a retirement date of September 30, 2009, and 257 employees applied.
As a result, sales of the Prescription Pharmaceutical Wholesale Business were ¥444,395 million (a 1.7
percent increase compared with the first quarter of the previous year) and operating income was ¥614 million (a 90.2 percent decrease).

Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business

In sales of cosmetics, daily necessities and OTC pharmaceuticals, the Mediceo Paltac Group focused on
creating a corporate infrastructure capable of increasing productivity across the entire supply chain, from production to consumption, amid continued weakness in consumer spending. On April 1, 2009, the previously separate sales organizations for cosmetics and daily necessities and for healthcare were unified, creating a structure that is more responsive to customer needs. In the Hokkaido area, a large-scale high-tech distribution center, RDC Hokkaido, was built and began operations on May 27, 2009, which consolidated distribution functions in this area and established a system for high-quality, low-cost distribution.
As a result, sales of the Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale business were
¥181,858 million (a 1.3 percent increase compared with the first quarter of the previous year) and operating income was ¥1,845 million (a 24.0 percent increase).

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Related Business
Sales of food additives were strong as demand for domestic food products remained stable, reflecting food
safety issues. Sales of industrial chemicals were on track toward recovery due to the progress of inventory adjustments in the semiconductor and IT industries, but challenging conditions continued.
In these conditions, KURAYA KASEI, INC., a wholly owned subsidiary of Mediceo Paltac, constructed a
new head office facility (Chikuma-shi, Nagano Prefecture) with distribution functions, which began operations on May 7, 2009.
As a result, sales of related business were ¥1,095 million (a 26.7 percent decrease compared with the first
quarter of the previous year) and operating loss was ¥15 million (compared with operating income of ¥16 million in the first quarter of the previous fiscal year). Note: Business segment sales include intersegment sales. 2. Qualitative Information on Consolidated Financial Position (1) Assets, Liabilities and Net Assets
Total assets as of June 30, 2009 were ¥1,133,338 million, an increase of ¥16,050 million from the end of
the previous fiscal year. This was mainly due to an increase of ¥19,598 million in notes and accounts receivable, trade.
Liabilities totaled ¥841,311 million, an increase of ¥18,525 million from the end of the previous fiscal year.
This was mainly due to an increase of ¥9,099 million in notes and accounts payable, trade and an increase of ¥6,540 million in accounts payable included in other current liabilities.
Net assets were ¥292,026 million, a decrease of ¥2,474 million from the end of the previous fiscal year.
This was mainly due to a decrease of ¥2,474 million in retained earnings and an increase of ¥2,783 million in treasury stock, at cost, partially offset by an increase of ¥2,785 million in unrealized gains on securities.

(2) Cash Flows
On a consolidated basis in the first quarter, cash at the end of the period decreased ¥19,581 million (14.2
percent) from the end of the previous fiscal year to ¥118,485 million.
Cash Flows from Operating Activities
The decrease in cash from operating activities was ¥7,872 million (an increase of ¥6,442 million was
recorded in the same period of the previous year). Main factors were special retirement benefits of ¥5,865 million and an increase in notes and accounts payable
-
trade of ¥9,099 million. On the other hand, there was
an increase of ¥19,712 million in notes and accounts receivable
-
trade.

Cash Flows from Investing Activities
The decrease in cash from investing activities was ¥9,742 million (an increase of ¥2,575 million compared
with in the same period of the previous year). The main factor was ¥8,530 million in payments for purchases of property and equipment including Kanagawa ALC and RDC Hokkaido.
Cash Flows from Financing Activities
The decrease in cash from financing activities was ¥2,010 million (a decrease of ¥3,094 million compared
with in the same quarter of the previous year). Main factors were purchase of treasury stock totaling ¥2,783 million. 3.

Qualitative Information on Projected Consolidated Results

In the prescription pharmaceutical wholesale business, selling prices are expected to be more stable than
originally projected, due in part to the Mediceo Paltac Group’s efforts to secure reasonable profits.
In addition, an offer of voluntary early retirement to employees of eight wholly owned consolidated
subsidiaries of Mediceo Paltac in the prescription pharmaceutical wholesale business announced on May 15, 2009 resulted in applications from 257 employees out of 1,000 who were eligible. Consequently, the total amount of additional retirement benefits to be paid will decrease.

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Despite a projected increase in personnel expenses because the offer of voluntary early retirement resulted
in fewer applicants than initially planned, selling, general and administrative expenses are projected to be in line with the previous forecast due to reduction of overhead costs and other expenses.
Given these conditions, Mediceo Paltac revised its forecast of consolidated results for the interim period of
the fiscal year ending March 31, 2010 and for the fiscal year ending March 31, 2010. Please refer to the “Notice of Revisions to Consolidated Interim and Fiscal Year Results Forecasts” for details. 4. Other (1) Changes in the state of material subsidiaries during the period (changes in specified subsidiaries due to
changes in the scope of consolidation): None applicable
(2) Use of simplified accounting methods or special accounting methods for preparation of the quarterly
consolidated financial statements

(a)

Use of simplified accounting methods
Valuation of inventories: Inventories at the end of this quarterly accounting period are calculated using a reasonable method based inventories at the end of the previous fiscal year instead of an actual physical inventory.

Calculation of estimated loss on ordinary receivables: For the loss ratio for the first quarter ended June 30, 2008, the Company calculates the estimated loss using the loss ratio at the end of the previous fiscal year, as no significant changes have been recognized in the amount calculated at the end of the previous fiscal year.

Calculation of income taxes, deferred tax assets and deferred tax liabilities: Calculation of the amount of income tax payments omits items that increase or reduce tax and items that are tax credits if the amounts are insignificant.
The future projections of operating results and tax planning used in the previous fiscal year are used in
judging the recoverability of deferred tax assets, as the Company has recognized no significant changes in the operating environment or in the occurrence of temporary differences since the end of the previous fiscal year.

(b)

Special accounting methods for preparation of the quarterly consolidated financial statements:
None applicable
(3) Changes in accounting principles, procedures and presentation methods pertaining to preparation of the
quarterly consolidated financial statements
None applicable