Financial Results for First Half of Fiscal Year Ending
March 31, 2013
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on November 7, 2012)
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Executive Vice-president(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in First Half of Fiscal Year Ending March 31, 2013
(1) Operating results*Percentage figures shown under sales, operating income, ordinary income, and net income columns indicate year-on-year changes for those
items.
(Millions of yen, except for per share figures)

Net Sales

Operating Income

Ordinary Income

1st Half of FY ending March 31, 2013

¥4,169 (24.5%)¥834 (163.1%)¥795 (178.6%)

1st Half of FY ended March 31, 2012

¥3,349 (70.2%)¥317 (38.2%)¥285 (67.0%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income per
Share(Yen)

1st Half of FY ending March 31, 2013

¥1,039 (308.4%)¥2,797.19¥2,797.06

1st Half of FY ended March 31, 2012¥254 (58.3%)¥684.96¥684.94(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

Equity Ratio(%)

1st Half of FY ending March 31, 2013¥13,131¥7,37356.2%

FY ended March 31, 2012

¥11,247¥6,463

57.5%

Reference) Equity at term-end: 1st Half of FY ending March 31, 2013 (as of September 30, 2012): ¥7,373 million
FY ended March 31, 2012 (as of March 31, 2012): ¥6,463 million

12. Cash Dividends(Yen)
Cash Dividends per Share
1st quarter period

2nd quarter period

3rd quarter period

FY ended March 31, 2012

-

¥0.00

-

¥350.00¥350.00

FY ending March 31, 2013

¥0.00

-

¥700.00¥700.00

FY ending March 31, 2013
(Projections)
Note: Changes from the latest released dividend forecasts:No

Year end

Annual total

3. Projections for Consolidated Performance in the Fiscal Year Ending March 31, 2013
(From April 1, 2012 to March 31, 2013) *Percentage figures are indicated year-on year changes for those items.

Net Sales

FY ending March 31,
2013

Operating Income(Loss)

Ordinary Income(Loss)¥1,600 (85.8%)¥1,550 ( 93.9%)¥10,500 (51.7%)(Millions of yen, except for per share figures)
Net Income (Loss) per
Share (Yen)Net Income (Loss)¥1,700 (83.2%)¥4,575.56

Note: Changes from the latest released performance:No

Reference: Overview of Non-consolidated Performance(1) Significant changes in scope of consolidation during the period (change of specified subsidiaries that lead to a change inthe scope of consolidation): None
New Companies: -- Company (Company Name)
Excluded Companies: -- Company (Company Name)(2) Application of accounting methods which are exceptional for quarterly consolidated financial statement: None
(3) Changes in accounting policies, accounting estimates and restatement of corrections
1) Changes caused by revision of accounting standards: Yes
2) Changes other than those included in 1): None
3) Changes in accounting estimates: Yes
4) Restatement of corrections: None
(4) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury stock):
March 2012: 371,495 shares
September 2012: 371,555 shares
2) Number of treasury stock at the end of period:
September 2012: － shares
March 2012: － shares3) Weighted average number of shares for the second quarter period (July 1 – September 30):
September 2011: 371,495 shares
September 2012: 371,524 shares※Disclosure concerning status of implementation of quarterly review procedure
This quarterly financial results report is exempt from the quarterly review procedure based on the Financial Instruments andExchange Law. At the time of disclosure of this quarterly financial results report, such review procedure for quarterly reports
based on the Financial Instruments and Exchange Law had been under development.
※Appropriate use of projections for performance, other notes
The projections for performance in this report contain forward-looking statements based on information available to the Company
at the date of publication, and on certain set assumptions that have been deemed reasonable. Actual earnings may vary greatly inaccordance with a wide range of factors. Refer to Item 3, “Qualitative information on consolidated earnings forecasts” on page 4.

2

1. Qualitative information concerning consolidated business performance for the quarter under review(1) Qualitative information on consolidated operating results
In this consolidated first half of fiscal year, the Japanese economy had underlying support from earthquake reconstruction
demand and a continuing gentle recovery in some areas, but with fears of a slowdown in the global economy due to theEuropean debt crisis and the continued high value of the yen, the future remains uncertain.
In the real estate industry, the decrease in rent averages for office buildings in central Tokyo that had been continuingsince 2008 finally seems to have bottomed out, and while supply of new large office buildings is likely to continue todecrease next year and onwards, there is hope for a recovery of the balance in supply and demand. In the real estate
investment market, global monetary easing is leading to increased investment needs for central Tokyo property, so signs ofrecovery are visible.
In this circumstance, the Group continued to improve approaches to building owners in central Tokyo. By responding
to a wide variety of issues building owners face with property, from rental negotiations to sales, construction andrevitalization, the Company worked on creating a range of business opportunities.
As a result, our operating results for the first half of fiscal year ending March 2013 were as follows:sales of ¥4,169 million (up by 24.5% from the same period of the previous fiscal year), operating income of ¥834
million (up by 163.1%), and ordinary income of ¥795 million (up by 178.6%). Net income was ¥1,039 million (up by
308.4%).
Business performance by segment is as follows.
Real Estate Revitalization
In the replanning business, we focused on acquisition and sales of properties while carefully observing the market
situation and 4 buildings were purchased. While only 3 buildings were sold, effort was put into attracting tenants and thecommercialization process for repairs, which together with the recovery of the real estate investment market led tomaintaining a high level of profitability ratios. As a result, although sales maintained a level similar to the same period of
the previous year, segment income increased.
In the rental building business, we sold 4 buildings during the previous fiscal year (end of May 2011), rental income
decreased compared to the same period of the previous year.
The real estate securitization business received asset management payments from the sale of a fund property, and so sales
and segment income both increased compared to the same period of the previous year.
As a result of the above activities, sales were ¥2,374 million (down by 2.4% from the same period of the previous
fiscal year) and segment income was ¥655 million (up by 44.0%).
Real Estate Brokerage
In the sales brokerage business, we improved relationship for client reference. financial institutions and related
departments within the company. With the recovery of the real estate investment market, both the number and scale ofproperties handled increased, and contracts were made for acting as agents in the sale of large properties for joint
investment businesses, leading to a large increase in both sales and segment income compared to the same period of theprevious year.
In the rental brokerage business, we worked on strengthening its customer base through close collaboration between
internal departments in order to solve all issues building owners might face in building management.
As a result of the above activities, sales were ¥827 million (up by 79.2% from the same period of the previous fiscal
year) and segment income was ¥743 million (up by 91.9%).
Property Management
In the property management business, we worked on increasing the number of properties commissioned, by positioning it
as the platform for the Company’s businesses and attempting to increase business opportunities from related sales,
construction and renewal needs. In order to increase the occupancy usage of commissioned properties, rental marketing
was increased in addition to seeking to prevent vacancies by improving customer satisfaction through fine tenant services.
In the building maintenance business operated by K.K. Yubi which was made into a subsidiary company at the end of theprevious consolidated fiscal year, we worked on increasing the number of properties maintained through collaboration withexisting businesses, in particular property management, and also focused on its specialty of cleaning services in highlocations in order to increase profitability.
Since the profits and losses of the building maintenance business became consolidated into this segment as of this period,
both sales and segment income increased significantly.
As a result of the above activities, sales were 558 million yen (up by 155.0% from the same period of the previousyear) and segment income was 218 million yen (up by 36.3%).
Other Businesses
In the construction planning business, we worked on increasing commissions in construction management
for building repairs through collaboration with the brokerage business departments, and as a result bothsales and segment income increased compared to the same period of the previous year..
In the delinquent rent guarantee business, we focused on discovering latent customer needs through proposing new
product plans in addition to the existing menu of services, leading to a steady growth in new guarantee contracts.
3

As a result of the above activities, sales were 407 million yen (up by 73.0% from the same period of the previousyear) and segment income was 161 million yen (up by 47.4%).
(2) Qualitative information on consolidated financial position
At the end of the second quarter of this consolidated accounting period, total assets were 13,131 million yen (16.7%
increase from the end of the previous year) and liabilities were 5,757 million yen (20.3% increase). The main reason
for the increase in total assets was that there was a 2,725 million yen increase in inventory assets and a 1,136 million
yen increase in cash and deposits, despite a 1,584 million yen decrease in property, plant and equipment and 180
million yen decrease in operational investment securities. The main reason for the increase in liabilities was a 591
million yen increase in long-term loans payable and a 162 million yen increase in current portion of long-term loans
payable.
Net assets were 7,373 million yen (14.1% increase). The main reason for the increase in net assets was quarterly
net income of 1,039 million yen, despite 130 million yen in payments of year-end dividends. As a result, the equity
ratio became 56.2%.
For cash and cash equivalents (hereinafter called “cash”) in the consolidated first half of fiscal year, despite a 2,743
million yen increase in inventory assets and 2,140 million yen expenditure on repayment of long-term loans payable, there
was income before income taxes and minority interests of 1,071 million yen, proceeds from sales of property, plant andequipment of 1,886 million yen and proceeds from long-term loans payable of 2,895 million yen, leading to a 817 million
yen increase compared to the beginning of the period for a balance of 4,437 million yen at the end of consolidated second
quarter.
The cash flows and related factors for the consolidated first half of fiscal year are as follows:
The cash used for operating activities was 1,307 million yen (same period of the previous year: revenue of 959 millionyen). This was mainly due to the 2,743 million yen increase in inventory assets, despite the income before income taxes
and minority interests of 1,071 million yen.
The cash obtained through investing activities was 1,552 million yen (51.8% decrease compared to the same period of
the previous year). This was mainly due to proceeds from withdrawal of time deposits of 136 million yen and proceedsfrom sales of property, plant and equipment of 1,886 million yen, despite payments into time deposits of 456 million yen.
The cash obtained through financing activities was 572 million yen (same period of the previous year: expenditure of
2,977 million yen). This was mainly due to proceeds from long-term loans payable of 2,895 million yen, despite
repayment of long-term loans payable of 2,140 million yen and cash dividends paid of 128 million yen.

(3) Qualitative information on consolidated earnings forecasts
For earnings in the fiscal year ending March 2013, as indicated in “Information on Revisions to Consolidated Earnings
Forecasts and Projected Dividends for Fiscal Year Ending March 2013” released on November 2, 2012, sales are forecast at¥10,500 million (51.7% increase year over year), operating income at 1,600 million yen (85.8% increase YOY), ordinary
income at 1,550 million yen (93.9% increase YOY), and net income for the year at 1,700 million yen (83.2% increase
YOY).
2. SUMMARY INFORMATION （NOTES）(1) Significant changes in scope of consolidation during the period:None(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements:
None(3) Changes to Accounting Policies/ Changes to Accounting Estimates/ Restatements
Changes to Accounting Estimates and Changes to Accounting Policies Difficult to Differentiate
Following changes in the Corporation Tax Act, the Company and domestic subsidiaries will, as of this first quarter
consolidated accounting period, change the method for depreciation based on the revised Corporation Tax Act for allproperty, plant and equipment acquired from April 1, 2012 onwards.
There will be a minor impact on the operating income, ordinary income and income before income taxes andminority interests for the first quarter of this consolidated accounting period.

43. Consolidated Financial Statements*Amounts under one thousand yen have been rounded down.

(1) Quarterly Consolidated Balance Sheets
FY ended March 31, 2012(as of March 31, 2012)ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Operational investment securities
Real estate for sale
Real estate for sale in process
Trust beneficiary right of real estate for sale in process
Work in process construction
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
VehiclesAccumulated depreciation
Vehicles, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

3,912,155
287,204
180,000
57,143
1,633,325(Thousands of yen)
End of 2Q FY ending
March 31, 2013(as of September 30, 2012)

5,048,826
248,571
470,023
3,353,191
598,2706,500

5

166,669
287,131△8,577
6,521,551

866
182,903
122,420△9,402
10,015,672

2,176,800△275,890
1,900,909
11,290△9,4401,849
1,936,846
64,693△54,885
9,808
3,849,414

938,004△192,368
745,635
13,654△10,066
3,587
1,506,807
66,067△56,784
9,282
2,265,313

445,701
5,542
451,243

420,8853,804
424,689

11,067423,790△9,107425,749
4,726,408
11,247,959

8,074
425,853△8,299425,628
3,115,632
13,131,304

FY ended March 31, 2012(as of March 31, 2012)
LIABILITIESCurrent liabilities
Accounts payable-trade
Current portion of bonds
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Construction warranty reserve
Provision for loss on guarantees for rent
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Other
Total noncurrent liabilities
Total liabilities

NET ASSETS
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

6(Thousands of yen)
End of 2Q FY ending
March 31, 2013(as of September 30, 2012)

265,393
54,000234,907
22,97145,056
10,0003,635
5,251
737,369
1,378,585

224,938
397,572
54,071
77,527
5,000
23,181
3,551
1,018,337
1,804,180

2,957,050
448,643
3,405,693
4,784,279

3,548,755
404,875
3,953,630
5,757,811

5,515,443
947,614
6,463,057

5,515,643
199
1,856,816
7,372,659

622
622
6,463,679
11,247,959

834
834
7,373,493
13,131,304

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of comprehensive income
Quarterly Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Subsidy income
Compensation income
Gain on disposal of unpaid dividend
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on reversal of subscription rights to shares
Total extraordinary income
Extraordinary loss
Lump-sum paymants due to withdrawal from employees' pension fund
Loss on derivatives cancellation
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

From 1Q to 2Q of FY ended
March 31, 2012
(April 1‐ September 30, 2012)(Thousands of yen)
From 1Q to 2Q of FY ending
March 31, 2013
(April 1‐ September 30, 2013)

3,349,020
2,180,498
1,168,522
851,277
317,244

4,169,308
2,275,508
1,893,799
1,059,214
834,584

485
331

739
336
845

4,200
2,054
2,729
9,801

700
2,621

35,233
6,353
41,587285,458

33,637
8,160
41,797795,408

2,702
18,893
21,595

298,300
298,300
20,78741,5101,596
43,107
263,947
9,019
467
9,486
254,460
254,460

7975
21,762
1,071,946
46,080△13,359
32,7201,039,225
1,039,225

Quarterly Consolidated Statements of comprehensive income

From 1Q to 2Q of FY ended
March 31, 2012
(April 1- September 30, 2011)(Thousands of yen)
From 1Q to 2Q of FY ending
March 31, 2013
(April 1-September 30,2012)

254,460

1,039,225△39△39
254,421212
212
1,039,437

254,421

1,039,437

Consolidated quarterly statements of comprehensive income
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent

8

(3) Consolidated Statements of Cash Flows

From 1Q to 2Q FY ended
March 31, 2012
(April 1‐ September 30, 2012)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in stock acquisition
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in construction warranty reserve
Increase (decrease) in provision for loss on guarantees for rent
Increase (decrease) in provision for directors' bonuses
Interest and dividends income
Interest expenses
Loss (gain) on sales of noncurrent assets
Loss on derivatives cancellation
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Amount of payment by the derivative business cancellation of a contract
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Proceeds from issuance of common stock
Cash dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

263,947
71,294
3,750△18,893
5,983
453
2,493
1,054
△816
35,233△2,702
41,510△64,069
769,742

1,071,946
60,94024,81617
32,471
19,546△1,699△5,000△1,07633,637△297,392
43,900△2,743,183
180,000
86,774
237,249△1,257,051
1,068△32,464△15,933△1,244
1,091,804
820△65,037△41,510△26,673
959,404△18,983△1,307,430△1,154,621
281,480△1,317,391
5,413,951△3,0543,220,364△456,830
136,544△10,161
1,886,862△3,537
1,552,878△600,000
1,300,000△3,623,320△54,000△36△2,977,356
1,202,412
1,740,676
2,943,088

9(Thousands of yen)
From 1Q to 2Q FY ending
March 31, 2013
(April 1‐ September 30, 2013)

2,895,000△2,140,631△54,000
400△128,630
572,137
817,5853,619,580
4,437,166