Summary of Consolidated Business Results [Japan GAAP]GAAP]
for the First Quarter of FY 2012 (January 1 to March 31, 2012012)
Date: May 7, 2012
CompanyFunai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code
8929
Representative Masazumi Hasumi, President
ContactYoshikazu Mizushima, Deputy General Manager
TEL
03-6439-5800
Planned release date of quarterly financial report: May 7, 2012
Planned date of Dividend payout: －Supplemental Explanatory Material Prepared: None
Results Briefing Held: None

1. Consolidated Business Results for the First Quarter of FY 20122012

URL

http://www.funai-zc.co.jp/(January 1 to March 31, 2012)
2012)(1) Consolidated Results of operations (cumulative(Note: Rounded down to million yen)

(The percentages shown for Revenue, Operating Income etc. represent changes from the same period in the previous fiscal year.)

Q1 2012
Q1 2011

Revenue％¥ Million
1,5140.3
1,50935.7

Operating income％¥ Million－-70
94-53.8

Net income per share¥-675.42356.73

Q1 2012
Q1 2011

Ordinary income％¥ Million－-70
81-56.7

Net income％¥ Million－-71
37-82.0

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
Q1 20123,290
1,06932.5
10,121.73
FY 20113,698
1,22433.1
11,584.90(Reference) Shareholders' Equity
Q1 2012: ¥1,069 million
Full Year 2011: ¥1,224 million

2. Dividend Results
Date of issue

End of Q1¥

Dividend per Share
End of Interim
End of Q3
End of FY 2009
¥
¥¥
0.00
―650.00

FY ended Dec.2011―FY ending Dec.2012―FY ending Dec.2011
0.00―(projected)
Note: Revision of the dividend forecast in the first quarter of FY2012: None

650.00

Annual¥650.00650.003. Forecast of Consolidated Financial Performance for FY Ending
Ending December 2012012(January 1 to December 31, 2012)(Percentage figures for the full fiscal year represent the change from the previous fiscal year, while percentage figures for the six
months period represent the change from the same period of the previous year.)

Revenue

Operating income

Ordinary income％％¥ Million¥ Million¥ Million
Six months
4,100
32.0
110 111.7
100
Full year
8,400
10.1
300
60.8
290
Note: Revision of the consolidated results forecast of FY2012: None％
163.1
74.6

Net income¥ Million
100280％－28.4

Net income
per share¥
946.032,648.88

4. Other(1) Changes in significant subsidiaries for the three months ended March 31, 2012: None
(Changes in specified subsidiaries accompanying change in scope of consolidation)
Newly included: －Excluded: －(2) Application of specific accounting for preparing the quarterly consolidated financial statements: None
(3) Changes in accounting principles, changes in accounting estimates, and restatements
i. Changes in accounting principles due to amendment of accounting standards: None
ii. Changes in accounting policies due to other reasons:Noneiii. Changes in accounting estimates:
Noneiv. Restatements:
None(4) Numbers of shares outstanding (common stock)i. Number of shares outstanding at the end of the period (including treasury stock)
As of March 31, 2012
105,705
As of December 31, 2011
105,705
ii. Number of treasury stock at the end of the period
As of March 31, 2012
0As of December 31, 2011
0iii. Average number of shares during the period (cumulative from the beginning of the fiscal year)
As of March 31, 2012
105,705
As of December 31, 2011
105,705*Indication regarding the status of quarterly review procedures
The quarterly review procedures under the Financial Instruments and Exchange Act of these financial statements
were being conducted at the time of disclosure.

*Appropriate use of these results forecasts and other items
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.

5. Quarterly Consolidated financial
financial statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
Previous consolidated financial
year ended December 31, 2011

Current 1st quarter ended
March 31, 2012

AssetsCurrent assets
Cash and deposits

1,474,995

993,017

Accounts receivable

215,206

248,150

Real estate for sale

065,001

Bonds bought

52,52749,527

Other current assets

100,121

136,539

Allowance for doubtful accounts-51,929-45,065

1,790,921

1,447,170

63,41763,906

Software34,162

31,000Goodwill

286,447

245,524

Others

2,374

2,345

322,984

278,870

1,382,765

1,362,491

Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets

Total intangible fixed assets
Investments and other assets
Investment Securities
Stocks of affiliated companies
Other assets
Total investment and other assets
Total fixed assets
Total assets

3,260

3,260

134,951

134,951

1,520,977

1,500,703

1,907,380

1,843,481

3,698,302

3,290,651

Liabilities
Current liabilities
Accounts payable

63,68251,403

Short-term debt

600,000

600,000

Current portion of long-term loans payable

33,60033,600Bonds redeemable within one year

395,000

275,000

Accrued corporate tax, etc.

17,799－12,959

22,15932,459Allowance for bonus payable

51,176

Other reserves
Other current liabilities

354,484

240,615

Total current liabilities

1,486,724

1,297,214

Bonds

92,50012,500Long-term loans payable

58,00049,600Long-term deposits payable
Allowance for employee retirement benefits

70,216

66,07548,06150,222Long-term security deposits payable

718,216

745,121

Total fixed liabilities

986,995

923,519

2,473,719

2,220,733

Fixed liabilities

Total liabilities

（Thousands of yen）
Previous consolidated financial
year ended December 31, 2011

Current 1st quarter ended
March 31, 2012

Net Assets
Shareholders’ equity
Common stock

1,030,817

1,030,817

Capital surplus

334,224

334,224

Retained earnings
Total shareholders’ equity

235,059

94,9551,600,100

1,459,997-375,518-390,079-375,518-390,079

1,224,582

1,069,917

3,698,302

3,290,651

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

(2) Quarterly Consolidated income statements (1st Quarter YTD)
（Thousands of yen）
Previous 1st quarter ended
March 31, 2011

Current 1st quarter ended
March 31, 2012

Consulting Revenue

854,497

696,649

Sales of real estate
Revenue

654,515
1,509,013

817,411
1,514,060

Operating cost

454,302525,064

Cost of sales of real estate
Operating cost

636,825

783,693

1,091,128

1,308,758

Gross operating profit

417,885

205,302

SG&A323,559

275,725

Operating income (loss)

94,325-70,422

Interest received

77119

Dividends received

915
－

2,914

Revenue

Operating cost

Non-operating income

Insurance premium refunded cancellation
Other non-operating income

502

305

2,285

1,298

5,821

Interest paid

5,423

3,889

Investment loss on equity method

6,452

－

Other non-operating expenses

2,244

1,889

Non-operating expenses

14,1195,779

81,504-70,380

－

203

－

203

Loss on sales of stocks of affiliates

30,000－Loss on disaster

8,679

－

Loss on sales of investment securities4,559

Loss on valuation of investment securities

1,496

347
－Extraordinary loss

Non-operating income
Non-operating expenses

Ordinary income (loss)
Extraordinary profit
Gain on sales of investment securities
Extraordinary profit
Extraordinary loss

44,734347

Current net income (loss) before profit distribution toanonymous association (pre-tax)

36,769-70,525

Dividends distribution from anonymous association-1,243-741

Current net income (loss) before taxes

38,013-69,784

304

1,610

Total income taxes
Income (loss) before minority interests

304
37,7081,610-71,394

Net income (loss)

37,708-71,394

Current income taxes

(3) Quarterly statements of comprehensive income (1st Quarter YTD)
（Thousand of yen）
Previous 1st quarter ended
March 31, 2011

Current 1st quarter ended
March 31, 2012

37,708-71,394

Net unrealized gains on securities-119,996-14,561

Total other comprehensive income-119,996-14,561

Comprehensive income-82,287-85,956-82,287－-85,956－

Income (loss) before minority interests
Other comprehensive income

Comprehensive income attributable to:
Owners of the parent
Minority interests