Summary of Business Results for the Fiscal Year 2010
(January 1 to December 31, 2010)
Date: February 15, 2011
CompanyFunai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code
Representative
Contact8929
Masazumi Hasumi , President
Hisao Nakatsuka , Managing Director

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

03-6439-5800

Scheduled date of regular shareholders’ meeting held: March 25, 2011
Planned date of Dividend payout: March 28, 2011
Submission date of annual securities report scheduled: March 25, 2011

1. Consolidated business results for FY 2010 (January 1 to December 31, 2010)(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, 2010
5,227
-3.4
200―
160―
82―
December 31, 2009
5,408
64.6
-3,686―-4,245―-4,820―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, 2010
779.98―December 31, 2009
-45,602.58―(Reference) Loss on investments in equity-method affiliates
FY2009 (Year ended December 31, 2010): ¥-2 million
FY2008 (Year ended December 31, 2009): ¥-494 million

6.8-135.0

2.9
-36.1

3.8
-68.2

(2) Consolidated Financial Position
Total assets
Net assets
Fiscal year ended(¥ Million)(¥ Million)
December 31, 20104,498
1,222
December 31, 2009
6,442
1,187(Reference) Shareholders' Equity
FY2010 (Year ended December 31, 2010): ¥1,222 million
FY2009 (Year ended December 31, 2009): ¥1,187 million

Equity capital ratio

Net assets per share(％)

(¥)

27.2
18.4

11,565.19
11,232.80(3) Consolidated Cash Flow

Fiscal year ended
December 31, 2010
December 31, 2009

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

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

1,890
708282
2,153

1-1,745-5,3391,374947

2.

Dividends
Dividend per share
End of
Q1

End of
InterimEnd ofQ3

End ofFY

AnnualTotalannualdividends

Dividend
payout ratio(consolidated)

Ratio ofdividends tonet assets(consolidated)

Fiscal year ended
(¥)
(¥)
(¥)
(¥)
(¥ Million)(%)
December 31,―
750.00―0.00
750.0079―
2009
December 31,―
0.00―
500.00500.0052
64.1
2010
FY ending Dec.
―
0.00―
750.00750.0028.3
2011 (projected)
Note: Payment source of dividends for fiscal year ended December 31, 2010 includes other capital surplus.

3.

(%)

2.2
4.4

Forecast of consolidated business results for FY2011 (January 1 to December 31, 2011)
Total Revenue

Operating income

Ordinary income(％)

Netincomeper share(¥)-24.9

851.42239.6

2,648.88

Net income

(％)
(％)
(％)
(¥ Million)(¥ Million)(¥ Million)(¥ Million)
Six months
ending June
2,374
17.7
102 -52.1
87 -53.7
9030, 2010
Year ending
December
4,840-7.4
300
50.0
275
71.8
280
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: None
ii. Other changes: Yes(3) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
FY2010: 105,705
FY2009: 110,584
ii. Treasury stock issued at end of period
FY2010: 0FY2009: 4,879

2

(Ref.) Summary of non-consolidated business results
1. Non-consolidated business results for FY 2010 (January 1 to December 31, 2010)(1)Non- consolidated Results of operations
Total Revenue
Operating income
Ordinary income
(％)
(％)
(％)
Fiscal year ended(¥ Million)(¥ Million)(¥ Million)
December 31, 2010
4,026
0.7-2―
85―
December 31, 2009
3,996
-72.3
-3,527―-3,189―Note: Percentage change compares current results with those of the period of the previous year.

Net income pershare (Primary)

Net income pershare (Diluted)

(¥)

(¥)

1,076.46-38,050.09――

Fiscal year ended
December 31, 2010
December 31, 2009

(2) Non-consolidated Financial Position
Total assets
Fiscal year ended(¥ Million)
December 31, 2010
4,197
December 31, 20092.

Net income(¥ Million)(％)

113-4,022――

Net assets

Equity capital ratio

Net assets per share(¥ Million)

(％)

(¥)

6,091

1,21228.9

11,468.46

1,145

18.8

10,839.58Forecast of consolidated business results for FY2011 (January 1 to December 31, 2011)
Total Revenue(¥ Million)(％)

Operating income(¥ Million)(％)

Ordinary income(¥ Million)

(％)

(％)

Net
incomeper share
(¥)

-37.7

1,182.54

128.5

2,459.68

Net income(¥ Million)

Six months
ending June
1,872
30.9
137-2.0
125-23.712530, 2011
Year ending―
December
3,900-3.1
285
260
205.3
260
31, 2011
Note: Percentage change compares current results with those of the period of the previous year.

*Appropriate use of these results forecasts and other items
Forward-looking statements in this document, including the performance outlook, etc., were written based on theinformation available to the Company as of the date this document was published. Actual performance may differ
from the forecast figures due to various factors. .

3

4. Consolidated financial statements(1) Consolidated balance sheets（Thousands of yen）
As of December 31,
20010

As of December 31,
2009
AssetsCurrent assets
Cash and deposits

951,396

1,374,698

Accounts receivable

403,186

388,507

Real estate for sale

※1Bonds bought

1,604,399

0275,282

Deferred tax assets

1,646

238,153－

Other current assets

193,876

83,751-8,807-37,9613,420,980

2,047,149

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures

153,042

142,555

Accumulated depreciation-45,538-57,752

Buildings and structures （Book Value）

107,50384,803

5,131

5,131

VehiclesAccumulated depreciation-2,451-3,569Vehicles （Book Value）

2,679

1,562

Land

71,21170,766

Others

66,16062,625

Accumulated depreciation-36,716-41,954

Others （Book Value）

29,443

20,671

Total tangible fixed assets

210,839

177,803

Software46,02334,742

Goodwill

613,990

450,139

Others

2,512

2,403

662,526

487,285

Intangible fixed assets

Total intangible fixed assets
Investments and other assets
Investment Securities※1

Stocks of affiliated companies

1,931,392
67,973

Deferred tax assets
Other assets
Total Investment and other assets
Total fixed assets
Total assets

4※1

1,587,122

21

54,379－149,189

145,139

2,148,576

1,786,640

3,021,941

2,451,730

6,442,921

4,498,879

（Thousands of yen）
As of December 31,2009

As of December 31,2010

Liabilities
Current liabilities
Accounts payable

62,274

Short-term debt

※1

Bonds redeemable within one year
Accrued corporate tax, etc.
Reserve for bonuses※2

850,000

78,042※1※2672,400

1,370,000

535,000

25,559－50,614
6,307

Other reserves
Other current liabilities

110,525

11,194

528,397409,522

Total current liabilities

2,946,756

1,763,080

1,195,000

487,500

264,479

214,671

34,772

43,860107,052

90,589707,496676,677

2,308,801

1,513,300

5,255,558

3,276,380

Common stock

1,030,817

1,030,817

Capital surplus

1,104,154

605,035

Retained earnings-283,431

Treasury stock-499,119-200,983－

Total shareholders’ equity

1,352,420

1,434,868-165,057-212,370-165,057-212,370

1,187,363

1,222,498

6,422,921

4,498,879

Fixed liabilities
Bonds
Long-term deposits payable
Allowance for employee retirement
benefits
Addition to reserve for compensation toretired directors
Long-term security deposits payable
Total fixed liabilities
Total liabilities
Net Assets
Shareholders’ equity

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, 2009

Fiscal year ended
December 31, 2010

Total Revenue
Revenue

3,031,722

3,567,758

Sales of real estate

2,376,629

1,659,268

Total Revenue

5,408,352

5,227,026

2,117,909

1,741,196

Operating cost
Operating cost
Cost of sales of real estate

4,980,828

1,756,982

Operating cost

7,098,738

3,498,178

Gross operating profit-1,690,386

1,728,848※4SG&A※1

Operating income

1,996,241-3,686,627※1

1,528,817
200,030

Non-operating income
Interest received

4,070

357

Dividends received

1,854

Gain on investment of anonymous association

14,928

11,079－Insurance premium refunded cancellation

15,549－Other non-operating income

6,000

1,330

Non-operating income

42,402

12,767

Interest paid

73,01737,090Investment loss on equity method

2,889

Guarantee commission494,287－

9,556

Other non-operating expenses

34,121

3,170

Non-operating expenses

601,427

52,706-4,245,652

160,091

Gain on sale of affiliated companies’ securities

177,426
137,697

704－

Gain on change in equity

13,773－

Reversal of reserve for directors' retirement benefits－

31,788Settlement received－

45,000Gain on liquidation of affiliates－

38,151

Refund of consumption tax for prior periods

－

5,034

328,896

120,678

Non-operating expenses

Ordinary income/loss
Extraordinary income
Gain on sale of investment securities

Extraordinary income6

（Thousands of yen）
Fiscal year ended
December 31, 2010Fiscal year ended
December 31, 2009
Extraordinary loss
Loss on sales of investment securities

33,53153,860781－

22,841

Loss on valuation of investment securities
Loss on sales of fixed assets
Loss on retirement of fixed assets
Loss on cancellation of lease contracts
Office transfer expenses

158

※2

10,706132388－

150,643－※3※3

Early extra retirement payments

43,124－Extraordinary loss

228,371

87,797

Income before dividends distribution from anonymous
association, income taxes-4,145,127

192,972

Dividends distribution from anonymous association-111,511-7,862-4,033,616

200,834

81,090－78,985

Refund of income taxes－-18,042

Income taxes-deferred

705,714

1,667

Total income taxes

786,804

118,386-4,820,420

82,448

Income before income taxes
Income taxes-current
Income taxes for prior periods

Net income/loss

755,777

(3) Consolidated statements of changes in net assets（Thousands of yen）
Fiscal year ended
December 31, 2009

Fiscal year ended
December 31, 2010

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

1,030,817

1,030,817－－

1,030,817

1,030,817

1,104,154

1,104,154

Retirement of treasury stock－-499,119

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

1,104,154

605,035

4,147,706-283,431-158,557－-4,820,420

Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the end of previous period
Changes of items during the period

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
Net income/loss
Change in scope of equity method affiliates

547,840

82,448－

Total changes of items during the period-4,431,137

82,448

Balance at the end of current period-283,431-200,983

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

Acquisition of treasury stock－

499,119

Total changes of items during the period－499,119

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

Total shareholders’ equity
Balance at the end of previous period

5,783,558

1,352,420-158,557－-4,820,420

82,448Change in scope of equity method affiliates

547,840－

Total changes of items during the period-4,431,137

82,4481,352,420

1,434,868

Changes of items during the period

Changes of items during the period
Dividends from surplus
Net income/loss

Balance at the end of current period

8Fiscal year ended
December 31, 2009

Fiscal year ended
December 31, 2010

Valuation and translation adjustments
Valuation difference on available-for-sale securities
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

166,559-165,057-331,616-47,312-331,616-47,312-165,057-212,370

166,559-165,057-331,616-47,312-331,616-47,312-165,057-212,370

5,950,117

1,187,363-158,557－-4,820,420
547,840

82,448－-331,616-47,312-4,762,754

35,135

1,187,363

1,222,498

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
Total net assets
Balance at the end of previous period
Changes of items during the period
Dividends from surplus
Net income
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 period9(4) Consolidated statements of cash flows（Thousand of yen）
Fiscal year
ended
December 31,
2009

Fiscal year
ended
December 31,
2010

Cash flow from operating activities
Net income / Loss before income taxes-4,033,616

200,834

Depreciation

53,784

41,288

Amortization of goodwill

164,083

163,851

4,780

29,154-10,811

9,087-107,209-16,462

110,525-99,331

Income from interest and dividends-5,924-11,436

Interest paid

73,01737,090Equity in losses of affiliates (negative indicate increase)
Loss on revaluation of investments in securities (negative indicate increase)494,287

2,889

781

22,841

Loss (gain) on sales of marketable and investment securities-143,894

53,156-137,697－-38,151

Loss (gain) on sales of fixed assets－10,706

Loss on retirement of fixed assets

158388

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)
Increase (decrease) in other reserves (negative indicates decrease)(negative indicate increase)
Gain on sales of stocks of affiliates (negative indicate increase)
Gain on liquidation of affiliates (negative indicate increase)－Dividends distribution from anonymous association-111,511-7,862

Increase in accounts receivable (negative indicate increase)
Decrease in real estate for sale (negative indicates increase)-23,838

14,6784,379,987

1,604,399

Decrease in accounts payable (negative indicates decrease)413,628

37,128

Increase (decrease) in other reserves (negative indicates decrease)-32,554

15,767

58-30,818

Decrease in lease and guarantee deposits received (negative indicates decrease)
Decrease in long-term deposits received (negative indicates decrease)-268,176-17,492

Others147,193

148,436

Subtotal

967,053

1,823,270

Interest and dividends received

18,524

11,436

Interest paid

-77,496－-38,368－

1,566

Income taxes-correction-199,832－-68,188

Cash flow from operating activities

708,249

1,890,407

Settlement received
Refund of consumption tax for prior periods
Income tax (paid) refund

10

45,00065,689（Thousand of yen）
Fiscal year
ended
December 31,
2009

Fiscal year
ended
December 31,
2010

Payments for making of time deposits-114,000－

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

1,217,874

4,000-60,576-3,385

Cash flow from investing activities

Proceeds from sale of intangible fixed assets

11,448

3,588

Payment for purchase of tangible fixed assets
Proceeds from sale of investment securities and investment in capital-16,649-3,748373,105

237,049
48,856

Purchase of investment securities

555,000－

Collection of loans receivable

100,000

Proceeds from sales of stocks of affiliates

OthersCash flow from investing activities
Cash flow from financing activities
Decrease in short-term loans payable (negative indicates decrease)-1,000－87,417-3,245

2,153,620

282,115-156,667

Repayment of long-term debt

-3,500,000-177,600－

Payment for redemption of corporate bonds-1,480,000-1,543,168

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

Dividends paid

-158,557-24,452－-5,339,251-1,745,221

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

427,301

Cash and cash equivalents at beginning of term

3,424,778

947,396

Cash flow from financing activities

Cash and cash equivalents at end of term※

11947,396※

1,374,698