Summary of Consolidated Business Results for the Third Quarter of FY 2011
(January 1 to September 30, 2011) (Japanese GAAP)
Date: November 1, 2011
Company

Funai 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 1, 2011
Planned date of Dividend payout: －Supplemental Explanatory Material Prepared: None
Results Briefing Held: None

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

1. Consolidated Business Results for the first nine months of FY 2011 (January 1 to September 30, 2011)(Note: Rounded down to million yen)
(1) Consolidated Results of operations (cumulative)(The percentages shown for Revenue, Operating Income etc. represent changes from the same period in theprevious fiscal year.)
Revenue
Operating income
Ordinary income
Net income％％％％
Nine months ended¥ Million¥ Million¥ Million¥ Million
September 30, 2011
4,537
68.6
41-65.6
24-72.0-38―
September 30, 2010
2,691-39.0
119
―
88―
14―
Net income Per share
Nine months ended
September 30, 2011
September 30, 2010¥-363.65
135.66

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
September 30, 2011
3,340
950
28.4
8,988.79
December 31, 2010
4,498
1,222
27.2
11,565.19(Reference) Shareholders' Equity
Q3 2011: ¥950 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―500.00―0.00

FY ended Dec.2010―
FY ending Dec.2011―
FY ending Dec.2011(projected)
Note: Revision of the dividend forecast in the second quarter of FY2011: 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¥
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 FY2011: 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 ofconsolidation during the subject accounting period.
(2) Adoption of simplified accounting procedures or accounting procedures specific to the preparation ofquarterly financial statements: None(Note) Indicates whether simplified accounting procedures or special accounting procedures in thepreparation of 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 “SignificantChanges Fundamental to the Preparation of Financial Statements.”(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)Q3 2011: 105,705
Full Year 2010: 105,705
ii. Treasury stock issued at end of period
Q3 2011: None
Full Year 2010: Noneiii. Average number of outstanding shares during the period
Q3 2011: 105,705
Q3 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）
As of September 30, 2011

As of December 31, 2010
(Summary)

AssetsCurrent assets
Cash and deposits

1,056,602

1,374,698Accounts receivable282,227

388,507

Real estate for sale
Bonds bought

00

52,527238,153

Other current assets

88,63783,751

Allowance for doubtful accounts
Total current assets-69,036-37,961

1,410,959

2,047,149

67,351

177,803

Goodwill

327,370

450,139

OthersTotal intangible fixed assets

29,02837,146356,398

487,285

1,365,063

1,587,122

3,260

54,379Fixed assets
Tangible fixed assets
Intangible fixed assets

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

137,932

145,139

1,506,256

1,786,640

1,930,006

2,451,730

3,340,965

4,498,879

（Thousands of yen）
As of September 30, 2011

As of December 31, 2010
(Summary)

Liabilities
Current liabilities
Accounts payable

49,45378,042600,000

672,400

33,600－Bonds redeemable within one year

375,000

535,000

Accrued corporate tax, etc.

20,07250,614

Allowance for bonus payable

65,445

6,307

Other reserves
Other current liabilities

25,922

11,194

194,480

409,522

Total current liabilities

1,363,974

1,763,080

Bonds

150,000

Long-term loans payable

66,400487,500－Long-term deposits payable
Allowance for employee retirement
benefits
Reserve for directors' retirement benefits

72,124

214,671

46,50543,860

Short-term debt
Current

portionof

long-term

loans

payableFixed liabilities

96,67090,589595,131676,677

1,026,831

1,513,300

2,390,806

3,276,380

Common stock

1,030,817

1,030,817

Capital surplus

334,224

605,035

Long-term security deposits payable
Total fixed liabilities
Total liabilities
Net Assets
Shareholders’ equityRetained earnings
Total shareholders’ equity-21,464-200,983

1,343,577

1,434,868- 393,417-212,370- 393,417-212,370

950,159

1,222,498

3,340,965

4,498,879

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 (3rd Quarter YTD)
（Thousands of yen）
Previous 3rd quarter

Current 3rd quarter ended

ended

September 30, 2011

September 30, 2010

Revenue
Consulting Revenue

2,441,946

2,304,553

Sales of real estate
Revenue

249,647
2,691,593

2,232,775
4,537,329

1,259,950

1,363,431

196,325

2,133,941

Operating cost
Operating cost
Cost of sales of real estate
Operating cost

1,456,275

3,497,372

Gross operating profit

1,235,317

1,039,956

SG&A

1,155,652
119,664

998,789

Interest received

355

199

Dividends received

11,0795,755

Other non-operating income
Non-operating income

1,575
13,009

4,218
10,173

Interest paid

27,657

14,354

Investment loss on equity method

5,874

6,452

Other non-operating expenses
Non-operating expenses

10,82644,358

5,813
26,62088,316

24,720－6,439

Operating income

41,167

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary profit
Gain on sales of fixed assets
Reversal of reserve for directors' retirement
benefits
Gain on sales of investment securities

－

2,416

704－

Gain on liquidation of affiliates

38,151－

Litigation settlement

45,000－Extraordinary profit

83,8558,856

10,70623,555
6

Loss on sales of investment securities

388
－

4,660

Loss on sales of stocks of affiliates－32,927Extraordinary loss
Loss on sales of fixed assets
Loss on retirement of fixed assets

Loss on valuation of investment securities
Loss on disaster
Extraordinary loss
Current net income before profit distribution toanonymous association (pre-tax)
Dividends distribution from anonymous association

22,841－

1,496

33,936

10,99073,637138,234-40,060-5,327-11,027

Current net income (loss) before taxes

143,562-29,033

Income taxes-current

52,856

Income taxes-correction

81,566

9,406－

Income taxes-deferred
Current income taxes-5,200129,222

9,406－-38,439

14,339-38,439

Net income－(3rd Quarter Results of FY2011)（Thousands of yen）
Current 3rd quarter
ended
September 30, 2011

Previous 3rd quarter
ended
September 30, 2010
Revenue
Consulting Revenue

633,615

696,113

Sales of real estate
Revenue

40,485674,100

735,650
1,431,763

Operating cost

389,889

435,077

Cost of sales of real estate
Operating cost

20,302

702,723

Operating cost

410,192

1,137,800

Gross operating profit

263,908

293,962

SG&A

357,012-93,103304,764

127

108

630

Operating loss-10,802

Non-operating income
Interest received
Dividends received
Equity in earnings of affiliates

5,766630－

Other non-operating income
Non-operating income

171
6,695

2,729
3,468

Interest paid

10,586

4,201

Other non-operating expenses
Non-operating expenses

2,742
13,329

1,749
5,950

-99,737-13,284－

6,439

Non-operating expenses

Ordinary loss
Extraordinary income
Gain on sales of fixed assets
Reversal of reserve for directors' retirement
benefits
Gain on sales of investment securities
Litigation settlement
Extraordinary income

－

2,416

704－

45,00045,704－
8,856

Extraordinary loss
Loss on sales of fixed assets
Loss on retirement of fixed assets
Loss on sales of investment securities
Loss on disaster
Extraordinary loss

10,706307
20,460－23,555－－31,475

110
23,665Current net income before profit distribution toanonymous association (pre-tax)-85,509-28,093

Dividends distribution from anonymous association-1,096-8､921

Current net loss before taxes-84,413-19,171

Income taxes-current

25,430

Income taxes-deferred
Current income taxes-4,374
21,055

7,903－

Income before minority interests
Net loss

7,903－-27,074-105,468-27,074

(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 3rd quarter

Current 3rd quarter

ended March 31, 2010

ending March 31, 2011

143,562-29,033

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

30,90823,800

Amortization of goodwill

122,929

122,769

1,276

31,074－59,138

7,094

2,644

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

11,667

6,080-95,135

14,728

Income from interest and dividends-11,434-5,954

Interest paid

27,657

14,354Equity in losses of affiliates (negative indicates earnings)
Loss on revaluation of investments in securities (negativeindicates earnings)

5,874

6,452

22,841

1,496

-704

4,660

－

32,927－

Loss on sales of investment securities(negative indicates earnings)
Loss on sales of stocks of affiliates (negative indicates earnings)
Gain on liquidation of affiliates (negative indicates increase)
Loss on disaster-38,151－

Loss (gain) on sales of fixed assets

10,706

17,116

Loss on retirement of fixed assets

388

6-114,525

111,276

Decrease (increase) in notes and accounts receivable - trade(negative indicates increase)
Decrease in real estate for sale (negative indicates increase)
Decrease in other current assets (negative indicates increase)
Increase in accounts payable (negative indicates decrease)
Increase (decrease) in lease and guarantee deposits received(negative indicates decrease)
Decrease in long-term deposits received(negative indicates decrease)
OthersSubtotal

10,990102,058－

31,187

185,625-4,712-28,589-31,977-81,546-14,810-98,252-118,087
88,613-260,702
141,065Interest and dividends received

11,434

5,954

Interest paid

-19,064

Payments for loss on disaster
Litigation settlement-34,142－
45,000Prior consumption tax refund

－

3,467

4,010
114,915-13,708
106,723

Income tax (paid) refund （negative indicates payment）
Cash flow from operating activities-10,990－（Thousand ofyen）
Previous 3rd quarter

Current 3rd quarter

ended March 31, 2010

ending March 31, 2011

Cash flow from investing activities
Proceeds from repayment of time deposits
Payment for purchase of intangible fixed assets

4,000－-3,393

Payment for purchase of tangible fixed assets
Proceeds from sales of property, plant and equipment-3,015-1,505－

3,588

79,730

Proceeds from sale of investment securities

26,46934,016

Proceeds from sales of stocks of affiliates

15,000

Payment for purchase of stocks of affiliates

48,856－

OthersCash flow from investing activities

1,704
78,2107,206
131,186

375,000-72,400－

100,000-1,240,073－-22,996-497,500-888,070-556,005-694,943-318,096

Cash and cash equivalents at beginning of term

947,396

1,374,698

Cash and cash equivalents at end of term

252,453

1,056,602-3,260Cash flow from financing activities
Increase (decrease) in short-term loans payable(negative indicates decrease)
Proceeds from long-term loans payable
Payment for redemption of corporate bonds
Dividends paidOthers
Cash flow from financing activities
Decrease in cash and cash equivalents (negative indicates-52,837-33,268

decrease)