Summary of Consolidated Business Results for the Second Quarter of FY 2011
(January 1 to June 30, 2011) (Japanese GAAP)
Date: August 2, 2011
CompanyFunai 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, Managing Director and Corporate Officer
TEL
03-6439-5800
Planned release date of quarterly financial report: August 2, 2011
Planned date of Dividend payout: －Supplemental Explanatory Material Prepared: NoneResults Briefing Held: Yes （for analysts）

1. Consolidated Business Results for the first six months of FY 2011 (January 1 to June 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 the previousfiscal year.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％Six months ended¥ Million
June 30, 2011
3,105
53.9
51-75.6
38-79.8-11―
June 30, 2010
2,017-10.8
212―
188―
119―
Net income Per share
Six months endedJune 30, 2011
June 30, 2010¥-107.51
1,133.42

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
June 30, 2011
3,732
995
26.7
9,421.48
December 31, 2010
4,498
1,222
27.2
11,565.19(Reference) Shareholders' Equity
Q2 2011: ¥995 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 second 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 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)
Q2 2011: 105,705
Full Year 2010: 105,705
ii. Treasury stock issued at end of period
Q2 2011: None
Full Year 2010: Noneiii. Average number of outstanding shares during the period
Q2 2011: 105,705
Q2 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 June 30, 2011

As of December 31, 2010
(Summary)

AssetsCurrent assets
Cash and deposits

1,186,108

1,374,698

Accounts receivable

335,573

388,507

Real estate for sale00

111,386

238,153

Bonds bought
Other current assets

72,74783,751

Allowance for doubtful accounts
Total current assets-70,062-37,961

1,635,753

2,047,149

168,388

177,803

Goodwill

368,293450,139

OthersTotal intangible fixed assets

31,78337,146400,077

487,285

1,387,002

1,587,122

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 assetsTotal assets

3,260

54,379137,962

145,139

1,528,225

1,786,640

2,096,690

2,451,730

3,732,443

4,498,879

91,612

78,042

Liabilities
Current liabilities
Accounts payable
Short-term debt

600,000

672,400

Bonds redeemable within one year

475,000

535,000

Accrued corporate tax, etc.

16,15850,614

Allowance for bonus payable

57,034

6,307

Other reserves
Other current liabilities

17,653

11,194

244,827

409,522

Total current liabilities

1,502,286

1,763,080

Bonds

250,000

487,500

Long-term deposits payable
Allowance for employee retirement benefits

132,116

214,671

45,46643,860Reserve for directors' retirement benefits

96,52990,589Long-term security deposits payable

710,147

676,677

1,234,259

1,513,300

2,736,545

3,276,380

Fixed liabilities

Total fixed liabilities
Total liabilities

（Thousands of yen）
As of June 30, 2011

As of December 31, 2010
(Summary)

Net Assets
Shareholders’ equity
Common stock

1,030,817

Capital surplus

334,224

605,035

Retained earnings

5,610-200,983

1,370,652

1,434,868- 374,754-212,370- 374,754-212,370

995,897

1,222,498

3,732,443

4,498,879

Total shareholders’ equity

1,030,817

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

(2) Quarterly Consolidated income statements (2nd Quarter YTD)
（Thousands of yen）
Previous 2nd quarter ended
June 30, 2010

Current 2nd quarter ended
June 30, 2011

Consulting Revenue

1,808,331

1,608,440

Sales of real estate
Revenue

209,161
2,017,493

1,497,125
3,105,565

Revenue

Operating cost
Operating cost870,060

928,354

Cost of sales of real estate
Operating cost

176,023

1,431,217

1,046,083

2,359,571

Gross operating profit

971,409745,993

SG&A

758,640

694,024

Operating income

212,768

51,969Interest received

227

90

Dividends received

10,4495,125

Other non-operating income
Non-operating income

1,404
12,080

1,488
6,704

Interest paid

17,070

10,153

Investment loss on equity method

11,641

6,452

Other non-operating expenses
Non-operating expenses

8,083
36,795

4,064
20,669Ordinary income

188,053

38,004Extraordinary profitGain on liquidation of affiliates

38,151－

38,151－
6

Loss on sales of investment securities

80－4,660

Loss on sales of stocks of affiliates－32,927

Non-operating income

Non-operating expenses

Extraordinary profit
Extraordinary loss
Loss on retirement of fixed assets

Loss on disaster－10,880

Loss on valuation of investment securities

2,380

1,496

Extraordinary loss

2,461

49,971

223,744-11,966-4,231-2,105Current net income (loss) before taxes

227,975- 9,861

Income taxes-current

27,426

Income taxes-correction

81,5661,502－

Income taxes-deferred
Current income taxes-825
108,167

Current net income before profit distribution toanonymous association (pre-tax)
Dividends distribution from anonymous association

Income before minority interests
Net income－1,502－-11,364

119,808-11,364(2nd Quarter Results of FY2010)（Thousands of yen）
Previous 2nd quarter ended
June 30, 2010

Current 2nd quarter ended
June 30, 2011

Consulting Revenue

853,886

753,942

Sales of real estate
Revenue

51,295905,182

842,609
1,596,552

Operating cost

428,860

474,052

Cost of sales of real estate
Operating cost

57,399794,391

486,260

1,268,443

Gross operating profit

418,921328,108

SG&A

410,126

370,464

8,794-42,356－

13

Dividends received

9,600

4,210

Other non-operating income
Non-operating income

763
10,363

1,182
5,406

Interest paid

10,4494,729

Investment loss on equity method

7,161

－

Other non-operating expenses
Non-operating expenses

1,566
19,177

1,820
6,549

-18

-43,499

Loss on sales of investment securities

80－

101

Loss on sales of stocks of affiliates－2,927

Loss on disaster－2,201Extraordinary loss

80

5,236

-99

-48,736

Dividends distribution from anonymous association-3,114-861

Current net income before taxes

3,014-47,874

Income taxes-current

7,723

Income taxes-correction

81,566

1,197－

Income taxes-deferred
Current income taxes

2,863
92,152

1,197－-49,072-89,137-49,072

Revenue

Operating cost

Operating income
Non-operating income
Interest received

Non-operating expenses

Ordinary loss
Extraordinary loss
Loss on retirement of fixed assets

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

Income before minority interests
Net loss

6－(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 2nd quarter

Current 2nd quarter

ended March 31, 2010

ending March 31, 2011

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

227,975-9,861

Depreciation

20,531

16,194

Amortization of goodwill

81,975

81,846

2,343

32,100－50,727

4,468

1,605

8,057

5,940

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)-60,783

6,458

Income from interest and dividends-10,676-5,215Interest paid

17,070

10,153Equity in losses of affiliates (negative indicates earnings)
Loss on revaluation of investments in securities (negativeindicates earnings)

11,641

6,452

2,380

1,496

－

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
Loss on retirement of fixed assets
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-38,151－

10,88080

6-212,369

57,255102,068－

25,426

126,766

18,263

13,570-25,705

33,469-12,611-66,317

222,576
384,561-189,092
222,024

Interest and dividends received

10,676

5,215

Interest paid

-18,713－-10,409

Payments for loss on disaster
Prior consumption tax refund－-10,880
3,467

Income tax (paid) refund （negative indicates payment）

83,161-9,934

Cash flow from operating activities

459,686

199,482

（Thousand of yen）
Previous 2nd quarter

Current 2nd 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
Payment for purchase of tangible fixed assets
Proceeds from sale of investment securities
Proceeds from liquidation of affiliates
Proceeds from sales of stocks of affiliates
Payment for purchase of stocks of affiliates

4,000

－

-3,095-1,422－-3,01525,36848,856－－31,016－15,000-3,260

Others

1,200

7,176

Cash flow from investing activities

73,31548,509-24,400-72,400-1,010,073－-297,500

Cash flow from financing activities
Increase (decrease) in short-term loans payable(negative indicates decrease)
Payment for redemption of corporate bonds
Dividends paid
Others-22,067-52,549-14,132-1,056,541-436,582-523,539-188,590

Cash and cash equivalents at beginning of term

947,396

1,374,698

Cash and cash equivalents at end of term

423,857

1,186,108

Cash flow from financing activities
Decrease in cash and cash equivalents (negative indicatesdecrease)