Financial Results for First Quarter of Fiscal Year Ending
March 31, 2014
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on August 7, 2013)
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 Quarter of Fiscal Year Ending March 31, 2014
(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 Quarter of FY ending March 31, 2014

¥2,270 (7.5%)¥278 (-35.7%)¥255(-38.7%)

1st Quarter of FY ended March 31, 2013

¥2,111 (-0.4%)¥433 (119.3%)¥ 417(140.1%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income per
Share(Yen)

1st Quarter of FY ending March 31, 2014

¥252 (-38.1%)¥591.64－

1st Quarter of FY ended March 31, 2013¥408 (213.5%)¥1,100.68¥1,100.57(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

Equity Ratio(%)

1st Quarter of FY ending March 31, 2014

¥21,490¥14,451

67.2%

FY ended March 31, 2013

¥21,265¥14,561

68.5%

Reference) Equity at term-end: 1st Quarter of FY ending March 31, 2014 (as of December 31, 2013): ¥14,451 million
FY ended March 31, 2013 (as of March 31, 2013): ¥14,561 million

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

2nd quarter period

3rd quarter period

FY ended March 31, 2013

-

¥0.00

-

¥850.00¥850.00

FY ending March 31, 2014

¥0.00

-

¥850.00¥850.00

FY ending March 31, 2014
(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, 2014
(From April 1, 2013 to March 31, 2014) *Percentage figures are indicated year-on year changes for those items.

Net Sales

FY ending March 31,
2014

Operating Income(Loss)

Ordinary Income(Loss)¥2,950 (36.8%)¥2,800 (37.3%)¥16,000 (51.2%)(Millions of yen, except for per share figures)
Net Income (Loss) per
Net Income
Share (Yen)(Loss)(Yen)¥2,600 (4.7%)¥6,081.08

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: None
2) Changes other than those included in 1): None
3) Changes in accounting estimates: None
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):
June 2013: 427,555 shares
March 2013: 427,555 shares
2) Number of treasury stock at the end of period:
June 2013: － shares
March 2013: － shares3) Weighted average number of shares for the second quarter period (July 1 – September 30):
June 2013: 427,555 shares
June 2012: 371,495 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.

Table of Contents of Appendix
1. Qualitative Information Concerning Consolidated Business Performance for the Quarter Under Review ................... 2(1) Qualitative information on consolidated operating results ....................................................................................... 2(2) Qualitative information on consolidated financial position ...................................................................................... 4(3) Qualitative information on consolidated earnings forecasts ..................................................................................... 4
2. Summary Information (Notes) ....................................................................................................................................... 5(1) Significant changes in scope of consolidation during the period.............................................................................. 5(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements ........... 5(3) Changes to accounting policies/ changes to accounting estimates/ restatements ..................................................... 5
3. Consolidated Financial Statements............................................................................................................. 6(1) Quarterly consolidated balance sheets ................................................................................................... 6(2) Quarterly consolidated statements of income and quarterly consolidated statements ofcomprehensive income ......................................................................................................................... 8(3) Notes to quarterly financial statements .............................................................................................. 10(Notes regarding the conditions of going business) ............................................................................... 10(Notes in the case of major changes in shareholders’ equity) ............................................................... 10(Segment information, etc.) ..................................................................................................................... 10

1

1. Qualitative Information Concerning Consolidated Business Performance for the Quarter Under Review(1) Qualitative
Qualitative information on consolidated operating results
In the first quarter of this consolidated fiscal year, the Japanese economy showed improvements in
production and personal consumption, due to the economic measures and drastic monetary easing of theJapanese government and the Bank of Japan, etc. and the expectations toward economic recovery are being
intensified.
In the real estate industry, the supply of large office buildings that peaked in 2012 has settled down, putting a brake onvacancy rates and decreases in rent for the office building market in Tokyo. In the real estate investment market, there has
been clear signs of recovery for the market with an increase in real estate investment needs for the wealthy and active
trading, on the background of hopes that easing of monetary policy will lead to an influx of capital into real estate.
In this circumstance, the Group continued to improve approaches to building owners in central Tokyo. By responding toa 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. In the replanning business, we haveactively promoted the procurement of real estate, in order to meet the needs in the vibrant real estate investment market.
As a result, our operating results for the first quarter of fiscal year ending March 2014 were as follows:
Sales of ¥2,270 million (up by 7.5% from the same period of the previous fiscal year), operating income of¥278 million (down by 35.7%), and ordinary income of ¥255 million (down by 38.7%). Net income was ¥252
million (down by 38.1%).
The performance of each segment is as follows. The business segment titled “Construction Planning
Business” in the category of “Others” was renamed “Construction Solution Business” in the first quarter ofthis consolidated fiscal year in response to the change of the name for internal administration. We changed
the name only, and segment categories, etc. were not changed.

Real Estate Revitalization
As for the replanning business, we sold 3 buildings, by attracting tenants and revising commercialization
processes, including renovation. Part of real estate sale was postponed till the second quarter or thefollowing period, in order to concentrate on procurement activities, grasp the trend of the recovering
market, and conduct more effective sales activities. As a result, sales were nearly equal to the sales for thesame period of the previous year, while income decreased slightly. Although income declined as from thesame period of the previous fiscal year, the segment profit margin for the first quarter of this consolidated
fiscal year was as high as 20.7%, indicating that this business is healthy and future sales plans arepromising.
As for the rental building business, we sold one building for rent in September of the previous
consolidated fiscal year, but the income from rents of replanning real estate increased. Consequently, sales
and income increased from the same period of the previous fiscal year.
As a result of the above activities, sales were ¥1,501 million (up by 11.6% from the same period of the previous fiscal
year) and segment income was ¥380 million (down by 10.7%).

2

Brokerage
Real Estate Bro
kerageIn our sales brokerage business, we strengthened our efforts to take on property introductions from internal departments
and financial institutions, etc. In view of the recovery of the real estate investment market, etc., we have been working toincrease the number and amount of transactions. However, sales and income decreased from the same period of theprevious fiscal year.
In the rental brokerage business, we continued to focus our efforts on building owners. Although both sales and income
decreased from the same period of the previous fiscal year, we put our efforts into resolving the various concerns held byowners regarding building management by cooperating with internal departments. In addition, we contribute to the
expansion of the entire group’s businesses, by introducing our own properties and the replanning properties that isundergoing commercialization for tenants.
As a result of the above activities, sales were ¥288 million (down by 9.2% from the same period of the previous fiscal
year) and segment income was ¥239 million (down by 12.8%).

Property Management
In the property management business, we aimed to create business opportunities from taking on the sales, construction,and revitalization needs arising from administrative tasks, and put our efforts in increasing the number of rental properties.
Also, adding to the increase in rental operations, we put our efforts into increasing the occupancy rate of rental properties
as well as preventing vacancies by aiming to increase customer satisfaction through smooth tenant communications. As aresult, both sales and income increased from the same period of the previous fiscal year.
As for the building maintenance business, we reconstructed the business foundation and improved the earning structure
in cooperation with the property management business section, but sales and income declined from the same period of theprevious fiscal year.
As a result of the above activities, sales were ¥272 million (down by 5.0% from the same period of the previous fiscal
year) and segment income was ¥112 million (up by 2.5%).

Other Businesses
As for the construction solution business, we increased the number of transactions steadily incollaboration with related divisions such as intermediate businesses, and sales increased significantly. As
for income, we did not receive orders for large-scale construction management like the first quarter of theprevious consolidated fiscal year, and so income was approximately equal to that for the same period of theprevious fiscal year.
In the delinquent rent guarantee business, adding to the existing service menu, we focused on digging up
potential needs of customers through proposing new product plans. As a result, both sales and income
increased from the same period of the previous fiscal year.
As a result of the above activities, sales were ¥208 million (up by 27.9% from the same period of the previous fiscal
year), and segment income was ¥77 million (down by 5.3%).

3

(2) Qualitative information
information on consolidated financial position
At the end of the first quarter of this consolidated fiscal year, total assets were 21,490 million yen (1.1%
increase compared with the end of the previous consolidated fiscal year), and liabilities were 7,039 million
yen (5.0% increase). The main reason for the increase in total assets was that there was a 900 million yen
increase in inventory assets, despite a 205 million yen decrease in cash and deposits, a 66 million yen
decrease in accounts receivable-trade, a 226 million yen decrease in advance payments, which is includedin the “others” section of current assets, and a 85 million yen decrease in investment securities, which isincluded in the “others” section of investments and other assets, etc. The main reason for the increase inliabilities was a long-term loans payable increased by 397 million yen and short-term loans payable
increased by 70 million yen, although accounts payable-trade decreased by 108 million yen.
Net assets were 14,451 million yen (0.8% decrease). The main reason for the decrease in net assets was
363 million yen in payments of year-end dividends, although a quarterly net income of 252 million yen was
posted.
(3) Qualitative information on consolidated earnings forecasts
As for the results for the term ending March 2014, the forecasted values announced on May 10, 2013
have not been revised.

4

2. Summary Information (Notes)(1) Significant changes in scope of consolidation during the period
Not applicable.
(2) Application of accounting methods which are exceptional for quarterly consolidated financial statements
Not applicable.
(3) Changes to accounting policies/ changes to accounting estimates/ restatements
Not applicable.

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

(1) Quarterly Consolidated Balance Sheets(Thousands of yen）
FY ended March 31, 2013(as of March 31, 2013)ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Real estate for sale
Real estate for sale in process
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings, net
Land
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

6

End of 1Q of FY ending
March 31, 2014(as of June 30, 2013)

11,008,528
324,426
589,712
5,834,510
916
481,722
640,490△6,347
18,873,960

10,802,685
258,247
2,214,065
5,110,429
967
474,902333,844△3,817
19,191,326

447,273
1,167,307
13,038
1,627,618

441,749
1,167,307
13,093
1,622,150

396,068
2,993
399,062

383,660
2,911
386,571

371,415△6,417364,997
2,391,678
21,265,638

406
296,716△6,457
290,665
2,299,387
21,490,713

FY ended March 31, 2013(as of March 31, 2013)
LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
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
Provison for office transfer expenses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Deferred tax liabilities
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
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

7(Thousands of yen）
End of 1Q of FY ending
March 31, 2014(as of June 31, 2013)

380,782
130,000
274,320
114,639
90,555

272,400
200,000
281,320
32,96946,427

15,00026,9552,700
3,140
808,943
1,847,036

3,750
36,8002,800
4,158
905,254
1,785,879

4,246,860
30,646579,691
4,857,197
6,704,234

4,644,780
608,393
5,253,173
7,039,052

8,387,211
2,871,767
3,301,465
14,560,445

8,387,211
2,871,767
3,191,006
14,449,985

2,606

2,019

△1,647△344

959
14,561,404
21,265,638

1,675
14,451,661
21,490,713

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

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Interest on refund
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary loss
Loss on sales of noncurrent assets
Loss on valuation of membership
Provision for loss office transfer expenses
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

1Q of FY ended
March 31, 2013
(April 1-June 30, 2013)
2,111,909
1,159,070
952,838
519,560
433,278

1Q of FY ending
March 31, 2014
(April 1-June 30, 2013)
2,270,265
1,399,396
870,869
592,443
278,425

399
243

548
243
1,818

845
233
1,721

92
2,703

15,412
2,498
17,911
417,088

23,554
2,052
25,606
255,52173
26
99
416,989
30,241△22,149
8,092
408,897
408,897

8

2,006
2,006
253,515
24,461△23,908
553
252,962
252,962

Quarterly Consolidated Statements of comprehensive income(Thousands of yen ）1Q of FY ended
March 31, 2013
(April 1-June 30, 2012)
Consolidated quarterly statements of comprehensive income
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent

9

1Q of FY ending
March 31, 2014
(April 1-June 30, 2013)

408,897

252,962△58△58
408,839

△586
1,302
715
253,678

408,839

253,678

(3) Notes to quarterly financial statements(Notes regarding the conditions of going business)
Not applicable.
(Notes in the case of major changes in shareholders’ equity)
Not applicable.
(Segment information, etc.)
I First Quarter of Fiscal Year Ended March 31, 2013 (April 1, 2012 – June 30, 2012)
1. Information concerning sales and income or loss amount by reporting segment(Thousands of yen)
Reporting segment
Real Estate
Real Estate
Revitalizatio
Brokeragen
Sales
Segment(loss)

incomeProperty
Manageme
nt

Total

Other
business(Note 1)

Total

1,345,223

317,557

286,477 1,949,259

162,650 2,111,909

426,050

274,594

110,148

82,350810,793

893,143

Quarterly
consolidated
inocme/loss
statement
amount(Note 3)2,111,909－

Adjustmentamounts(Note 2)(459,864)

433,278

Notes: 1. The classification “other business” refers to business segments that are not included in reporting segments,
and includes construction solution business and delinquent rent guarantee business, etc.
2. The segment income adjustments amount, -459,864 thousand yen, includes -475,108 thousand yen incompany-wide expenses that are not allocated to reporting segments and 15,243 thousand yen in adjustment
amounts for interest expense. The company-wide expenses are mainly selling, general and administrative
expenses that are not allocated to reporting segments.
3. Segment income (loss) is adjusted with operating incomes calculated in consolidated quarterly statements ofincome.
2. Information on impairment of non-current assets and goodwill etc. for each reporting segment
Not applicable.
II First Quarter of Fiscal Year Ending March 31, 2014 (April 1, 2013 – June 30, 2013)
1. Information concerning sales and income or loss amount by reporting segment(Thousands of yen)
Reporting segment
Real Estate Real Estate
Revitalization Brokerage
Sales
Segment income(loss)

Property
Manageme
nt

Total

Other
business(Note 1)

Total

1,501,776

288,466

272,019 2,062,262

208,003 2,270,265

380,530

239,323

112,920

77,992732,774

810,767

Quarterly
consolidated
inocme/loss
statement
amount(Note 3)2,270,265－

Adjustmentamounts(Note 2)(532,342)

278,425

Notes: 1. The classification “other business” refers to business segments that are not included in reporting segments,
and includes construction solution business and delinquent rent guarantee business, etc. The former“construction planning business” has been renamed as “construction solution business” from the first quarterof this fiscal year in response to the change of the name for internal administration. This change has noinfluence on the segment information.
2. The segment income adjustments amount, -532,342 thousand yen, includes -555,896 thousand yen incompany-wide expenses that are not allocated to reporting segments and 23,554 thousand yen in adjustment
amounts for interest expense. The company-wide expenses are mainly selling, general and administrative
expenses that are not allocated to reporting segments.
3. Segment income (loss) is adjusted with operating incomes calculated in consolidated quarterly statements ofincome.
2. Information on impairment of non-current assets and goodwill etc. for each reporting segment
Not applicable.
10