Summary of Consolidated Business Results for the Third Quarter of FY 2009
(January 1 to September 30, 2009)
Date: November 13, 2009
CompanyFunai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code
8929
Representative Masazumi Hasumi President
Contact
Hisao Nakatsuka Managing DirectorTEL
03-6439-5800
Planned release date of quarterly financial report: November 13, 2009
Planned date of Dividend payout: none

URL http://www.funai-zc.co.jp/

1. Consolidated Business Results for the Third Quarter of FY 2009 (January 1 to September 30, 2009)(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.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％¥ Million
Q3 2009
4,411-61.9-2,546―-3,087―-3,723―Q3 2008
11,569-14.9
1,650-40.9
1,057-55.9
465-70.1
Net income Per share¥-35,222.67
4,347.48

Q3 2009
Q3 2008

Diluted net income per share¥―
4,152.27(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
Q3 20098,241
2,32428.2
21,989.70
FY 2008
17,102
5,950
34.8
56,289.84(Reference) Shareholders' Equity
Q3 2009: ¥2,324 million
Full Year 2008: ¥5,950 million

2. Dividend Results
Date of issue

End of Q1¥

End of Interim¥

Dividend per Share
End of Q3¥FY ended―
750.00―
Dec.2008
FY ended―
Dec.2009
FYending
Dec.2009
750.00―(projected)
Note: Revision of the dividend forecast in the third quarter of FY2009: None

End of FY 2008¥

Annual¥750.001,500.00

750.001,500.00

3. Forecast of Consolidated Financial Performance for FY Ending December 2009
(January 1 to December 31, 2009)(Percentage figures show year-on-year change)
Net income
Revenue
Operating income
Ordinary income
Net income
per share％ ¥ Million％ ¥ Million％ ¥ Million％¥ Million¥―――
Full year
7,480-51.0-3,078-3,621-4,188-39,627.36
Note: Revision of the consolidated results forecast in the third quarter of FY2009: Yes

4. Other(1) Important changes to subsidiaries during the period (changes to specified subsidiaries accompanying changes tothe scope of consolidation): None
(2) Adoption of simplified accounting methods and application of special accounting methods for the preparation ofquarterly consolidated financial statements: None
(3) Changes in accounting disposal principles, procedures, and publication methods relating to the creation ofconsolidated financial statements (recorded as changes to significant items forming the basis for the creationof the consolidated financial statement)
i. Changes in accounting principles applied: Yes
ii. Other changes: None
(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
Q1 2009: 110,584
Full Year 2008: 110,584
ii. Treasury stock issued at end of period
Q1 2009: 4,879
Full Year 2008: 4,879
iii. Average number of outstanding shares during the period
Q1 2009: 105,705
Q1 2008: 104,824*Appropriate use of these results forecasts and other items
1. The above forecasts are based on judgments made in accordance with information available at the time thesematerials were prepared, and contain numerous uncertainties. Changing conditions and other factors may
cause actual results to differ from the results in these forecasts.
2. From the current fiscal year, the Company has applied the “Accounting Standard for Quarterly Financial
Reporting” (Accounting Standards Board of Japan (ASBJ) Statement No.12) and the “Guidance on AccountingStandard for Quarterly Financial Reporting (ASBJ Guidance No.14). The Company prepares its quarterly
consolidated financial statements in accordance with the Regulations for Quarterly Consolidated FinancialStatements.

5. Quarterly Consolidated financial statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
Current 3rd quarter ended
September 30, 2009

Previous consolidated
financial year Summary ofconsolidated balance sheet(December 31, 2008)

AssetsCurrent assets
Cash and deposits

1,481,746

4,532,653

Accounts receivable

380,076

365,011

Real estate for sale

2,415,305

5,984,387

Bonds bought

391,721688,910

Other current assets

91,607674,976

Allowance for doubtful accounts-5,988-4,026

4,754,469

12,241,912

158,539

257,510Goodwill

655,011

778,074

Others49,462

71,539Total intangible fixed assets

704,473

849,6132,303,414

1,066,286

Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets

Investments and other assets
Investment Securities
Other assets
Total Investment and other assets
Total fixed assets
Total assets

320,604

2,687,258

2,624,019

3,753,545

3,487,032

4,860,670

8,241,501

17,102,582

（Thousands of yen）
Current 3rd quarter ended
September 30, 2009

Previous consolidated
financial year Summary ofconsolidated balance sheet(December 31, 2008)

Liabilities
Current liabilities
Accounts payable46,310

94,828

Short-term debt
Long-term debt repayable within one
year

930,000

1,006,667－

3,500,000

1,700,000

1,480,000

Accrued corporate tax, etc.

9,965

Other reserves

74,010173,396－

Other current liabilities

515,327

677,092

Total current liabilities

3,275,613

6,931,984

1,375,000

2,565,000

506,165

688,194

34,20445,584105,370

214,262

620,726

707,438

2,641,467

4,220,479

5,917,080

11,152,464

Common stock

1,030,817

1,030,817

Capital surplus

1,104,154

1,104,154

Retained earnings

813,777

4,147,706

Bonds redeemable within one year

Fixed liabilities
Bonds
Long-term deposits payable
Allowance for employee retirement
benefits
Addition to reserve for compensation toretired directors
Long-term security deposits payable
Total fixed liabilities
Total liabilities
Net Assets
Shareholders’ equity

Treasury stock-499,119-499,119

Total shareholders’ equity

2,449,629

5,783,558-125,208

166,559-125,208

166,559

Evaluation and conversion difference
Unrealized gains on securities
Totalevaluation
andconversion
difference
Total net assets
Total liabilities and net assets

2,324,421

5,950,117

8,241,501

17,102,582

(2) Quarterly Consolidated income statements (3rd Quarter YTD)
（Thousands of yen）
Current 3rd quarter ended
September 30, 2009
Revenue
Consulting Revenue

2,178,633

Sales of real estate

2,232,732

Revenue

4,411,366

Operating cost
Operating cost

1,287,173

Cost of sales of real estate

4,082,135

Operating cost

5,369,309

Gross operating loss

-957,943

SG&A

1,588,688

Operating loss

-2,546,631

Non-operating income
Interest received

6,062

Dividends received

1,224

Investment profit on equity method14,928

Other non-operating income

4,341

Non-operating income

42,106

Non-operating expenses
Interest paid

62,721

Investment loss on equity method

497,151

Other non-operating expenses

22,858Non-operating expenses

582,731

Ordinary loss
Extraordinary profit
Gain on sale of investment securities-3,087,256
177,426

Gain on sale of affiliated companies’ securities

137,697

Gain on change in equity

13,773Extraordinary profit

328,896

Extraordinary loss
Loss on retirement of fixed assets
Loss on sales of investment securities
Loss on valuation of investment securities
Early extra retirement payments

158
33,531
781
43,124

Office transfer expenses

93,507Extraordinary loss

171,103

Current net loss before profit/loss distribution toanonymous association (pre-tax)
Dividends distribution from anonymous association
Current net loss before taxes-2,929,463
50,772-2,980,236

Current income taxes

40,103

Deferred income taxes

702,872

Current income taxes

742,975

Net loss(3rd Quarter Results of FY2009)-3,723,211

（Thousands of yen）
Current 3rd quarter ended
September 30, 2009
Revenue
Consulting Revenue

798,398

Sales of real estate

1,351,221

Total Revenue

2,149,619

Operating cost
Operating cost

485,996

Cost of sales of real estate

2,984,371

Operating cost

3,470,368

Gross operating loss

-1,320,748

SG&A
Operating loss

419,497-1,740,246

Non-operating income
Interest received

2,841

Gain on investment of anonymous association

1,124

Other non-operating income
Non-operating income

813
4,779

Non-operating expenses
Interest paid

18,601

Investment loss on equity method

132,895

Other non-operating expenses
Non-operating expenses
Ordinary loss

6,448
157,946-1,893,412

Extraordinary profit
Gain on sale of affiliated companies’ securities

137,697

Extraordinary profit

137,697

Extraordinary loss
Early extra retirement payments

43,124

Office transfer expenses

93,507Extraordinary loss

136,631

Current net loss before profit/loss distribution toanonymous association (pre-tax)
Dividends distribution from anonymous association
Current net loss before taxes
Current income taxes-1,892,347
54,228-1,946,576
12,749Deferred income taxes-1,286

Current income taxes

11,462Net loss-1,958,038

(3) Consolidated quarterly cash flow
（Thousand of yen）
Current 3rd quarter ended
September 30, 2009
Cash flow from operating activities
Loss before income taxes and minority interests-2,980,236

Depreciation

41,428

Amortization of goodwill

123,062

Change in provisions for doubtful accounts (negative indicates decrease)

1,962

Decrease in reserve for retirement benefits (negative indicates decrease)-11,380

Decrease in reserve for directors' retirement benefits-108,891(negative indicates decrease)
Increase in other reserves

74,010

Income from interest and dividends-7,286

Interest paid

62,721Equity in losses of affiliates (negative indicate increase)
Loss on revaluation of investments in securities (negative indicate increase)497,151
781

Gain on sales of investment securities (negative indicate increase)-143,894

Gain on sales of stocks of affiliates (negative indicate increase)-137,697

Loss on retirement of fixed assets
Increase in accounts receivable (negative indicate increase)
Decrease in real estate for sale (negative indicates increase)158-15,430
3,569,081

Decrease in other current assets (negative indicate increase)
Decrease in accounts payable (negative indicates decrease)297,189

Decrease in lease and guarantee deposits received (negative indicates decrease)-86,711

Decrease in long-term deposits received (negative indicates decrease)-218,186

Others-29,011

Subtotal

880,301-48,518

Interest and dividends received

19,886

Interest paid

-74,112

Corporate tax paid

-158,674

Cash flow from operating activities

667,401（Thousand of yen）
Current 3rd quarter ended
September 30, 2009
Cash flow from investing activities
Payments for putting of time deposits-114,000

Proceeds from repayment of time deposits
Payment for purchase of intangible fixed assets

1,207,874-13,627

Payment for purchase of tangible fixed assets-314

Proceeds from sale of tangible fixed assets
Proceeds from sale of investment securities

11,448372,642

Proceeds from sales of stocks of affiliates

555,000

Collection of loans receivable

100,000

Others-18,831

Cash flow from investing activities
Cash flow from financing activities
Decrease in short-term loans payable (negative indicates decrease)
Repayment of long-term debt

2,100,193-76,667-3,500,000

Payment for redemption of corporate bonds-970,000Dividends paid
Others-158,557-19,403

Cash flow from financing activities-4,724,627

Decrease in cash and cash equivalents (negative indicates decrease)-1,957,032

Cash and cash equivalents at beginning of term

3,424,778

Cash and cash equivalents at end of term

1,467,746