Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2020
(Based on Japanese GAAP)
November 2, 2020
Company name:
Fuji Corporation Limited
Stock exchange listing: Tokyo
Stock code:
Representative:

8860
URL https://www.fuji-jutaku.co.jp/
President and Representative Director
Nobutsuna Miyawaki

Inquiries:

Director, General Manager ofInvestor Relations Office

Kenichi Ishimoto

TEL

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

November 13, 2020
November 20, 2020

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
Yes

072-437-9010(for institutional investors and general investors)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2020 (from April 1, 2020 to September 30, 2020)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended September 30, 2020
56,553
10.6
2,470
15.0
2,258
13.0
1,474
14.5
Six months ended September 30, 2019
51,136(4.3)
2,148 (17.3)
1,999 (22.0)
1,287 (24.6)
Earnings per share

Diluted earnings per share

Yen
41.18
36.47

Six months ended September 30, 2020
Six months ended September 30, 2019

Yen–36.41(2) Consolidated financial position
Total assets

Net assets

Millions of yen
162,414
162,435

As of September 30, 2020
As of March 31, 2020

Equity ratio

Millions of yen
41,05039,927%
25.3
24.6

2. Cash dividends
Annual dividends per share

Year ended March 31, 2020
Year ending March 31, 2021

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
14.00
14.00

Yen–

Yen
13.00

Yen
27.00

–

13.00

27.00

Year ending March 31, 2021 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
Net sales
Full year

Millions of yen
119,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%
Yen
7.7
2,500 (50.0)
2,000 (56.6)
1,300 (57.9)
36.44

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2020(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2020

36,849,912 shares As of March 31, 2020

36,849,912 shares

Number of treasury shares at the end of the period
As of September 30, 2020

1,172,930 shares As of March 31, 2020

1,440,530 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2020

35,794,468 shares Six months ended September 30, 2019

235,307,187 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of September 30, 2020

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

14,757,833
117,491

18,856,207
19,469865,465

1,024,168

Real estate for sale
Real estate for sale in process

24,828,999
15,253,483

19,782,204
29,931,165

Real estate under development
Costs on construction contracts in progress

61,709,668
230,706

46,639,854
226,788

Supplies
Other

41,565
1,984,685

41,485
1,774,290(26,361)(28,481)

119,763,538

118,267,153

12,013,797

13,253,964

21,924
220,352

20,017354,425

Land
Leased assets, net

25,338,726–

25,567,748
193,736Construction in progress

1,123,035

516,407

Total property, plant and equipment

38,717,836

39,906,301

Goodwill
Other

290,329425,898

269,571425,152

Total intangible assets

716,228

694,723

Investments and other assets
Investment securities

459,596

473,000

58,856
982,960

55,321
1,096,274

1,740,562(4,478)1,926,174(4,460)Accounts receivable from completed construction
contracts

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netTools, furniture and fixtures, net

Intangible assets

Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

3,237,497

3,546,310

42,671,562

44,147,335

162,435,100

162,414,488

(Thousands of yen)
As of March 31, 2020

As of September 30, 2020

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
Electronically recorded obligations - operating
Short-term borrowings
Current portion of bonds payable
Lease obligations
Income taxes payable
Advances received
Provision for bonuses
Provision for share-based remuneration for directors (andother officers)
Provision for share-based remuneration

4,199,204

4,298,225

2,123,569
33,367,735

957,940
32,838,750

425,000–

750,000
43,657

1,278,744
4,837,324

918,641
4,855,917

303,262

299,300

18,761–

119,864

448

Other

3,550,042

3,839,618

Total current liabilities

50,223,509

48,802,499

1,325,000
70,699,028

1,850,000
69,264,727

Lease obligations
Asset retirement obligations–
27,384

176,867
27,506

Deferred tax liabilities
Deferred tax liabilities for land revaluation

9,194
52,645

9,194
52,645

Other

170,950

1,180,760

Non-current liabilities
Bonds payable
Long-term borrowings

Total non-current liabilities

72,284,202

72,561,702

122,507,712

121,364,201

Share capital
Capital surplus

4,872,064
5,821,371

4,872,064
5,663,006

Retained earnings
Treasury shares

30,227,970(1,005,438)

31,241,825(712,640)

Total shareholders' equity

39,915,967

41,064,255(105,607)(92,203)

Total liabilities
Net assets
Shareholders' equityAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

74,90474,904

Total accumulated other comprehensive income(30,702)(17,298)

Share acquisition rights
Total net assets
Total liabilities and net assets

442,1243,330

39,927,388

41,050,286

162,435,100

162,414,488

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

September 30, 2019

September 30, 2020

Net sales
Cost of sales

51,136,631
43,215,948

56,553,442
48,138,375

Gross profit

7,920,683

8,415,066

890,938

940,944829,268
30,112810,117
24,385

1,386,567
5,126

1,353,180
3,509

Provision for bonuses
Enterprise tax

143,459
65,100139,520
73,700Consumption Taxes
Depreciation

385,051
123,962

470,401
162,558

Amortization of goodwill
Rent expenses–
219,404

20,758202,941

Other

1,693,371

1,742,638

Total selling, general and administrative expenses

5,772,361

5,944,657

2,148,322

2,470,408

Selling, general and administrative expenses
Sales commission
Advertising expenses
Promotion expenses
Salaries and bonuses
Provision of allowance for doubtful accounts

Operating profit
Non-operating income
Interest income

617

653

Dividend income
Commission income

13,277
81,911

11,27995,913

Penalty income
Subsidy income

5,801
86,66913,54732,387

Surrender value of insurance policies
Other–
50,99624,00043,656

Total non-operating income

239,273

221,437

Non-operating expenses
Interest expenses

343,725

396,138

Bond issuance costs
Other

10,37934,374

14,16822,787

Total non-operating expenses

388,479

433,093

1,999,116

2,258,752

84

15,622Gain on reversal of share acquisition rights–

35,594

Total extraordinary income

84

51,216

Ordinary profit
Extraordinary income
Gain on sales of non-current assets

5(Thousands of yen)

Extraordinary losses
Loss on sales of non-current assets

Six months ended

Six months ended

September 30, 2019

September 30, 2020–

77,695

Loss on retirement of non-current assets

1,118

24,210Total extraordinary losses

1,118

101,905

Profit before income taxes

1,998,082

2,208,063

Income taxes - current
Income taxes - deferred

659,800
50,599847,200(113,313)

Total income taxes

710,399733,886

1,287,682

1,474,177––

1,287,682

1,474,177

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2019

September 30, 2020

1,287,682

1,474,177

Valuation difference on available-for-sale securities

442

13,404Total other comprehensive income

442

13,404Comprehensive income

1,288,125

1,487,581

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,288,125

1,487,581––

Comprehensive income attributable to non-controllinginterests

7