Summary of Business Results for the Fiscal Year 2011
(January 1 to December 3131, 20112011)11)
Date: February 14, 2012
CompanyFunai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code8929
URL http://www.funai-zc.co.jp/
Representative Masazumi Hasumi , President
Contact
Hisao Nakatsuka , Managing Director and Corporate Officer
TEL
03-6439-5800
Scheduled date of regular shareholders’ meeting held: March 28, 2012
Planned date of Dividend payout: March 29, 2012
Submission date of annual securities report scheduled: March 28, 2012
Supplemental Explanatory Material Prepared: Yes
Results Briefing Held: Yes (For securities analysts)

1. Consolidated
Consolidated business results for FY 201
2011 (January 1 to December 31
31, 20112011)11)(1) Consolidated Results of operations(Note: Rounded down to million yen)
(The percentages shown for Total Revenue, operating income etc. represent changes from the same period in theprevious fiscal year.)
Total Revenue
Operating income
Ordinary income
Net income
(％)
(％)
(％)
(％)
Fiscal year ended(¥ Million)(¥ Million)(¥ Million)(¥ Million)
December 31, 2011
7,627
45.9
186-6.7166
3.7
218 164.5
December 31, 2010
5,227
-3.4
200―
160―
82―
Net income pershare (Primary)

Net income pershare (Diluted)

Ratio of net
income toshareholders’equityRatio ofordinary
income to total
assetsRatio ofoperatingincome toTotal revenue

(%)

(%)

(%)

Fiscal year ended(¥)(¥)
December 31, 2011
2,063.14―
December 31, 2010
779.98―(Reference) Income (loss) from equity-method investments:
FY2011 (Year ended December 31, 2011): ¥-6 million
FY2010 (Year ended December 31, 2010): ¥-2 million

17.8
6.8

4.1
2.92.43.8(2) Consolidated Financial Position
Total assets
Net assets
Fiscal year ended(¥ Million)(¥ Million)
December 31, 2011
3,698
1,224
December 31, 2010
4,498
1,222(Reference) Total shareholders' equity:
FY2011 (Year ended December 31, 2010): ¥1,224 million
FY2010 (Year ended December 31, 2009): ¥1,222 million

Equity capital ratio

Net assets per share(％)

(¥)

33.1
27.2

11,584.90
11,565.19(3) Consolidated Cash Flow

Fiscal year ended
December 31, 2011
December 31, 2010

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof period(¥ Million)(¥ Million)(¥ Million)(¥ Million)

579
1,890

122
282

1-602
-1,745

1,474
1,374

2. Dividends
Dividends
Dividend per share

Fiscal year ended
December 31,
2010
December 31,
2011
FY ending Dec.
2012 (projected)

Total
annualdividends

Dividend
payout ratio(consolidated)(¥ Million)(%)

Ratio ofdividends to
net assets

End of
Q1

End of
InterimEnd ofQ3

End ofFY(¥)

(¥)

(¥)

(¥)

―0.00

―

500.00500.005264.1

4.4―0.00―

650.00650.00

68

31.5

5.6

―

0.00

―

650.00650.00

Annual(consolidated)
(%)

24.5

3. Forecast of consolidated business results for FY2012
FY2012 (January 1 to December 31
31, 20122012)12)
Total Revenue

Six months
ending June30, 2012
Year ending
December31, 2012(¥ Million)(％)(¥ Million)(％)

Netincomeper share(¥)

111.7

100

163.1

100

―

946.03

60.8

290

74.6

280

28.4

2,648.88

Operating income(¥ Million)(％)(¥ Million)

4,100

32.0

110

8,400

10.1300

Ordinary income(％)

Net income

4. Other(1) Important changes to subsidiaries during the period(Changes in specified subsidiaries accompanying changes to the scope of consolidation): None
New: None
Excluded: None
(2) Changes in accounting principles, procedures and presentation in the preparation of these financial statements:
i. Changes in accordance with revision to accounting standards: Yes
ii. Other changes: None
(3) Number of shares outstanding (ordinary shares)
1. Number of shares outstanding
December 31,2011(including treasury shares)
2. Number of treasury shares
December 31,20113.

Average number of shares
during the periodDecember 31,2011

2105,705 shares―December 31,2010

shares

December 31,2010

105,705 shares

December 31,2010

105,705 shares―shares

105,705 shares

(Ref.) Summary of Nonon-consolidated business results
results
1. NonNon-consolidated business results for FY 201
2011 (January 1 to December 31, 201
2011)(1)Non(1)NonNon- consolidated Results of operations
Total Revenue(％)
Fiscal year ended(¥ Million)
December 31, 2011
6,579
63.4
December 31, 2010
4,026
0.7

Fiscal year ended
December 31, 2011
December 31, 2010

Operating income

Ordinary income(¥ Million)

(％)

(％)

154-2

―
―

Net income pershare (Primary)

Net income pershare (Diluted)

(¥)

(¥)

2,213.05
1,076.46

17385(¥ Million)

103.2―233113

(％)

105.6
―

――

(2) NonNon-consolidated Financial Position
Total assets
Fiscal year ended(¥ Million)
December 31, 2011
3,390
December 31, 2010(¥ Million)

Net income

Net assets

Equity capital ratio

Net assets per share(¥ Million)

(％)

(¥)

4,197

1,230

36.3

11,638.08

1,212

28.9

11,468.46(Reference) Total shareholders' equity:
FY2011 (Year ended December 31, 2011): ¥1,230 million
FY2010 (Year ended December 31, 2010): ¥1,212 million

2. Forecast of consolidated business results for FY2012
FY2012 (January 1 to December 31, 20122012)
Total Revenue(¥ Million)

Ordinary income(％)(¥ Million)(％)

Net income(¥ Million)(％)

Six months－3,550
36.2
90
310.4
90
ending June 30, 2012
Year ending
7,190
9.3
240
38.7
240 2.6
December 31, 2012
Note: Percentage change compares current results with those of the period of the previous year.

Net incomeper share(¥)
851.432,270.47

Notice regarding auditing procedures
Auditing procedures for the financial report based on the Financial Instruments and Exchange Law, had yet to becompleted at the time of the disclosure of this financial report.

Appropriate use of these results forecasts and other items
Forward-looking statements in this document, including the performance outlook, etc., were written based on theinformation available to the Company as of the date this document was published. Actual performance may differ
from the forecast figures due to various factors.

3

4. Consolidated financial statements(1) Consolidated balance sheets（Thousands of yen）
As of December 31,2010

As of December 31,2011

AssetsCurrent assets
Cash and deposits

1,374,698

1,474,995

Accounts receivable

388,507215,206

Real estate for sale00

238,153

52,527

Other current assets

83,751

Allowance for doubtful accounts-37,961

100,121-△51,929

2,047,149

1,790,921

142,555

89,371

Accumulated depreciation-57,752-42,317

Buildings and structures （Book Value）

84,80347,053

Bonds bought

Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures

Vehicles

5,131

5,131

Accumulated depreciation-3,569-4,220

Vehicles （Book Value）

1,562

910

Land

70,766

1,406

Others62,62561,503

Accumulated depreciation-41,954-47,456

Others （Book Value）

20,671

14,047

Total tangible fixed assets

177,803

63,417

Intangible fixed assets
Software34,742

34,162

Goodwill

450,139

286,447

Others

2,403

2,374

487,285

322,984

Total intangible fixed assets
Investments and other assets
Investment Securities※1

1,587,122※1

1,382,765

Stocks of affiliated companies

54,3793,260

Other assets

145,139

134,951

1,786,640

1,520,977

2,451,730

1,907,380

4,498,879

3,698,302

Total Investment and other assets
Total fixed assets
Total assets4

（Thousands of yen）
As of December 31,
2010

As of December 31,
2011

Liabilities
Current liabilities
Accounts payable

78,042

Short-term debt

63,682Current portion of long-term loans payable

672,400－

Current portion of bonds

535,000

395,000

Accrued corporate tax, etc.

50,614

※1

※2

※1

※2

600,000
33,600Reserve for bonuses

6,307

17,799－Other reserves
Other current liabilities

11,194

22,159409,522354,484Total current liabilities

1,763,080

1,486,724

Bonds
Long-term loans payable

487,500－

92,500Long-term deposits received

214,671

70,216

Allowance for employee retirement benefits

43,860Addition to reserve for compensation to retired directors

90,58948,061－Long-term security deposits payable

676,677

718,216

1,513,300

986,995

3,276,380

2,473,719

Common stock

1,030,817

1,030,817

Capital surplus

605,035

334,224

Fixed liabilities

Total fixed liabilities
Total liabilities

58,000Net Assets
Shareholders’ equity

Retained earnings-200,983

235,059

Total shareholders’ equity

1,434,868

1,600,100

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5-212,370-375,518-212,370-375,518

1,222,498

1,224,582

4,498,879

3,698,302

(2) Consolidated income statements（Thousands of yen）
Fiscal year ended
December 31, 2010

Fiscal year ended
December 31, 2011

Total Revenue
Revenue

3,567,758

3,010,725

Sales of real estate

1,659,268

4,616,845

Total Revenue

5,227,026

7,627,571

Operating cost

1,741,196

1,914,260

Cost of sales of real estate

1,756,982

4,305,658

Operating cost

3,498,178

6,219,918

Gross operating profit

1,728,848

1,407,652

Operating cost

SG&A

※1

1,528,817

Operating income※1

1,221,055

200,030

186,596

Non-operating income
Interest received

357

199

Dividends received

11,0796,855

Other non-operating income

1,330

4,218

Non-operating income

12,767

11,273

Interest paid

37,09018,536

Investment loss on equity method

2,889

6,452Guarantee commission

9,556

4,319

Other non-operating expenses

3,170

2,505

Non-operating expenses

52,706

31,814160,091

166,055－

Gain on sales of fixed assets

704
－

6,439

Provision of allowance for doubtful accounts－

21,000

Reversal of reserve for directors' retirement benefits

31,78890,589Settlement received

45,000－Gain on liquidation of affiliates

38,151－

Refund of consumption tax for prior periods

5,034

－

120,678

118,029

Loss on sales of investment securities

53,8604,660

Loss on valuation of investment securities

22,841

1,496

Non-operating expenses

Ordinary income
Extraordinary income
Gain on sale of investment securities

Extraordinary income
Extraordinary loss

Loss on sales of fixed assets※2

Loss on retirement of fixed assets

10,706※2

23,555

Loss on sales of stocks of affiliates

388－

32,927

Loss on disaster－

12,79387,79775,440※3

Extraordinary loss

6

※36

（Thousands of yen）
Fiscal year ended
December 31, 2011

Fiscal year ended
December 31, 2010
Income before dividends distribution from anonymousassociation, income taxes

192,972

208,644Dividends distribution from anonymous association-7,862-12,934

Income before income taxes

200,834

221,579

Income taxes - current

55,777

Income taxes for prior periods

78,985

3,495－

Refund of income taxes-18,042－

Income taxes - deferred

1,667

－

118,386

3,495－

218,083

82,448218,083

Total income taxes
Income before minority interests
Net income7

Consolidated Statements of Income (Comprehensive)（Thousands of yen）
Fiscal year ended
December 31, 2010
Income before minority interests

Fiscal year ended
December 31, 2011－

218,083－-163,148

Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income－

Comprehensive income(Breakdown)－Comprehensive income attributable to owners of the8※154,935－

54,935－－parent company
Comprehensive income attributable to minority interests-163,148※2

(3) Consolidated statements of changes in net assets（Thousands of yen）
Fiscal year ended
December 31, 2010

Fiscal year ended
December 31, 2011

Shareholder’s equity
Common stock
Balance at the end of previous period
Changes of items during the period

1,030,817

1,030,817－－

1,030,817

1,030,817

1,104,154

605,035-499,119－

Dividends from surplus－-52,852

Transfer to retained earnings from capital surplus－-217,958-499,119-270,811

605,035

334,224-283,431-200,983

82,448－218,083

Transfer to retained earnings from capital surplus
Total changes of items during the period

82,448436,042

Balance at the end of current period-200,983

235,059

Treasury stock
Balance at the end of previous period-499,119－Retirement of treasury stock

499,119－

Total changes of items during the period

499,119－

Balance at the end of current period－－

Total shareholders’ equity
Balance at the end of previous period

1,352,420

1,434,868－-52,852

82,448218,083－－

82,448165,2311,434,868

1,600,100

Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the end of previous period
Changes of items during the period
Retirement of treasury stock

Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the end of previous period
Changes of items during the period
Net income

217,958

Changes of items during the period

Changes of items during the period
Dividends from surplus
Net income
Transfer to retained earnings from capital surplus
Total changes of items during the period
Balance at the end of current period

9Fiscal year ended
December 31, 2010

Fiscal year ended
December 31, 2011

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’ equity(net)Total changes of items during the period
Balance at the end of current period-165,057-212,370-47,312-163,148-47,312-163,148-212,370-375,518-165,057-212,370-47,312-163,148-47,312-163,148-212,370-375,518

1,187,363

1,222,498－-52,852

82,448218,083-47,312-163,148

35,1352,083

1,222,498

1,224,582

Net cumulative total of other comprehensive income
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’ equity(net)
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Dividends from surplus
Net income
Net changes of items other than shareholders’ equity(net)
Total changes of items during the period
Balance at the end of current period10(4) Consolidated statements of cash flows（Thousand of yen）
Fiscal year
ended
December 31,
2010

Fiscal year
ended
December 31,
2011

Income before income taxes and minority interests

200,834

221,579

Depreciation

41,28831,356

Amortization of goodwill

163,851

163,692

Increase (decrease) in provisions for doubtful accounts

29,154

13,967－-6,307

9,087

4,201

-16,462-90,589

Increase (decrease) in other reserves (negative indicates decrease)-99,331

10,964

Income from interest and dividends-11,436-7,054

Interest paid

37,09018,536Equity in (earnings) losses of affiliates (negative indicate increase)
Loss (gain) on sales and valuation of investment securities (negative indicateincrease)

2,889

6,452

22,841

1,496

Loss (gain) on sales of marketable and investment securities

53,156

4,660－

32,927－

Cash flow from operating activities(negative indicates decrease)
Increase(decrease) in provision for bonuses (negative indicates decrease)
Increase (decrease) in reserve for retirement benefits(negative indicates decrease)
Increase (decrease) in reserve for directors' retirement benefits(negative indicates decrease)(negative indicate increase)
Loss (gain) on sales of stocks of affiliates (negative indicate increase)
Gain on liquidation of affiliates (negative indicate increase)
Loss on disaster-38,151－

Loss (gain) on sales of fixed assets (negative indicate increase)

10,706

17,115388

6－Loss on retirement of fixed assets
Dividends distribution from anonymous association-7,862
14,678

12,793

Increase in accounts receivable (negative indicate increase)
Increase(decrease) in real estate for sale (negative indicates increase)

1,604,399

178,417－Increase(decrease) in accounts payable (negative indicates increase)37,128

185,625

Increase (decrease) in notes and accounts payable-trade (negative indicates

15,767-14,360-30,818

41,539decrease)
Decrease in lease and guarantee deposits received (negative indicates decrease)
Decrease in long-term deposits received (negative indicates decrease)-17,492-98,252

Others-148,436-114,439

Subtotal

1,823,270

614,329

Interest and dividends received

11,436

7,054

Interest paid

-19,160

Payments for loss on disaster-38,368－

Settlement received

45,000-12,793－

Refund of consumption tax for prior periods

1,566

3,467

Income tax (paid) refund (negative indicates payment)

65,689-68,188-13,049－

1,890,407

579,846

Income taxes - correction
Cash flow from operating activities

11（Thousand of yen）
Fiscal year
ended
December 31,
2010

Fiscal year
ended
December 31,
2011

4,000

－

Cash flow from investing activities
Proceeds from repayment of time deposits
Purchase of property, plant and equipment-3,385－

Proceeds from sales of property, plant and equipment

3,588

79,730

Payment for purchase of tangible fixed assets
Proceeds from sale of investment securities and investment in capital-3,748-13,213

237,049

34,01648,856－15,000Purchase of stocks of affiliates
Purchase of investment securities-1,000-3,260－

Others-3,245

10,187282,115

122,459Proceeds from sales of stocks of affiliates

Cash flow from investing activities
Cash flow from financing activities
Increase (decrease) in short-term loans payable (negative indicates decrease)
Repayment of short-term loans payable-177,600－-72,400

Proceeds from long-term loans payable－

100,000

Repayment of long-term loans payable－-8,400-1,543,168-535,000-24,452－-33,268-1,745,221-602,009

Decrease in cash and cash equivalents (negative indicates decrease)427,301

100,296

Cash and cash equivalents at beginning of term

947,396

1,374,698

Redemption of bonds
Payments for dividend of deposit for investment in anonymous association
Dividends paid
Cash flow from financing activities

Cash and cash equivalents at end of term※

12

1,374,698－-52,941※

1,474,995