Summary of Business Results for the Fiscal Year 2009
(January 1 to December 31, 2009)
Date: February 12, 2010
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
Scheduled date of regular shareholders’ meeting held: March 26, 2010
Submission date of annual securities report scheduled: March 26, 2010
Planned date of Dividend payout: none

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

1. Consolidated business results for FY 2009 (January 1 to December 31, 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.)
Total Revenue
Operating income
Ordinary income
Net income
(％)
(％)
(％)
(％)
Fiscal year ended(¥ Million)(¥ Million)(¥ Million)(¥ Million)
December 31, 2009
5,408
-64.6
-3,246―-3,805―-4,380―December 31, 2008
15,269-14.6
1,785-41.1
947-63.4
47-96.9
Net income pershare (Primary)

Net income pershare (Diluted)

Ratio of net
income toshareholders’equityRatio ofordinary
income to total
assetsRatio ofoperating
income toTotal revenue

Fiscal year ended(¥)
(¥)
(%)
(%)
(%)
December 31, 2009
-41,440.05―-115.6-31.7-60.0
December 31, 2008
454.33436.080.8
2.4
11.7(Reference) Loss on investments in equity-method affiliates
FY2009 (Year ended December 31, 2009): ¥-494 million
FY2008 (Year ended December 31, 2008): ¥-668 million
Note: Net income per share (diluted) is not listed because of net loss for the fiscal year ended December 31, 2009.

(2) Consolidated Financial Position
Total assets
Net assets
Fiscal year ended(¥ Million)(¥ Million)
December 31, 2009
6,882
1,627
December 31, 2008
17,102
5,950(Reference) Shareholders' Equity
FY2009 (Year ended December 31, 2009): ¥1,627 million
FY2008 (Year ended December 31, 2008): ¥5,950 million

Equity capital ratio

Net assets per share(％)

(¥)

23.6
34.8

15,395.33
56,289.84(3) Consolidated Cash Flow

Fiscal year ended
December 31, 2009
December 31, 2008

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof period(¥ Million)(¥ Million)(¥ Million)(¥ Million)

708
2,238

2,153
-2,174

1-5,339-2,534

947
3,424

2.

Dividends
Dividend per share
End of
Q1

End of
InterimEnd ofQ3

End of
FY2009AnnualTotalannualdividends

Dividend
payout ratio(consolidated)

Ratio ofdividends tonet assets(consolidated)

Fiscal year ended
(¥)
(¥)
(¥)
(¥)
(¥ Million)(%)(%)
December 31,―750.00―750.00 1,500.00
157
330.22.6
2008
December 31,―750.00―
0.00
750.0079―
2.1
2009
FY ending Dec.
―
0.00―
750.00750.0035.1
2010 (projected)
Note:
During the fiscal year ended December 2009, the Company paid out dividend of 750 yen per share in the first half
and no dividend will be paid for the second half. During the fiscal year ending December 2010, the Company plansto pay no dividend in the first half and 750 yen per share in the second half assuming that it achieves its estimatedearnings.

3.

Forecast of consolidated business results for FY2010 (January 1 to December 31, 2010)Total Revenue(¥ Million)(％)

Operating income(¥ Million)(％)

Ordinary income(¥ Million)

(％)

(％)

Netincomeper share(¥)―

709.02―2,135.11

Net income(¥ Million)

Six months――
ending June
1,770-21.7
112
110
75
30, 2010
Year ending――
December
4,635-14.3
316
312
225
31, 2010
Note: Percentage change compares current results with those of the period of the previous year.

4. Other(1) Important changes to subsidiaries during the period(changes in specified subsidiaries accompanying changes to the scope of consolidation): None
New: None
Excluded: None
(2) 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
(3) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
FY2009: 110,584
FY2008: 110,584
ii. Treasury stock issued at end of period
FY2009: 4,879
FY2008: 4,879

2

(Ref.) Summary of non-consolidated business results1.

Non-consolidated business results for FY 2009 (January 1 to December 31, 2009)(1)Non- consolidated Results of operations (January 1 to December 31, 2010)
Total Revenue
Operating income
Ordinary income
(％)
(％)
(％)
Fiscal year ended(¥ Million)(¥ Million)(¥ Million)
December 31, 2009
3,996
-72.3
-3,087―-2,749―December 31, 2008
14,439
-11.5
1,737
-36.6
1,567
-39.2
Note: Percentage change compares current results with those of the period of the previous year.

Net income pershare (Primary)

Net income(％)(¥ Million)-3,58260―-96.2

Net income pershare (Diluted)

Fiscal year ended(¥)(¥)
December 31, 2009-33,887.56―December 31, 2008
578.90555.64
Note: Net income per share (diluted) is not listed because of net loss for the fiscal year ended December 31, 2009.

(2) Non-consolidated Financial Position
Total assets
Fiscal year ended(¥ Million)
December 31, 2009
6,531
December 31, 20082.

Net assets

Equity capital ratio

Net assets per share(¥ Million)

(％)

(¥)

16,145

1,585

24.3

15,002.11

5,671

35.153,657.78

Forecast of consolidated business results for FY2010 (January 1 to December 31, 2010)
Total Revenue(¥ Million)(％)

Operating income(¥ Million)(％)

Ordinary income(¥ Million)

(％)

(％)

Netincomeper share(¥)―

665.75―

1,597.64

Net income(¥ Million)

Six months――
ending June
1,104-37.8
47817030, 2010
Year ending――
December
3,236-19.0
115
184
168
31, 2010
Note: Percentage change compares current results with those of the period of the previous year.

*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.

34. Consolidated financial statements(1) Consolidated balance sheets（Thousands of yen）
As of December 31,
2008

As of December 31,
2009

AssetsCurrent assets
Cash and deposits

4,532,653

951,396

Accounts receivable

365,011403,186

Real estate for sale

※1

5,984,387※1

2,044,399

Bonds bought

688,910Deferred tax assets

432,888

1,646

Other current assets

242,087

193,876-4,026-8,807

12,241,912

3,860,980

Allowance for doubtful accounts
Total current assets

275,282

Fixed assets
Tangible fixed assets
Buildings and structures

207,259

153,042

Accumulated depreciation-76,768-45,538

Buildings and structures （Book Value）

130,491

107,503

22,024

5,131

Accumulated depreciation-4,802-2,451

Vehicles （Book Value）

17,222

2,679

Land

71,211

71,211

VehiclesOthers75,136

66,160

Accumulated depreciation-36,549-36,716

Others （Book Value）

38,58629,443

Total tangible fixed assets

257,510

210,839

Software

68,91846,023

Goodwill

778,074

613,990

2,620

2,512

849,613662,526

Intangible fixed assets

OthersTotal intangible fixed assets
Investments and other assets
Investment Securities

1,066,286

Stocks of affiliated companies

2,299,921※1

1,931,392
67,973

Deferred tax assets

150,730

21

Other assets
Total Investment and other assets

236,606

149,189

3,753,545

2,148,576

4,860,670

3,021,941

17,102,582

6,882,921

Total fixed assets
Total assets

4（Thousands of yen）
As of December 31,
2008

As of December 31,
2009

Liabilities
Current liabilities
Accounts payable

94,828

Short-term debt
Long-term debt repayable within oneyear

1,006,667※1

Bonds redeemable within one year
Accrued corporate tax, etc.

62,274※1※2850,000

3,500,000―

1,480,000

1,370,000

173,396

25,559―110,525

677,092

528,397

6,931,984

2,946,756

2,565,000

1,195,000

Long-term deposits payable
Allowance for employee retirement
benefits
Addition to reserve for compensation toretired directors

688,194

264,479

45,584

34,772

214,262

107,052

Long-term security deposits payable
Total fixed liabilities

707,438

707,496

4,220,479

2,308,801

11,152,464

5,255,558

Common stock

1,030,817

1,030,817

Capital surplus

1,104,154

1,104,154

Retained earnings

4,147,706

156,568

Other reserves
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds

Total liabilities
Net Assets
Shareholders’ equity

Treasury stock-499,119-499,119

Total shareholders’ equity

5,783,558

1,792,420

166,559-165,057

166,559-165,057

5,950,1171,627,363

17,102,582

6,882,921

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

5(2) Consolidated income statements（Thousands of yen）
Fiscal year ended
December 31, 2008

Fiscal year ended
December 31, 2009

Total Revenue
Revenue

4,514,604

3,031,722

Sales of real estate
Total Revenue

10,755,085
15,269,690

2,376,629
5,408,352

Operating cost

2,195,742

2,117,909

Cost of sales of real estate
Operating cost

11,399,741

6,658,738

3,869,948-1,250,386

Operating cost
9,203,999

Gross operating profit
SG&A

※1

Operating income

2,084,456※4※1

4,540,828

1,996,241

1,785,492-3,246,627

Interest received

14,635

4,070

Dividends received

7,213

1,854

Gain on investment of anonymous association

14,490−14,928Insurance premium refunded cancellation
Other non-operating income
Non-operating income

9,002
45,341

6,000
42,402

Interest paid

158,531

Bond issuance expenses

27,30173,017−

Investment loss on equity method

668,536494,287

Other non-operating expenses
Non-operating expenses

28,673
883,043

34,121
601,427

947,789-3,805,652−
357,159

177,426
137,697−

13,773357,159

328,896

Non-operating income

15,549Non-operating expenses

Ordinary income
Extraordinary income
Gain on sale of investment securities
Gain on sale of affiliated companies’ securities
Gain on change in equity
Extraordinary income6

（Thousands of yen）
Fiscal year ended
December 31, 2009

Fiscal year ended
December 31, 2008
Extraordinary loss
Loss on sales of fixed assets※2

Loss on retirement of fixed assets

233

Loss on sales of stocks of affiliates

6,539

Equity in losses of affiliates

23,354−

Loss on valuation of investment securities

62,040781

Settlement paid

60,650-Loss on cancellation of lease contracts

8,291

132

Office transfer expenses

9,663

150,643−

Loss on devaluation of real estate held for sale

12,329−158−※2

961,130−

Loss on sales of investment securities
Early extra retirement payments※2

33,531−

43,124

1,144,232

228,371

Income before dividends distribution from anonymous
association, income taxes

160,717- 3,705,127

Dividends distribution from anonymous association-118,941-111,511

Income before income taxes

279,658-3,593,616

Extraordinary loss

Income taxes-current

717,436

81,090

Income taxes-deferred
Total income taxes-466,461
250,975

705,714786,804

Minority interests in income-18,894−

Net income

47,577-4,380,420

7(3) Consolidated statements of changes in net assets（Thousands of yen）
Fiscal year ended
December 31, 2008

Fiscal year ended
December 31, 2009

Shareholder’s equity
Common stock
Balance at the end of previous period
Changes of items during the period

805,817

1,030,817

Issuance of new shares - merger

225,000−

Total changes of items during the period

225,000−

1,030,817

1,030,817

Balance at the end of previous period
Changes of items during the period

875,266

1,104,154

Issuance of new shares - merger

228,888−

Total changes of items during the period

228,888−

1,104,154

1,104,154

4,255,754

4,147,706-157,236-158,557

Net income

47,577

Change in scope of consolidation

1,609-4,380,420−

Balance at the end of current period
Capital surplus

Balance at the end of current period
Retained earnings
Balance at the end of previous period
Changes of items during the period
Dividends from surplus

Change in scope of equity method affiliates-108,048

547,840-3,991,137

Balance at the end of current period

4,147,706

156,568

Treasury stock
Balance at the end of previous period−-499,119

Acquisition of treasury stock-499,119−

Total changes of items during the period-499,119−

Balance at the end of current period-499,119-499,119

Total shareholders’ equity
Balance at the end of previous period

5,936,838

5,783,558

Issuance of new shares - merger

453,888−

Dividends from surplus-157,236-158,557

47,577-4,380,420-499,119

−

1,609

−

−
-153,279

547,840-3,991,137

5,783,558

1,792,420−

Total changes of items during the period

Changes of items during the period

Changes of items during the period

Net income
Purchase of treasury stock
Change in scope of consolidation
Change in scope of equity method affiliates
Total changes of items during the period
Balance at the end of current period

8Fiscal year ended
December 31, 2008

Fiscal year ended
December 31, 2009

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period

267,645

166,559-101,086-331,616-101,086-331,616

166,559-165,057

267,645

166,559-101,086-331,616-101,086-331,616

166,559-165,057

55,275−-55,275−-55,275−−−

6,259,759

5,950,117-55,275−

Issuance of new shares - merger

453,888−

Dividends from surplus-157,236-158,557

Net income
Acquisition of treasury stock

47,577-499,119-4,380,420−

1,609−−

547,840-156,362-331,616-309,641-4,322,753

5,950,117

1,627,363

Net changes of items other than shareholders’equity (net)Total changes of items during the period
Balance at the end of current period
Valuation and translation adjustments
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’equity (net)Total changes of items during the period
Balance at the end of current period
Minority interests
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’equity (net)Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’equity (net)

Change in scope of consolidation
Change in scope of equity method affiliates
Net changes of items other than shareholders’equity (net)Total changes of items during the period
Balance at the end of current period

9(4) Consolidated statements of cash flows（Thousand of yen）
Fiscal year
ended
December 31,
2008

Fiscal year
ended
December 31,
2009

Net income / Loss before income taxes

279,658-3,593,616

Depreciation

46,57453,784

Amortization of goodwill

37,406

164,083

-24

4,780

14,087-10,81141,889-107,209

Income from interest and dividends-21,849-5,924

Interest paid

158,53173,017

Bond issuance expenses

27,301-Equity in losses of affiliates (negative indicate increase)
Loss on revaluation of investments in securities (negative indicate increase)691,891494,287

62,040781--143,894-350,620-137,697

60,650-Cash flow from operating activities

Increase (decrease) in provisions for doubtful accounts(negative indicates decrease)
Increase (decrease) in reserve for retirement benefits(negative indicates decrease)
Increase (decrease) in reserve for directors' retirement benefits(negative indicates decrease)

Loss (gain) on sales of marketable and investment securities(negative indicate increase)
Gain on sales of stocks of affiliates (negative indicate increase)
Settlement paid
Loss (gain) on sales of fixed assets

233-

Loss on retirement of fixed assets

12,329158

Dividends distribution from anonymous association-118,941-111,511

Increase in accounts receivable (negative indicate increase)
Decrease in real estate for sale (negative indicates increase)

146,573-23,838

2,593,791

3,939,987

Decrease in accounts payable (negative indicates decrease)266,946

413,628

Increase (decrease) in other reserves (negative indicates decrease)-110,525

Decrease in lease and guarantee deposits received (negative indicates decrease)-93,247

58

Decrease in long-term deposits received (negative indicates decrease)-94,524-268,176-26,2223,770,771

147,193
967,053

OthersSubtotalInterest and dividends received

42,09918,524

Interest paid

-150,732-77,496

Settlement paid

-60,650--1,363,428
2,238,059-199,832
708,249

Corporate tax paid
Cash flow from operating activities

10（Thousand of yen）
Fiscal year
ended
December 31,
2008

Fiscal year
ended
December 31,
2009

Payments for making of time deposits-1,823,928-114,000

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

1,525,312

1,217,874-92,626-60,576

Cash flow from investing activities

Proceeds from sale of intangible fixed assets

4,513

11,448-64,296-16,649

Payment for purchase of tangible fixed assets
Payment for purchase of investment securities and investment in capital-103,100-

Proceeds from sale of investment securities and investment in capital

129,884

373,105

1,606,500

555,000-21,107-

Proceeds from sales of stocks of affiliates
Payment for purchase of shares of newly consolidated subsidiaries※3

Payment for acquisition of shares of newly consolidated subsidiaries※2-425,638--2,771,342--

100,000-38,592-2,174,420

87,417
2,153,620-1,640,663-156,667

Repayment of long-term debt

-128,636-3,500,000

Issuance of bonds

1,072,698-

Payment for redemption of corporate bonds-1,100,000-1,480,000

Payments for dividend of deposit for investment in anonymous association-81,090-44,027

Purchase of treasury stock-499,119--157,236-2,534,046-158,557-5,339,251

Decrease in cash and cash equivalents (negative indicates decrease)-2,470,408-2,477,382

Cash and cash equivalents at beginning of term

5,895,187

3,424,778

Payments for purchase of deposit for investment in anonymous association
Payment for loans
Collection of loans receivable
OthersCash flow from investing activities
Cash flow from financing activities
Decrease in short-term loans payable (negative indicates decrease)

Dividends paid
Cash flow from financing activities

Cash and cash equivalents at end of term

※1

11

3,424,778※1

947,396