Summary of Consolidated Business Results for the Second Quarter of FY 2009
(January 1 to June 30, 2009)
Date: August 7, 2009
Company

Funai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code8929
Representative Masazumi Hasumi , President
Contact
Hisao Nakatsuka , Managing DirectorTEL
03-5321-7020
Planned release date of quarterly financial report: August 7, 2009
Planned date of Dividend payout: September 18, 2009

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

1. Consolidated Business Results for the Second Quarter of FY 2009 (January 1 to June 30, 2009)(1) Consolidated Results of operations(Note: Rounded down to million yen)(percentage figures represent changes from the same period in the previous fiscal year)
Revenue
Operating income
Ordinary income
Net income％％％％¥ Million¥ Million¥ Million¥ Million
Q2 20092,261-71.7-806―-1,193―-1,765―
Q2 2008
7,998-2.0
1,223-49.2
840-60.7
465-64.2
Net income Per share

Diluted net income per share¥―
4,236.74¥-16,699.05
4,445.05

Q2 2009
Q2 2008(2) Consolidated Financial Standings
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
Q2 2009
11,4183,910
34.2
36,993.31
FY 2008
17,102
5,950
34.8
56,289.84(Reference) Shareholders' Equity
Q1 2009: ¥3,910 million
Full Year 2008: ¥5,950 million

2. Dividend Results
Date of issue

End of Q1¥

End of Interim¥

FY ended―
Dec.2008
FY ending―Dec.2009
FY endingDec.2009(projected)
Note: Change to dividend forecast: none

750.00

Dividend per Share
End of Q3¥―

End of FYAnnual¥¥750.00

1,500.00

750.001,500.00

750.00―3. Forecast of Consolidated Financial Performance for FY Ended December 2009
(January 1 to December 31, 2009)
Total Revenue

Operating income％ ¥ Million¥ Million
Full year
6,929-54.6-606
Note: Change to consolidated results forecast: none％―(percentage figures show year-on-year change)
Net income
Ordinary income
Net income
per share％ ¥ Million％¥ Million¥――-1,117-1,583-14,978.01

4. Other(1) Important changes to subsidiaries during the period (changes to specified subsidiaries accompanying changes tothe scope of consolidation): None
New: None
Excluded: 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 the end of period (including treasury stock)
Q1 2009: 110,584
Full Year 2008: 110,584
ii. Treasury stock issued at the 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
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. Interim Consolidated financial statements(1) Interim Consolidated balance sheet（Thousands of yen）
Current 2nd quarter ended
June 30, 2009

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

AssetsCurrent assets
Cash and deposits

1,686,451

4,532,653

Accounts receivable

361,876

365,011

Real estate for sale

4,985,339

5,984,387

Loans bought

657,021688,910

Other current assets

88,935674,976

Allowance for doubtful accounts-5,155-4,026

7,774,467

12,241,912

228,019

257,510Goodwill

696,032

778,074

Others72,80471,539Total intangible fixed assets

768,837

849,613

1,937,146

2,299,921

709,660

1,453,623

2,646,806

3,753,545

3,643,663

4,860,670

11,418,131

17,102,582

57,317

94,828

Short-term debt
Long-term debt repayable within oneyear

2,028,000

1,006,667−

3,500,000

Bonds redeemable within one year

1,750,000

1,480,000

Accrued corporate tax, etc.

32,724

173,396

Other current liabilities

471,211

677,092

Total current liabilities

4,339,254

6,931,984

1,705,000

2,565,000

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

656,162

688,194

38,34045,584

108,958

214,262

Long-term security deposits payable

660,038

707,438

3,168,499

4,220,479

7,507,753

11,152,464

Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets

Investments and other assets
Stocks of affiliated companies
Other assets
Total Investment and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Accounts payableFixed liabilities
Bonds

Total fixed liabilities
Total liabilities

（Thousands of yen）
Current 2nd quarter ended
June 30, 2009

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

Net Assets
Shareholders’ equity
Common stock

1,030,817

1,030,817

Capital surplus

1,104,154

1,104,154

Retained earnings

2,303,254

4,147,706

Treasury stock-499,119-499,119

Total shareholders’ equity

3,939,106

5,783,558-28,728

166,559-28,728

166,559

3,910,377

5,950,117

11,418,131

17,102,582

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

(2) Interim Consolidated income statements(2nd Quarter YTD)
（Thousands of yen）
Current 2nd quarter ended
June 30, 2009
Revenue
Revenue from operation
Sales of real estate
Revenue

1,380,235
881,510
2,261,746

Operating cost
Operating cost

801,177

Cost of sales of real estate

1,097,764

Operating cost

1,898,941

Gross operating profit

362,804

SG&A

1,169,190

Operating loss-806,385

Non-operating income
Interest received

3,220Dividends received

1,224

Investment return from anonymous association

13,803

Insurance premium refunded cancellation

15,549Other non-operating income

3,528

Non-operating income

37,326

Non-operating expenses
Interest paid

44,120Investment loss on equity method

364,255

Other non-operating expenses

16,409Non-operating expenses

424,785

Ordinary loss
Extraordinary profit
Gain from sale of investment and securities-1,193,844
177,426

Gain on change in equity

13,773Extraordinary profit

191,199

Extraordinary loss
Loss on disposal of fixed assets

158

Loss from sale of investment and securities

33,531

Appraisal loss on investment and securities

781

Extraordinary loss
Current net loss before profit/loss distribution toanonymous association (pre-tax)
Loss distribution to anonymous association
Current net loss before taxes

34,471-1,037,116-3,456-1,033,660

Current income taxes

27,353

Deferred income taxes

704,159

Current income taxes

731,513

Net loss-1,765,173

(2nd Quarter Results of FY2009 )（Thousands of yen）
Current 2nd quarter ended
June 30, 2009
Revenue
Revenue

659,929

Sales of real estate813,120

Total Revenue

1,473,050

Operating cost
Operating cost

411,452

Cost of sales of real estate

1,070,164

Operating cost

1,481,616

Gross operating loss

-8,566

SG&A

412,777

Operating loss

-421,344

Non-operating income
Interest received

427

Dividends received

320

Investment return from anonymous association
Insurance premium refunded cancellation
Other non-operating income
Non-operating income

820
15,549106
17,224Non-operating expenses
Interest paid

19,400Investment loss on equity method

216,383

Other non-operating expenses
Non-operating expenses
Ordinary loss

9,618
245,402-649,521

Extraordinary profit
Gain on change in equity

13,773Extraordinary profit

13,773Extraordinary loss
Loss from sale of investment and securities

28,031

Extraordinary loss

28,031

Current net loss before profit/loss distribution toanonymous association (pre-tax)
Loss distribution to anonymous association
Current net loss before taxes-663,780-1,157-662,622

Current income taxes

833

Deferred income taxes

800,934

Current income taxes

801,768

Net loss-1,464,390

(3) Consolidated quarterly cash flow
（Thousands of yen）
Current 2nd quarter ended
June 30, 2009
Cash flow from operating activities
Loss before income taxes and minority interests-1,033,660

Depreciation

28,386

Amortization of goodwill

82,041

Change in provisions for doubtful accounts

1,128

Change in Directors' retirement allowances
Addition to the reserve for compensation for
retired directors-7,244-105,304

Income from interest and dividends-4,444

Interest paid

44,120Equity in losses of affiliates
Loss on revaluation of investments in securities

364,255

Gain on sales of investments in securities-143,895

Loss on retirement of fixed assets

781
158

Increase in accounts receivable
Real estate for sale(negative indicates increase)

999,048

Other current assets

31,889(negative indicate increase)
Accounts payable(negative indicates decrease)
Entrusted deposits and bonds(negative indicates decrease)Long-term deposits-12,368-37,510-47,399-13,649(negatice indicates decrease)
Others-206,427

Subtotal-60,093

Interest and dividends received

17,044

Interest paid

-46,847

Corporate tax paid

-123,166

Cash flow from operating activities-213,061

Cash flow from investment activities
Payments for deposing of time deposits-114,000

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

1,107,874-11,032

Payment for purchase of tangible fixed assets-314

Proceeds from sale of tangible fixed assets
Proceeds from sale of investment securities andpaid-in capital

11,448365,503

Proceeds for loans provided

100,000

Others63,412

Cash flow from investment activities

1,522,892

（Thousand of yen）
Current 1st quarter ended
June 30, 2009
Cash flow from financing activities
Short-term debt
(negative indicates decrease)

1,021,333

Repayment of long-term debt

-3,500,000

Payment for redemption of corporate bonds-590,000

Dividends paid

-79,278

Others-14,213

Cash flow from financing activities-3,162,158

Decrease in cash and cash equivalent-1,852,327

Cash and cash equivalent at the beginning of term

3,424,778

Cash and cash equivalent at the end of term

1,572,451