Summary of Interim Business Results for
the Fiscal Year Ending December 2007
Date: August 6, 2007
CompanyFunai Zaisan Consultants Co., Ltd.

Stock code8929

Websitehttp://www.funai-zc.co.jp

Contacts

Yoshihito Hirabayashi

Representative Director and CEO

Hisao Nakatsuka

Managing Director

TEL

Registered on the TSE Mothers

03-5321-7020

Planned date of release of half-year data report: September 25, 2007
Planned start date for dividend payments: September 14, 2007
(figures rounded down to nearest ¥ million)

1. Consolidated Results for Interim Ended June 2007 (January 1 to June 30, 2007)(1) Consolidated operating results(percentage figures show year-on-year change)

OperatingOperating

Ordinary

revenueincomeincomeNet income¥ million％¥ million％¥ million％¥ million％

June 2007 interim

8,162

23.8

2,409

89.8

2,138

81.7

1,302

87.6

June 2006 interim

6,593

17.5

1,269

62.6

1,176

68.4

694

70.4

13,756−

1,935−

1,628−

903−

FY ended Dec.
2006

Net income per share

Diluted net income per share¥¥¥¥

June 2007 interim

24,84354

22,76358

June 2006 interim

26,4862025,24358

FY ended Dec. 200617,229

43

16,29633

Note: Earnings/loss on investments in equity-method affiliates
June 2007 interim: ¥154 million loss
June 2006 interim: ¥11 million gain
FY ended Dec. 2006: ¥87 million loss

(2) Financial position
Total assets

Net assets

Shareholders’

Net assets per

equity ratio

share¥ million¥ million％¥¥

June 2007 interim

25,971

6,096

23.3

115,223

12June 2006 interim

19,268

4,382

22.5

165,21545

FY ended Dec. 2006

17,684

4,829

27.0

91,096

96

Cash flow from

Cash flow from

Cash flow fromoperatinginvestingfinancialactivities

activities

activities

Reference: Shareholders’ equity
June 2007 interim: ¥6,039 million
June 2006 interim: ¥4,329 million
FY ended Dec. 2006: ¥4,744 million(3) Results of Cash Flows
Balance ofcash and cash
equivalents at
the end of theperiod¥ million¥ million¥ million¥ million

June 2007 interim−2,954

−113

3,140

4,536

June 2006 interim

1,284−3,739

3,743

5,246

FY ended Dec. 2006

2,918

−4,296

1,884

4,463

2. Dividend Results
Dividend per Share
Date of issue

End of Q1¥FY ended
Dec. 2006FY ending
Dec. 2007¥

End ofInterim¥

End of FY

End of Q3

¥

¥

¥

−

1,25000−−

1,50000−

Annual2007¥¥1,500¥¥00

2,75000

00

3,00000−

FY endingDec. 2007−−

1,500−(projected)

3. Forecast of Consolidated Financial Performance for FY Ending December 2007
(January 1 to December 31, 2007)(percentage figures show year-on-year change)
OperatingOperating

Ordinary

revenueincomeincomeNet income

Net income

per share¥ million％¥ million％¥ million％¥ million％¥￥

15,250

10.9

2,750

42.1

2,300

41.2

1,45060.627,665

42

Full year

Funai Zaisan Consultants Company, Limited (8929 Mothers)
Interim consolidated financial statements

4. Other(1) Important changes to subsidiaries during the period (changes to specified subsidiaries
accompanying changes to the scope of consolidation): None
(2) Changes in accounting disposal principles, procedures, and publication methods relating
to the creation of consolidated interim financial statements (recorded as changes tosignificant items forming the basis for the creation of the interim consolidated financialstatement).

i. Changes in accounting principles applied: Yesii. Other changes: None
Note: For details, see page 24 of “Changes to Important Items Forming the Basis for theCreation of the Interim Consolidated Financial Statement.”(3) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)June 2007 interim: 52,412
June 2006 interim: 26,206
FY ended December 2006: 52,412
ii. Treasury stock issued at end of period
June 2007 interim: None
June 2006 interim: NoneFY ended June 2006: None
Note: See page 35 of “Per-share Data” for details of share numbers forming the basis forcalculating per-share net income (consolidated) for the current interim.
Reference: Summary of Non-consolidated Results

1. Non-consolidated results for the Interim Ended June 2007 (January 1 to June 30,2007)(1) Non-consolidated operating results

June 2007
interim
June 2006
interim
FY ended
Dec. 2006(percentage figures show year-on-year change)

OperatingOperating

Ordinary

revenueincomeincome

Net income¥ million％¥ million％¥ million％¥ million

％

6,960

61.1

2,109

125.7

2,007

141.3

1,175

144.5

4,319

2.6

934

78.6

831

77.648078.6

11,142−

1,663−

1,447−

741−

Interim net income per share¥¥

June 2007 interim

22,43703

June 2006 interim

18,35129

FY ended Dec. 2006

14,14525(2) Non-consolidated financial position
Total assets

Net assets

Shareholders’

Net assets perequity ratio

share¥ million¥ million％¥¥

June 2007 interim

20,966

5,552

26.5

105,936

51

June 2006 interim

15,026

3,907

26.0

149,10866

13,689

4,413

32.2

84,21686

FY ended December
2006

Reference: Shareholders’ equity:
June 2007 interim: ¥5,552 million
June 2006 interim: ¥3,907 million
FY ended Dec. 2006: ¥4,413 million

2. Non-consolidated Results Forecast for FY 2007 (January 1 to December 31, 2007)(percentage figures show year-on-year change)

Full year

OperatingOperating

Ordinary

revenueincomeincome¥ million ％¥ million ％¥ million ％¥ million ％13,750

2,500

2,300

1,300

23.4

50.3

58.9

Net income

75.3

Net income
per share¥¥

24,80348

*Appropriate use of these results forecasts and other items
Full-year forecasts released on February 14, 2007, have been revised in “Revisions toBusiness Forecasts for the Fiscal Year Ending December 31, 2007,” dated today.
The above forecasts are based on judgments made in accordance with information available
at the time these materials were prepared, and contain numerous uncertainties. Changingconditions and other factors may cause actual results to differ from the results in theseforecasts.
Please see page 4 of the attached documents for details of the above forecasts.

4. Interim consolidated financial statements
Funai Zaisan Consultants Company, Limited (8929 Mothers)(1) Interim consolidated balance sheet
Previous consolidated
Previous interim ended June Current interim ended June30, 2007
30, 2006

financial year
Summary of consolidatedbalance sheet(December 31, 2006)

CategoryNote
NumberPerce

Perce
Amount (thousand)ntage

Amount (thousand)

share

ntage

PercenAmount (thousand)

share

tage
share

AssetsI Current assets
1. Cash and deposits

5,569,636

5,338,126

5,213,882

2. Accounts receivable

563,898542,677

408,000

7,656,905

10,824,075

5,944,546−

3,815,459

544,553

521,561

394,060

417,323−197−4,408−229

3. Real estate for sale*2

4. Bonds bought
5. Other current assets
6. Allowance for
doubtful accounts

14,311,805

Total current assets

74.3

20,909,990

80.5

12,528,076

70.8

II Fixed assets
1.Tangible fixed assets(1）Property, plant andequipment*1

103,589(2) Others*1

110,161

2. Intangible fixed assets
3. Investments and otherassets(1) Investment
securities(2) Stocks of affiliatedcompanies(3) Other assets
Total fixed assets
Total assets

114,473
213,751

112,808

41,935

227,281

112,352

37,761

1,053,265

3,624,265

3,857,051

158,465

4,700,764

4,956,451

25.7

19,268,256 100.0

224,705
44,772

1,013,595

505,557

338,155

112,353

3,675,686

157,957

4,796,326
5,061,369

4,886,909

19.5

5,156,387

29.2

25,971,359 100.0

17,684,464

100.0

Funai Zaisan Consultants Company, Limited (8929 Mothers)
Interim Business Results for the Fiscal Year Ending December 2007
Previous consolidated financial
Previous consolidated interim

Current consolidated interim

year Summary of consolidated

ended June 30, 2006

ended June 30, 2007

balance sheet(December 31, 2006)

NoteCategoryNumbPercen
Amount (thousand)

er

tage

PercenAmount (thousand)

share

tage

PercenAmount (thousand)

share

tage
share

Liabilities
Ⅰ Current
liabilities
1. Accounts

93,08493,00788,867*2

3,458,000

2,408,000

2,390,000*2

1,168,000

168,000

868,000

1,040,000

1,140,000

940,000

530,327

1,024,100

522,721796,516

747,599

710,820

payable2. Short-term
debt
3. Long-term debt
repayable within
one year
4. Bonds
redeemablewithin one year
5. Accrued
corporate tax, etc.
6. Other current
liabilities
Total current

7,085,928liabilities
Ⅱ Fixed36.8

5,580,708

21.5

5,520,409

31.2

liabilities
1. Bonds
2. Long-term debt

*2

3,615,000

3,475,000

3,145,000

178,000

3,510,000

94,0003,028,936

6,294,378

3,098,434

27,56828,71325,263

128,684

152,978

133,583

819,754784,154772,447

1,858

48,58465,666

3. Anonymous
association
investment
deposits payable
4. Allowance for
employeeretirement
benefits
5. Addition toreserve forcompensation toretired directors
6. Deposits
payable7. Other fixedliabilities
Total fixedliabilities

7,799,802

40.5

14,293,808

55.0

7,334,394

41.5

14,885,731

77.3

19,874,516

76.5

12,854,803

72.7

1.Common stock

805,8174.2

805,8173.1

805,817

4.6

2.Capital surplus

875,266

4.6

875,266

3.3

875,2664.9

2,703,099

14.0

4,092,796

15.8

2,869,314

16.2

4,384,183

22.8

5,773,880

22.2

4,550,398

25.7−54,547−0.3

265,1941.1

224,175

1.3−54,547−0.3

265,1941.1

224,175

1.3

52,8890.2

57,7680.2

55,0870.3

4,382,525

22.7

6,096,84223.5

4,829,661

27.3

19,268,256

100.0

25,971,359

100.0

17,684,464

100.0

Total liabilities
Net assets
ⅠShareholders’equity3.Retained
earnings
Total
shareholders’equityⅡEvaluation
andconversion
difference
1. Unrealized
gains onsecurities
Total evaluationand conversion
difference
Ⅲ Minority
interests
Total net assets
Total liabilities
and net assets

Funai Zaisan Consultants Company, Limited (8929 Mothers)
Interim Business Results for the Fiscal Year Ending December 2007
(2)Interim consolidated income statements
Previous consolidated
financial year Summary ofPrevious consolidated interim

Current consolidated interim

consolidated income

January 1 to June 30, 2006

January 1 to June 30, 2007

statements
January 1 to December 31,
2006

Note

Category

Num

PercenAmount(thousand)

ber

tage

PercenAmount (thousand)

(%)

tage

Perce
Amount (thousand)

(%)

ntage
(%)

ⅠOperatingincome
1.Operating

2,402,655

revenue
2. Sales of real

4,190,382

estate2,082,434
6,593,038

100.0

6,079,696

4,247,696
8,162,130

100.0

9,508,682

13,756,379

100.0

9,890,402

71.9

3,865,977

28.1

ⅡOperating cost
1,030,580

1. Operating cost
2. Cost of sales of

3,455,183

real estate
Gross operating
profit
ⅢSG&A*1

Operating profit
ⅣNon-operating

848,494
4,485,763

68.0

2,107,274

32.0

3,835,808

1,913,076
4,684,302

57.4

3,477,828

42.6

7,977,325

837,43712.7

1,067,872

13.1

1,930,621

14.0

1,269,837

19.3

2,409,955

29.5

1,935,355

14.1

9,245

0.0

315,8122.3

1,628,788

11.8

income1. Interest
received
2. Dividends
received

120

3,009

917

1,349

2,178

4,981

11,468−−

3.Investment
profit on equity
method
4. Othernon-operating

3,004

15,942

0.2

3,543

8,730

0.1

3,346

incomeⅤNon-operating
expenses
1. Interest paid

63,481

69,062

116,380

2. Bond issue costs

33,07926,52933,079−154,140

87,046

3. Investment loss
on equity method
4. Othernon-operating

12,240108,801

1.6

1,176,97817.9

29,955

279,688

3.4

2,138,997

26.2

79,306

expenses
Ordinary income

Funai Zaisan Consultants Company, Limited (8929 Mothers)
Interim Business Results for the Fiscal Year Ending December 2007
Previous consolidated financialPrevious consolidated interim

Current consolidated interim

year Summary of consolidated

January 1 to June 30, 2006

January 1 to June 30, 2007

income statements
January 1 to December 31, 2006

Note
Category

Num

Perce
Amount (thousand)berntage

Perce
Amount (thousand)

ntage

(%)

(%)

PercenAmounttage(thousand)(%)

ⅥExtraordinary
profit1. Gain fromreversal of
allowance for

1,095

−

1,063

3,750

−

3,750

doubtful debts
2. Gain on sales ofinvestment insecurities
3. Other−extraordinary

4,845

0.1−

−−

448

5,261

0.0

164,410

1.1

profitⅦExtraordinaryloss
1. Loss on sale of
fixed assets

*2−

438

−

1,882

−

10,743

14,635−35,021−

18,956−

2. Loss on
disposal of fixedassets
3. Loss from salesof stocks ofaffiliatedcompanies
4. Appraisal loss
on investment
and securities
5. Otherextraordinary loss−

16,5170.3

1,165,306−

19,3940.2

118,64517.7

2,119,602

26.0

1,469,639

10.7−32,422−0.5−118,160−1.4−168,126−1.2

1,197,728

18.2

2,237,763

27.4

1,637,766

11.9

Current interim
net income before
profit/loss
distribution toanonymousassociation(pre-tax)
Loss distribution
to anonymousassociation
Current interim
net income beforetaxesCurrent income
taxes
Deferred income
taxes
Minority interests
Net income

518,600−19,953

1,012,791
498,647

7.6

4,984
694,097−79,714751,710933,077

11.4

0.1

2,586

10.5

1,302,099−24,154

727,555

5.3

0.0

7,182

0.0

16.0

903,028

6.6