Fuji : Summary of Consolidated Financial Results for the Three Months Ended June 30,2021（Based on Japanese GAAP）

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021 (Based on Japanese GAAP)

				August 6, 2021
Company name:	Fuji Corporation Limited
Stock exchange listing:	Tokyo
Stock code:	8860	URL https://www.fuji-jutaku.co.jp/
Representative:	President and Representative Director	Nobutsuna Miyawaki
Inquiries:	Operating Officer, General Manager of	Noguchi Yasuhisa	TEL [phone]
Investor Relations Office
Scheduled date to file Quarterly Securities Report:	August 16, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)
(1) Consolidated operating results (cumulative)							Percentages indicate year-on-year changes
	Net sales				Operating profit	Ordinary profit	Profit attributable to
				owners of parent
	Millions of yen		%		Millions of yen	%	Millions of yen		%	Millions of yen	%
Three months ended June 30, 2021	26,798		13.9			1,629	317.5	1,555		461.0	1,101	907.9
Three months ended June 30, 2020	23,522		(1.6)		390	(60.5)	277		(70.7)	109	(82.6)
	Earnings per share				Diluted earnings per share
				Yen				Yen
Three months ended June 30, 2021			30.80				-
Three months ended June 30, 2020				3.07				-
(2) Consolidated financial position
	Total assets					Net assets	Equity ratio
	Millions of yen				Millions of yen				%
As of June 30, 2021	149,148					42,078				28.2
As of March 31, 2021	147,594					41,492				28.1

2. Cash dividends

		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
	Yen	Yen	Yen	Yen	Yen
Year ended March 31, 2021	-	14.00	-	13.00	27.00
Year ending March 31, 2022	-
Year ending March 31, 2022 (Forecast)		14.00	-	13.00	27.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
55,000	(2.7)	2,300	(6.9)	2,000	(11.5)	1,400	(5.0)	38.92
September 30, 2021
Full year	121,400	(0.1)	5,000	25.4	4,600	29.3	3,100	31.4	86.17

1

4. Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2021	36,849,912	shares	As of March 31, 2021	36,849,912	shares
Number of treasury shares at the end of the period
	As of June 30, 2021	876,369	shares	As of March 31, 2021	1,173,069	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2021	35,751,018	shares	Three months ended June 30, 2020	35,639,007	shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2021	As of June 30, 2021
Assets
Current assets
Cash and deposits	20,325,741	21,801,069
Notes receivable - trade	113,114	106,663
Accounts receivable from completed construction	664,213	-
contracts
Contract assets	-	638,394
Real estate for sale	15,657,192	16,079,064
Real estate for sale in process	29,229,010	32,013,996
Real estate under development	34,023,179	30,708,469
Costs on construction contracts in progress	169,594	35,096
Supplies	38,783	37,812
Other	1,594,712	2,261,128
Allowance for doubtful accounts	(27,176)	(31,542)
Total current assets	101,788,365	103,650,153
Non-current assets
Property, plant and equipment
Buildings and structures, net	13,887,919	13,833,203
Machinery, equipment and vehicles, net	241,458	229,541
Tools, furniture and fixtures, net	308,077	291,105
Land	25,788,453	25,549,102
Leased assets, net	153,957	139,131
Construction in progress	486,997	694,100
Total property, plant and equipment	40,866,863	40,736,184
Intangible assets
Goodwill	230,424	220,811
Other	436,677	432,390
Total intangible assets	667,101	653,202
Investments and other assets
Investment securities	510,811	454,294
Long-term loans receivable	49,516	48,408
Deferred tax assets	1,697,530	1,566,599
Other	2,016,295	2,041,809
Allowance for doubtful accounts	(2,419)	(2,365)
Total investments and other assets	4,271,734	4,108,746
Total non-current assets	45,805,700	45,498,133
Total assets		147,594,065	149,148,287

3

			(Thousands of yen)
		As of March 31, 2021	As of June 30, 2021
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts	3,956,480	3,796,910
Electronically recorded obligations - operating	1,448,232	595,497
Contract liabilities	-	826,069
Short-term borrowings	27,331,352	34,966,220
Current portion of bonds payable	850,000	850,000
Lease obligations	44,205	44,482
Income taxes payable	1,206,467	369,215
Advances received	4,616,979	3,957,915
Provision for bonuses	309,800	114,900
Provision for share awards for directors (and other	25,705	6,360
officers)
Provision for share awards	131,820	-
Other	4,715,980	4,704,920
Total current liabilities	44,637,025	50,232,493
Non-current liabilities
Bonds payable	1,875,000	1,775,000
Long-term borrowings	58,131,494	53,628,414
Lease obligations	154,626	143,401
Asset retirement obligations	27,628	27,690
Deferred tax liabilities	9,194	9,194
Deferred tax liabilities for land revaluation	52,645	52,645
Other	1,213,721	1,200,500
Total non-current liabilities	61,464,310	56,836,847
Total liabilities	106,101,335	107,069,341
Net assets
Shareholders' equity
Share capital	4,872,064	4,872,064
Capital surplus	5,663,006	5,663,006
Retained earnings	31,619,397	32,110,524
Treasury shares	(712,734)	(563,809)
Total shareholders' equity	41,441,734	42,081,785
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	(27,164)	(80,703)
Revaluation reserve for land	74,904	74,904
Total accumulated other comprehensive income	47,739	(5,798)
Share acquisition rights	3,256	2,960
Total net assets	41,492,729	42,078,946
Total liabilities and net assets		147,594,065	149,148,287

4

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Thousands of yen)
		Three months ended	Three months ended
		June 30, 2020	June 30, 2021
Net sales	23,522,346	26,798,477
Cost of sales	20,352,016	22,476,369
Gross profit	3,170,329	4,322,107
Selling, general and administrative expenses
Sales commission	396,271	354,211
Advertising expenses	306,769	329,755
Promotion expenses	10,697	14,371
Salaries and bonuses	668,329	736,618
Provision for bonuses	51,566	51,128
Provision of allowance for doubtful accounts	2,794	4,884
Enterprise tax	20,200	34,800
Consumption Taxes	253,153	189,237
Depreciation	75,056	93,139
Amortization of goodwill	10,379	9,612
Rent expenses	106,979	83,686
Other	877,798	790,849
Total selling, general and administrative expenses	2,779,996	2,692,293
Operating profit	390,333	1,629,814
Non-operating income
Interest income	338	289
Dividend income	11,279	11,098
Commission income	45,413	54,074
Penalty income	5,803	6,875
Subsidy income	-	33,199
Surrender value of insurance policies	24,000	-
Other	16,398	12,447
Total non-operating income	103,232	117,985
Non-operating expenses
Interest expenses	192,998	186,574
Bond issuance costs	14,168	-
Other	9,137	5,762
Total non-operating expenses	216,304	192,336
Ordinary profit	277,261	1,555,462
Extraordinary income
Gain on sale of non-current assets	11,827	91,910
Total extraordinary income	11,827	91,910
Extraordinary losses
Loss on sale of non-current assets	58,329	2,413
Loss on retirement of non-current assets	24,200	0
Total extraordinary losses	82,530	2,413
Profit before income taxes	206,558	1,644,959
Income taxes - current	115,450	336,500
Income taxes - deferred	(18,130)	207,442
Total income taxes	97,319	543,942
Profit	109,238	1,101,017
Profit attributable to non-controlling interests	-	-
Profit attributable to owners of parent		109,238	1,101,017

5