Summary of Consolidated Business Results for the First Quarter of FY 2011
(January 1 to March 31, 2011)
Date: April 28, 2010
Company

Funai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code8929
URL http://www.funai-zc.co.jp/
Representative Masazumi Hasumi President
Contact
Hisao Nakatsuka, President, Managing Director and Corporate Officer
TEL
03-6439-5800
Planned release date of quarterly financial report: May 10, 2011
Planned date of Dividend payout: －Supplemental Explanatory Material Prepared: None
Results Briefing Held: None

1. Consolidated Business Results for the First Quarter of FY 2011 (January 1 to March 31, 2011)(1) Consolidated Results of operations(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.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％¥ Million
Q1 2011
1,509
35.7
94
-53.8
81
-56.7
37
-82.0
Q1 2010
1,112
41.0
203
―
188
―
208
―
Net income Per share¥
356.73
1,976.69

Q1 2011
Q1 2010

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
Q1 2011
4,046
1,090
26.9
10,312.24
FY 2010
4,498
1,222
27.2
11,565.19(Reference) Shareholders' Equity
Q1 2011: ¥1,090 million
Full Year 2010: ¥1,222 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
―
500.00FY ended Dec.2010―
FY ended Dec.2011―
FY ending Dec.2011
0.00―(projected)
Note: Revision of the dividend forecast in the first quarter of FY2010: None

750.00

Annual¥500.00750.003. Forecast of Consolidated Financial Performance for FY Ending December 2011
(January 1 to December 31, 2011)(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.)
Net income
Revenue
Operating income
Ordinary income
Net income
per share％％％ ¥ Million％¥ Million¥ Million¥ Million¥
Six months
2,374
17.7
102
-52.1
87 -53.7
90 -24.9
851.42
Full year
4,840
-7.4
300
50.0
275
71.8
280 239.6
2,648.88
Note: Revision of the consolidated results forecast in the third quarter of FY2009: None4. Other(1) Changes in major subsidiaries during the period: None
(Note) Indicates whether there was any change in a specific subsidiary related to a change in the scope of
consolidation during the subject accounting period.
(2) Adoption of simplified accounting procedures or accounting procedures specific to the preparation of quarterly
financial statements: None
(Note) Indicates whether simplified accounting procedures or special accounting procedures in the preparationof the consolidated quarterly financial statements were applied.
(3) Changes in accounting principles, procedures or reporting methods used in preparation of these quarterly
financial statements
i. Changes in accounting principles applied: Yes
ii. Other changes: None
(Note) Indicates whether there were any changes in accounting principles and procedures or reporting methods,
related to the preparation of the consolidated financial statements, noted in “Significant Changes
Fundamental to the Preparation of Financial Statements.”(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
Q1 2011: 105,705
Full Year 2010: 105,705
ii. Treasury stock issued at end of period
Q1 2011: None
Full Year 2010: Noneiii. Average number of outstanding shares during the period
Q1 2011: 105,705
Q1 2010: 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 statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
Previous consolidated
financial year Summary of
consolidated balance sheet(December 31, 2010)

Current 1st quarter ended
March 31, 2011
AssetsCurrent assets
Cash and deposits

977,085

1,374,698

Accounts receivable572,368

388,507

Real estate for sale

00

Bonds bought

225,914238,153

Other current assets

116,450

83,751

Allowance for doubtful accounts-49,036-37,961

1,842,782

2,047,149

173,098

177,803

Goodwill

409,216450,139

OthersTotal intangible fixed assets

35,18837,146444,404

487,285

1,435,367

1,587,122

3,260

54,379147,962

145,139

1,586,589

1,786,640

2,204,093

2,451,730

4,046,875

4,498,879

88,92078,042

Total current assets
Fixed assets
Tangible fixed assets
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
Liabilities
Current liabilities
Accounts payable
Short-term debt

672,400

672,400

Bonds redeemable within one year

535,000

535,000

Accrued corporate tax, etc.

14,30650,614

Allowance for bonus payable

63,2406,307

Other reserves
Other current liabilities

5,216

11,194

276,869

409,522

Total current liabilities

1,655,953

1,763,080

Bonds

287,500

487,500

Long-term deposits payable
Allowance for employee retirement benefits

197,169

214,671

43,82943,860Reserve for directors' retirement benefits

93,597

90,589Long-term security deposits payable
Total fixed liabilities

678,770676,677

1,300,867

1,513,300

2,956,820

3,276,380

Fixed liabilities

Total liabilities

（Thousands of yen）
Current 1st quarter ended
March 31, 2011

Previous consolidated
financial year Summary of
consolidated balance sheet(December 31, 2010)

Net Assets
Shareholders’ equity
Common stock

1,030,817

Capital surplus

334,224

605,035

Retained earnings

51,756-200,983

1,416,797

1,434,868-326,742-212,370-326,742-212,370

1,090,054

1,222,498

4,046,875

4,498,879

Total shareholders’ equity

1,030,817

Evaluation and conversion difference
Unrealized gains on securities
Total
evaluation
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, 2010

Current 1st quarter ended
March 31, 2011

954,444854,497

Revenue
Consulting Revenue
Sales of real estate

157,866

654,515

1,112,311

1,509,013

Operating cost

441,199454,302

Cost of sales of real estate

118,623

636,825

Operating cost

559,823

1,091,128

Gross operating profit

552,487

417,885

SG&A

348,513

323,559

Operating income

203,973

94,325Interest received

227

77

Dividends received

849

915

640
1,716

305
1,298

Interest paid

9,114

5,423

Investment loss on equity method

4,480

6,452

Other non-operating expenses
Non-operating expenses

4,023
17,617

2,244
14,119Ordinary income

188,072

81,504Extraordinary profit
Gain on liquidation of affiliates

38,151－

38,151－

Loss on retirement of fixed assets－

30,000Loss on disaster

－

8,679

Loss on sales of investment securities

－

4,559

Loss on valuation of investment securities
Extraordinary loss

2,380
2,380

1,496
44,734Current net income before profit distribution toanonymous association (pre-tax)

223,843

36,769-1,116-1,243Current net income before taxes

224,960

38,013Current income taxes

19,703

Deferred income taxes
Current income taxes-3,68816,014304－

Revenue
Operating cost

Non-operating income

Other non-operating income
Non-operating income
Non-operating expenses

Extraordinary profit
Extraordinary loss

Dividends distribution from anonymous association

Income before minority interests
Net income

304－

37,708208,946

37,708

(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 1st quarter ended
March 31, 2010

Current 1st quarter ended
March 31, 2011

Cash flow from operating activities
Income before income taxes and minority interests

224,960

38,013

Depreciation

10,122

8,085

Amortization of goodwill

40,98740,923-4,963

11,074－56,933

1,724

-30

5,561

3,007

-26,326-5,978

Income from interest and dividends-1,076-992

Interest paid

9,114

5,423

4,480

6,452

2,380

1,496

－

4,559

－

30,000-38,151

－

－

8,679

-11,749-183,860

83,113－

22,235

12,238-37,848

10,877

27,785

2,092-1,764-8,114589,295
899,882-169,961-129,080

1,076

992

Change in provisions for doubtful accounts (negative
indicates decrease)
Increase in reserve for bonuses(negative indicates decrease)
Increase (decrease) in reserve for retirement benefits(negative indicates decrease)
Increase in reserve for directors' retirement benefits(negative indicates decrease)
Decrease in other reserves(negative indicates decrease)

Equity in losses of affiliates(negative indicates increase)
Loss on revaluation of investments in securities(negative indicates increase)
Loss on sales of investment securities(negative indicates increase)
Loss on sales of stocks of affiliates(negative indicates increase)
Gain on liquidation of affiliates(negative indicates increase)
Loss on disaster
Increase in accounts receivable(negative indicates increase)
Decrease in real estate for sale(negative indicates increase)
Decrease in other current assets(negative indicates increase)
Increase (decrease) in accounts payable(negative indicates decrease)
Decrease in lease and guarantee deposits received(negative indicates decrease)
Decrease in long-term deposits received(negative indicates decrease)
OthersSubtotalInterest and dividends received
Interest paid

-15,446-10,298

Corporate tax paid
Prior consumption tax refund-25,830－-36,613
3,467

Cash flow from operating activities

859,680-171,533

（Thousand of yen）
Previous 1st quarter ended
March 31, 2010

Current 1st quarter ended
March 31, 2010

4,000

－

-3,095-1,422－

Cash flow from investing activities
Proceeds from repayment of time deposits
Payment for purchase of intangible fixed assets
Payment for purchase of tangible fixed assets
Proceeds from sale of investment securities-3,015
18,584Purchase of stocks of affiliates
Proceeds from sales of stocks of affiliates

8,000-3,260

Proceeds from liquidation of affiliates

43,00015,000－

OthersCash flow from investing activities

676
60,151-2,823
15,493-830,073－-200,000－

Cash flow from financing activities
Payment for redemption of corporate bonds
Dividends paid
OthersCash flow from financing activities
Decrease in cash and cash equivalents (negative-11,718-33,430-8,143-841,792-241,573

78,039-397,613

947,396

1,374,698

1,025,436

977,085

indicates decrease)
Cash and cash equivalents at beginning of term
Cash and cash equivalents at end of term